Binary Options Demo Accounts
Binary options demo accounts are a useful tool for beginners. They are also a great way to test a broker’s products and services before putting money on the line. Demo accounts essentially replicate live binary options trading conditions but are funded with virtual money.
In this guide, we rank the best binary options demo accounts and list our top tips for getting the most out of paper trading solutions.
Best Binary Options Demo Accounts UK
Pocket Option offers short term binary options on a user-friendly platform with competitive payouts of 90%+. Over 130 assets are available with fee-free deposits and withdrawals. Joining bonuses are also available to new users.
Min Deposit Payout % Expiry Times $50 92% 5 seconds - 4 hours Bonus MetaTrader 4 Markets 50% Deposit Bonus No Forex, Stocks, Crypto, Commodities
IQCent offers binary options on forex, stocks, cryptocurrencies and commodities with high payouts up to 98%. The broker uses a proprietary platform with advanced analysis tools and traders can choose contract timeframes ranging from 5 seconds to months, appealing to both short and long term traders.
Min Deposit Payout % Expiry Times $250 98% 5 seconds - 30 days Bonus MetaTrader 4 Markets 20% to 200% Deposit Bonus No CFD, Forex, Stocks, Crypto, Commodities
Videforex binary options are available from 20% payouts on crypto up to 98% payouts on less volatile assets, beating many competitors. A wide range of contract lengths are also supported from 5 seconds up to 1 month. New users will appreciate the welcome deposit bonus.
Min Deposit Payout % Expiry Times $250 98% 5 seconds - 1 month Bonus MetaTrader 4 Markets 20% to 200% Deposit Bonus No CFD, Forex, Stocks, Crypto, Commodities
Dukascopy offers binary options on currency pairs, stocks and indices, alongside powerful trading tools and market insights. User gets flexible contract sizes and deposits are protected by EU law, though the $1000 starting investment is higher than alternatives.
Min Deposit Payout % Expiry Times $100 90% 3 minutes - 1 day Bonus MetaTrader 4 Markets - Yes CFD, Forex, Stocks, Crypto, Commodities
AZAforex offers binary options with time-dependent payouts that can be taken out on any asset included as a CFD or spot instrument. Over 50 binary options are available with a $1 minimum stake and payouts up to 190%.
Min Deposit Payout % Expiry Times $1 190 Bonus MetaTrader 4 Markets - No CFD, Forex, Stocks, Crypto, Commodities
Focus Option offers binary options trading on 140+ instruments including forex, cryptocurrencies, commodities, indices and company shares. Contracts include 30 seconds, 1 min, 2 mins, 5 mins, 15 mins, 30 mins, 1 hr, end of day, and long-term contracts up to 30 days. Decent payouts typically climb to 95%. The browser-based platform is beginner-friendly with sophisticated analysis tools.
Min Deposit Payout % Expiry Times $10 95% 30 seconds - 1 week Bonus MetaTrader 4 Markets - No CFD, Forex, Stocks, Crypto, Commodities
CloseOption offers binary options trading on 30+ fiat and digital currencies through an easy-to-use web-based platform. 15 contract timeframes are available from 30 seconds to 1 month, suiting both short-term and long-term traders. New users also get a joining gift.
Min Deposit Payout % Expiry Times $5 95% 30 seconds - 1 month Bonus MetaTrader 4 Markets - No Forex, Crypto
World Forex offers binary options where you simply decide the stake, price direction and contract timeframe. The payouts are high at up to 100% on American contracts and 85% on European, which also offers a partial refund to traders who close contracts before expiry.
Min Deposit Payout % Expiry Times $1 100% 1 minute - 7 days Bonus MetaTrader 4 Markets - Yes CFD, Forex, Stocks, Crypto, Commodities
GC Option offers beginner-friendly binary options with 86% payouts and opportunities on forex, metals and cryptocurrencies. The broker stands out for its market-leading trading software and access to short-term opportunities with contracts spanning 60 seconds to 48 hours.
Min Deposit Payout % Expiry Times $10 86% 1 minute - 48 hours Bonus MetaTrader 4 Markets - Yes Forex, Crypto, Commodities
RaceOption offers 100+ binaries with decent payouts up to 95% and ultra-fast expiries from 5 seconds. With a $250 minimum deposit, clients can enjoy free deposits, fast withdrawals and a range of trading bonuses.
Min Deposit Payout % Expiry Times $250 95% 5 seconds - 30 days Bonus MetaTrader 4 Markets 20% - 200% Deposit Bonus No CFD, Forex, Stocks, Crypto, Commodities
BinaryCent provides binary options trading on a range of markets through a slick proprietary platform. Traders can invest as little as $0.10 per trade and earn payouts up to 95%, and these are excellent terms that accommodate casual and low-capital traders while allowing profit opportunities.
