Suppose you've wondered how great it would be to trade binary options risk-free. In that case, the Quotex broker offers you that opportunity. The demo account with a balance of $10,000 in virtual funds allows you to practice trading strategies and explore the platform's features. This tool closely mimics the functionality of an actual account: the same assets, charts, analysis tools, and types of trades.
However, the critical difference is that you don't risk your money. In this article, we'll review all the features of the Quotex demo account, its advantages, and how to use it effectively to prepare for actual trading. If you're eager to transform demo trading binary options from a mere practice ground into a tool for realizing your financial aspirations, continue reading this article.
Table of contents:
- What is a Quotex demo account?
- Why use a Quotex demo trading account?
- How to set up a Quotex demo trading account
- How to trade on demo
- How do I log out of the Quotex demo account?
- How can I change the account balance of a Quotex demo account?
- Quotex Demo Account Reviews
- Quotex Demo Account Features
- Quotex Demo Account Assets
- Quotex Demo Account Charting Tools
- Common Mistakes to Avoid When Using a Demo Trading Account
- Final Thoughts
- FAQ
What is a Quotex demo account?
The broker develops advanced analysis tools and prioritizes its clients by allowing them to practice binary options trading with virtual funds. Every user of the Quotex platform can test their strategy and explore the trading interface through a demo account.
The main advantage of demo accounts is their ability to fully simulate actual market conditions. Traders can use virtual money to trade all assets available on the platform. Additionally, they gain access to the same tools and charts as those offered on live accounts. The most significant benefit of a demo account is the chance to learn safely and become familiar with the trading platform's interface.
Why use a Quotex demo trading account?
A demo account provides a great starting point for newcomers exploring binary options trading. The demo platform is a perfect training ground for beginner traders. It allows you to start trading without the risk of losing real capital. You can explore, stumble, and grow from the experience without worrying about financial loss.
What benefits can a free demo account bring to beginners? First, demo trading will help beginners learn how to apply theoretical knowledge in practice. Second, newcomers to trading will be able to hone their skills in analyzing financial markets, selecting trading assets, and managing risk.
Thanks to the demo platform, you will master the intuitive interface of the Quotex platform and learn to use graphical tools and indicators. In addition, you will be able to test different trading strategies and choose the most effective one.
How to set up a Quotex demo trading account
You can register a demo account on the Quotex platform using several methods. We covered the most common options – registration via email and social networks like Facebook and Google – in the article "Registration with binary options broker Quotex". This section will focus specifically on registering a Quotex account through the Android app.
Open a Demo Account through Android App
First, you need to download the app to your smartphone. To do this, go to the Google Play Store. Type the broker's name, "Quotex," into the search bar, and you'll be directed to the download page for their mobile software, as shown in the image on the left.
Next, click the "Install" button. Wait while the Quotex app downloads and installs on your mobile device. Once the installation is complete, you can launch the app.
You will see an invitation to register a new account on the first screen. You must fill in all the fields and check the box. By doing so, you confirm that you are over 18 years old and agree to the terms of service provided by the broker. Click the "Register" button.
After logging in to the Quotex mobile app, you will see the trading environment's first screen.
You have access to $10,000 in virtual funds for mobile trading. Use the open demo account to explore the platform's features, test new strategies, and engage in risk-free binary options trading.
If you have any questions, don't hesitate to ask the Quotex support team.
How to trade on demo
If you have never traded binary options, start with a demo account. This approach helps you explore the key features of the broker's trading platform and place your first trades. After logging into the trading platform, switch from the live account to the demo account. You can do this in the upper-right corner of the trading environment, as shown in the image below.
When you open the dropdown menu, you will see an information panel displaying the current balances of your trading accounts.
The live account balance is empty since you still need to fund it. However, Quotex has automatically credited $10,000 to your demo account, allowing you to practice trading.
Select the "Demo Account" option, and a confirmation window will appear, notifying you about the account type switch.
That's it – you can now trade without any financial loss. Next, you need to select an asset. To do this, tap the "X" icon in the upper left corner of the terminal.
A panel with a list of assets available for trading will appear. Aim to select financial instruments from this list with a payout percentage of at least 80%. The currency pair EUR/JPY meets our criteria. Let's choose it.
Next, choose the timeframe for your trades. Let's go with M5, especially since the broker promises a payout of 87% of our investment on this interval.
