Learning binary options takes practice, and practice demands a risk-free environment. You wouldn’t start practicing driving a car on the highway at rush hour, right? You would start practicing somewhere where there are no other cars and no risks. Learn all about binary options practice account here:
Unfortunately, many binary options traders forget this simple rule when they start trading. Attracted by high profits and the promise of an exciting new lifestyle, these traders take their first steps with binary options by trading with reals money – an approach as questionable as trying to learn how to swim in the middle of the ocean.
With a binary options practice account, you can perfect your skills in a risk-free environment.
Why you need a binary options practice account
Like any skill, binary options, too, have their magical success stories. Somewhere someone tried their hand at binary options trading and found that they were able to make money from the start. Do not allow these stories to fool you: magical success stories are incredibly rare.
More than likely, magical successes already had gathered some experiences at their skill without even knowing it. Additionally, these successes have the perfect genes for what they do and the perfect environment.
The odds that you are in a similar position are small. Betting your hard earned money on a one-in-a-million chance is a bad idea. Luckily, there is a better option available: a binary options practice account.
With a binary options practice account, you can try binary options in a risk-free environment, investing play money instead of real money. With this setup, you can avoid losing money by rushing into trading real money. You can only win:
- If you find that you are good enough to make money with binary options from the start, you can switch to real-money trading after the first day. You have lost only 24 hours – a reasonable investment to protect your money.
- If you find that you still have a few things to learn before you can make money with binary options, you can understand your weaknesses and target your studies effectively. After a while, you will have mastered every aspect of trading, and you will be able to enter real-money trading with a plan that you know works.
In short: Without any costs and downsides, a binary options practice account greatly reduces your risk when entering binary options. We recommend that all new traders should start with a practice account first.
How to get a binary options practice account
Getting a binary options practice account is simple. Most brokers offer practice accounts as features of their regular accounts. These features are called demos. A demo works exactly like the brokers regular account, using the same trading platform, assets, and binary options types.
To get the demo, you only have to open an account with a broker that offers a demo. For a list of the best brokers with demo accounts, take a look at our list if the best demos out there. If you are unsure which broker to choose, we recommend starting with Banc De Binary. Banc De Binary is the Coca-Cola of binary options, and you can hardly go wrong with it.
To get an account with the broker you chose, follow these steps:
- Click the link we have provided for you. It will take you the broker’s sign up form.
- Fill out the form. It only requires some very basic information, and sometimes you can shorten the process by using your Facebook or your Google account. Once you submit the form, you have opened your account.
- Deposit money into your account: To activate your account, you need to deposit money. Check your broker’s minimum deposit requirement (most commonly $250) and deposit at least the requirement amount. We recommend depositing by credit card – credit card deposits are free and booked to your account immediately.
Once you have opened your regular account, you can use your demo account, too. With some brokers, you have the customer support and ask them to open your demo for you. In any case, the entire process should take less than 5 minutes.
A binary options practice account is almost a necessity for a successful trading career. It is risk-free, and you have nothing to lose. To find the best practice accounts, check our list of the best binary options demos.