Almost all binary options brokers offer demo accounts. Unfortunately, most brokers require you to deposit money to get the demo – a requirement that scares many traders who are reluctant to invest money into something they have not tested yet. Learn about the free binary options demo account here.
Luckily, there is an easy trick to try every demo for free: While you have to deposit money with those brokers, you do not have to use this money for real life trading. Simply deposit the amount you are required to get the brokers demo, and when you are done with the demo, withdraw all the money.
This way, every binary options demo is free for you.
How to get a free binary options demo account with any broker
To get you a free demo with any broker, follow this simple process:
1. Sign up with the broker
In our top list, we provide links to all brokers that offer high quality demo accounts. Click on any broker, and you will be redirected to the broker’s sign-up form. Fill out the form, which only requires basic information and can sometimes be cut short by signing in with your Facebook or Google account.
2. Deposit money
Once you have created your account, you need to deposit money in it. Depending on your broker’s requirements, this is somewhere between $100 and $500, with most brokers requiring a minimum deposit of $250. Check you broker’s account model for more information. We recommend depositing money by credit card. More on that later.
3. Use the demo
After you have deposited money into your account, you will be able to use your demo. With some brokers, you have to contact customer service first and ask them to enable your demo. In any case, use your demo to test the brokers, your strategy, and yourself.
4. Withdraw your money
Once you are done with your demo, you can withdraw your money. Click the withdrawal button, select that you want to withdraw your full account balance, and click submit. A few days later, your money will reach your account and you are ready to try your next demo – for free.
What to watch for when getting a free demo
While the process of getting any demo for free is straight-forward, there is a pothole along the way that you should know about. This potholes is withdrawal fees for wire transfer
Some brokers apply a fee on wire-transfer withdrawals. While this fee is always less than $20, paying this fee is a needless expense that can be easily avoided if you deposit your money the right way.
Almost all brokers offer three payment options for deposits:
- Credit card / debit card,
- Online payment providers,
- Wire transfer.
Of these three deposit methods, only two are available for withdrawal: Credit card / debit card and wire transfer. Additionally, to prevent money laundering, brokers only allow you to withdraw as much money per credit card as you deposited with credit card.
In other words: you have to withdraw all the money that you deposited by wire transfer and online payment provider by wire transfer. If your broker charges a fee for wire transfer withdrawal, you might be unable to avoid this fee if you deposit with the wrong deposit method.
To always keep your withdrawals fee-free, we recommend depositing money by credit card. If you test 5 binary options demos, saving $20 each will amount to $100 in overall saving – there’s no good reason to waste this money.