Min Deposit Payout % Expiry Times $250 95% 5 seconds - 30 days Bonus MetaTrader 4 Markets 20% to 200% deposit bonus No CFD, Forex, Stocks, Crypto, Commodities
What is a Binary Options Demo Account?
Demo accounts, often called simulator accounts, can be used by traders to practise strategies, test different binary options products and get familiar with new platforms. The top demo accounts come with an unlimited virtual bankroll and no expiry. Importantly, traders cannot win or lose real money in a simulator account.
Paper trading solutions are normally offered free of charge by the best brokers with no deposit requirement. With that said, some brokerages will request basic contact details, such as name, email address and telephone number.
Given the high risk/high reward nature of binary options trading, demo accounts are a great way to build up confidence in a risk-free environment. Clients can then transition to a real-money trading account when they feel ready.
Comparing Binary Options Demo Accounts
Sign-up requirements differ between brokers. With Alpari, for example, no formal registration or deposit is needed – simply fill in basic contact details on the sign-up page, enter the one-time passcode that will be sent to your telephone or email, and the broker will activate the account.
The top providers will make the demo account available almost instantly. They will also provide guides to getting the most out of the platform, including customising the terminal. Also check if the demo account includes access to any mobile app the broker may provide.
In addition, look at the binary options available in the demo setting. The most popular products include:
- Touch/No Touch
Importantly, avoid firms that require a deposit to use the demo account as many platforms offer a free facility. Also be wary when taking part in demo trading contests – prize funds cannot usually be withdrawn, and if they can, deposit and volume requirements may need to be satisfied first.
Note, that the payouts offered in the demo environment do not always mirror the returns offered with a live trading account.
Advantages of Binary Options Demo Accounts
- Risk – A demo account is a safe place to practise strategies and trading systems without risking capital. Clients cannot win or lose money in a simulator setting.
- Scams – Free demo accounts can be a good way to weed out scams and potentially untrustworthy brokers. Reliable firms will offer a demo account with no strings attached. They also won’t pressure you into opening a live account and investing money until you feel ready.
- Quick registration – New users can get started with a free demo account in a few minutes. There are no KYC checks or registration hurdles to jump through (apart from sharing basic contact details).
Disadvantages of Binary Options Demo Accounts
- False confidence – Because binary options demo accounts do not replicate the full pressure of real-money accounts, they can give traders false confidence. Payouts and returns may also be inflated if brokers charge additional trading and account fees in their live accounts.
- No guarantees – While binary options demo accounts can help refine strategies, they cannot replicate a real trading environment with the associated stress and pressure. Sometimes the only way to truly practice binary options trading is by putting actual money on the line. This is why some new traders prefer to sign up with brokers that have low minimum deposit requirements instead.
We have listed our top tips for getting the most out of a binary options demo account:
- Discipline – Make a plan and stick to it – like you would with a real trading account. Practise following a plan and implementing risk management tools like stop-losses and limit-orders. Treat the trading day and your virtual capital as real money.
- Take your time – Be realistic and take into consideration how little or much knowledge you have of binary options as well as the market you wish to trade in. 80% of retail traders leave after the first two years – this is even higher for binary options. Making profits over the long term requires patience and commitment.
- Gather data – Create a spreadsheet to track what works and what doesn’t. Monitor the type of binary option used, the size of the stake, the payout, and the expiry time. This will help you improve your trading system before switching to a real-money account.
Bottom Line on Binary Options Demo Accounts
A binary options demo account allows traders to practise strategies and test new providers. They are offered by several leading brokers that accept UK clients, whether it be via a mobile app or online webpage. Importantly, the best demo accounts are free and offer wide market access and competitive binary options trading conditions.
See our list of the top practice accounts to get started today.
Will Binary Options Demo Accounts Help Me Make Money?
Making profits when trading is never guaranteed. With that said, binary options demo accounts can boost investors’ confidence and help develop trading skills and effective strategies. This is particularly important for binary options given the all-or-nothing nature of contracts.
Where Can I Learn More About Binary Options Demo Accounts?
Each broker that offers a binary options demo account has information about the specific type of products and services they provide. Head to their official websites for more information. Alternatively, check out our detailed reviews for the key information that traders need to know before signing up.
Which Brokers Offer Binary Options Demo Accounts?
Are Binary Options Demo Accounts Halal?
Binary options demo accounts are arguably Halal given that no real capital is involved. If careful strategies are used and planning is involved, this reduces the resemblance to gambling. Consult a local religious leader for guidance.
How Can I Avoid Being Scammed Trading Binary Options?
Using binary options demo accounts can be a good way to weed out potential scams. Brokers that offer demo accounts are not usually scams as fraudulent websites tend to ask for money and/or personal details quickly. Also be wary of offers that are ‘too good to be true’, multi-level-marketing (MLM) personnel and managed accounts, as these can be tell-tale signs of binary options scammers.