A demo account, or a training account, is aimed at helping a novice trader (or one that has changed their broker) to get to know the particular trading platform. Unlike forex brokers for whom a demo account is nothing out of the ordinary, binary options brokers don’t often spoil their traders with training platforms. The number of binary options brokers is increasing, and it is not easy for a novice to choose between them. It is thus often sensible to start with the brokers that offer their traders a free demo account.
Trading binary options on a demo account
There are several different types of demo accounts. Some brokers offer an online platform with detailed instructions offering tips and pieces of advice. Once acquainted with those, a trader will have a clear idea about analysing the market, entering a trade, and managing their trading positions. Quite often this is enough to enable a novice to start trading binary options independently. It should be noted, however, that in the case with binary options, this type of demo account is not always an optimal solution.
The second type of demo account is offered by those brokers who offer a certain number of risk-free trades. This applies to the brokers which let novice traders get the full experience and offer them one or more trials at the company’s expense. In the case of a losing trade, the broker will refund the loss to the trader.
There is a number of companies which started off as forex brokers and then switched to binary options trading. They often offer ‘classical’ demo accounts – both for browser versions and on separate platforms.
Binary options brokers that offer a demo account
Now it is time we looked at the list of brokers that offer demo accounts to their clients. Speaking of the demo with a set of instructions that allows one to learn about the platform’s functions within just a couple of minutes, we should mention AnyOption. Bank de Binary is an absolute leader when it comes to risk free trades. Besides, each new account that is opened will benefit from generous bonuses that will allow you to increase your trading capital. A demo account with a time limit is offered by another leader on the binary options market – StockPair. Their demo account is active for 24 hours from the moment the new account is opened. The trader will have $1000 in virtual money. Below is a list of the best brokers that offer demo accounts:
- IQ Option — $1,000 and full access to the trading platform.
- Anyoption — Traders are given full access to the online trading platform and can test and study all of its functions.
- 24Option — when adding the minimum deposit required.
To summarize, we would like to admit that there aren’t many brokers that offer demo accounts. This review mentions the most reliable companies that are unlikely to cause you trouble when working with them.