One of the features of conventional brokerage accounts is the ability to perform virtual trading using demo accounts. Demo accounts provide traders with a safe way to learn the ropes of the market; they are to the trader what a training gym is to the boxer. There are many things that a trader who intends to play the binary options market will have to learn, even if he has some experience with other markets.
However, there are not many brokers who provide demo accounts in the binary options market. Does this mean that there are no ways of practicing binary options on a trial basis before going live to the market with real money? No. There are few brokers that provide traders with the ability to trade demo accounts in the binary options market. While some have unlimited demo trading capacity, others have limitations on the use of demo accounts on their platforms. The fact that there are different platforms available to use on the binary options market makes it more imperative that the trader should be able to try his hands at all that there is out there, in order to gain useful experience and have the power of choice.
Traders can operate binary options demo accounts on the following platforms:
Nadex
The North American Derivatives Exchange (NADEX) is owned by the IG Group and provides individual traders with direct dealing access to the markets. Open only to US citizens and residents, traders can open a $25,000 demo trading account that has a time limitation of 2 weeks. Use this time period wisely and make it count.
OptionFair
With OptionFair, traders have an opportunity to open a demo account without owning a live account for a period of 72 hours. Once the 72-hour time limitation is up, the trader will need to open a live account in order to continue using the demo account. Live accounts start from $250, so the financial requirements to get in on the flow are not that stringent.
IQ Option
IQ Option offers demo accounts to traders. Traders are required to open a live account with $500 before they are given a $50,000 demo account. The advantages of using IQ Option’s demo account is that each trader is assigned an account representative who is expected to lead the trader by the hand and show them all it takes to trade binary options on the IQ Option trading platform. Apart from guiding the trader on the use of the platform, the account representative will also lead the trader through aspects of market analysis. There is no time limitation on the use of the demo account, and the trader still gets to keep his $500 live account without incurring any charges on the use of the account.
BetonMarkets
Betonmarkets is one of the pioneer binary options brokers. They also provide traders with a unique platform that boasts of assorted binary options trade types. Traders have access to unlimited usage of the binary options platform; there are no time or account limitations. Traders are not required to open live accounts before using the demo account platform.
The brokers mentioned above cut across the various types of binary options trading platforms available on the market today. By operating a demo account with each of these brokers, the trader is sure to gain the required market experience needed to pull in profits consistently.