Trading is inherently risky. You have to possess extensive knowledge about various aspects of market behavior before you start earning your first money, and even then, you’re not immune to losses. That’s why many brokers offer their users demo accounts which allow them to train trading skills before entering the real market. One of those brokers is eToro, and we’re going to help you understand whether you should open a demo account there and how to do it.
About eToro
The eToro broker has been around since 2007, and you’ve probably heard about it somewhere. One of the most recognized and reputable brokers in the world, eToro operates in about 150 countries. It is especially popular in European countries, including Italy, Germany, France, Spain, and the UK. The company itself emphasizes its own social trading features, which means you can always look how other traders behave and learn from them in real time.
That social aspect is really convenient, so it’s not a surprise that many novice traders prefer eToro to start their trading career, but that’s not the only reason. The broker is also very secure: for example, the European branch is licensed under the Cypriot financial authority CySEC, and the British office is regulated by FCA. That means eToro follows very strict standards, and you can rest assured your funds won’t just disappear one day.
Opening a demo account
One of the most attractive options the broker has for novice traders is eToro demo account. There are a couple of options, but if you’re just learning to trade, you should choose a Retail demo account. It will give you access to all the real features eToro has, but without any risks. Your leverage will be limited by 30:1 on the most popular currencies, and there may be some additional trading restrictions, but you probably won’t notice them if you just want to practice.
Opening a demo account with eToro is very easy. First, go to the official eToro website and create a new account using an e-mail address or just your Google account. Now you need to make sure you’re using a demo account, not a real one: select the Virtual Portfolio option right under your username. Basically, that’s it. You can start trading with all of the available trading instruments, and the broker will give you virtual $100,000 to trade with.
And if you want some additional materials on how to trade, make sure to check out other sections of the website.