A binary options demo is a fully functioning trading account that allows you to invest play money instead of real money. To help you understand the concept and the advantages it can have for you, this article What is a binary options demo? will look into these issues in detail:
- What is a binary options demo?
- Who needs a binary options demo?
- How can I get a binary options demo?
By learning the answers to these questions, you will take a big step towards binary options success.
What is a binary options demo?
On the surface, a binary options demo looks exactly like a regular, real-money trading account. You can make exactly the same investments that real traders make, you get the same binary options types, and you can invest in the same assets.
The big difference between a demo and a real trading account is that a demo does not require you to invest real money. Instead your broker provides you with play money. With this play money, you can invest as if it were real money, but you do not have to be concerned about losing it.
In addition to this great basic principle, all trustworthy binary options demos are free. For new traders this is the ideal setup, allowing them to test binary options without risking anything. If they find that they have a talent for this type of investing, they might have found their way to financial independence. If they find that binary options trading is not for them, they have had some free for fun.
Who needs a binary options demo?
A binary options demo can help all traders.
- Newcomers can use a demo to test whether they have what it takes to become a successful trader and master the basics, for example to create their own trading strategy. These processes necessarily involve some experimenting, which will not always end with great results. A demo account is an ideal tool to avoid losing money with these experiments.
- Experienced traders can use a demo to fine-tune their strategy. When an experienced trader wants to try a tweak to their trading strategy, it would be unwise to test this tweak with real money – if it does not work, it might cost them a lot of money. With a demo, experienced traders can improve their strategy in a risk-free environment.
Any trader can use a safe place to try new things and learn new skills. The nature of a binary options demo makes it the ideal place for this purpose.
How can I get a binary options demo?
Almost all binary options brokers also offer a demo of their service. To help you find the best of these demos, we have tested them for you and listed the best demos in our top list. If you want to try a binary options demo, we suggest you take a look at our top list and choose the broker that is best for you.
One thing you have to know is that there are two types of demos:
- Most brokers offer their demos as features of their regular account. To get such a demo, you have to get a real trading account, which, with most brokers, requires depositing $250. Once you are done with your demo, you can withdraw the money again, which means that your demo is free, despite the investment. The best demo of this type is the Banc De Binary demo.
- Some brokers offer their demos as stand-alone demos. These demos work without you having to get a regular trading account, which means that you can get them investment-free. Unfortunately, this type of demo is rare. By far the best demo of this type is the IQ Option demo.
A binary options demo is a unique tool to try an exciting new trading style risk-free. Without any downside, anybody who wants to become financially independent should try a binary options demo.
To find the right demo for you, take a look at our top list of the best available demos available.