Best binary options trading platform with demo account
July 28, 2021
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What are binary options
This unsophisticated financial instrument appeared relatively recently, in 2008. For the first time binary options appeared in America and after some time in Singapore. Although they are still traded on stock exchanges, binary options are in fact closer to casino betting than stock trading.
Imagine: you decide to gamble in a casino and choose roulette. You've never played and you don't know the rules, but you know, for example, that you can bet on red or black, and if you win you double your bet. A binary option is about the same thing. In a casino, if you bet 100 chips on red and black cards, you lose money. If it's red, you make as much money as you bet. A binary option is a bet on price movement. You can bet on a financial asset to become more or less expensive in a few minutes. If the trader bets on price movement and at the end of the time frame the value is higher, the trader will earn, if it is cheaper the trader's bet will go bust.
So why is binary options trading so popular?
Practice shows that everything is simple: just bet on the price movement and wait for the profit. There is no need to analyze a lot of information, like in trading, read the news and, as they say, keep abreast of the market. Trading is the way of professionals and binary options are easy bets.
Of course, choosing a trading platform for working on the binary market is complicated by the huge number of binary options brokers that offer their assistance in binary options trading.
Binary options trading platforms are, so to say, the technical side of a broker, because here traders make bets and open/close orders. More often than not brokerage companies rent a platform from a development company. That is why it is often possible to find the same trading platform at reliable brokers and at scammers.
Trading platform for binary options trading is only one of the components of successful trading on the market. In general, all trading platforms are similar between themselves, as trading binary options is made by pressing one of the two buttons: Buy/Sell. Consequently, the process of choosing a terminal is a matter of convenience.
There is a new opportunity to earn on the binary options market Binary Options online. Mobile trading in a hurricane burst into the lives of traders. So what is it? The answer is very simple.
Mobile trading is modern trading with the help of mobile devices connected to the Internet. Every trader must remember that whatever version of trading he or she chooses, in any case they will have to pay a commission to a broker. In other words, the spread. Let's start with the explanation of the concept. What it is. The word appears on the mural, and there it means the commission which the broker charges for each trade made. The system is very interesting, because essentially you don't pay any commission, and there are no taxes, but you still have to give some of your profits away. How? It's very simple.
Let's say you decide to buy a euro to dollar asset, and at the moment its price is at, say, 1.550. You enter the market, but you see that the transaction was not opened at that level, but at 1.545. You can blame it on slippage, that is, on the change in price at the time of the transaction, but in fact it is the same spread, and here it is five points.
What is a demo account
Demo account is a training simulator with virtual money for practicing the skills of working with the trading terminal. Demo account gives you an opportunity to learn all the functions of the trading terminal without losing real money. Setting up a trading platform, viewing data on assets, reading news, using technical analysis tools - all these things can be learned by using a training account.
Often beginners dream to realize themselves as a trader on financial markets, but they are afraid to invest their money at once, because they feel absolutely insecure about themselves as a trader. In order not to lose such clients the trading platforms without deposit were invented, it is an opportunity to trade with real money without any risk and in case of success it is even possible to withdraw part of profit with real money.
Practice for beginners shows, now you do not need to register with a broker to get to know options better. Thanks to the online trading demo plugin, you can practice and try trading binary options on a demo account without registration online, without the risk of losing money. Ways to try options trading with a demo account without registration:
To choose a suitable demo broker.
When demo account signup you only need to enter your Surname, Name and e-mail. Phone number is not required.
Click the link "Go to demo-version", you will see the full-value broker's terminal, and you will be able to conduct transactions on trading assets, make decisions online, as well as on a real account, without risk. You do not have to register and enter your data at all! This is why many brokers e.g., you are rewarded with a bigger amount of money on your demo account. The price charts also correspond to the real ones. Tens of thousands of people are making money on binary options all over the world, you have a great opportunity to practice money management skills, test trading strategies without investing a single cent.
How to register a demo account in Singapore
As in many countries where binary options trading is not as widespread as perhaps in Europe or the USA, Singapore lacks regulated local brokers. The lack of regulated domestic brokers is good news for international options brokers who are always looking to enter new markets and expand their capabilities. So, how do you choose a broker and what should you consider when making your decision?
Our team of experienced experts has thoroughly researched every broker we recommend. We don't recommend any broker that we're not quite sure they operate above the reach level. Based on the bonuses and demo accounts they offer for users on mobile devices, we review every aspect of trading to make sure we bring you only the best.
We evaluate every broker in every area so you can see which brokers offer the benefits you want. We've vetted hundreds of brokers from around the world, looking at all aspects of trading, including:
Licensing and regulation
Welcome bonuses and incentives
Trading types and payouts
Mobile trading experience and ease of use of the platform
Minimum deposit and minimum trading requirements
Demo account availability and features
The opportunity to try the platform functionality
Help and support
Contests and other features.
Free Demo Account
A demo account is the best way to test the platform without risking your money. Although the no deposit bonus also gives you this opportunity, the demo account offers you a more substantial amount of money to practice trading. Use a demo account to familiarize yourself with the functionality and layout of the platform so you can make many trades. Although there are not many local brokers, most Singaporeans prefer to trade foreign currencies, which makes offshore brokers an attractive prospect.
