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It can be difficult to pick up binary options trading without actually practicing using live data and real assets. Of course, for beginner option traders, it can be very expensive to learn option trading using real money. As you can imagine, lost trades can quickly erode your account balance and leave you high and dry.
To remedy this, option traders can use free demo accounts to learn option trading and trade binary options for free. BO Capital, a relatively new broker, offers free binary options demo accounts to option traders who want to learn option trading without breaking the bank. We will review this demo account and see how it can help you with getting your binary options trading career off the ground.
BO Capital’s Demo Account
BO Capital is a options broker that runs on its own proprietary trading platform. You can trade binary options with 22 assets with three different types – Digital, Touch, and Range.
The free binary options demo account gives you $500 that you can use without any risk to yourself. It is fake money, so you are not risking any funds. The advantage is that you can use this fake money to trade with real assets in real time – giving you an unprecedented shot at learning the ins and outs of the industry and the platform at the same time.
How to Trade Binary Options in a Demo Account
First, you should sign up for your binary options demo account. You have to be at least 18 years old, but other than possible country limitations (American customers are fine), signing up is straightforward.
You can then choose to deposit real money if you wish, but you will have $500 to practice. We suggest finding assets that give you maximum bang for your buck, in that they are not too expensive to use. After all, $500 can go quickly.
Try every trading option at least once. You have three – learning the ins and outs of each will give you plenty of options at your disposal. Also, use the major currencies and commodities at first, such as EUR/USD or oil. It is easier to find financial data and economic indicators to help your trading and give you the information you need to make an informed decision.
Should You Sign Up?
Any beginner to the world of binary options trading should, in our opinion, use a free demo account at the beginning in order to familiarize themselves with the trading platform, market mechanics, and general trading procedures. As mentioned, it is too expensive to wing it; practice and experience does pay off.
BO Capital’s platform is not the best platform in the world, but it is a solid choice for a beginner. The demo account only gives you $500, but even that amount can be instrumental in helping you learn your trade. So, if you like BO Capital, and want to learn on an easy, user-friendly interface, this demo account may be for you.
Click here to get a free $500 demo account at BO Capital today.
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