Set the expiration time to 5 minutes and enter the amount you want to invest in a single trade – say $100. As shown in the image on the left, the Quotex platform will automatically calculate the potential payout if your prediction is correct and the trade closes with a profit. Otherwise, you'll lose the entire amount you invested in that trade.
Trading binary options may seem simple - сlick "Up" or "Down." However, you must learn how to conduct technical analysis for your earnings to be more than casual. In addition, you need your trading strategy. Otherwise, your trades will be chaotic and lead to your deposit loss.
As well, read books, communicate with experienced traders, and consult with support specialists.
How do I log out of the Quotex demo account?
It's time to address how to properly end your binary options trading session. Many traders do not pay more attention to this step, which is a mistake. Logging out is very important because it helps protect your trading account and the funds in it.
Several reasons make it essential to log out regularly:
- Protecting your account from unauthorized access
- Preserving the confidentiality of your information
- Preventing accidental actions
- Complying with the broker's security requirements
So, after finishing your trading session, experienced Quotex traders recommend clicking on the drop-down menu (1) in the top right corner of the trading platform and selecting "Logout" (2).
After that, the system will ask you to confirm your decision.
How can I change the account balance of a Quotex demo account?
All beginners lose money during their learning and trading process. This is not surprising, as inexperienced traders often make mistakes: they confuse the direction of trade, buying Put options instead of Call options or vice versa. To handle this, the developers of the Quotex trading platform have provided the option to edit the demo account balance.
To change the demo account balance, log in to the Quotex platform and follow these steps:
- Switch from the live account to the demo account. To do this, click on the balance icon in the top right corner of the trading terminal and select the "Demo Account" option.
- Edit the balance. Click the "pencil" icon on the panel, and a field will appear for entering a new balance.
- Specify the amount you need and press the "Confirm" button.
After these steps, you will see the updated demo account balance. This allows you to adjust your virtual deposit size without limitations.
Quotex Demo Account Reviews
You can find many reviews online where proficient Quotex traders share their experiences with this broker, including working with the demo account. Below are a few such reviews from real clients.
Quotex Demo Account Features
What makes the demo account on the Quotex platform so unique? Traders consider it a valuable tool for users of all experience levels, and here's why:
1. Real-world simulations
The Quotex demo account precisely simulates actual trading. There is virtually no difference between opening trades on a demo and real accounts. The platform's functionality in a risk-free environment is identical to the actual trading platform.
2. Paper money
After you open an account, the broker will automatically credit you with virtual funds of $10,000. This amount is enough to test any trading strategy or indicator and improve your trading skills without risking real money.
3. Practice area
Thanks to the trading terminal's features and training environment, you can learn to perform technical analysis on various asset classes, gain a better understanding of how indicators work, and master even the most complex concepts of binary options trading.
4. Education and Strategy Building
Another key advantage of the Quotex demo account is testing the effectiveness of trading strategies. With the demo account, you can better understand the mechanics behind price movements in financial markets and gain a deeper insight into how your assets work.
Quotex Demo Account Assets
Quotex traders can select trading instruments from four asset classes: currency pairs, cryptocurrencies, commodities, and stocks. These instruments fall into two categories: OTC quotes and exchange-traded prices.
OTC (Over-the-Counter) instruments rely on quotes generated directly by the broker through specific algorithms without involving exchanges or external liquidity providers. Traders typically use these instruments for trading on weekends and holidays when all international financial markets are closed.
Meanwhile, independent market data providers stream exchange quotes into the trading platform. These quotes reflect the rates established on a specific date by exchanges or electronic trading systems.
At the time of writing this review, the following instruments were available:
- Currency pairs: OTC - 23; Real quotes - 20
- Cryptocurrencies: Bitcoin (OTC)
- Commodities: OTC - 2; Real quotes - 2
- Stocks: OTC - 2
- Indices: Real quotes - 10
Note that the Quotex broker does not separate stocks and indices. Both asset classes are grouped under a single category, "Stocks".
Quotex Demo Account Charting Tools
In addition to technical indicators, traders with this broker can enhance their trading experience by using graphic tools. The platform offers 23 tools, including popular options like horizontal and vertical lines, Gann angles, Fibonacci retracement and extension, and many others.
The trading platform's help section contains a complete list of graphic tools and detailed instructions on how to use them.
To perform comprehensive chart analysis, always take advantage of the ability to view assets across different timeframes. Adjust the chart period to achieve this. The timeframe settings are on the same mini-panel as the options for configuring graphical tools.
