MT2Trading Blog

News and updates from world's leading automated trading platform
Apr 01 2021

The importance of a demo account at any Binary Options broker

demo account

If you’ve ever researched Binary Options trading and are interested in this market, or if you’ve ever come across advertisements from IQ Option or other brokers, you may have noticed that they portray making money as too easy to be true. That is the image that they try to sell, and even though in reality it is not so simple, if you know what you are doing..  Binary Options can be quite lucrative. But it is important to mention that if you do not know what you are doing, you can lose all your invested capital rather quick.

Before trading in any market, make sure that the broker has an option that allows you to create a demo account with which you can practice without limitations, especially with Binary Options, since they carry very high risks. Even if you are already an experienced trader in high risk operations, demo accounts are extremely important. In this article we will give the main reasons why you should not start trading in any broker, no matter how reliable it is, without first practicing in an account with which you can evaluate before investing real money.

Testing the broker with a demo account helps you get familiar

Each broker uses different technologies that result in better or worse execution times as well as other parameters that may be a little different from one to the other.
In binary options it is extremely important to take this into account, due to the risk you run of generating slippage and other phenomena derived from delay times that tend to manifest in transactions in some brokers with slower execution times.

These types of issues, such as the speed of execution, vary depending on two factors; how far you are from the broker’s servers and the speed of your internet, although the technology used by the broker you selected also has a lot to do with it. That is why it is best that you adapt to the broker platform that best suits your current connectivity conditions.

It is worth saying that MT2Trading platform also has its own free demo plan that you can use in your broker when opening a demo account, that will allow you to know how the trading robot works with each compatible broker before deciding to invest real money and automate your trading.

Generate trading strategies and backup plans

One of the most important advantages of a demo account is that it allows you to generate a trading strategy that works for you in different situations. Demo accounts work with virtual money, that is, with an amount of money that does not really have any value and that is assigned by the broker. You can use it to test the market, to try different strategies for different underlying assets, and to generate backup plans in case you hit a losing streak.

With a demo account you can try to automate with certain types of signals using MT2 trading, in this way you will test how the broker responds and the strategy without risking your money.

How to get a MT2Trading free demo account?

To get a free demo account and test the MT2Trading platform and robot, the first thing you need to do is create a demo account at any of MT2 supported brokers: IQ Option, Binary.com, Spectre.ai, CLMForex, Alpari Fixed Contracts or InstaBinary. If you can not decide in which one to register, you can read this blog post, containing information about each one of the supported brokers.

Next, you need to download the desktop software to your computer and install it by following the auto-installer step by step guidance. You can download MT2Trading both for desktop and mobile by clicking here

Afterwards, you can execute the application and log-in to your broker account through MT2Trading. Needless to say, your log-in credentials are totally safe and no one has access to them. Your log-in info is just used to access your broker account.

Finally, you need to choose a signal source (MetaTrader Connectors, CopyTrading or Signal Builder) and start testing.

You will be able to trade through MT2Trading at your broker demo account without any type of limitations. If you decide to switch to a real money account, the robot will ask you to choose a payment plan in order to buy your MT2 license. The free demo account for binary options will have a variable duration that will depend exclusively on the broker’s policies, sometimes it can last a month, 3 months or indefinitely until you decide that you are ready to start trading with real money.