Best Binary Options Broker 2020!
Ideal for beginners!
Free Demo Account + Free Trading Education!
Get a Sign-up Bonus:
2nd place in the ranking!
Here we list and compare the best binary options demo accounts with no deposit requirements 2020, and look at whether a free demo account really is ‘free’ and even where you can get a trial account with no sign up at all.
For traders, a free demo account makes a lot of sense. You get to try the trading platform, or a mobile demo app, at no financial risk. Brokers should also be proud to show off their platform and customer service, so traders should be able to use a demo account without deposit and with a simple sign up process.
Brokers with Demo Accounts
A Guide To Demo Accounts
‘Try before you buy’ is a concept we’re all familiar with – both on and offline. When it comes to trading sites, this concept takes the form of the demo account; something that’s a feature of virtually all online binary options brokers you’ll come across. From the broker’s point of view, this is their chance to ‘wow’ you with their platform and its multitude of features. It’s where they hope to earn your trust – or at the very least, to get hold of your email address. Likewise, as a prospective binary options trader, the demo account gives you the opportunity to put the platform to the test. Does it work? Can you make sense of it? Does it feel right? These are the questions you need answers to before you hand over your cash. Here, we take a close look at binary options demo accounts; how they can help you and what to look for as you decide whether to move on from the demo to the real deal…
Head on over to a broker’s website and the “Try it now” button (or something very similar) will feature prominently. 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 tends to involve submitting your email address and specifying a user name. (That said Ayrex offer a ‘no sign up’ demo account)
Download on Mobile Devices
If you intend to use the demo account app on a mobile device, it also usually involves downloading the company’s app. Bearing in mind that it’s never a good idea to hand over personal information blindly – or download software from an unknown party, it’s advisable to do your homework first. What can you glean from independent reviews of the site? Where is it based? What do actual users have to say about it? Even though it’s just a demo, it’s still important to know that you’re in safe hands. Be especially wary if the demo sign-up process takes the form of a data-mining exercise – i.e. if you are encouraged to provide large quantities of personal information. There really should be no need to provide bank account details at this stage; if the platform is requesting this and you are (rightly) uncomfortable with it, there are plenty of other platforms out there that don’t require this information – so consider looking elsewhere.
How To Use A Demo Account
At heart, binary options demo accounts provide the chance to test-drive the platform. So here are the areas to focus on as you put the platform through its paces…
Compare trading platforms without deposits
What you are looking for is a “full-fat” experience of this particular broker’s trading platform. If you eventually decide to use it as a tool for real life trading, it has to be a tool that’s 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 allows more than one platform to be compared. This is useful both for the novice trader, but also for more experienced users looking to ensure 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.
Best Binary Options Broker 2020!
Ideal for beginners!
Free Demo Account + Free Trading Education!
Get a Sign-up Bonus:
2nd place in the ranking!
Demo trading account should match 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’s important that the payout rates mirror those in real life. So for instance, on the live account, if the payout rate on a particular asset is 85%, it’s important that the same rate applies on the demo account, too. Likewise, if the live account features a returns slider, that slider should work in exactly the same way on the demo as on the real thing.
Is binary options trading for you?
As a novice in this area, you may be weighing up binary options alongside other forms of trading. As well as reading around the subject, signing up to no-deposit binary options demo accounts can be a useful method of hands-on research.
Exploring new asset classes
Let’s say you have only ever traded one or two asset types in the past (forex, for instance). Binary options demo accounts provide a risk-free environment to explore new areas. From indices through to commodities and individual shares, 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, featuring an introduction programme, a range of seminars and various guides. The demo account is one of the best ways to find out whether you actually understand what you’ve been learning. Likewise, if you are 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 the demo account or even test robots in real time.
News and analysis: how does the alerts system stack up?
Many platform providers claim to be able to keep you in the loop – where ever you are. An alerts system can certainly be invaluable in keeping you up to date with changing market conditions and informing you of new opportunities. So the demo account lets you see just how useful such a service really is – as well as allowing you to test out the mobile-friendliness of the platform.
A growing segment of the demo account picture is for the full trading app experience to be available via a demo account app. The brokers who have taken the time to make this available, are more likely than not to have the better trading platforms – after all, they have gone to the extra effort of making sure as many people as possible see it.
Free Accounts – Check It Actually Is Free!
Some brokers will offer a demo account, and refer to it as “free” – but it actually requires a deposit in order to gain access. Given the benefits of a demo account, it might be worth paying a deposit, particularly if it is a brand you want to check out – but tread carefully. In some cases, the initial deposit can trigger a bonus, which may impact withdrawal limits. Where this is the case, the demo account is certainly not “free”. In most cases, a demo account will not require a deposit. The broker should have enough faith in their platform that you will not look anywhere else after trying theirs. Those that impose restrictions (such as needing a deposit, or large amounts of sign up information) perhaps do not have as much confidence in their offering.
