Binary options demos are great tools that can lead you to financial independence. But, as with any online business, you still want to make sure that you sign up with a trustworthy business that has the potential to make you rich. This article will tell you what to look out for with a demo account to achieve this goal.
You will learn:
- Which signs of an untrustworthy broker should be a red flag to you,
- What a broker must offer for you to make money with its service,
- How to find a great demo account,
- How to make a quick, easy decision on whether to try a demo or not.
With this knowledge, you will be able to quickly and easily find the right demo for you.
What to look out for with a demo account
To help you find the perfect binary options demo account for you, this article What to look out for with a demo account, will also look at binary options demos from the broker’s point of view. Once you understand why brokers offer different types of demos, you will immediately understand what to look out for in a demo.
1. A binary options demo account should be free
You should never sign up with a broker that requires you to pay for its demo. Such brokers are always crooks, and you are better off avoiding them – they would ruin you anyway.
A free demo is just as an essential feature of a binary options broker as a free test driver is an essential feature of a car dealer. A car dealer that charges you for a test drive is a car dealer that has little confidence that you actually buy something. Because they know that their product is bad, they try to make money without selling the product. If their product were any good, they would offer the test drive for free to attract more customers and sell more of the actual product.
With binary options brokers, things are exactly the same. A trustworthy broker that offers a service that can make you money will always want you to try their service. Therefore, they will offer you their demo for free.
When you think about getting a binary options demo, your priority should be to find a free demo. It’s the best indication that you are getting a worthwhile product.
The easiest way to find a selection of high-quality free binary options demos is to take a look at our top list. We have tested all binary options demos for you and listed the best of them in one convenient place. You can safely choose any broker from this list.
2. A binary options demo account should offer you at least 50 assets in 4 categories
To demo binary options effectively, you need a minimum selection of assets. While every broker sets different priorities in their asset selection, any broker that offers you less than 50 assets overall fails to provide you with a good service to test binary options. With less than 50 assets you will find it difficult to find tradable assets at all times and to find an asset you like.
To get a feeling for what it means to trade binary options, you need to test different assets in different categories. Your broker should offer you these categories:
With these four categories, you can trade the entire market. Make sure that your broker offers you a few assets in each category, especially stocks and indices. Since currencies and commodities can be traded all day, you can survive with fewer assets in these categories.
3. A binary options demo account should offer you at least four binary options demo
To do anything well, you need the right tools. To make money with binary options, you need the right binary options types. Binary options types are different variations of binary options that allow you to trade different predictions and trade different predictions.
To find a binary options type that suits you, your trading style, and your personality, your demo should offer at least these binary options types:
- High / low options: The classic binary options type allows you to predict whether the market will rise or fall over a certain period of time. Providing you with trading opportunities in almost any market environment, high / low options are the go-to tool for most binary options traders. Any broker that deprives you of this tool can only try to cheat you and should not be trusted.
- 60 seconds options and long-term options: Adapting the basic trading style of high / low options to ultra-short and long time frames, these two option types allow you to trade predictions from 30 seconds to a few months in the future. To make money with you knowledge on these time scales, look out for binary options demos that offer both of these option types.
- One-touch options: One touch options include more risk but also offer higher payouts. To take advantage of strong market movements, choose a demo that offers one-touch options.
- A wild card: There many more binary options types than these three basics. To get a glimpse of this world, look out for a demo that offers at least one advanced binary options type.
To find a good binary options demo, look out for a free demo that combines a long list of assets with at least four binary options types. The easiest way to find such a demo is our top list. All of the brokers on our top list fulfill the criteria we listed in this article. Check our top list, and you will find a great demo for you within seconds.