Essential Guide to eToro Practice Account
eToro: Pros & Cons
- eToro’s unique social trading community makes it possible for you to connect with other traders
- eToro’s CopyTrader™ technology is available in the UK so that you can copy trades and portfolios of successful traders
- eToro Practice Account available to all users to experience the features before transitioning to a live account.
- Very reliable security.
What is the Importance of using an eToro Demo Account?
An eToro Practice Account (or eToro test account) is a free trading account that allows you to test trades, explore features, work on strategy, without the risk of a live trade but with the exact same functionality of a live trading account.
Trading on a new platform is challenging for any trader whether you are a beginner or an experienced professional. This is because the broker platform is unfamiliar even when you have carried out all of your research. That is why brokers provide demo accounts as it is important to practice trading on a new platform for all users that are new to their service.
Demo accounts let you use a real-time version of the live environment. This means that demo and live accounts are the same where the demo mimics real price trends and swings, offering trading tools and indicators, and delivering an overall realistic experience. The main difference is that with a demo account, you will not spend your own money on trades which makes trialling a new broker risk-free.
A demo account can be a useful tool to learn the basics of trading Forex, stocks, commodities, and just about any financial market. By using a demo account for trading, beginner traders can understand the ways in which the foreign exchange market works, as well as find out which instruments are most suitable, and which strategy works best for them.
It is also an important tool used by experienced traders who use the demo accounts to try out and practice advanced trading tools and experiment with their complex strategies. Whenever they want to test out a new trading strategy and find out how different spread levels work for them, a demo account is used as a free platform for traders.
For more information see our eToro Review UK article.
Where is the eToro practice account located?
The eToro Practice Account is easy to locate and use. It is available once you register with eToro. The registration process is simple and will only take you a few minutes and will provide access to both the demo account environment and the live trading environment.
Here we will take a closer look at the steps required to complete the eToro registration process. Once this is complete, you will have access to your trader profile, all of your eToro trading information and access to your demo and live trading accounts. Simply follow these steps and you will be well on your way.
- Visit the eToro website and select ‘Sign Up’ and you will be redirected to an online application form.
- Simply enter your name, your phone number and choose a username and password
- Check the Terms and Conditions, Privacy and Information Acknowledgement page
- Select ‘Create Account’
Your registration and setup is now complete!
Here you have access to the trading platform where you can perform all of your trading activities. You can also personalise and complete your trader profile information.
Your demo account is ready to go and you can access it from here by simply switching to a ‘virtual’ account which is your demo account. Just select the ‘live’ dropdown menu on the left hand side and switch to the ‘virtual’ option (which is your demo account).
What are the benefits of using an eToro practice account?
The eToro Practice Account is beneficial for traders of all experience levels. eToro provides a demo account for traders to practice and use as a risk free trial.
Demo accounts are a good way for beginner traders to get started with trading with eToro as well as learn how to use their trading platform. The benefits that come with the ETor demo account are endless because as a beginner you can practice trading for free in their real trading environment.
It is recommended that all beginners start with a demo account before operating in a live trading environment.
Experienced and professional traders also benefit from the use of eToro’s demo account by being able to get a feel for the trading environment and work on their strategies to gain a valuable edge for successful trading with eToro.
With the eToro Practice Account, you can build up your trading skills by actively participating in trades and trying out and developing trading strategies without the risk of live trading.
The eToro Practice Account are designed for traders of all experience levels from beginners through to advanced traders. These eToro Practice Accounts provide you with the opportunity to explore all of the great features on the eToro Trading Platform and to use risk free eToro’s patented Copy Trading feature and the Social Trading feature.
Not only that, you will gain a feel for what it’s like to be a part of the eToro trading community. These features are only available on the eToro Practice Account and eToro Live site – you will not find them on any other broker site.
Can I trade whilst I am using the eToro practice account?
Many experienced and successful traders within the eToro community will always advise new members joining to use a demo account before engaging in live trading.
The eToro Practice Trading Account is a risk free way to trial the broker platform without risking your hard-earned money. Trading directly on a live account without first using the eToro Practice Account is not recommended.
Without the knowledge and experience that is gained by using the eToro Practice Account the risk is dangerously high. Therefore, it is best to use a demo account before live trading.
By using the eToro Practice Account you will gain valuable knowledge such as which trading instrument is most suitable which you should test and carefully consider and the best time of day to trade – this is especially important for day traders. You will also be able to test effective strategy to execute trades by trying different strategies and approaches.
The most effective way to achieve your best results is by experimenting and testing within a demo account to discover the best individual trading strategies and significantly increase your skills.
Traders can test and change their strategies as many times as they wish within a demo account before they implement them into live trading. For example, a trader may wish to try several different combinations of trading techniques.
The fact that there is zero risk traders are free to explore different features and strategies without losing any of their own funds. This allows more freedom to experiment.
Once you start using your live account you are trading from your real funds and therefore you must carefully consider your trading decisions as there is certain risk involved with live trading. Practising with a demo account lowers this risk.
This is the only difference between a demo account and a live trading account. Demo accounts have all of the features of a live account.
Our Expert Review: Starting out with the eToro Demo Account
In any financial market, whether it’s Forex, stocks, or anything else, when you trade you are usually offered two types of trading accounts: a live trading account and a demo account. While a live account is used for the actual trading with real deposits, online trading practice accounts are dedicated to practicing new skills and strategies.
