The best Binary Options Demo Account in South Africa

For any trader looking to invest in trading platforms, it isalways a good idea to try demo accounts first. Demo accounts let you test and use most of the features in a trading platform, or mobile demo app, incurring no financial risk in the process. You do not require any deposit. From a broker’s perspective, a demo account allows them to exhibit the features and customer service of their platform to potential customers, who might prefer their service and purchase their product eventually. In South Africa, owing to the immense popularity of binary options trading and the number of customers, it becomes important for brokerages to offer demo accounts to all potential customers.

 

 

Demo Accounts: A Guide

Almost every product nowadays has some sort of try before you buy offer with them. For trading platforms, this usually comes in the form of a demo account. Almost all binary options brokers offer some form of demo account for users to test before they buy the product. They hope to entice the users with their platform and features, hopefully earning their trust or attention. From a user viewpoint, a demo account allows you to test the features and get a better feel of the platform before you commit your funds and start trading with a particular service. In this guide, we take a look at how binary options demo accounts can help you make a well-informed decision about choosing a broker.

 

How to Get Started?

Binary Options trading, in general, is easy if you get the hang of it. However, you must first learn how the market works before diving into actual trading. There have been instances where traders have gone in too early, wasting their trading funds on incorrect trading decisions and incur heavy losses. Thus, it makes sense to first try out a demo account and to experience what it is like trading in a live market environment without incurring any financial risks. This should always be done before one uses a real binary options trading account.

So, the obvious first step would be to head on over to any broker website that you find interesting and provides a demo account. You will find a demo account option usually on the official website. Most brokers offer a demo account which includes a substantial amount of virtual funds to trade with. This virtual money can then be used to explore the platform, try the different strategies and explore how the risk management features work. A virtual dummy balance is maintained where all profits and losses are reflected.

So, you might be asking, is it safe?

You do not have to risk any financial amount for this, although downloading a demo account may involve submitting your email address.

 

Downloading Demo Account on Mobile Devices

Demo accounts for mobile devices are usually found either from Google Play or the App Store in iOS devices. In countries where binary options trading is restricted, these apps might not be available in such stores. In these cases, interested users may want to download an apk file from the broker’s official website. Even though you are using a demo account, you will have to ensure that you are in safe hands. Particularly, you should be extremely wary if the sign-up process of the demo account involves some sort of data of data mining exercise. For instance, if the sign-up process asks you for a lot of personal information, such as credit card details or bank accounts, because there is no reason to ask for such information at this stage. This should definitely be considered as a red flag and you should move on over to other choices if you encounter a broker like this.

 

How should you use a demo account?

A demo account provides you with the best opportunity to examine almost all the features of a particular trading platform. Some of the key areas where you have to focus are explained in brief below.

• Always Check if it’s Free: There are some brokers who label their demo account as free but require you to pay some sort of deposit to get started. There may be certain cases where it is a trusted brand and it might be worth paying money for receiving the benefits of a demo account. However, approach this carefully. In some cases, the initial deposit will come with a bonus which might have an impact on withdrawal limits. In this case, the demo account is not free. The majority of the cases involve demo account which do not require any type of deposits.
• Education: Some brokerages provide some sort of educational resource as part of their demo account offering. This is extremely suitable if you are a novice trader. There are many brokers which focus on education of their users, an introduction program and range of seminars and webinars. Additionally, if you are experimenting with a new strategy, a demo account will be give you the perfect opportunity to test the platform. For instance, in IQ Option, the demo account will allow you to back-test strategies.
• Comparing trading platforms without deposits: You should always look forward to receive a full experience with a demo account, as will help you to take the last decision. It should ideally represent all the features of the live platform in a controlled, virtual environment. For a user to get a good idea of different brokers, they should try multiple options.
• News and analysis Alerts: The majority of platforms have some sort of alert system for their users to keep them up-to-date with all the major events concerning the financial world. This can range from international geo-political events to steps taken by local governments, all of which impact the financial market. It also gives you an estimate of how your trades will perform when certain news events are released.
• Contests: Many brokers introduce competitions and contests among their demo account users. This not only encourages users to test the platform but also increases the chances to turn some of those demo accounts into real accounts as some customers might get impressed by the service. Some even offer real money prizes to entice customers to purchase real accounts. From a trader’s perspective there is no risk as there is usually no deposit required for such programs.

 

 

Is Binary Options Trading for You?

