If you are new in binary options industry you probably think about opening a demo account first. 24option is one of the global brokers that allow traders to start trading with a demo account before they start trading for real.
In this guide, we will help to find out how to open a demo account with 24option and place trades with some of the most popular underlying assets and trading options in the binary options industry. Trading with demo account gives traders the opportunity to learn a lot about trading techniques and complexity of trading processes.
Read more about the broker in our 24option broker review.
How to start trading with 24option Demo Account?
In order to provide the most accurate information about how to open a 24option demo account, we have first visited 24option official website. It is important to know that traders that still haven’t registered yet have the opportunity to find a lot of information via live chat support. We have decided to contact their customer support in order to find out more about becoming 24option demo user.
24option provides demo account services after the initial deposit has been done. This means that traders can start trading with demo after they register with a real account first. Registration with 24option is free of charge.
After contacting 24option chat support we have found out that demo account can be activated after traders verify their trading account. This is the case with most brokerage companies which will prolong the time of getting the demo.
Verify 24option Account
As we have already mentioned before, in order to activate the demo account traders first have to verify their real account. Traders need to provide several documents through 24option email.
Verification requires providing a copy of valid ID (passport, driver’s license or national ID). This includes copying both sides of the document. Besides that, traders need to provide the copy of a bank statement of a utility bill that will claim that trader’s place of residence. The document can’t be older than six months and it has to provide a full address with trader’s name on it.
Find out why brokers require account verification.
Traders that have made a deposit via one of the credit cards are required to copy both sides of the card they have used for depositing. Because of security reasons, traders are advised to cover the card number, except the last four digits on the front and first four digits on the back side of the card.
Traders that use E-Wallets are required to copy a screenshot of their E-Wallet account profile with information about full name, email, and ID of the E-Wallet.
After collecting all required documents, traders can send those files to do[email protected]. According to the broker, verification process usually takes up to 3 business days.
Activating 24option Demo Account
We didn’t have the opportunity to test 24option demo account because we didn’t make a deposit with the broker. According to their helpful customer support agent, we have found out that after verification process traders demo account will be founded with virtual $1.000 USD/EUR/GBP/CHF.
We have also found out that traders have the opportunity to add more virtual funds to a demo account. Traders discuss this information with their 24option account manager.
According to the 24option agent, demo account looks the same like real account and traders are welcome to have the same services that are available in the real account.
24option Education Center
In order to improve your knowledge about binary options, besides trading with a demo account, 24option has included an excellent selection of educational materials. The educational center provides various webinars, tips and techniques guides that can help traders master their trading level.
We have found 24option provides various video guides that are available for all traders, even for those that are not yet registered. 24option provides latest market news, daily reviews and economic calendar that might help traders during their trading strategy plans.
24option eBook is available for download and it provides various topics like general info about binary options, trading different trading types, selecting different option types on 24option and other.
Start Trading with 24option
In order to start trading with 24option, traders need to fill basic information and create a trading account. Minimum deposit is $250, which is considered to be industry average. As we have already mentioned above, traders need to verify their trading account by providing several documents with 24option.
After depositing initial deposit, traders don’t need to start investing their real money using their real account. Traders are funded with virtual funds that will be visible after their account is verified. While trading with 24option demo account traders are trading in a risk-free zone where their real funds are kept safe.
24option New Platform
24option demo account allows traders to learn more about the platform and available features and trading tools. 24option has recently announced they have integrated MT4 platform, which is a bit different than standard binary options platforms we are all used to have.
According to 24option, traders are welcome to choose between various options types like:
- One Touch
- Short Term
Trading with 24option is available on various devices, so traders can choose between web-based platform or downloadable mobile apps. Placing trades on mobile devices is simple and traders can execute real-time trades.
Traders have multiple support options at their disposal so if they have any questions they can easily contact 24option support agents. We had a pleasant communication with their agent that told us valuable information and helped us to find out more about demo account.
After registration with the broker, every trader will be provided with their own account manager that will be in charge of trader’s account. This means that every question will be directly discussed with an account manager, not customer support agents. Every action such as making a deposit or adding more virtual funds on the demo account and similar questions will be settled with a personal account manager.
We think that trading with demo account helps traders to achieve better trading techniques and confidence while they trade, especially for new traders.