On the site I have already described the features of working with a demo account, now let’s analyze them in more detail.
The essence, I think, does not need to be explained – this is a virtual account with fake money, with which you can train without fear of losing real money. There are even demo accounts without registration online, you just need to know where to look.
I met a guy who put some money into a demo and tried to withdraw it to his card. And when technical support, laughing loudly, explained that this was impossible, the guy then wrote for a long time about what this binary thing is a scam. Yes, sometimes it is.
You should start by working with a broker with virtual funds. Don’t listen to anyone who says otherwise. That “the demo doesn’t teach anything”, that “you need to work immediately with large funds immediately” (yes, now I ran away), otherwise “trading doesn’t work” and other nonsense.
At the same time, it is important that the broker provides a demo account without any restrictions and, in general, does not interfere with using it.
Demo and broker account
Many brokers give demonstrations, however, often with tricks. In this account, you can often find various restrictions, for example certain assets are not available, be it stocks or forex pairs, the transaction amount is limited and the like.
But, in general, many people succeed with a virtual account, which is no different from the real one.
Demo after deposit
Idiotic condition that some brokers give. That is, they offer a demo account only after depositing… with real money.
The logic for the broker is clear – the customer is locked into the platform. But there is no logic for the customer. Yes, I can deposit at any time, but I need a demo to evaluate the quality of your platform. And, if this is not the case, look again, there are many brokers where this demo is provided without any conditions.
Demo account without registration
This is the correct example of a demo account. You don’t even need to… register or open an account to use it.
Do the same in real stock binary options. For example, American Cantor Exchange also had a demo account available directly on the website:
There is no currency trading on weekends, but almost all brokers now support cryptocurrencies that are traded at any time, including holidays.
Differences between a demo account and a real account
Some scammers had a funny scheme when all their consecutive trades were successful on a demo account. All but one. The man, bursting with happiness, made the deposit again and… well, you understand, he lost everything. Now there hasn’t been such rubbish for a long time, but the precedent in 2013 was ridiculous.
The main difference between a real account and a demo is exclusively in the field of psychology. It’s colossal. It’s incredibly easy to do everything in the demo because you don’t risk your money and you can do whatever you want there. In the excitement of doubling and tripling, “turning”, driving the martingale into the tail and mane. Do not refuse these approaches.
It is better to immediately view the demo as real trading. Yes, it won’t work that way – you will learn what trading is only by working with real money. But this way you can at least somewhat dampen the enthusiasm that encompasses everyone on a demo account.
Stupid excuses from brokers for not having a demo account
Brokers must have a free and fully functional demo account, and I am not interested in any of the excuses they make. You need a demo to evaluate the platform’s work, its strengths, just prepare for trading. It allows you to discover the main functions and capabilities of the broker.
Instead, some brokers are spending absurd amounts because they don’t offer a demo right away. Now let’s discuss this briefly.
1. The demo increases the usage of our servers
Serious? So buy a normal server, you idiots, with the money that 95% of traders give you according to statistics. If you don’t have money for good servers, then screw them.
2. The demo negatively affects our platform
What do you mean, it was a donkey that created your platform? The most ridiculous excuse I’ve ever heard. So, the platform is unstable – good, thanks for the warning.
3. You can “negotiate” on paper
… I know that without you, I can write down my ins and outs on paper. What the hell do you want to do with me then?
4. It is better to use cash
The best thing is to shut up immediately. Quite the opposite – I want a free opportunity to evaluate your platform. And only THEN will I (probably) put in my money. And not before.
I am silent about the fact that the demo is often not available with all the features. This is very stupid. There is no need to hide anything from the customer and people will get in touch.
5. Enter a phone number and managers will contact you
What a lie for newbies. I don’t want your manager to keep calling me, telling me (otherwise we won’t know who they are) that I will receive signals, bonuses and other nonsense.
If instead of a demo they ask for a phone number, tell them goodbye.
6. Our traders don’t need demos
No comments. It’s you who decides for me what I need or don’t need.
7. First send us money and then we will give you a demo
Is there anyone at home? Knock, knock. You think I don’t understand that this is a primitive attempt to hook me on your platform, huh?
