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Binary Options Demo Accounts
Both new as well as experienced traders can make use of the binary options demo accounts. This is because they provide them with access to the platforms and permit them to place fictional trades. This offers a two-fold benefit: in the first place, the trader learns as to how to trade on the platform and secondly, the outcome of the trades demonstrate to the trader as to how much he/she could earn through binary options trading.
There are two forms of demo accounts. The first one is the basic account that is provided for free. It allows traders to explore the platform, go through the educational material and have better understanding as to what the broker is offering. Such accounts do not permit simulated or fictional trading. The second one will also provide access to the platform, tools and educational material, but will enable simulated trading. It is always better to choose a platform that provides the facility of simulated trading.
Binary options demo accounts are relatively new and only a limited number of brokers offer the feature. Some of the binary options platforms that offer demo accounts are:
24option is a well-respected broker that provides a demo account wherein traders can practice simulated trading after making the deposit. The broker also offers an impressive range of trading tools which include platform demonstration, hours of videos and a free eCourse. The videos provide valuable information to even experienced traders. In addition, free account holders are provided with two webinars in a week and an eCourse once in two weeks. The interactive eBook that 24option provides binary options education to the next level and is similar to simulated trading in more than one way.
The binary options broker OptionFair offers a demo account in its full form. It can be made use of to experience live trading. The simulator enables the trader to practice different trade types which will definitely be of great help to the beginners. The demo account includes the basic high/low, touch as well as boundary trades, providing the best experience when it comes to simulated trading. In addition, OptionFair offers educational material and tools. It is the functionality that makes OptionFair’s demo account as one of the best binary options demo accounts that traders can have. Traders can register for free and get access to webinars, e-book on binary options trading and several other benefits.
The demo account offered by anyoption is different in the sense that binary options traders are not left to learn trading on their own. They provide an interactive demo which will introduce traders to each step involved in the trading process. The demo does not only cover trading basics, but also the aspects related to making use of graphs and charts that are to be made use of prior to deciding to buy a position. anyoption’s interactive demo account does not work exactly like a simulator, but it does offer some benefits. There is a practice mode which is offered for free and the trader can change over to this mode from the interactive mode to experiment with different trades.
StartOptions is one among the few brokers that provide binary options demo accounts. The demo account offered by the broker is unique in the sense that it enables traders to practice trades on the basis of real time data instead of making them practice on trading scenarios that are preset. This scenario will be helpful to those traders who want live trading experience without making any actual investment. StartOption’s demo account allows traders to test different trade types as well as strategies. The platform also provides educational material including videos on how to trade, a learning section and trading guide. The broker also maintains a blog which provides in-depth information on binary options trading.
OptionBit Demo Account
OptionBit is another broker that belongs to the group of simulated binary options demo accounts providers. The simulated trading is carried out within the live trading environment. Those who have never traded binary options can make use of the eCourse as well as the tutorial that they provide on the platform. Though the “Trade Room” and the demo account are separate, traders who move over to the actual trading window after depositing funds will find the environment to be the same as it was in the demo account. In addition to the education material mentioned above, the broker also provides an ebook for free.
The demo account provided by Banc De Binary provides funds worth $50,000 to practice simulated trades. However, traders are required to create an account and make a minimum deposit of $500 in order to access the demo account. Though it is different from the standard practice of binary options demo accounts being provided for free by brokers, serious traders should not really mind complying with these requirements if they choose Banc De Binary as their binary options broker.
Binary Options Demo Accounts – Tips
Traders must take full advantage of the tools provided by the brokers that offer demo accounts. Many of the brokers provide demo accounts that enable traders to do simulated trading make it available only for a limited period of time. Once this period gets over, the trader will have to decide on depositing funds and start live trading. If the demo account has not been properly utilized, the trader will find it difficult to make up his/her mind.
Experienced brokers don’t have to restrict themselves to one broker when it comes to creating an account and using the free demo account. Of course, it is recommended that beginners should not focus on more than two demo accounts at a time. This is because it can cause a lot of confusion for them.
Trying out the demo account may give the trader some indication about the genuineness of the broker, though it is not always easy to detect a binary options scam. Simulated trading accounts provide insight into the live data feed and helps to know how quickly the profit or loss made in trade is registered at the end of the expiry period.
Summarizing, binary options demo accounts will continue to be a key aspect of the binary world in the future.