Demo accounts are to a binary options trader what the simulator is to an airline pilot. The tragedy though (if we can call it that) is that many binary options brokers do not provide traders with binary options demo accounts. Without them, the trader will suffer the same fate that an airline pilot who has not used a simulator in a while will suffer: a monumental crash.
This is why demo accounts are important to the trader. It is on demo accounts that strategies are practiced, mistakes are made and corrections taken. In this article, we will provide you with some insight into the workings of how to get a binary options demo account.
TradeRush also offers a $100 no-deposit bonus via Intellitraders. TradeRush and iOption are both white-label platform partners of trading software provider SpotOption. So if you are unable to get the iOption no-deposit account, you can try that of TradeRush.
So far, we are yet to mention any broker that uses other platforms apart from the SpotOption partners, so we have brought in OptionBit, representing Tradologic. OptionBit offers a free $500 demo account to traders who sign up. The benefit if this is that traders can use this to simulate account conditions that most traders will face: just $500 to trade, no over-bloated capital and therefore no false sense of security on the part of the trader.
iOption should probably have been up there with BOM because of a unique “demo” account offering. This unique offering is a demo-style live account, funded with a $100 no-deposit bonus. Some traders have complained on other platforms that the conditions on demo trading are much different from the live market conditions. So what better way to bypass this than to trade a live account, under live trading conditions and without risking your own money? This $100 no-deposit offer is accessible by opening an iOption account through BinaryOptionsFree or through Intellitraders affiliate link. Once you obtain the account number from this registration, talk to a customer service representative via live chat on iOption and obtain your promo code. Once you apply this promo code on the deposit page of iOption, your $100 bonus would be sent straight to the trading account. This is an account that will train the trader on risk management and enable the trader test live market conditions with real money.
The reason why we have placed Betonmarkets on top of the list is because of the demo account package that this broker offers. Firstly, the demo account is a non-obligatory, unlimited demo account. Traders can decide to open only a demo account with BOM, and never have to fund a live account in their lifetime. The demo account is an all encompassing account that offers traders complete access to all trade types, all traded assets and all trading tools that BOM offers such as basic and interactive charts. Traders are offered $10,000 virtual money and so have the liberty to test a number of things such as risk management techniques. The advantage that traders have is that the BOM platform contains trade contracts that are found on virtually every other trading platform. It can be used for boundary trades, touch trades, run bets, 60 second trades (Rise/Fall set to 60 seconds) as well as test all these trades on several assets. If you can, please open a demo account here and you will not regret it.
Banc de Binary offers a demo account to traders who open live accounts with them. It will require $500 to open a live account with Banc de Binary and as long as the live account is active, the demo account will be active. The advantage of this demo account is that it is specific to Banc de Binary. If you are a trader who specifically wants to test the trading conditions on Banc de Binary, then you would have to go for a Banc de Binary demo. Like for like.
The North American Derivatives Exchange (NADEX) offers a two-week access to a demo account. This is a bit restrictive, but it does not require a commitment to a live account in order to access their demo account. Only traders who are US citizens or resident in the US have access to this platform.
With these brokers, you now have access to almost all the trade platforms in binary options so you can comfortably select the one that suits you the most.