Best Binary Options Demo Contests

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Go to broker’s website CloseOption Overview

If you're too busy to read the entire article and want a quick answer, the best binary option broker with demo contests is CloseOption. Why? Here are its key advantages:

Is legit in your country (Identified as United States )
Has a good user satisfaction score 8.7 out of 10
Risk-free environment
Test strategies under real market conditions

Go to broker’s website CloseOption Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Best Binary Options Demo Contests:

Pocket Option - Best for beginners ($5 min deposit, copy trading, many bonus offerings)
CloseOption - Best broker with government regulation (licensed by the National Bank of Georgia)
IQcent - Best platform for market analysis (real-time technical analysis, news, and trading calendar)
Raceoption - Best trading competitions (weekly contests with automatic participation)
Binarycent - Favorable trading conditions (payouts up to 95%, deposit bonus up to 100%)
VideForex - Best starting conditions (first 3 trades are risk-free, option of experienced trader guidance)

Binary options demo contests are a valuable way for traders to practice strategies and compete for rewards without risking real money. These contests are hosted by leading platforms, offering participants a chance to enhance their skills in a competitive environment. This article provides a comprehensive review of the best binary options demo contests, focusing on their features, rules, and prize structures, to help you identify the top opportunities available.

What is a binary options demo contest?

A binary options demo contest is a trading competition between traders utilizing the free demo account at top binary brokers. It is a contest among registered participants; it is free to join, and the competition can be on different bases. A trader either competes in binary options demo contests or live contests.

Traders can demonstrate their trading prowess and compete for real money and bonus prizes in a binary options demo contest. This contest lasts for a specific duration and does not require you to invest to win real money.

You can pick the contest you want to enter, select the broker of your choice, and compete against other traders for attractive prizes. Binary options competitions are good marketing tools for some brokers and a great option for beginner binary traders. Since there is no risk for the traders in this competition, binary options demo contests become more enjoyable and less monotonous.

Binary options demo contests are a fun way to enter the world of trading competitions and get real cash if you win the contests. To succeed as a novice trader, practice with a demo account before participating in binary options competitions. By doing this, you will gain experience trading Binary Options, and your chances of winning prizes will rise.

The best time to enter tournaments is after fully comprehending all the terms because the higher the stake, the better the returns. And winners will have their winnings credited to their trading accounts.

Which are the best binary options demo contests?

	Bonus/promotion name	Expiration date	Bonus Size ($, %)	Referral code or referral link to the bonus page
Pocket Option	Pocket Option Tournament and Competitions	Unlimited	Prize pool up to $5000	Claim your bonus
CloseOption	CloseOption Weekly Contests	Unlimited	$10 to $300	Claim your bonus
IQcent	Trading Contest	Unlimited	$20,000	Claim your bonus
Raceoption	Trading Contest!	Unlimited	$20,000	Claim your bonus
Binarycent	Trading Contest! Prize Fund - $20,000	Unlimited	$20,000	Claim your bonus
VideForex	Trading Contest!	Unlimited	$20,000	Claim your bonus

Request Bonus

Unlimited

Expiration date

Pocket Option hosts various competitions and tournaments for traders, ranging from daily and monthly events to special festive contests. Participants pay a small entry fee and compete to achieve the highest trading profits. The top performers win rewards, such as cash, trading funds, and bonuses, which enhance their trading capital. Tournaments cater to different skill levels, including demo tournaments for beginners and VIP tournaments for advanced traders.

How to claim?

Register an account
Verify your profile
Select a Tournament
Pay the participation fee (if required)
Trade according to the tournament rules
Claim your rewards through your trading account

Request Bonus

Unlimited

Expiration date

CloseOptions hosts weekly trading contests, offering up to four tournaments per month to traders. These contests have a modest entry fee ranging from $5-10, and some are even fee-free. Participants begin with a balance of $10,000, and rankings are based on the final total balance. The top 10 contestants receive cash prizes, which are automatically credited to their trading accounts. Withdrawals are allowed at any time. To participate, users must register, verify their account, and join the contests. The contests have 20 winners, with cash prizes ranging from $300 for first place to $10 for twentieth place.

How to claim?

Register a Contest Account
Go through the verification process
Join the contest

Request Bonus

Unlimited

Expiration date

Iqcent's weekly contest awards the top 4 traders with a total cash prize of $20,000. Taking place every Sunday, the competition spans from 21:00 to 20:30 GMT, lasting for one week. Open to all clients, participants don't need to register, and every trader is included regardless of their trading results. To enter, traders must open an account, make a deposit, and actively participate in the contest.

How to claim?

Sign Up
Fund Your Account
Join the contest and start trading

Request Bonus

Unlimited

Expiration date

RaceOption's Trading Contest offers a $20,000 prize fund with free registration. The contest caters to both beginners and experienced traders. Every trading account automatically enters the competition. 40 weekly winners will be selected based on the number of trades completed during the active competition period, with the top four traders receiving a significant cash prize of $20,000. Other participants are rewarded with valuable prizes and bonuses. The contest runs from Sunday 21:00 GMT to Sunday 20:30 GMT. The minimum trade size is $10, and CFD trading volume is excluded. To be eligible for a prize, you need to maintain a trading net balance that is equal to or greater than the minimum deposit amount. Bonus prizes are credited if previous bonuses don't exceed 150% of total deposits.