When I started out using the EToro Broker Platform, I started by using the EToro Demo Account.
Here I will share my experience working with EToro and what they offer. Firstly I quickly and easily registered a profile with EToro, which gave me access to start using the demo account and it was great for navigating my way around the platform as well as practice using the site and practice trading. This was beneficial as it was easy when I was eventually ready to start transitioning to the live account.
The registration process is not exhaustive and once you have registered you will have a trader profile, access to trading information as well as access to your accounts. Registration and using the demo account is completely free and using the demo account allowed me to start making practice trades quickly and easily.
I was able to trade as much as I needed without paying anything. Obviously, this also means that there will be no payouts or losses. But I can save that for when I know a little more about what I am actually doing and how to navigate this site. As so far, it’s a little daunting even for an experienced trader as it’s new and different.
I always use the broker demo account when I first start on a new trading platform as the best way to improve my trading skills whilst learning my way around the site. And in the process I am not spending any money yet!
The site is well developed, has a good layout and is user friendly. I have been able to easily test different financial markets and to discover what was suitable for me.
For example, I was able to figure out the best time of day for me to make a trade which meant making many trades at many different times and work out comparisons.. The EToro site is easy to get used to and transitioning from one market to another or changing up and testing my trading strategy is easy.,
Because EToro offers such a wide range of trading currencies and options, as well as the ability to trade in a variety of markets and new emerging trends such as cryptocurrencies meant that the demo account was extremely useful to try these endless options to see what worked best.
After learning the platform through practice, I found it an easy transition into my live trading account and having the added comfort of using my deposit of funds to trade in the exact same environment where I safely learnt how to trade.
I also found that I can also do it on the move thanks to the EToro mobile trading options, making my account accessible on the go. I have since made some very successful trades, the deposits and withdrawals are on time and their support and learning resources are a great addition to the free learning experience.
Beyond the Demo: Transition to eToro Live Trading Account
eToro’s unique social copy trading and cryptocurrency trading make it a great platform to use. The eToro platform is very user-friendly along with the mobile apps that can easily be used by beginner traders and are a popular choice amongst experienced traders. In need of a bitcoin wallet to store your latest crypto buys? Be sure to take a look at our latest guide.
The benefits that traders gain from the CopyTrader and CopyPortfolios features are significant enough that eToro’s higher spreads across all assets are worth the higher than average costs. CopyTrader forms the very core of operations at eToro.
eToro has a significant community of traders from which you can choose to copy and learn from. This is another key feature that attracts social traders.
You will need to be aware that most experienced traders operate their portfolios at a loss. Therefore, you need to still choose carefully who to copy and identify the profitable strategies. The Top 50 copied traders for over a 12 month period averaged a respectable annual again of around 30%. Whilst you are using the eToro Demo Account, you are exempt from all fees and charges.
Once you are comfortable with using the site and have gained a good understanding of copy trading, you can easily transition to your live account. All you need to do is switch back from your demo account and your live trading account is already active and you can begin trading once you have made your deposit. Note that you can switch between your accounts easily at any time.
Get Started With An eToro Practice Account!
The eToro Practice Account is a great choice if you are a new trader as the broker provides an excellent platform to practice trading when starting out. It is a risk-free way to find out whether trading is for you while at the same time you can make a practical decision as to whether eToro is the broker to choose.
With no fees or charges to trade and no obligation when you set up your demo account, it’s a great option.
All you have to do is register with your email and phone number and you are set. Or if you want an even faster way to start, login with Facebook or Google for instant registration and a trader profile.
Once you are registered, simply start using the eToro Demo Account by flicking the green switch in the left-hand menu from the live account to the demo account. It is so easy. Start Practising Today!
eToro Practice Account is an excellent option with great features. The eToro Practice Account is a dedicated space for risk-free learning and developing new skills and strategies. Unlike a live account, a demo account is completely free and allows you the freedom to experiment and test different features, functions as well as strategies.
eToro offers one of the best demo accounts which means you can try out all of its unique features, experience its community and copy trade at no cost.
Demo accounts are useful for traders of all experience levels and are a valuable tool that can make any good trader, a great trader.
eToro Practice Account FAQ
eToro Demo trading accounts have all of the features of a live trading account. A trader will normally set up a demo account before they open a live account. This gives a trader a good feel for the platform. You will need a minimum form of ID or contact details such as an email address and set up a username. With an eToro Demo Account there is no requirement to make the real deposit to your account. An eToro Demo Account is also completely free of charge. It is risk-free and quickly set up and ready to start. To see how you can set up your free account, be sure to read our latest trading guides and reviews at Betting.co.uk.
With an eToro Demo Account, you are able to access the brokers platform free of charge where you can trade without any risk. When using the eToro Demo Account, it is beneficial for many various reasons. You can make the most of a demo account by experimenting with different trading markets, trading times, and strategies and determining which one works best for you. By practicing on the eToro Demo Account you can play around and develop your own various trading techniques on a virtual market and you’ll be able to develop your own trading style that is useful for traders of all experience levels. To see who is best suited for an eToro demo account, be sure to read our latest broker review at Betting.co.uk.
An eToro Demo Account can help you gain valuable information about how the eToro site works. Some users find it has certain drawbacks. When you open a broker demo account you are not taking on any risk of a real trade. You can get a good feel for the eToro trading platform and find out if eToro is a good fit for your new or existing trading strategies. To find out more, be sure to take a look at our latest review at Betting.co.uk.