Binary Options Demo Account
A lot of readers have sent email to us regarding to binary option demo account since they find it difficult to open a demo account for the sole purpose of testing strategy and getting familiar with the platform. There seems to be a lot of promotional tactics done by binary options broker to try to get customer, like binary options bonus or offer free demo account without deposit. Whether it’s true or not, we’ve took our time to do research on whether it’s correct that binary options broker start to offer free binary options demo account.
Demo account or virtual account is an account with full function, however using virtual cash. The purpose of demo account is for testing strategy or getting familiar with the trading platform. Some brokers claim they have free demo account, but the fact is that it’s only a demonstration flash on how binary options work, or it’s a short video of how the platform looks like. It doesn’t really serve the purpose of our readers to find a “real” binary options demo account, which has login number, password and can be able to trade in real-time.
Unlike Forex broker, most binary options brokers use web-based platform for their charting, therefore it’s understandable that having a demo account could bring extra, unnecessary pressure and bandwidth to the server; which could affect real trading account. If a broker provides demo account, there’ll be huge amount of demo account compared to real trading account, someone could even open multiple demo accounts, which’s absolutely unnecessary given it’s all web-based platform. The broker basically has to do extra-work for their maintenance and have extra-cost for server and IT, which could crash if they have to deal with an uncontrollable number of accounts.
On the other hand, some brokers take the effort to provide demo account, however, the demo account would only last for a day or so. It basically serves the purpose for trader to get familiar of the trading platform. It has little meaning of you want to test your strategy because there won’t be enough time to test a method thoroughly.
If you want to test a strategy, what we could suggest is to use your charting platform (like Metatrader4), pick an asset, like Euro/Usd, pick the expiry time by yourself, use a count-down clock or just look at your computer’s clock then test it out by yourself to see whether it yield positive expectancy.
The most effective way to get a demo account is that you need to deposit first in order to qualify for demo account. Like a recent announcement 24option demo account, you could notice that you are required to deposit of minimum deposit amount to get the demo account for testing purpose. It’s common business practice that brokers hand out their demo account because you’ve committed to them, therefore they’ll reward you. So, my suggestion is, read our binary options broker review, find for yourself a good reliable broker, deposit and request the demo account immediately, get familiar with the platform, testing out the strategy, when it yield positive expectancy result, start to trade live, when you are losing, go back to demo again until you have for yourself an absolutely rocking strategy.