24option Demo Review
As one of the most popular CySEC regulated brokers, 24option attracts all kind of traders, including many new investors with no experience in financial markets.
Traders can open either demo or real accounts. If you are new to binary options, we would definitely recommend the demo since you won’t risk any real money.
By offering numerous promotions, highly prized trading competitions and lucrative bonuses, not to mention the half-naked girls on yachts advertising 24option on TV, you are left with no other choice but to visit the website.
I will try to reveal the hidden risks of trading binaries. You will ask yourself if there are such risks while looking at the fancy platform and endless profit possibilities.
Also, I will reveal how you can actually take advantage of 24option’s demo account.
Why 24option is attractive for new traders
You are probably wondering how exactly you will make money from this trading platform. As a new trader, starting with 60 seconds is probably not the best advice, but if you use demo money, you can spend some on short terms. You will see the outcome of each contract very fast and thus see how the platform monazites your investments.
These types of options are attractive because of the quick returns they provide. For example, you buy a High option on EUR/USD for $100 and after one minute you can potentially gain $70 net profit. Please have in mind that if your prediction is not correct you will lose $100. (24option payout on 60 seconds is 70%)
High Yield Touch
High Yield Touch is an advanced trading tool offering higher returns combined with extreme risk levels. It is not a joke; it can significantly damage your balance with no refund. You should be very careful when considering it in your daily strategy.
What is the profit of using a 24option demo
Of course, you won’t make real money because you will be trading with demo funds, but the idea is to gather knowledge on the trading platform. This is the profit that will help you later in the real stage. Learning important strategies is the best thing you can do with your demo account.
Since you will most probably be attracted to the short term investments of 60 seconds, and 2 minutes, it is much better to first see how easily you can actually lose options. It is smarter to experience some losses with your demo account first instead of blowing your hard earned salary in a couple of 60 second sessions.
There are many strategies written on the subject of short term investments, especially on 60 seconds. We would recommend you spend some time reading a few How-to articles before challenging the limits of your test account.
High Yield Touch is probably the worst type of trading a beginner could jump into because the risk involved is extremely high and the odds favour the broker. But why not give it a try? In the end, what is important for you is the trading experience, and this is what you get with 24option.
Just make some test trades and analyse your potential profit. If you are smart enough, you will soon find out that it is not as big as expected, so you’d better keep trading High Yield options with play money.
How to get 24option demo
As you will notice, the demo account is not advertised on the 24option website. You will see only a form for the real account. It is a bit confusing for a novice trader who wants to start with a practice account. So what should you to do?
- Register for a real account. It is free
- Contact support in Live chat and give them your username
- Ask for a demo account
They will offer you a demo account if you make the minimum deposit of $250. Later, you can withdraw your deposit.
This way you will have the opportunity to test the 24option platform and start learning some important strategies.
Is it worth starting a 24option demo account? Yes, it is definitely worth opening an account since you will get priceless experience in binary options trading. The main lesson that you can learn is risk leverage, which is against you on shorter expiry and higher payouts. Start your trading lessons now.