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What is a demo account
Luck or professionalism
It is worth to note that some of the newbies are very lucky traders who can make a small capital in a short period of time. However, the rapid earnings - a sharp "takeoff" - is also in the nature of the option contracts, but, as practice shows, such periods are extremely short-lived. And, because the trader has already finally believed in his luck, he will continue to make trading decisions on the plane of intuition. A beginner simply will not be able to notice the moment when the market situation has changed and the approach, which used to bring money, in the new conditions will cause colossal losses.
Eventually the earned deposit is "drained" for nothing, and the person with some delay begins to fill in the gaps in his education - he studies the nature of price movement and also gets acquainted with trading strategies used by practitioners. At that moment he is surprised to realize that it is simply foolish to conduct business with such risks, which his bets implied, and also that as profitability decreases, so does the level of risk. It is with understanding of this fact that binary options contracting turns from a fascinating but short-lived game into a stable and quiet work.
However, with the help of theory alone it is impossible to gain necessary technical skills, learn to understand signs of upcoming changes on the market of this or that financial instrument. For this purpose it is necessary to make transactions and analyze the results. That is why many brokers of binary options offer a demo account.
Losing trades as the price of experience
Conclusion of deals implies investing your own money in a certain idea (concerning the market situation), which can potentially bring profit. It can be a set of conditions, ideally suited for a trading tactic, or it can be a forecast based on factors that with high probability can lead to a reversal of the current trend. However, any forecasts can turn out to be wrong, as a result of which the planned profit can turn into a loss - the loss of funds invested in the transaction.
And in case of beginning traders the percentage ratio of profitable and loss-making deals is obviously not in their favor due to lack of experience and capability to take more global view of market processes. Certain skills are shaped with duration of practice, there appears ability to estimate probability of the forecast more precisely, as well as ability to refrain from transactions with bad forecasted result. But practice implies having money to invest, and even with substantial amounts of money it may take a long time to learn how to reach at least a break-even level.
Thus, it is a vicious circle - a trader comes to binary options in order to make money, but it requires experience. Gaining experience requires practice, which must be somehow financed. That is, in order to make money, you must first spend a certain amount of money. It is impossible to break this vicious circle completely because it is part of the real world of those who build their business on working with financial market instruments - a trader, regardless of his level, experience, is forced to risk his money every day to get profit.
The best binary options demo account is a fully adequate emulator of binary options trading. Market conditions and quotes for digital contracts are fully identical to those of the trading platform.
Many traders before depositing their funds wish to trade binary options on a demo account online. Unlike companies, providing an access to the currency market, brokers not so often give an opportunity to trade binary options without deposit.
Brokers provide several typesof binary options demo accounts:
Trading on an online platform
Risk free trades
Demo trading on forex platforms
The differences from a real account and demo accounts lies in the quality of opening and closing trades.
A demo account allows all order movements to occur automatically. They do not need to be entered into the interbank, allowing them to be executed instantly at the rate specified in the terminal. In reality, this does not work, since brokers need at least a fraction of a second for the client's order to be accepted and executed. There is a delay, which makes traders nervous.
If we talk about the functionality and features, there is not much difference. Beginner traders, by opening a demo account, get a chance to try the platform functionality. They monitor and analyze any changes in their behavior. You can make trades on the demo account just like other traders do. The only thing that will be different is that it is not the trader's personal money that is involved in the speculation, but virtual money.
You can't lose anything on a best binary options demo account, but you can't make any profit either. But the absence of fear for their hard-earned savings encourages novice traders to make deals and they do not feel the shock of a mistake. They do not have to pay out money from their savings, so beginners easily learn how to make deals, set and close trading orders, determine the lot peak value and try to comprehend the purposes of all instruments and indicators.
Practice shows that in the future, when you become an experienced trader, you can also use a demo account. Because it is a great opportunity to test your trading system (strategy) on real data in real time, before applying it for real money. We always recommend that you test new trading systems on a demo account, and only after that use them in your trading, and without the risk of losing big savings.
Demo account features and limitations
A free binary options trading practice account is a training simulator with virtual money for practicing the skills of working with the trading terminal on the stock, currency and futures markets. You can get a brokerage account from 10 000 virtual dollars.
Why use a Demo Account?
