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If you have any background in investing at all, you know that one of the most essential steps in becoming a successful professional trader is demo testing. If you’re trading binary options for fun and you’re not concerned about whether you’re ultimately profitable, it doesn’t really matter if you test, but if you’re serious about this and you’re planning to become successful over the long term, this is a step you really can’t afford to skip.
You’ll discover quickly as you’re looking over binary options brokers that one feature missing from a lot of them is a demo account. If you’re used to Forex, this might come as a shock. Binary options have only recently become widely available to retail traders, however, so it’s not really that strange that binary options brokers are still scrambling to add in the features that we all expect.
Steps to Getting A Practice Demo Trading Account At Bank De Binary
- Step 1: Sign up for a Real Account
- Step 2: *Deposit at least $500 – this is the minimum
- Step 3: Contact the BBinary.com support and request your demo account
- Step 4: Support will create your demo account with $50,000 in fake money to practice with
*We recommend refusing the bonus offer so you can withdraw your money at anytime you choose. Accepting the bonus means you must meet requirements before requesting a withdrawal.
The fact is though that a lot of brokers are in the business of catering to casual traders. Not all these brokers are scams—some of them simply see themselves as being in the entertainment industry. There are a lot of gamblers among binary options traders—probably the majority of small retail traders in any market are gamblers, whether by intention or by action. If you’re not one, then you want to select a broker like Banc De Binary that is catering to a serious person like you who is willing to put in the extra time and effort to test a trading method thoroughly before investing and or risking real money.
Why Demo Trade At Bbinary.com
You can’t become a successful, profitable trader over the long term if you aren’t willing to test a lot. Once you find a method you like, start by testing it on historical data; this is called backtesting. If your method is profitable consistently in backtesting, you can move on to demo testing, sometimes called “forward testing.” Open a demo account at Banc De Binary and try trading with virtual money using the method you’ve developed.
You do have to deposit real money in a live account in order to open a demo account with Banc De Binary. While some traders think that this isn’t fabulous, but it’s still better than trading live without demo testing first. And since you’ve probably already decided to deposit real money somewhere and start trading, it might as well be with a broker that lets you do some live testing first. This gives you a chance to familiarize yourself with the trading platform.
It also gives you an opportunity to find out what it’s like to trade live before you try doing it with real money.
You’re far less likely to blow your account if you make your initial mistakes with virtual money and not with your real investment. You’re going to make mistakes when you’re starting out, and that’s almost a guarantee.
Learn the ropes on a demo account to minimize your risk. Demo testing also lets you test out the broker’s customer service team; make sure to ask some trading questions just to see how quickly you get a reply. Once you’ve traded profitably for several months in a row in demo mode, you can consider starting with your real money.