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Speaking about a Binary Options contest, it is a competition that is generally organized for only the registered participants for Binary Options trading. In the trading industry, you will find different types of Binary Options contests. But the most popular contests are Binary Options Live Contests and Binary Options Demo Contests.
See the picture of a Binary Options demo contest:
By taking part in Binary Options Demo contests, you will be able to judge your trading skills and can also win bonus prizes and real money. Well, the best thing is that most of the Binary Options demo contests are completely free to join. That means you can take part in the contests without investing real money.
The contest can run for different lengths of time. If you don’t want to participate in a tournament that runs for an extended period, there are some online brokers, like Quotex.io and more, that offer one-hour tournaments. Even though such contests are good marketing tools for some brokers, they can offer traders a decent incentive to remain active. As no deposit is required to participate in this contest, there is no risk for the traders. Besides, such contests bring a lot of fun. Go on and give it a try.
Top Binary Option brokers offering demo contests
#1 Quotex
The recent entry of Quotex.io into the trade market offers the broker an opportunity to provide their customers with what they want. The broker has more than 100 different types of assets and the 24×7 hour support is available in more than 10 different languages.
The broker offers multiple trading accounts for different budgets. On the other hand, the demo account offered by Quotex.io helps beginners to explore the trading market without worrying about any risk, and they can learn the basics of Binary Options trading. With Quotex.io, you can start trading at just USD 1.
(Risk warning: You capital can be at risk)
#2 Pocket Option
This online broker allows traders to trade on more than 130 different assets. And another best part is that using this; you can enjoy instant access to its unique social trading. There is a single account type for all. Speaking about its Binary Options demo contests, it allows the participants to win up to USD 50,000.
The broker offers a lot of amazing features to both existing and new traders. The accounts are also designed to work perfectly for the beginner, master, experienced, and newbie. The platform is very simple to use.
(Risk warning: You capital can be at risk)
#3 IQ Option
In the global Binary Options trading industry, IQ Option offers one of the best demo trading accounts. These no deposit demo trading accounts come with USD 10000 of virtual funds, and you can restore the fund as many times as you want.
There is no time restriction. It also offers a well-fixed time trading marketplace. On the other hand, the competitive rates of return always attract more traders to give this platform a try.
(Risk warning: You capital can be at risk)
Choosing the contests
Remember that entering any contests and tournaments carry a certain level of risk, and caution needs to be taken when trading Binary Options. Well, you can’t completely prevent the risk, but there are some tips that you can follow to choose a genuine Binary Options demo contest to win attractive prizes.
- Always go for a licensed broker
It is always advisable to choose a broker that is well-regulated and licensed. This way, you can ensure that they are following the required demo contest and trading guidelines. Choose a trusted platform if you want to enter into a contest or for Binary Options trading. This is where you can trust Quotex.io.
- Understand your ability
Another important thing is you need to understand how good you are in Binary Options trading. Some traders may think they are good, and they commit mistakes due to their overconfidence. Well, you can choose a good broker, but you can choose your opponent in the contest. So, don’t always trust a broker that offers a false sense of profit and security.
- Understand your limits
Sometimes it will be easier for you to win the low stake contests. But when it comes to participating in bigger contests, you should act carefully. There are traders who have been participating in such contests for years, and they make a living from the tournaments and contests. They may have more experience than you have. So, always begin with a small investment.
Try a binary options demo contest first
There is no doubt that a demo contest is an ideal way to enter the world of trading competitions and win free money. You will compete using virtual currency, but if you win, you will get real cash. But before participating in demo contests, you should use the demo account for a few days. This way, you will gain Binary Options trading experience, and your chances to win prizes will increase.
After the completion of a few lower-risk contests and demos, you can try out some major challenges. But move cautiously and always try to learn from your mistakes.
Why use binary options demo contests?
With time, the Binary Options contest and tournaments are getting popular among the traders. You can choose your desired broker, pick the contest that you want to participate in, and compete with other traders to win attractive prizes.
The higher the stake, the better the returns will be. It is advisable to enter into the tournaments after understanding all the facts. Some brokers may automatically make you a participant in the contests. The criteria are the traders who have traded a certain amount qualify for the contest. At the end of the duration, the successful trader will win an attractive cash prize. The winning amount will be credited to the trader’s trading account.
Example of a binary options demo contest
There are different types of contests that can range from low prices to huge cash amounts. A good example of a demo contest is where the amount of prize can go up to USD 1000. In this particular review, the cash prize is divided into the below potions:
- 1st place – USD 500
- 2nd place- USD 200
- 3rd place – USD 150
- 4th place – USD 100
Conclusion: Join contests while trading
As long as there are enough funds in your trading account, you can easily participate in contests and tournaments. Just click on the Join Contest option, and you are ready to go.
