There are several avenues on how you can grow your money. For instance, you can save funds in a bank wherein your money will earn a meager amount, but you can use this as your emergency fund. There is also the option for you to get life insurance wherein your money will not only grow, but you will have ample protection as well. Nevertheless, if you want to grow your money quicker, then you should think about trading.

 

What is Trading?

Trading is simply the buying and selling of goods and commodities in the financial market in an attempt to gain a positive revenue. While the concept of investing and trading is similar, the former generates a somehow guaranteed revenue over a long period. On the other hand, trading takes advantage of the rise and fall of the market to generate a lucrative profit over a shorter duration. You can trade various types of assets such as currencies, cryptocurrencies, and raw materials in platforms such as eToro. The great news is that this platform provides you with an opportunity to hone your trading skills first before you put real money on your account.

 

What is an eToro Practice Account?

A practice account in the eToro platform allows anybody to buy and sell assets without having to pay any brokerage fee. However, you won’t earn any money by utilizing an eToro demo account either. Nonetheless, you will have the opportunity to navigate the platform and get comfortable in trading.

You can also test the techniques implemented by different traders, which can aid you in making money in your real account later on. The great thing about a virtual account is that even if you used up your initial capital, you only need to get in touch with their customer support team and you will be granted additional capital in a couple of days, enough for you to keep on practicing.

 

Steps to Get Started With a Demo Account

Fill up a Registration Form

The first thing that you need to do to set up a demo account in the eToro platform is to fill up a registration form. You will be able to get this form from their official website or through a referral link from other traders. Some of the details that you need to enter include your name, username, email address, nominated password, and contact number. After this, you need to review and accept their terms and conditions. From there, all that is left to do is for you to click on the Create Account button.

 

After filling up the registration form, you will receive an email in the inbox of the email address you used to register. You need to click the verification link which confirms your email address and this link will redirect you to the login page of the platform. In this case, you only need to enter the username and password that you used during your registration. If you want to stay logged into the platform so that you don’t need to enter your login credentials each time, you simply need to tick the Stay Signed In option.

Select Virtual Portfolio

By default, the platform will take you to your real account as soon as you log in. This is the reason why you will notice that your beginning balance is $0. To switch to the practice account, click the button below your profile details, and select Virtual Portfolio. You need to confirm the switch by clicking the Go to Virtual Portfolio in the popup message that will appear. From there, you will notice that you already have a beginning balance in your account.

 

Begin Copy Trading

As soon as you access your virtual portfolio, you can begin navigating on its main features. Some of the features that you can look into include the Trade Markets as well as Copy People. The Trade Markets display all the assets that you can trade in the platform while the Copy People will allow you to discover the traders that you can copy. You can also look into the Invest in CopyPortfolios.

 

To wrap things up, eToro is one of the best trading platforms that you need to consider if you intend to generate a decent sum through trading. This is because, with this platform, you will have the opportunity to practice techniques and strategies that are essential for successful trading. As soon as you hone your skills, for sure you will be able to seamlessly achieve your target and minimize your risk of losing.

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September 22nd, 2020 by financetwitter

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