If you want to customize the charts' appearance, open the "Candles" menu. In this section, you can choose a display style: area, Japanese candles, bars, or Heiken Ashi candles.
The last menu on the mini-panel allows you to add technical indicators to the chart. The platform organizes these indicators into two categories: trend indicators and oscillators.
Common Mistakes to Avoid When Using a Demo Trading Account
Many traders, especially beginners, make mistakes that can nullify all the advantages of demo trading. Let's look at the most common ones and learn how to avoid them.
Lack of a serious approach
The main problem for most beginner traders is the need for a serious approach to trading. Many newbies treat trading on a demo account like a game of chance and need to see this stage as an essential part of their preparation. To avoid this mistake, set clear goals for yourself. Consider why you started trading binary options and understand that this process requires discipline and hard work.
Additionally, always keep a trading journal. Our website has an article called "Trader's Diary" that explains how to do this properly. We recommend reading it to avoid common mistakes.
Ignoring psychological factors
When trading on a demo account, where there is no risk of losing real money, it may seem like everything is too easy. It often leads to a loss of emotional control, resulting in chaotic trades when you transition to a real account.
To avoid this:
- Approach demo trading with equal dedication as actual trading
- Consider losses on the demo account as equivalent to losing real money
- Always follow money management rules and never break them
Misunderstanding of time
Beginners often need to remember the importance of a gradual and patient approach to learning. The desire for quick profits makes them lose patience and rush into actual trading too soon. As a result, they begin to incur losses without testing their strategy in different market conditions. To avoid this, limit the number of daily trades and stick to it strictly.
Lack of focus on fundamental analysis
Another common mistake many traders make is focusing too much on technical analysis and completely ignoring the fundamental factors that affect the market. Try to stay updated on news and macroeconomic data releases. Our website features an "Economic Calendar" section, where we regularly publish all the necessary information.
Final Thoughts
So, everyone can improve their trading skills in a completely safe environment. Quotex broker will provide everyone, without exception, with a demo account with virtual money for $10000 US. In our opinion, these funds are enough to familiarize yourself with the platform's user-friendly interface and how to make deals on it.
But despite this, remember, real trading is always a risk. Review our step-by-step guide on making a minimal deposit to experience binary options trading on the Quotex platform. Register, fund your account, and receive a bonus with our promo code. We wish everyone successful trading!
FAQ
Is demo trading safe?
Yes, the demo account offers complete safety since you trade with virtual funds, and all profits and losses remain hypothetical. However, its main risk lies in creating an illusion of reality. You may develop a habit of making overly risky trades without considering the consequences and carry those harmful practices over when transitioning to a live account. This issue especially applies to following proper money management rules. Our advice: treat demo trading as if you were using real money. This approach will help you build the right skills and avoid mistakes in the future.
Do I have to pay for the demo account?
No, you don't need to pay for a demo account. All brokers provide it completely free of charge. The demo account helps new users familiarize themselves with the platform's features. It's an ideal method to build practical skills in binary options trading.
Does a demo account use real money?
No, the demo account does not use real money. It is a tool that simulates the trading process. All operations on the demo account use so-called "paper money." It helps beginners learn how to use the platform and practice technical analysis skills without risking losing their investments.
Does Quotex's demo account require a minimum deposit?
No, the demo account on Quotex does not require a minimum deposit. The broker provides it as a free tool for familiarizing yourself with the platform. You will have access to a virtual amount of $10,000 on the demo account for trading operations.
Can I withdraw money from Quotex's demo account?
No, you cannot withdraw money from a Quotex demo account. The demo account is solely for learning and testing virtual funds trading strategies. Since there is no real money on it, you must refrain from withdrawing.
Do I need a live Quotex account to open a Quotex demo account?
No, you don't need a real account to open a demo account. Register on the Quotex platform, and the broker will automatically provide you with a demo account, crediting it with all the necessary virtual funds without any additional actions required on your part.
Can I open a demo account on the Quotex iOS and Android app?
When writing this review, you could only open a demo account through the mobile app on the Android operating system. To do this, go to Google Play, search for the "Quotex – Investing Platform" app, and install it. Note that this app is not available on the App Store.
How to switch from a Demo to a Real account?
To switch from the demo account to the real account, open the dropdown menu in the top-right corner of the trading platform. Select "Live account" and confirm your decision in the pop-up window.
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