I understand everything clearly. And the minimum deposit is usually 200 to 300 dollars, cool. So, without having time to evaluate a broker’s work, I immediately owe them money. What if I don’t like it? Deposit and withdraw, losing commission?
Bad, very bad.
8. Your trading will be managed by a manager, you don’t need a demo.
Oh, stop it there. We know perfectly well that a binary broker earns only from the money they withdraw from traders. And the task of its managers is to cheat us, without stopping.
In general, I only like brokers where there are no managers and no one to call me on the phone. So no thanks.
9. We don’t have a demo, but the minimum deposit is only $200
“Only $200”, wow. And here it is 0.5 dollars, and here it is about 10 reais. Newbies, don’t give greedy binary people more than 10 dollars at once.
10. We don’t have a demo
And you don’t have a customer either. He spoke.
So don’t listen to lame excuses, choose normal platforms where they immediately offer a demo account without restrictions and you will be happy.
Proper use of a demo account
Let’s talk about how to get the most out of a demo account. Most look at it as a really fun free game and therefore simply don’t use the demo’s potential. And, despite all the psychological differences, there is this between the demo and the real one.
You’ve probably already Googled a bunch of types of binary strategies – it’s time to test them on a demo. Money is not a factor – you risk nothing. Take advantage of this opportunity. And imagine that these virtual money are real. For a minute. Imagine the real deal is at stake, take it seriously.
Do not play on a demo account
To successfully work with binary options, you need to know many things:
- choose the right deadline (or set of deadlines);
- select desired market conditions (trend, consolidation);
- decide how much trading to use.
All this can be worked out initially in a demo, develop your own TP (Trading Plan) in advance, determine the rules by which you will enter the market.
As a result, by the time you switch to a real account, you should already test your TS (Trading Strategy) on a demo dozens of times and draw the necessary conclusions from it.
As a rule, they test on a demo what they read in books or on the Internet, and even more so after watching numerous videos on YouTube about “successful” trades. And sometimes a demo is enough to understand how many of these strategies are absolutely useless.
Practicing on a demo account will partially prepare you for all the difficulties that you will inevitably encounter on a real account. Mainly psychological. Therefore, the demo account should be as close as possible to the real account.
Don’t play around, work. Study your strategy, test technical analysis concepts, repeat this several times. All this allows you to make a demo account.
Demo versus Real
On the one hand, you can get very good results in the demo. On our forum, guys usually share screenshots of who “won” and in the demo. Some, out of a thousand virtual ones, reach 300-400 thousand dollars and then… give up because it’s too “easy”.
And it’s true. In a free gambling game, which can be a demo account, the risks are zero, the excitement is 100%. In this virtual casino, which turns into a virtual account, you can win the jackpot from time to time. However, players, getting used to the game scheme, inflict unique damage on themselves, which will affect their performance on a real account.
On a real account, everything is different. There’s no stress in the demo. In real life, it’s a big stress if the market goes against you and you lose money. Emotions, doubts, hesitations, thirst for money – all this is what is in real life and what is fundamentally not in the demo.
Sometimes traders, after an unsuccessful transition from demo to real, are advised to return to demo again. There is a reason for this advice, however, experience is only gained with a real account. The demo, of course, eliminates the stress factor, however, predictions can also be made simply on a live chart, using tools such as forecast.
How long should you spend using a demo account?
It’s worth understanding that it’s pointless to spend more than a month on a demo. This is enough to feel comfortable, learn at least the basics of technical analysis, understand the basics and start working with it in real life.
Several months on the demo is a waste of time. After a certain moment, the effectiveness of the demo is rapidly falling, a person simply “stays out” of it. This is usually associated with the fear of entering the real world, the fear of losing money and a lack of confidence in yourself and your strengths, and your trading system. As a result, some stay in demo for several years (no joke), because it’s terribly scary to get started for real.
You do not need to be afraid. But you’ll have it anyway 🙂 It’s natural. Everyone is afraid of losing money. However, trading is a continuous work in itself, so the longer you postpone this moment of transition from demo to real, the harder it will be to work in the end.
