eToro Practice Account – How to best exploit it
One of the most important tools for any respectable trader or evolved investor is definitely a demo account, better known by the name of Practice Account, with free and unlimited access and the possibility to use $ 50,000 of eToro virtual money.
But most of all, discover how to best explot it in this post and in this whole eToro Guide.
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Etoro Sign Up – Getting the eToro Practice Account
The eToro Sign Up procedure for a practice account is really easy, because you’ll get one automatically as soon as you register your details in the eToro Registration page, even just with a simple Facebook login registration.
As soon as you sign up, a practice account in your name is activated automatically.
Do not worry, the practice account is free of charge and it is not binding. It is used more as a form of advertising by eToro, to make you test the potential of their service and then take you to make a real investment.
Let’s see the steps you will need to sign up and log in to your eToro Practice Account.
Click on this link, you will find yourself in the eToro registration page.
First, verify that in the URL there is our Affiliate code number 52301, as highlighted in the following image (attention, the URL can become very long and you may scroll to find our personal code number).
By subscribing through our affiliate link, when, if you will like, you will complete the account opening by pouring your capital, in return you’ll get free access to all our content, reserved only to our affiliates.
Obviously, the registration through our affiliate link has the same characteristics of a normal registration. No additional cost will ever be charged.
Once you have made the checks on the URL, what you have to do is fill in the registration form with Username, Password and Mail. Alternatively, you can also use Facebook and do it even faster.
Once completed the registration, you will land within your personal page.
First eToro Log in – How to start practicing
After you first eToro Log In, your personal profile will initially be very skinny, you will have no feed or other information or data. All this is normal, since you are still at the beginning and you have not yet begun to follow any trader, nor to copy it.
In order to start your own research and learning activities you just need to select the left menu item: “People”.
You’ll be taken to the eToro search tool to find investors to follow and/or copy.
Once found the right investor, you have the possibility to include him in your watch list and then make sure that inside of your personal feed all his social and operational feeds will appear. Of course, you can also decide to copy it.
Activating the Copy Trading function, you can automatically replicate the entire trader’s operation on your account.
To exploit the potential of your practice account, simply select “Use virtual money”.
This way, the operations performed by the investor you chose will be replicated within your practice account.
The WebTrader in practice mode
You can monitor all the investors you have decided to copy in two ways.
The fastest is definitely within your eToro profile (what was once the OpenBook profile), and selecting Virtual Portfolio as in the image.
This has been a nice evolution from eToro, because before it was not possible to see your virtual portfolio directly from the main platform.
The other way is (as in the past) through the WebTrader platform. To do so, you have to access in practice mode.
From your account, this time you’ll have to click the “WebTrader” button always from the left menu. You will open a form where you can enter your login details. Make sure “practice” is selected.
The Username and Password you will be asked are the same you used to subscribe. Completed the form you’ll find yourself inside the WebTrader, in practice mode.
Contrary to other companies, with eToro you don’t have the ability to customize the demo account in terms of levers, opening balance and currency. All members of the eToro community will have a standard $ 50,000 practice account.
In case you’ll run out of virtual money, what you’ll have to do is fill out a ticket in the support section, or write to their chat. Within 48 hours from the request for re-credit, eToro will reload the sum of $ 50,000 within the same practice account.
What is the eToro Demo Account good for?
The eToro Demo account is the most useful tool this company could make available. With the practice account you can use all the functions and services to which you may access by having a real money account.
Needless to underline how this is useful!
You will learn quickly and safely:
- How to connect a Professional Investor;
- How to activate the Copy Trading function to automatically replicate the operations of one or more investors;
- How to set the trade replication parameters;
- How to use the WebTrader to make Social Trading or trading independently.
In short, how to best use all the tools eToro provides you.
The practice account, however, is not a useful tool only in the first stage of learning, it’s useful also in the next step, when you will do transactions with real money. Trading with real money does not exclude the possibility and the advantage of being able to study and demo test new trading strategies and/or new investors.
Even when, through your real account, you’ll be replicating for real the operations of some eToro investors, you will have the opportunity to try others in the full security of your practice account.
Your Real and Virtual Account
We must clarify the relationship between your real and virtual profile.
When you sign up at eToro you are creating a real and public profile, what once was known as eToro OpenBook profile. Together with that you also have a virtual but private profile.
The eToro community users can only see your public profile and your real portfolio. So, until you open a real account, you deposited your capital, and you begin to open or replicate trades, in your statistics there will be no publicly viewable data.
Privately, you only, you’ll see some data and the performance of your virtual portfolio.
In addition, you must always remember that when you interact with other users of the community, you do it through your public profile, even if devoid of funds, and from your social activities are then created feeds which are public and visible to all. You cannot do social things privately in demo. If you do interact with the community, you do it always publicly, exposing your username and your public profile.
Now that you have the control of your demo account, we can move on to really discover the world of eToro.