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Free Binary Options Demo Account
Free Binary Options Demo Accounts – Rumors of Truth?
After lots of research and many chats with Binary Options Brokers, we finally came up with some proper answers for one of the biggest rumors/half true’s in Binary Options industry – Free Binary Options Demo Accounts. Bots.com has received hundreds of Mails from traders regarding that matter. Many rumors have been flying around about binary options brokers who provide free demo accounts for costumers or even potential customers. Some of them are true, other are just marketing promotions or just untrue. Binaryoptionsthatsuck.com is happy to present our readers with some answers for those questions and even more, you just have to read and understand for yourselves.
Basic Facts about Demo Accounts
When talking about demo accounts, most people refer to virtual cash account. Virtual cash account is basically trading real assets in real expiry times but with “virtual” or “demo” money. In other words, you cannot lose your real money but you can practice and get familiar with the Binary Options platform and with the process of placing trades. Some brokers claim to have a demo, but it’s actually a movie or any other kind of Demonstration on how to trade binary options. When I come across a broker who claims to have a demo but all he has is a 5 min movie, I usually start looking for another broker. I don’t think it’s fair to mislead costumers like that. This article will only discuss “real” demo accounts, and “free” demo accounts.
“Real” Demo Account – Trade virtual cash
Most binary options brokers don’t provide their customers with demo accounts. Some say it’s unnecessary and would only increase the pressure on the website; hence it could harm real cash trading. Other brokers explained that it could mislead people into thinking that their decisions are the same when trading real and virtual money. A few brokers even told me that I can actually do it myself without any help – just pick an asset, set your expiry time and then check your trade on the assets expiries history.
On the other hand, some binary options brokers do provide a demo account. Virtual account is being set up by the broker at the moment a trader asks for it, usually not before. Brokers don’t just hand them out. Each broker will provide you with a different sum of virtual cash. Another important issue is the expiry of demo accounts – some brokers would offer you a free demo account but only for one day, or one week tops. So if you intend to open such an account, make sure you know a little about trading because you may want to put in some virtual trades before the broker will close your virtual account. Like I said, it’s usually an offer with a time limit so make sure you make the best of it and you place as many trades as you can while your Demo account is active.
“Free” Demo Account – Do I need to deposit first?
99% of Binary Options brokers require an initial deposit before setting up a Binary Options demo account. There are no free demo accounts, only demo accounts. The answer to that question is more or less the same explanation written above – brokers don’t want to hand out demo accounts randomly, for the same reasons mentioned above. Another reason why initial deposit is required is the unwritten contract between customers and brokers. By saying contract I suggest that making a deposit shows commitment by the customers, therefore the broker has a good reason to provide the customer with a demo account. Some may say it’s a catch, I partly agree. It may be quite a drag, but you can actually deposit, use the virtual cash account and then request for a withdrawal. So if you are really interested in a demo account without trading for real, try my suggestion. Overall, I think trading virtual cash is a step that all traders should complete before investing real money. Even if the psychological aspect (fear of losing money, greed) is not the same when trading demo, it’s still a good exercise that prepares you for future Binary Options trading.
A few Binary Options Brokers now offer a Free Binary Options practice accounts before depositing. Unfortunately, BinaryOptionsThatSuck.com isn’t a promotional website therefore we can’t recommend a specific broker. Try checking out our Recommended Binary Options Brokers.