Test binary strategies on a demo account

Is it recommended to test every strategy before any real trading occurs, so we don’t lose our money. First, the strategy can be tested on historical data (backtest). If everything seems OK, we can try using it on a demo account. Only after a couple trading days, weeks, or months it is wise to start trading on a real account.

Broker demo accounts

Most brokers offer demo accounts after registration and initial deposit. Few brokers offer demo account for binary options for free. For example the australian HighLow or IQ option.

With these brokers, just open a trading account, navigate to the demo page and you can trade away. This is an advantage as you do not have to invest real money beforehand and you can test the platform before commiting to it.