Sites dedicated to binary options trading and absolutely all experts agree on one opinion – success in binary trader is directly related to the education of the market participant and their level of experience. There are no problems with regards to education, many brokers offer good educational programs, but as far as experience is concerned, it’s a little more complicated. Not many newcomers can afford to spend a few hundred dollars on consolidating their knowledge of binary trading in practice by trading on real funds. This is not quite rational, because it is not clear whether the new trader can engage in this process at all, or how much revenue they will receive as a result.
But with the appearance on the market of a training simulator from the Binomo company, the situation has changed for the better. By opening a demo account with this broker, a market participant has the opportunity to explore the full range of trading processes without any costs.
How do I get access to a demo account?
To get the chance to train, you need to fill out a simple registration form, in which you specify your email address and personal information. After that, the brokerage company will register your account:
Moreover, the trader does not need to make any payments or deposits in their real trading accounts. The trader receives full access to all the functionality of the site and the training trading platform without additional conditions.
Benefits of the demo account
Before proceeding to the consideration of the indisputable advantages of the Binomo broker’s Demo Account, it is worth noting that this version of the simulator for binary trading is the 100% full version of the company’s trading terminal. Simply put, you use the broker’s main trading terminal to train, but you use virtual money to trade – that’s the main difference from other demo platforms available on the market, and it allows you to fully evaluate its capabilities.
So, the Binomo demo account already starts the trader’s learning process when they open the terminal. On the first page, the new trader sees interactive step-by-step instructions on how to use the terminal and the basic steps of processing binary options contracts:
Here, the novice can get information in a simple format on the basic principles of trading on the binary market and they can get briefly acquainted with the basic functionality of the terminal:
By proceeding to the trading platform, the trader receives, as we have said, access to the full range of trading terminal functions, which do not differ from those used in the trading of real funds. The market participant has at their disposal a training trading account in the amount of $1,000, which can be used entirely to gain trading experience and consolidate your knowledge:
Moreover, the broker does not limit this amount to its clients. After using up these virtual funds, the trader can top up their demo account to the initial values at the touch of a button, as shown on the screenshot. The number of top-ups is not limited, which makes it possible to fully explore all the intricacies of the processes of binary trading.
The next indisputable advantage of the demo account is the possibility to test your own or borrowed strategies without making a deposit. By using virtual money, the trader can assess the effectiveness of strategies, as well as study and improve the principles of trading on the system cost-free. It’s very convenient that the broker does not strip down its platform toolkit on the demo account. The trader has the ability to use the integrated set of technical platform indicators to experiment with contract expiration ranges, as well as choose a convenient underlying asset for trading with a high level of options payouts. Moreover, by using the demo account, the newcomer can fully familiarize themselves with the terminal interface and its capabilities for increasing the efficiency of trading and informational support for the process of making a profit.
Also, the demo account provides new traders with benefits of a psychological nature. When the market participant crosses over to real trading, they will feel more confident than they would have without the terminal usage experience and basic knowledge of options trading. When trading on the Binomo broker’s demo account, the trader can accurately determine the level of their training on the basis of trading statistics. After achieving stable statistical trading results of more than 70% of contracts with a positive result, the market participant can be completely confident that when trading with real funds, their performance will not be worse, as all the trading processes on the demo account are identical.
As we sum up the results of using the Binomo broker’s demo account, it is worth noting the main advantage of this simulator – no cost to the trader in the course of gaining experience and consolidating knowledge. This demo account is not only a simulator, but also an auxiliary terminal for testing systems and analyzing your own mistakes. In any case, we can consider this trading software to be the perfect tool for education and the initial testing of your strengths in binary trading.