Practice Your Binary Options Trading With a Free Demo Account

A great way to improve your trading is through a binary options demo account. With a demo account you can practice your trading without taking any risk. In this article we look at what a demo trading account is, and show you where you can get a free demo account.

What is a demo account

A demo account is like a real binary options trading account, only with fake money. You'll typically get somewhere between $500 and $50,000 in 'play money' that you can use to trade as if for real. The trading works the same as on a normal account, except that you don't have to take any risk (but also don't get to keep your profits).

A binary option demo account has all the same functions as a normal account. This way you can use it to test the software of a broker before making a real deposit. It's also a useful tool to test your trading strategies. But beware: succesful trading requires analytical as well as psychological skills. When trading on a demo account you miss the psychological effect of having real money on the line. That's something you can only learn when trading for real.

Why use a binary demo account

There are a few reasons why you might want to open a binary demo account:

If you're completely new to binary options, a free demo is a great way to see how it works. You can try out all the features of the trading software, and if you make a mistake it won't cost you a thing.
Here on BinXC, The Binary Exchange, you'll find various articles explaining how to trade. But the most effective way to learn is to try it for yourself. A binary demo account allows you to do just that, risk-free.
You may be considering a new trading strategy, but aren't sure about it yet. A demo account enables you to test your strategy without taking any risk. Once you're more confident about your strategy, you can put it into practice on a real account.
You plan to invest in binary options in the future, but don't have the capital available for it yet. With a practice account you can get a head start in the game, learning the markets, before you deposit any money.

Where to open a demo account

The best place to open a demo account is with the option broker that you'd want to trade with for real. This will give you the change to test the software and see if you like their service. Unfortunately, not all binary brokers offer a free demo account. Below we've compiled a list of the ones that do.

Broker	Rating	Free 'play money'	Link
		$ 50,000	Click here
		$ 50,000	Click here
		£/€/$ 50,000	Click here
		£/€/$ 50,000	Click here

Trade with a real account instead

Don't want to trade binary options with a demo account? Would you rather feel the thrill of real money trading and be able to keep your profits? Then you can open a real money account. And while it isn't entirely risk-free, you get a nice bonus when you open a real account. If you open a real-money account with binary options broker OptionFair you get the choice: either get 100% bonus on top of your first deposit, or your first 5 trades are risk-free (conditions apply). Click here to open a real binary options account.