Opening a Binary Options Demo Account
When you first start to look into Binary Options trading, it is easy to become overwhelmed by the vast array of Binary Options brokers and what they have to offer. Not only are there various Binary Options brokers to choose from, but once you think you have found one that you would like to try, there are different types and kinds of accounts to open up. Because of this, most Binary Options brokers give you the option to open up a demo trading account.
Since trading Binary Options for the first time can be a little confusing at first, it is recommended that you set up and start trading initially with a demo account. Once you have mastered the different types of Binary Options and how to trade them, you then have the opportunity to make some serious money each and every day!
How Do Demo Binary Options Accounts Work?
Upon setting up a Demo trading account with the broker of your choosing, you will be able to place the same kind of trades that you could if you have set up a real account using real money. However, since it is just a Demo account, you will never be forced to make any sort of deposit into the account, nor will you wins and losses be for real. There are no restrictions inside of a demo account, you will have all the different assets, indices and currency pairings that you can trade in a real account. You will also be given an amount of demo credits that can be used to trade with, similar to a money deposit only it isn’t real money. These demo credits can be restocked if you end up using all of them during your practice trading. Anyone who is serious about trading Binary Options should set up a demo account because once it is set up, even though you may have a live trading account, you can always go back to the demo account to keep practicing.
How Do I Set Up a Demo Account?
Setting up a Demo account is one of the easiest things you can do in the Binary Options market. All you need to do is to visit one of the Binary Options brokers trading sites, click on the “open the demo account” button, fill in all the pertinent information, and you will have a Demo account instantly. Once the registration form is filled out correctly, which will probably take less than a minute, you will then be given a log in name and password to use to access your Demo account.
Now that you have your log in name and password, you can log into your account. Upon logging in for the first time, you will find that your account has been stocked with Demo credits that you can use to immediately start trading. By using the main menu on the broker’s trading platform, you will be able to navigate all of the trading markets that are available. Once you find a trading market or asset that interests you, you can simply click on either the Put or Call button for that asset, depending on whether you think that asset will either rise in value or decrease in value. You then choose the amount of demo credits you want to use for the particular trade and then you click the OK or Confirm button and your trade will be placed.
Once the trade has been place, you will then be able to keep track of any live or previous trades of Binary Options by clicking the history button. This history button will show you a complete list of all the trades you have made with your demo account and will also show you the profits and losses of each trade.
If at any time during your trading of the Demo account, you decide that you are ready to start trading Binary Options for real, all you have to do is switch over to the real money version of the trading platform, deposit money into the account and then you will be ready to start trading. Many Binary Options brokers offer bonuses for deposits made into a real money account, so make sure that you take advantage of any offers that the broker of choice has for you.
Why Should I Trade With A Demo Binary Options Account?
There are lots of benefits to trading with a Demo Binary Options account. First and foremost, a Demo Binary Options account is going to give you the opportunity to try different trading platforms and brokers to see which one fits with your trading style and which one you like best, without putting a dime into any of the brokers. Finding a broker that you like and find to be user friendly is very important, so make sure you try out a few before making the deposit into one of the Binary Options brokers.
Because you are new to the world of Binary Options, it is good to test out what different brokers have to offer. Some brokers will have more options than others, which may overwhelm you and make you not want to choose them, or it may make you like them better because of the versatility that they offer. Some brokers will only offer currency pairings while others may offer stocks, indices, commodities as well as currencies. You may feel more comfortable trading one of the asset classes over another, so make sure you take that into account. Since it is just a demo account and you are using demo credits, that makes it much easier to try whatever you want without a consequence. Once you have made your decision on which broker to deposit with, you will now be trading with real money and have real consequences.
Now that you understand what your demo Binary Options trading account has to offer, you are now ready to stitch over to a trading account with real money where all the trades result in real profits and losses. Don’t forget that many of the Binary Options brokers out there offer various bonuses for depositing with them, so take advantage of the extra money that they give you so that you have a leg up on your trading!