demo account

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A Guide to Demo Accounts

‘Try before you buy’ is a concept we are all familiar with – both on and offline. When it comes to trading sites, this concept takes the form of a demo account; This is a feature of almost all online binary options brokers that you will come across. From the broker’s point of view, this is their chance to ‘wow’ you with their platform and multitude of features. This is where they hope to earn your trust – or at the very least, to get hold of your email address. Likewise, as a potential binary options trader, the demo account gives you the opportunity to put the platform to the test. Does it work? can you understand this? Does this sound about right? These are the questions you need answered before you hand over your cash. Here, we take a closer look at binary options demo accounts; How they can help you and what to look for as you decide whether to move on from demo to the real deal…

launch

Will feature prominently on a broker’s website and a “try it now” button (or something similar). The way most demos work is simple; The broker gives you a set amount of virtual money to play with ($1,000 is a popular figure). You then use this “money” to explore the platform; Placing as many or as few trades as you wish. Losses and gains are credited to this virtual, dummy balance. So is it always safe to sign up? At the very least, the process involves submitting your email address and specifying a username. (That said Arex does offer a ‘no sign up’ demo account)

Download on mobile devices

If you intend to use the demo account app on a mobile device, this usually involves downloading the company’s app. Bearing in mind that it’s never a good idea to blindly hand over personal information – or download software from an unknown party, it’s worth doing your homework first. What can you glean from the site’s independent reviews? Where is it based? What do real users say about it? Although this is just a demo, it is still important to know that you are in safe hands. Be especially careful if the demo sign-up process takes the form of a data-mining exercise – ie if you are encouraged to provide large amounts of personal information. In fact there should be no need to provide bank account details at this stage; If the platform is requesting this and you are (rightfully) uncomfortable with it, there are plenty of other platforms that don’t require this information – so consider looking elsewhere.

How to use demo account

At heart, binary options demo accounts provide a chance to test-drive the platform. So here are areas to focus on as you take the platform through its paces…

Compare trading platforms without deposit

What you are looking for is the “full-fat” feel of the trading platform of this particular broker. If you ultimately decide to use it as a tool for real life trading, it should be a tool that is comfortable to use. As such, it should ideally be fully representative of the live platform in terms of access to all features. A demo account can be compared on more than one platform. This is useful for the novice trader but also for more experienced users to make sure they are trading with the best provider. It is, of course, possible to have accounts with different brokers to ensure the best payouts on specific assets and trades.

Demo trading account must match the live platform

The idea behind most demo accounts is that you see the results of your simulated trading activity reflected in your virtual balance. For a true picture here, it is important that the payout rates mirror those in real life. For example, on a live account, if the payout rate on a particular asset is 85%, it is important that the same rate applies to the demo account as well. Likewise, if the live account features a returns slider, that slider should work on the demo the same way as on the real thing.

Is Binary Options Trading For You?

As a novice in this field, you may want to weigh binary options with other forms of trading. Signing up to no deposit binary options demo accounts can be a useful way of hands-on research, along with reading around the topic.

Discovery of new asset classes

Let’s say you’ve only traded one or two asset types in the past (for example, forex). Binary options demo accounts provide a risk-free environment to explore new territories. From indices to commodities and individual stocks, the demo should ideally provide access to all assets available on the live version, giving you scope to experiment.

Demo accounts as part of your education

Some brokers provide access to a wealth of educational and instructional resources – suitable for novices and more experienced traders alike. A range of brokers focus on user education, which includes an introduction programme, a seminar and various guides. Demo account is the best way to find out if you really understand what you are learning. Likewise, if you’re still honing a strategy, a demo account can be invaluable for putting it to the test. Consider it a ‘practice account’. IQ Option will even allow you to back test trading strategies on a demo account or even test the robot in real time.

News and Analysis: How does the Alert System stack up?

Many platform providers claim to be able to keep you in the loop – where ever you are. Alert systems can certainly be invaluable in keeping you informed of changing market conditions and new opportunities. So the demo account lets you see how useful such a service really is – as well as allowing you to test the mobile-friendliness of the platform.

apps

A segment of the demo account picture is available through the demo account app for a complete trading app experience. Brokers who have taken the time to make this available more likely than not have a better trading platform – after all, they have gone to the extra effort to make sure as many people can see it.

Free Account – Check it’s really free!

Some brokers will offer a demo account, and refer to it as “free” – but it actually requires a deposit to gain access. Given the benefits of a demo account, it may be worth paying a deposit, especially if it’s a brand you want to test out – but tread carefully. In some cases, the initial deposit may trigger a bonus, which may affect the withdrawal limit. Where this is the case, the demo account is definitely not “free”. In most cases, a demo account will not require a deposit. The broker should be confident enough in its platform that after trying them you will not look elsewhere. Those that impose restrictions (such as deposit requirements, or large amounts of sign up information) probably don’t have as much confidence in their offering.

demo contests

Some brokers will promote contests and competitions among their demo users. This encourages traders to use the platform more, but also helps the broker convert those demo account holders into real money users. These contests take place under a variety of guises, but often carry real money prizes – another step in the hopes of traders making the move to real money. These contests are just another marketing tool for the broker, but provide a good incentive for traders to be active. There is no deposit required to enter, so there is no risk to the trader – and they can be a lot of fun.

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A demo account should be a risk-free, no obligation way of testing a platform. This can be particularly useful for ascertaining whether the user experience described by the broker is all that it is cracked up to be. Ideally, you would do some homework on the broker before signing up for a demo (check key areas such as whether it is regulated and whether payout rates are competitive) to avoid wasting your time on a broker who is a swish Website maybe but less than adequate service. Finally, it’s worth noting that once you’ve signed up to a demo, you can only be given access to it for a limited time. So if you sign up – don’t forget to make the most of it. The very best demo accounts are free, exactly like the real platform, and have no time limit.