Best Free Binary Options Demo Account – Binary options trading can be very fruitful and is much easier than other types, but along with its benefits comes a risk factor that surrounds it. You can lose all of your money with one trade, and before you start, it is important to understand the strategies and factors involved in options trading. A demo account makes everything much easier and gives you an idea about how your trade will look like. Platforms offer demo accounts for you to trade with fake money and learn.
This tool presents a great way to test your skills and strategies so that you know how you would fare with real money. As you gradually set your feet in options trading, a demo account presents the ideal opportunity to test yourself and make learning easier. Plenty of online brokers allow demo accounts, and today we will discuss the five best binary options demo accounts to facilitate your learning process.
Before starting your demo account with any broker, you would have to decide on various factors, such as the market you are focusing on, the fixed deposit needed to use the platform, and customer care service. Therefore, always complete your due diligence before selecting a demo account; this article will help you choose one.
Top 5 Best Free Binary Options Demo Account
Demo accounts can be very valuable to traders both new and experienced, so let’s go over the best free binary options demo account that traders have to open up:
- Pocket Option
- Quotex
- IQ Option
- Binomo
- Binary.com
1. Pocket Option
The Pocket Option platform has a user-friendly interface and offers a demo account, which is especially great for new users. There is a range of tools and indicators to try out which can be used to make your strategies. You can analyze the market completely here and would not need to go to any other trading platform.
The biggest advantage of the Pocket Option demo account is that it doesn’t need any signup, and you can just start trading with one click. You also do not need an initial fixed deposit and can start trading for free. You can trade any asset here, including forex, cryptocurrencies, and stocks.
Pocket Option provides you a hefty sum of $10,000 to play around, giving you a 50% bonus when you open a live options account. It is simple and convenient to use and can be operated from Windows, Android, and IOS.
2. Quotex
Quotex is a completely web-based platform, with no downloads required, and it too offers a great demo account. Like Pocket Option, it provides users with $10,000 in tradeable funds and has a very easy-to-use interface.
When you are ready to trade with real money, you need to have a minimum deposit of $10, and the platform has more than 400 underlying assets you can trade. One of the biggest benefits of using Quotex is its customer care service, which is available 24/7.
In addition to their user-friendly website, they also have an Apple and Android-based mobile app. The demo account gives you full access to all trading capabilities but excludes you from receiving news, trading advice, and other proprietary information. You just need to sign up to the website by entering your Email and start trading.
3. IQ Option
IQ Option gives you a simple platform to test your strategies and plans. Just like others, it also gives you $10,000 to play around in a demo account. It gives you the best remuneration level among binary options brokers. Since it is available in 13 different languages, you will have great customer support 24/7. It is an award-winning platform, and you can easily open a demo account just by entering your mail ID.
However, this platform cannot be used in the USA, Canada, Australia, and some other countries, and once you create your live account, it takes a lot of time to withdraw money.
4. Binomo
Binomo demo account is free to set up, and you can start trading with just a click after you enter your mail. It comes with $1,000 of virtual money, and you can trade on the 23 different assets available on the platform.
Binomo is simple to use, offering a 100% bonus on opening a live options trading account. The demo account lets customers get acquainted with the trading platform, comprehend how various trading instruments function, and try various trading techniques. This platform has a very simple interface and is even open for weekend trading, unlike other binary options platforms.
5. Binary.com
Binary.com has a very handy and easy-to-use demo account interface. It gives you an initial demo balance of $10,000 and has a number of assets to trade involving Forex, commodities, and stocks. Users on this site may also trade cryptocurrencies such as BTC, USDT, ETH, BCH, and LTC.
The demo account is free to set up, and there’s a very low minimum deposit when you are ready to trade with real money. However, one of the cons of using Binary.com is that there is no online chat support available, and the platform has lower uptimes when compared to other brokers.
Conclusion
In conclusion, these demo accounts are an ideal and important tool for new traders who want to test their financial market strategies. They also act as a great practice source, and you can improve your trading skills and learn more about the different strategies. However, before making your final decision, check the platform’s terms and conditions to make sure you understand its fees and that it suits all your needs and requirements.
