When you’re first starting out with binary options it’s easy to be overwhelmed by all the different ways you can trade. There are so many different markets with so many different trading opportunities available. On top of that you also have a wide variety of various binary options brokers to choose from. Each of them have slightly different trading platforms and unique ways of providing their trading solutions to you. So wouldn’t it be great if you could try out trading different markets across the different platforms available without having to commit real money? Of course it would, and a binary options demo account is just what you’re looking for.
How Demo Accounts Work
Nearly all binary options brokers offer demo accounts for you to use. These accounts function just like a real live trading account except that they use demo credits as opposed to real money. This way any trading wins or loses you accrue won’t be real. Since you aren’t trading with real money you are able to try out all the different things that you need to without worrying about potentially making an expensive mistake.
Also a demo account allows you to get a feel for a specific binary options broker’s trading platform. Even though they all essentially do the same thing each binary options broker provides a trading platform that is unique to them. The way they lay out their user interface and menus will be completely different from one another. So if you get a demo account across several different brokers you’ll be able to see which one you like in terms of interface and layout.
How to Get Your Own Demo Account
Getting a binary options demo account is really very simple and easy to do. All you have to do is visit one of the many binary options broker’s websites. Once you’re there find the account sign-up page. Usually this page is very easy to find as most binary options brokers make it very obvious where to sign up for a new account. Once you are on the account sign-up page go ahead and sign up for the demo account by entering the required information. Most of the time they require nothing more than an username, email, and password.
Once you’ve created your demo account you’ll need to login through the binary options brokers account login page. After you’ve logged in you’ll be presented with the trading platform. From here you will see that your demo account has been stocked with demo credits for you to use on demo trades. The next thing to do is to get out there and start making some trades with your demo account.
The way you begin making trades will be a little different depending on how your trading platform is laid out, but usually you can choose which market you want to trade. Once you’ve chosen the market you can begin to find binary options that are available for you to trade on. Once you’ve found an option that you like you can select either the put or call button depending on if you think the asset is going to rise or fall in value. You then would enter the amount of demo credits you want to risk on the option, click submit, and the trade will be entered. When the option expires you’ll see if you have finished in the money. Keep in mind that any winning trade you make will not result in you getting real money as you’re trading on a demo account.
We suggest that you create several different demo accounts of across a range of binary options brokers. This way you can find a broker whose trading platform you like. You’re going to be spending a lot of time using this trading platform so you want to make sure you pick one that’s easy for you to understand and use. After you’ve found a trading platform that you like you can easily switch your demo account over to a real money account. Often times the brokers will have prominent links displayed on the demo account page that will allow you to switch to a real money account quickly and easily. Most brokers also offer bonuses including deposit matching for anyone who switches to a real money account.
As you can see, using a binary options demo account is a great way to practice trading and to familiarize yourself with new and different trading platforms. Feel free to use these demo accounts for as long as you need to. There is no pressure to begin using real money, and you don’t want to start trading until you feel totally comfortable with the way your chosen trading platform works. So remember these benefits and create your first demo account today.