What are Binary Option Broker Demo Accounts?
As explained in the intro, demo accounts are accounts that will permit traders to trade real online trading contracts with play money without having to make a deposit first. A test account functions exactly the same as a real money account except of course that no real money is involved.
The options trading contracts offered by binary trading trial accounts are exactly the same as the ones offered by a real money account. Traders won’t trade long expired “trial” options. The options offered though a free account are being generated in real time.
The great advantage of demo accounts in binary options is obviously the fact that you will be able to test all the features and tools offered by brokers without having to make a real cash deposit first. Only after you’re 100% convinced that you like the broker will you have to deposit anything.
Also, though demo accounts you’ll have the possibility to test and evaluate all the financial trading and tips that are available. Exercising your skills using a test account is absolutely necessary in order to trade financial assets successfully.
Why brokers offer demo accounts?
There are multiple reasons why binary options brokers have demo accounts. The first is that though trial accounts they can show traders all the sophisticated tools and features they have to offer. And though this, they will convince traders to convert their trial accounts into real money accounts.
The availability of a demo account also suggests that the broker is to be trusted. If a broker offers a free account, it means that it’s not only interested in getting peoples’ deposits. It means that the broker is genuinely interested in having satisfied customers and it does everything in its power to achieve this.
Can I win real money with demo accounts?
Unfortunately it’s not possible to earn real cash with a binary options demo account. All the profits that will be generated with trial account money cannot be cashed out because it isn’t real cash in the first place.
Once you convert your trial account into a real money account all your play money will be deleted.
Switching from demo account to real money account
After you have evaluated all the services offered by a binary broker through a demo account you can convert the trial account into a real money account. This process just lasts one second and most of the time can be performed on the account settings section of a trader account.
After a real money account has been created, traders will be required to make a deposit. This can be done in their cashier pages. After this, traders can begin to trade financial contracts for real cash.
Best Binary Options Brokers with Demo Accounts
If you want to find the best binary options brokers with demo accounts then you should check out the ones that we listed on this page. All of these companies have fully functional free money accounts that will allow you to trade with huge volumes indefinitely.
However, you shouldn’t just look at the trial accounts themselves in order to find the right broker. In case you like what’s being offered by the test account you obviously would want to make a real money deposit as well sometimes later. So, the real money features provided by that broker should also be very attractive.
When we created the demo account binary options brokers toplist here we of course also tested all the real cash features provided. So if you register at these brokers and later decide to trade for real money as well, then you will be offered high-quality services.
We evaluated some of the following criteria when we made this list:
Assets offered. The number of assets offered by brokers determines the diversity of the financial trading strategies you will be allowed to use. The more assets you’re being offered the easier you can select those assets that can be predicted better both in long and short term.
Types of contracts available. There are multiple types of online trading contracts offered such as one touch-, high/low-, boundary options and others. Each one of these has its unique characteristics, winning odds and payout percentages. The availability of all of these contract types greatly influences your overall profitability.
Payout rates. Payout rates will determine how much money you will win when you correctly predict the outcome of an option. The higher the payout rate is, the more money you will win. We made sure to list those brokers that have the highest payout rates.
Bonuses and promotional offers. The brokers listed here also offer bonuses on traders’ first deposit. What this means is that after traders covert their binary options demo accounts to real money accounts and make a deposit, they will receive a free cash bonus too. This time the free money given will be real cash and not play money.
Legality. Of course we also only listed legal binary options brokers that are run by legit companies. This way you can rest assured that all the services offered by the listed trading providers are real and legitimate and your money will be safe.
So, just register for a binary option demo account at these brokers in order to evaluate all the features provided. After this, feel free to switch over to a real money account and use the winning strategies described on our website in order to become a winner.