Learning how to trade on Forex would not be so easy if there was no such a tool as demo account.
Simulation of work on the currency market lets you solve a lot of tasks without risking your own capital. Some beginning traders wonder why they need a demo account besides working out technical trading skills.
Demo account is needed for testing new strategies, testing of advisors and technical indicators, verification of scripts work, gaining skills of work with trading terminal.
Are there any restrictions for demo accounts?
You can open as many demo accounts as you like. You can deposit the virtual balance of your demo account in your Live Account.
Although demo accounts provide real market conditions and quotes, please keep in mind that demo accounts are simulative trading, even if without limitations. That is why demo prices may not always fully reflect current market conditions, especially in periods of high volatility or lack of liquidity (for example, at market openings or when important news is published).
The advantages of a demo account is that it gives traders the opportunity to trade without risk. This means that the demo account uses virtual funds and traders themselves choose the right moment to switch to trading with real funds.
Any beginner can use allthe underlying assets in a demo account, such as:
Demo account benefits
The best way to learn how to trade without risking your hard-earned money is by practicing on demo trading accounts. In this review, you will read about the 5 best CFD trading demo accounts available on the market. You will also find useful information about the broker, like the products they offer, leverage, and terms and conditions for their demo accounts.
These are the 5 bestCFD trading demo accounts we tested for you:
Etoro - Best platform for beginners
Plus500 - Very fast registration
XTB - Professional Service
BDSwiss - High leverage trading possible
IQ Option - Easy to use
The devices on which you can trade are both a standard computer and a cell phone, since many people do not have free time to sit at home at the computer, many brokerage firms provide mobile applications, for a more comfortable use of the application.
See a list of the best binary options apps for mobile trading:
IQ Option - Best trading app overall
Pocket Option - Free bonus available
Expert Option - Best for short term trading
Olymp Trade - The Best Broker
RaceOption - Average platform
How to register a demo account in India
In order to use a demo account, you must go to the website and register your account, in which you will need a username and password, as in the example of IQ Option.
Opening a demo account at IQ option is a fairly straightforward procedure. As a rule, in order to open it, pre-registration on the website is not required. However, the statement that the operator offers its clients a virtual account "without registration" is quite conditional. The thing is that opening an account is accompanied by filling in a number of fields with personal data - that is, at the same time with this registration on the site. Account data (login and password), which the broker sends to the specified e-mail address, gives access not only to the tradingplatform, but also to all other services on the broker's resource (the use of which requires registration).
How to use a demo account
A newcomer's introduction to binary options usually begins with a demo account.
The key to a successful career as a binary options trader is sufficient practice of making trades. Only experience combined with solid knowledge of the fundamentals gives you hope for stable profitability over a long period of time. However, to gain practical experience you need to make trades and the inevitable losses at first can be avoided by practicing for beginners in demo mode.
For many traders, a demo trading account is an absolute necessity. It not only allows them to understand how the platform works, but also allows them to use different settings and different reports. IQ Option also offers a demo account for beginners. Unlike other platforms, the demo account here is not limited in time. Users can use the platform and get used to it as much as they like, test trading strategies and new trading features.
This demo account comes with $10,000 of virtual funds. You can reset the account to get more virtual funds in case you end up using them all.
Trading binary options in the demo mode online is exactly the same as trading on a real deposit. The same assets are available to the speculator and the same amount of compensation is offered, which is very convenient for further conversion to a real account. You will not have to change anything in your work in the market by switching from demo to real.
The web platform offers all popular technical indicators such as moving averages, Bollinger Bands, MACD and RSI. New features are added to the platform from time to time. Most recently, a feature called "Position Replenishment" has been added, which allows the trader to keep a trade open if it is close to a stop loss. Overall, the web platform is well designed and offers quite a bit of detail at a glance.
Becoming a successful trader requires several skills in order to enter the game.
First, you will need trading knowledge. This means knowing how to read markets, charts and how to use indicators.
The second skill is managing your emotions. Trading can be exciting, but when emotions come to the fore, you lose the ability to think rationally. So emotional control is an important skill that you need to acquire.
And the third skill is practice money management skills. Trading options is associated with a high risk. For you, protecting the money you already have in your account should always be more important than making a profit. This is the only way to turn trading into a sustainable way of making money.