The Best Excuses Binary Options Brokers Give for not having a Demo Account
So you heard about Binary Options trading and you decided it’s something you want to do. It’s easy, fun, profitable and if you are good at it, you can tell your boss to look for another employee because you are quitting your job. Of course, trading is not gambling so there will be a learning period during which you will study all the things you need to know in order to be successful and avoid crawling back to your boss begging for your old job back… and maybe a few extra hours to help you recoup the losses you accumulated during your short time as an “investor”.
An important part of your training to become a profitable trader is getting familiar with the platform you are going to trade on, all the small functions, main features, pros and cons and last but not least, you need to test your strategy other than just on paper. For that, you need a Demo account… yes, the infamous Binary Options Demo account. You cannot start trading without first practicing on a Demo. Actually, you can because it’s your money and I don’t want to tell you what to do with it, but you will probably lose it if you are not fully prepared for the market. Think about a boxer or a MMA fighter and imagine them going into the ring with nothing more than theoretical knowledge. When their trainer tells them to throw a jab and then an uppercut, do you think they don’t practice on a punching bag before the big fight night? How can anyone become better at something if they don’t apply the things they learn? In the Binary Options business the Demo account is our punching bag or our sparring partner… call it whatever you want but it’s still something you need in order to be successful.
Although the importance of a Demo is undeniable for more reasons than just the ones mentioned above, most of the Binary Options brokers out there deny us the possibility of training on a Demo account… it’s like they don’t want us to succeed… hmm, that can’t be it. Brokers want us to succeed, don’t they? *Hello, my name is Reality and here’s what I have to say: No, they don’t want you to make money because that money comes right out of their pockets.*But of course they cannot tell us that and instead they come up with different reasons for not offering a Demo account. Here is some of the most widely used garbage they throw at us:
Answer 1: “The Demo account will overload our servers”
Really? Then go buy yourselves better servers… and while you’re at it, stop calling yourselves professionals and “leaders of the industry”. What’s the problem, don’t you have money for better servers?
Answer 2: “The Demo will make our platform unstable”
So your platform is some high school project of an 18-year old dude who is trying his hand at programming? And if it becomes unstable from a few Demo accounts, it means it will be also unstable once you have more real account clients. So actually you are telling me I am trading on an unstable platform and I could lose all my money due to this instability…
Answer 3: “You can paper trade”
Wait, is that even a reason? Not really, but it is an answer I received. But how do I test your platform if I paper trade? If I do that, I’m actually just using some Reuters quotes (or whatever provider they have) to see if price will be higher or lower at a certain time. It has nothing to do with demo trading
Answer 4: “It works better with real money”
For you maybe. But before I invest I want to see if your platform is as good as you say. However, this reason has some truth in it: some platform really work better on the real account servers; anyway, that’s no reason not to offer a Demo because all the features available on Demo are usually available on the real account as well and I want to see if I like them.
Answer 5: “Give me your phone number and I will have an Account Manager contact you?”
Huh? I asked you about a Demo and you want my phone number so an Account Manager can contact me? Why? Are demo accounts some kind of black market products? Some hush-hush stuff that only a select few can access?
Answer 6: “We don’t believe in Demo. You will learn better on a Real account”
Wow! Assuming you never boxed before, please go fight young Mike Tyson… you will learn better. Or if you don’t know how to swim, please jump in the water… you will learn better.
Answer 7:”Deposit some money first in a Real account and then we will give you a Demo account”
Ok, ok, I get this one. They want to make sure you are serious about trading and that you are not going to use the Demo account just for fun. But let’s assume I am serious about trading and I am looking for a broker that suits me: usually I will have to choose between more than one broker (after my initial screening which “disqualified” most of the bad apples) so should I open real accounts with all those brokers? Considering the average minimum deposit is $200, I will have a lot of money just hanging in accounts with brokers I don’t like. Sure, eventually I will choose one broker, but what about the rest of my money? Withdraw it? Come on, we all know that brokers do their best at preventing us from withdrawing and come up with all sorts of excuses.
Answer 8: “We have Account Managers and they are better than a Demo account”
Ok, so you want me to blindly follow what your Account Manager tells me to do without learning for myself? And besides, having Account Managers is totally different than having Demo accounts.
Answer 9: “We don’t have Demo but our minimum deposit is only $100”
So? I want a Demo not a real account with a low minimum deposit.
Answer 10: “Unfortunately we don’t offer Demo”
Well, at least you’re honest and don’t try bull$H2t1ng me.
Real Account is King
Of course, a Demo account doesn’t substitute the real thing but you definitely need to get your feet wet a bit before walking in the ring. If all you have is theoretical knowledge, your account will be obliterated sooner than you can say “Damn, I wish this was Demo”. If all else fails, at least try to trade on CommuniTraders to get a feel of the market. I promise you will not receive any of the answers above when you want to register… but wait, I almost forgot, you don’t need to register, you just need a Forum account.