How to claim?

Sign Up
Trade

Request Bonus

Unlimited

Expiration date

Binarycent's Trading Contest boasts a $20,000 prize fund, awarding cash to the top 4 winners and valuable prizes and bonuses to others. Open to all Binarycent traders, the competition is based on the number of trades conducted within one week, beginning every Sunday. With 20 weekly winners, the contest provides an engaging opportunity for participants to enhance their trading experience.

How to claim?

Sign Up
Trade

Request Bonus

Unlimited

Expiration date

VideForex offers a Trading Contest every week, where traders can compete based on the number of trades they execute within a specified timeframe. All VideForex traders are automatically enrolled, and trades of at least $10 are eligible. The competition has 20 winners each week, with the top 4 places receiving $20,000 in cash. Other winners receive valuable prizes and bonuses. Participants can track their rank on the leaderboard to see how they are doing in the competition.

How to claim?

Sign Up
Trade

Request Bonus

Pros and Cons of Binary Options Demo Contests

In addition to being free for all participants, binary options contests on demo accounts are essential for other important reasons. Below are five solid reasons why binary options demo contests are pivotal for traders, especially beginners.

Skill Development
Binary options trading is a risky but quick way to make money online. However, you need room for skill development to become a successful trader, which might require the use of real instruments. Since a demo account gives you a similar experience as trading on a live binary account, binary options demo contests make it more realistic.
There is a distinction between trading for fun and trading for profit when honing trading skills. Trading for real profits makes a trader serious and brings out the best in them, which is needed when developing binary trading skills. Thus, binary options demo contests boost a trader's skill development.
Hands-On Experience
Trading on a demo account might look like making plans on how to shoot a missile at an unspecified time. But the difference between trading on a demo account for fun and participating in the binary options demo contests is the motivation.
Trading on a demo account is a way for traders to practice how to make money trading with real money. But imagine trading on a demo account for the same objective (making money).
Binary options demo competitions increase a trader's practical trading experience. You will be doing the main job (trading for gains) rather than just practicing to do the task when you have the required financial capacity.
Prize incentives
Binary options competitions offer a prize incentive, providing a chance to turn profitable trading into a form of entertainment. Binary options demo contests help traders who lack the cash to trade on a real account accumulate the required funds. But this is if they win the binary options contests.
Familiarity with sophisticated trading tools and indicators
You should employ the best trading tools available when trading binary options. You want to use these tools expertly, so before you use them for live trading, you must be familiar with them. So binary options demo contests help get traders' hands on deck or familiar with different trading indicators and tools.
New traders can learn how to use different trading strategies
When trading binary options, you don't just want to keep losing each day or weekly. To succeed, you need a winning strategy. Binary options competitions bring out the best in the participants as they keep creating strategies to win prizes. By doing so, a trader can become a master at constructing and integrating different binary trading strategies without hassle.

Note:Binary options demo competitions are a safe way to start trading on the binary options market. There are no limitations or restrictions on withdrawing the prize money. Each broker determines the duration of the Binary Options contest rounds, which typically range from a day to a week to a month. Options traders must verify their accounts with all brokers, though some do not require it. Therefore, the terms and conditions of the binary options market are specific to each binary options broker.

What are the disadvantages of binary options contests?

Some participants in binary options demo contests might argue that binary option contests do not have any noteworthy liabilities. But the truth is, binary options competitions have their share of drawbacks. And this is for both the broker and the traders. Below are some of the disadvantages of binary option contests.

Overtrading to maximize profits quickly carries the risk of depleting your trading capital and affecting your judgment.
Traders may run into a few Real-World situations because they rely on profit without risking real money.
Since they can profit from binary options demo contests, some traders might not bother to trade on a real account.
When a broker closes the demo account option, some traders might be reluctant to trade on a real account with the profits they made during the binary options contests.

FAQs

How do you practice binary options?

A top binary options broker offers a demo account on which you can practice trading binary options. All you have to do is register with one of the top brokers, set up an account to access the demo playground, choose an asset to trade, choose the closing time, and place a buy or sell order.

Can you make millions from binary options?

Yes. Trading financial products can help you amass millions, just as George Soros and Warren Buffett did, but there are a lot of limitations. Building wealth through binary options trading also requires patience and advanced techniques.

Are binary options difficult?

No, binary option trading is easy to grasp, making it the preferred option for newcomers. Understanding candlestick analysis and other sophisticated trading techniques and algorithms can be difficult. For example, forecasting an underlying asset's short-term movements can be very challenging.

Are binary options fake?

No, binary options are not fake, especially when traded on a regulated exchange. Trading binary options on unregulated trading platforms that might not always abide by regulatory requirements is illegal.

Team that worked on the article

Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.

Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.

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Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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Overtrading is a phenomenon where a trader executes too many transactions in the market, surpassing their strategy and trading more frequently than planned. It's a common mistake that can lead to financial losses.

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