If you are a newcomer in this area, you might tend to compare binary options trading with other instruments. As well as getting a good grip on the platform, signing up to a demo account with no deposit can be a useful method to get some hands on research. You may have only traded one or two assets types in the past such as forex for example. Binary options however, provides a risk-free way to explore new areas. The brokerage you choose should provide you with a demo account which allow you to access all trading instruments available: from individual shares to indices, commodities and others.

There is a myriad of choices when it comes to binary options brokers in South Africa. However, to make things a bit easier for you, let’s take a look at three of the most reliable and secure binary options trading demo accounts available for citizens in South Africa.

 

IQ Option Demo Account

About IQ Option: Founded in 2013, IQ Option is a universally recognized, binary options trading broker which is available to use in South Africa. The platform is one of the best when it comes to this type of brokers and gas an intuitive user-interface, as well as a complimenting mobile trading platform. IQ Option provides users a chance to test their platform out before they pay for their service. You can open a demo account from their official website.

 

 

 

Instruments available:

• Options which consist of digital, binary and FX options
• Contract for Difference on stocks which include the likes of AIG, JP Morgan Chase, Tesla, Goldman Sachs, Facebook, Morgan Stanley, Microsoft and others.
• Several popular Forex pairs including AUD/CAD, CHF/JPY, EUR/USD, NZD/CAD, GBP/CAD and others.
• Cryptocurrencies including Bitcoin and Ethereum
• CFDs on commodities, indices and ETFs

 

The IQ Option demo account will allow you to trial binary trading, giving you a virtual balance of $1000. There are some limitations in the demo account that you have to keep track of, such as the number of assets available being limited to just thirteen. There are also other trading restrictions that apply. Regardless, the main purpose of the demo account is to assist in the education of novice traders who are new to the binary trading world. It is easy as you are not required to input any credit information or contact details.

Note: Your capital is at risk

 

Spectre.ai Demo Account

About Spectre.ai: Spectre.ai is the name of a leading Blockchain based trading platform, providing forex, CFD and digital option trading services. It users get broker less access to international markets via the platform and its associated app for mobile devices. It uses a decentralized autonomous liquidity pool to execute smart option contracts that are free from frauds. Unlike traditional brokerages where there is an intermediary involved, Spectre.ai logs trades using the Blockchain. Thus they are verifiable across the publicly distributed ledger network. Thus the platform offers 24/7 liquidity and a fraud free environment.

 

 

Instruments available:

• Spectre.ai provides almost 80 synthetic tradable assets, allowing you to speculate on price movements without having to own any underlying asset. The tradable assets are primarily split between normal binary options as well as EPIC, which is Spectre.ai’s own Epochal Price Index Composite contract class.

 

Spectre.ai offers a demo account where users can get immediate access to their official trading platform and trade with virtual Ethereum. They get all the features and functionalities available to them. To open a demo account with Spectre.ai, one does not require any type of KYC. This is only required when one switches to a regular one where real money is used.

Note: Your capital is at risk

 

Binomo Demo Account

About Binomo: Binomo is a well-modulated and trusted platform for trading. The platform is known to be a regulated one, with minimum deposit requirements as low as $10. Users are able to achieve a high yield of up to 90%. It is also known for having a very responsive support team which works on a 24/7 basis and offers support in different languages.

 

 

 

Instruments available:

• Indices, such as DAX or CAC40
• Popular stocks such as Google and Disney
• Currency pairings (GBP/USD for example)
• Bitcoin, Litecoin and other cryptocurrencies
• Gold, Oil and similar commodities, including pairings

 

Binomo’s demo account provides users with an accurate representation of a real Binomo account. For novice traders, it presents a really good opportunity to practice all the features available on the real platform without investing a dime. A virtual fund of $1000 is credited to the user’s demo account balance. They can access all tools, study assets, and implement strategies which are present in real accounts.

Note: Your capital is at risk

 

Conclusion

A demo account should be no strings attached, risk-free way of testing a platform. It is extremely useful for finding out whether the user experience promised by the broker is actually what it is. You should always conduct due diligence before testing a demo account from any broker. Key areas to focus on in this case are to check whether payout rates are competitive and whether the broker is regulated. Because of the growth of this market, there are many scams posing as legitimate platforms, so a bit of research helps you to make a well-informed decision.

Finally, once you have started to use a demo account, your aces might be limited in case of some brokers. Thus, if you do sign up for a demo account, make sure you reap the full benefits. The three key characteristics of a good demo account is that it should be free, provide all features as available in the real platform and not time limited.