What are practice accounts?
Binary options practice accounts are very similar to the demo accounts provided by many other brokers across the trading industry. They effectively allow new traders to not only test their skills and develop their strategies without losing any real money, but they also provide a good demonstration on how the platform works. Many traders begin by opening a demo account to see if they like the style and feel of a particular platform and whether, for example, the interface suits their needs. Others will use these accounts to learn how to trade and to become familiar with binary options. The safest binary options practice account will be that which gives new traders an entirely free introduction to the world of binary options trading.
Choosing the safest binary options practice account
Most binary options brokers will be very keen on getting you to join their trading community, to begin experiencing their range of tools and, hopefully, to start making profits. Making money by trading binary options is one of the easiest and most straightforward ways to speculate on the financial markets, and most successful binary options traders start their success by opening a practice account before risking real money. By looking for the safest binary options practice account, where no deposit is required to open the account and all purchases are simulated using real-time prices, new traders can develop their money-making edge.
When to move from practice account to a real account
After several weeks trading on the safest binary options practice account you can find, you will notice that your skills have improved significantly and that you are beginning to make money on most options that you purchase. This is an ideal time to begin to make the transition from practice account to real trading account. You will notice that profits will be much easier to make once you have thoroughly tested a strategy and learned how you want to trade using a binary options practice account.