Want to try binary options trading but hesitate whether you are ready to bet real money? No need to take such unwise risks. Instead, create a demo account and test your skills in safe, but realistic conditions. Read more about this opportunity below and learn where to get such an account for training.
At the very start, let us discuss what binary options are so that we avoid any misunderstandings afterward. So, these are options contracts with a “yes or no” basis. To get returns, a trader must determine whether the price of a certain asset will increase or decrease within a specified period. If his forecasts come true he gets back the money he bet before along with a profit that can reach 80% and more.
The system is quite simple, as you can see, but the risk of losses is also high enough. That is why experienced traders advise beginners to start from a demo account, which is free of deposits and risks.
Namely, such an account allows trading binary options in conditions that simulate real ones so you will easily understand how these assets work. In other words, you will make deals in market conditions but you will bet virtual money, not real funds. So, you will neither lose nor earn real money. Yet, you can do research in real market conditions and watch whether your forecasts come true or not.
Also Read: Binary Options for Beginners: Understanding and Using them
Here are the key pros of binary options free demo accounts:
- a safe way to understand how the market works;
- trying your knowledge and skills under real conditions without risks;
- testing new trading strategies and methods;
- learning how to make well-considered decisions without unnecessary nerves and emotions;
- checking the reliability and functionality of a broker service chosen without making any deposits.
And now it is time to decide which broker platform to select. After analyzing the terms offered by varied companies, we recommend you choose among Pocket Option, Binary.com, IQ Option, Expert Option, and Binomo.
Also, for beginners, we provide short instructions on how to create and use such an account:
- Go through a registration procedure if needed. For that, you will need to provide your email address and basic personal information for verification.
- Study all the assets and instruments accessible to you. Do not restrict yourself to binary options only.
- When you learn about some new instrument or strategy, practice it in real conditions via a demo account.
- Make use of notifications and alerts.
- Even when you get a real account, keep a virtual one as well (on another platform) so that you can test new schemes without risks.
Also Read: A Short Guide on How to Make Money with Binary Options
In sum, a demo account is a must-have for every trader. When you are a beginner, you can use it to learn how to trade effectively and wisely. But, afterward, you can turn it into a tool for testing new strategies and ideas.