Trading foreign currency is quite a complicated process. Even the most experienced traders find it difficult to analyze the market and develop viable strategies. What else if you're just starting out? Fortunately, there are demo accounts available at many exchanges. Why trade with a demo account?
A beginner trader is likely to register on one of the popular trading platforms, which always have a demo service. But if there is a problem of choice, it is necessary to choose the licensed broker companies, working in the market for a long time and with good references, which are included in different ratings - there are a lot of them in the Internet. One should pay attention to exactly where the company is licensed. If the reviews about the broker are mostly good, but the registration is offshore, you should once again consider the advisability of trading with such a broker). Of course, if the broker offers to deposit a substantial amount to take advantage of the demo mode, then it is hardly necessary to work with him.
In addition to the demo account, large brokers also offer training materials, from tutorials to webinars. A demo account is needed in order to apply the knowledge obtained immediately in practice, but without the risk of losing money. The only difference between the demo account and the real trading platform is that in the demo-mode trading is carried out with conventional signs, not with real money or assets. Everything else - price dynamics, trading tools, execution of orders, market situations must be the same, trading conditions must be as close to the "real" as possible.
Every broker offers its own trading conditions, even small differences in trading conditions can seriously affect the result of the trade, and this is another reason to practice in the demo-mode when mastering a new platform. Even if you intend to trade on the same assets. A demo account should always be ready to trade, so that you can quickly work out the order of actions for a particular situation, for example, in the event of a sharp drop in the ruble, as in the past few days, when the speed of change was such that it was not quite clear what to do.
In order to switch to a real account, trading on a demo account must yield a stable "demo profit". Exactly how much time this will take is unknown, they name different terms - from one day to thousands of hours. If the broker does not limit the work on a demo account, the training period is determined by the trader. But the duration of using a demo account can be limited by the broker. This can stimulate the trader to study trading more thoroughly. But it is better to learn about such limitations beforehand, and if time is short, it is better to start trading on a platform with no limitations on the period of using a demo account. For beginning traders, a demo account provides the following opportunities:
To check if trading is really a good choice for making fast money
To understand how a trading platform works
To master the basics of trading and learn not to make too many mistakes
To practice the first steps of trading without spending any real money
To study and work out the first trading strategy
It is important that the demo-mode does not fully reflect the emotional load on the trader during significant losses or sudden profit growth, and this is one of the most important elements of trading. It will be a misconception to think that you can fully learn how to trade only on a demo account. Such mode allows only mastering basic trading skills. That is why there is no sense to stay on it for too long. A trader who already has experience in trading, can do the following on a demo account:
Test their actions in a new market situation
Learn a new strategy
Try trading new assets
Get acquainted with the peculiarities of a new platform
Thus, the broker's demo mode can be even more useful for experienced traders than for beginners.
How does the registration of a demo account work?
Demo accounts in most cases are available without registration, but on some trading sites you will first have to go through the verification procedure and fill out a special form, namely to come up with a login and password. It only takes a couple of minutes to open a demo account.
Direct access to the virtual account is the most convenient for users: just follow the link on the broker's website, and the person gets into the trading terminal interface without problems.
There are several ways to access demo accounts without registration: you can use the services of any broker that provides this option. Even if temporary registration is provided on the site, when filling out the form you will need to specify a minimum of personal data: name, surname and e-mail.
A demo account is a fully authentic analogue of a trading account with real data and charts. The only difference is that the virtual capital is used as a deposit, which is immediately credited by the broker.
First of all, the trader chooses the asset of interest among those available on the platform: currency pairs, cryptocurrencies, market indexes, metals and commodities, etc. All of these trading instruments have their specificity and differ in their profitability, which has to be taken into consideration when entering the market. Then it is necessary to determine the time of transaction expiry. It is recommended to place long time intervals (from 1 hour) for beginners as high market noise in a short-term prospect prevents adequate estimation of the situation.
A trader sets the amount of transaction, focusing on the requirements of money management. It is better to use no more than 5% of the funds available on the deposit, which will help minimize the risks. Finally, the player chooses the direction of the transaction, up or down, and opens a position.
The absence of risk is the main advantage of trading with virtual capital. Among other pluses, it is worth pointing out the free of charge service, the possibility of using real trading tools in real market conditions, and the educational value of the program. You can switch to trading binary options on a real account when you are ready by truthfully analyzing your own achievements. It is good to be able to learn from an experienced mentor. Quality knowledge, practical help and support is necessary for a beginner trader to overcome fears, learn new trading levels in time, and reach their goals with minimal losses.
So, you got it all figured out and ready to go?
Then analyze your achievements at the moment of working with the demo account and think about whether you are ready to start real trading binary options:
You have learned to control your emotions, actions and desires. It is extremely important for a trader to keep the mind cool, to keep emotions in check, not to succumb to sudden impulses, fears, stresses;
Your rates of return and drawdown are satisfactory
You are able to work with long deals
You skillfully dispose of capital, control risks, correctly use static analysis
If all is indeed so, you can safely switch to trading with a real account. You are ready to make the switch.