Binary Broker MIN. DEPOSIT RETURN MIN. INVEST RATING Trade Robot Review
Open a Free Account with the Binary Options Robot

Binary Options Robot

$250 89% $5 4.8 TRADING N/A Review
Begin with 24Option

24Option

$250 88% $24 4.9 TRADING N/A Review

General Risk Warning: The financial services provided by these websites carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Binary Options Demo Account


Opening up a binary options account in Singapore is a great way to open up new doors to creating more profitable situations for yourself. This type of trading has exploded in popularity lately, and binary options have gained a lot of traction in Singapore and the surrounding region.

The issue that many people are facing right now is that trading is risky. In fact, the majority of people who are just starting out trading binary options end up losing money. That’s why we recommend demo trading before you start risking real money. If you’re thinking about beginning trading, this is something that you should strongly consider.

Not sure what demo trading is and how it can help you be a better trader? Keep reading to find out.

Which Brokers Offer a Demo Account


Binary Broker MIN. DEPOSIT RETURN MIN. INVEST RATING Trade Robot Review
Open a Free Account with the Binary Options Robot

Binary Options Robot

$250 89% $5 4.8 TRADING N/A Review
Begin with 24Option

24Option

$250 88% $24 4.9 TRADING N/A Review

General Risk Warning: The financial services provided by these websites carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

What is Demo Trading?


Demo trading is practice trading. You use the same software on the platform that you will be making real trades with later on, but instead of putting your own money out on the line, you are using a fake money account. Most brokers today offer some sort of demo trading platform, and all of the reputable brokers and exchanges that are available to Singapore based traders have a demo account for you to use.

Benefits of Demo Trading


Binary brokers offer demo trading because it’s helpful for determining whether their platform is going to work for you or not. When you’re able to take a broker out for a test drive, you are far more likely to make a deposit if you like it. And when you start trading, the broker starts making money. It’s in their best interests to provide you with this service for free.

Using a demo account is also really helpful to you. Besides helping you to determine if this is the right spot for you to trade, it comes with a few other benefits. For example, when you demo trade on a site for a couple days, you learn how to use their software more flawlessly. This helps you to reduce your chances of losing money by clicking on the wrong button (this happens) and it helps you to prevent missing out on trade opportunities because you can now navigate through the site more proficiently (this also happens).

Demo trading also allows you to test out specific strategies. Let’s say that you’ve just learned a new strategy that involves using technical indicators that you are unfamiliar with. Using your demo account to try out the strategy a few times before you start with real money can help you to fine tune the process and avoid making costly mistakes.

Negatives of Demo Trading


Unfortunately, there are a few negative aspects of demo trading. Before we go into those, we need to stress that the good outweighs the bad. But it’s best to know what pitfalls you might experience so there are no unpleasant surprises.

The obvious negative of demo trading is that you are not able to make money while doing so. You’re not losing money, but you’re not earning any, either. We chalk this up to the price of education. At most, this is a minor issue.

Another downfall to demo accounts is that some brokers restrict your access to them. This can be just as little as three days in some cases. Three days is enough to determine if the broker is the right platform for you to use, but it’s not enough time to master the software and all of the aspects of it or to test out advanced trading strategies. If you find that you want to use the broker after your demo time is up, we suggest making minimum sized trades so that you can minimize your risk while you are still in the learning process.

How to Create an Account?


The process of creating a demo account will vary a bit depending on the broker or exchange that you are using. The first step is to create an account with the broker that you intend on using. You’ll need to give your name, email address, country of residence, and to accept their terms of use. That’s about it, but some brokers might have different requirements.

At most brokers, you will need to contact the customer service department because they do not readily post the link to their demo account. Some sites also require you to make a minimum deposit before giving you access to a demo account, too. While this is a hassle—how can you know that you want to trade at a site when you haven’t test it out yet?—it’s not a huge one. If you end up not liking the trading platform, just fulfill the necessary requirements to make a withdrawal, and you can get your cash back without ever having made a trade. The minimum deposit is usually $250 for these brokers. Besides, you shouldn’t be trading with money that you need right away, anyway. This is inconvenient, but it’s not the end of the world.

Demo Trading Singapore


Trading binary options might be gaining in popularity in Singapore, but those who don’t take the appropriate steps to help protect their money are not going to be profitable. If you are going to trade, demo trading is one of those steps that might seem optional, but if you want to be successful, is anything but. The best traders use demo accounts to help themselves gain an edge, and this is something that we can all learn from. Demo trading, whether we use it once in a while or to test out all sorts of ideas, has many benefits, and they all outweigh the negative side of using one of these accounts.

When you find the right broker for your trading, you will be sure because you have already tested out the platform. If you use a demo account to do this, you can skip that period of time where you are unsure of what you are doing and the risk of mistakes is high. Trading is already risky, using a binary options demo account can lessen that risk. You Can learn about 24option and their demo account right here.