Some brokers will promote competitions and contests among their demo users. This encourages traders to use the platform more, but also aids the broker in converting those demo account holders into real money users. These contests come in many guises but often carry real money rewards – another step in hoping traders make the move to real money. These contests are just another marketing tool for the broker, but offer traders a good incentive to stay active. No deposit is required to enter so there is no risk for the trader – and they can be a lot of fun.
Finding the Best Accounts
A demo account should be a risk-free, no-obligation way of testing a platform. It can be especially useful for finding out whether the user experience described by the broker is all that it’s cracked up to be. Ideally, you’ll do some homework on the broker before signing up to the demo (checking key areas such as whether it is regulated and whether the payout rates are competitive) to avoid wasting your time on a broker who might have a swish website but less than adequate service. Finally, it’s worth noting that once you’ve signed up to a demo, access to it might be granted for a limited time only. So if you do sign up – don’t forget to make the most of it. The very best demo accounts are free, exactly the same as the real platforms, and not time limited.
7 Binary Options
TOP binary options brokers that offer a demo account:
On our page, we have often given advice on the best strategy for new traders to get into binary options trading. One of the things we have recommended the most for them is trying out brokers that offer demo accounts. But what does that mean?
What Is A Binary Options Demo Account?
A binary options demo account which is often also called a practice account is basically a way to start trading in real time using live data without having to risk your money. As a result, you get to learn and practice before you are actually ready to put your skills into practice.
But with so much information about binary options brokers online it is sometimes hard to find out for sure which ones are actually offering it. Some of them allow users to open one without asking for any money while other would require a trader to make an initial deposit before having access to this function. As a newbie, you must search for those platforms that will let you open one without any deposit at first.
What Exactly Is A Binary Options No Deposit Demo Account?
There is only one big difference between your demo account and a real account. And that is the fact that a demo account uses virtual money for carrying out trades. All other features and functions are carried out in exactly the same way as on other accounts. So it is great for finding out what to expect after you deposit real money.
The prices that a demo account trader sees reflect real market prices. This is exactly what makes demo account so popular. And also why this feature is not only used by novice traders but also by experienced ones that like test their strategy here. Using a demo account is completely free but, as a downside, you also don’t make any profits.
This type of account can be a valuable tool for a newbie who gets to trade without using real money. Practice makes perfect, so a smart trader wants to be sure he understands all the specifics of binary options trading before actually getting into the field and trying his knowledge using the funds of his bank account.
When signing up for a demo, a trader gets a limited amount of time on it and a certain amount of virtual money that he can trade. The money amount can be also limited or unlimited for some brokers.
Do You Need A No Deposit Demo Account?
Well, that’s really a no-brainer: every trader needs a demo account. Of course, you can go ahead and open a real one; but if you have no idea how binary options platform looks like or what to do there, it is possible that you will end up losing your deposit money. Instead, opt for at least some practice time with the demo account to get a grasp of the industry and then switch to real money.
Alternatively, if you have been trading binary options for a year, you should still consider finding time to sign up for a demo account. Without being afraid to lose your investment you might be able to test new techniques and strategies that you can later use on your real account.
Is It Hard To Find A Broker That Offers No Deposit Demo Accounts?
For a newbie, it can be quite difficult to find a broker that meets all the requirements. Traders have different, so there are many different brokers to meet their needs. To look for one that is right for you might take some time but if you have patience you will be rewarded with a lifelong partnership.
Demo Account Types
There are three types of demo accounts that binary options brokers can offer:
- Demo account with an initial deposit. A trader needs to deposit a certain amount of money before he has a demo access.
- Limited time demo account. A broker offers a demo account but only for a limited amount time, from a day to a few weeks.
- Demo account no deposit. Any traders can access a demo version and test the platform.
3 Simple Steps to Choose Best Broker with Demo Account
- Read reviews and feedbacks. By doing so you will be able to know what people think about this particular broker and what experience they had with it. It’s not a guarantee, but you are sure better off without a broker that has a bad reputation.
- Read Terms and Conditions. It might all sound good in a promotional video but it’s what in the small font that matters. Find out what you are signing up for before investing your money.
- Look for good customer support. No matter what, in some situations you might want to contact broker’s support team to ask them questions. So look for a broker that has responsive and understanding employees to help you.
Best Binary Options Brokers with Demo Account 2020
Trading binary options is gaining popularity rapidly. More and more people are getting into the trade seeking to make a profit. Binary options trading is much easier as compared to other forms of online trading. However, a certain level of expertise in analyzing global financial markets is essential. It would be foolish to imagine that you can just stumble on a binary options brokers platform and start making a profit. You need to first learn the ropes before you can start trading.
Now Get Real Account with as little as $10. And start trading the BINARY OPTIONS, FOREX, FX OPTIONS & CRYPTOCURRENCIES at one platform. Click To Open Free Demo Account | Click To Get Real Account In $10 (Updated July 2020)
My Recommended Brokers Updated January 2020
|Broker||Min Deposit ($)||Min Stake ($)||Max Payout (%)|
|IQ Option||10||1||95||1st Choice|
|Olymp Trade||10||1||92||3rd Choice|