Few major binary options brokers use the trading platforms to place trades. Therefore, if you are moving from one broker to another, it is more than likely that you will have to learn about an entirely new platform.
It is not advisable to do so as you are placing real trades and this can result in a considerable loss of your funds. Instead, you should use a binary options demo account of the real trading platform.
This option is also preferable for individuals who are only just starting out with binary options trading. A demo account will give you the opportunity to place trades on a replica version of a specific trading platform. However, unlike with real trading platforms and trades, there is no risk involved. Instead, it is about learning about how to place trades and what strategies can be used. The following is a list of some top binary options brokers that offer the best demo accounts:
HighLow is certainly a favorite among traders who are looking for a simple way to use a demo account. When compared to many other binary options traders, HighLow does offer the easiest way to get started. This is because you are not required to register or sign up with the HighLow website. You can begin using the HighLow demo trading platform immediately after visiting the site.
This trading platform is just like the one that HighLow account users place trades on. To get started, the trader is given $10,000 in virtual money. There are also many different types of trades to choose from. For instance, you have the ability to select from On Demand trades, Spread On Demand trades, High Low trades, and Spread High Low trades. Once the trade has been chosen, you will be given a list of assets that you can place trades with. All of the trades that you place are done in real time, just like with the actual trading platform. Due to the large amount of virtual funds offered with this demo account, traders have a greater chance to develop and test out their various strategies.
While not as simple as the broker above, IQ Option does make it quite easy to sign up for its demo account. If you would like access to the demo account, all you have to do is to register for it. You are not required to deposit any money with the broker as you do so. Once the sign up process is completed, you will be given $1000 in virtual money to place your trades.
IQ Option uses its own trading platform, so with the demo account, you will be able to understand just how the platform functions. There are other advantages as well, including being able to trade in real time. Traders also have the opportunity to receive quotes from Thomas Reuter which are also current. You can easily upgrade from the demo account to the real thing with a minimum deposit of $10. You can then begin trading for real.
The Finpari demo account requires a little bit more of a commitment than the other two brokers. Here, you will be expected to sign up for either the Bronze, the Silver, or the Gold account. In order to activate these accounts and start real trading, you will have to deposit the minimum amount that is stipulated. However, if you just wish to use the demo account, you can sign up for free and not deposit any money.
Finapri utilizes SpotOption software and so does the demo account. SpotOption is certainly one of the better known trading platforms around and understanding how to use it can be quite an advantage. Furthermore, you will be provided with the same features and trade benefits as with the real platform. As such, traders can be certain that the strategies that they have created will hold up in real world trades.
Signing up for the 24option demo account is a little bit more of a process than the rest of the binary options brokers on the list. Nonetheless, it is a well-known broker that offers high returns. As such, it is very beneficial to understand how the trading platform, which uses TechFinancials software, works. Here, you are expected to first set up an account with 24option and make the necessary payment. Once this is done, you will then need to sign up for the demo account separately.
Using the demo account, you will be able to select from High Low, One Touch, Boundary, and Short Term trades. Once you have made your choice, you will be able to have further access to corresponding trade features. Traders will be provided with a certain sum of virtual funds to place the trades.
For traders that would like to gain more experience regarding binary options trading, a demo account is an excellent way to go about doing so. All of the binary options brokers mentioned in this list, is also a good place to start. They offer many features, trade options, and even assets to choose from. Each of these brokers provide superior demo tools.