Testing investing tools is difficult because you could lose money. Luckily, there is a way how to test binary options without going broke.
In contrast to many other types of investing, binary options enable you to test every aspect of their trading style risk-free. This way is a binary options demo. Allowing you to trade binary options with play money, a binary options demo provides you with a number of advantages:
- You can find out whether you have what it takes to become a binary options trader before you invest real money, freeing you from the need to bet money on something you have never tried.
- You can test binary options in general, finding out whether you like and trust this type of trading.
- You can test a broker risk-free, allowing you to find the service that works best for you without having to risk money.
Combined, these advantages will help you to try binary options without going broke. In this article, How to test binary options without going broke? you will learn how you can get a binary options demo and where you can find the best available demos.
How to test binary options without going broke? The Guide
How do I get a binary options demo?
Getting a binary options demo is easy. There are two types of binary options demos, each requiring a unique approach to getting it.
- Feature demos are features of regular trading accounts. To get a feature demo, sign up for a regular account and contact your broker’s technical support. They will enable your demo. While this process equips you with two accounts, a demo and a real-money account, you can ignore your real money account and focus on your demo.
- Stand-alone demos work on their own, without a regular account. Since there is no money involved, stand-alone demos are as easy to sign up for as a mobile game. They lack, however, the option of adapting your new skills to real money trading with the same account. To trade real money, you would have to sign up again, this time for a real money account.
Most brokers offer a demo. To know whether the broker you want to sign up with offers a demo, too, check their homepage or ask their customer support. For an easy overview of all available binary options demos, check our top list.
Where can I find a good binary options demo?
The quality of binary options demos varies greatly. Some demos are perfect to introduce you to binary options, allowing you to get a realistic feel for what trading would be like, but some demos limit your tools or put you in an otherwise undesirable situation.
To help you find the best binary options demos, we have tested all available demos for you. In our top list, we only recommend the best binary options demos. All of the demos on our list are free and provide you with a realistic view of what trading binary options would be like.
If you want a recommendation right now, the two best binary options demos are:
- The best feature demo is the Banc De Binary demo. One of the world’s biggest binary options brokers, Banc De Binary offers the trustworthy history that new traders seek. Additionally, they offer a convincing feature demo that equips you with $50,000 in play money and all the trading functions you could want, putting you in the perfect position to test binary options without going broke.
- The best stand-demo is the IQ Option demo. Another well-trusted binary options broker, IQ Options allows traders to test binary options with the least commitment possible. You can sign into their demo with your Google account, your Facebook account, or your email and simply start making trades. This is the ideal setup for risk-averse traders.
Whichever demo you decide to choose, you will be in good hands. If you want more options, take a look at our top list of available binary options demos.