If you want to test a broker’s trading platform to see if it’s for you, a good option to go for is a demo account. eToro, which is one of the main online brokers, also offers to its users a free demo account.
With over 9 million users, eToro is a popular choice for people keen to use the broker’s social trading tools. Their CopyTrader and social network features lets members follow successful traders and their portfolios.
These features combined with the free eToro Demo account can help anyone to learn how to trade fast. In this post we want to explain a bit more about the eToro demo account and how you can use it.
Opening a Free eToro Demo Account
It doesn’t matter if you’re new to trading or are fairly experienced, a demo account is a great way to practice trading without risking your funds.
If you’re a beginner you can use the unlimited demo account to see if you like the eToro platform. You can also try trading with the virtual money to see if it’s for you. If you’re a professional trader then a demo account is a good way to test more complex trading strategies.
It is completely free to open a practice account with eToro and there’s no obligation to use the real version. To sign up, just head to the broker’s website, or for a direct demo link click on the green button below:
You just need to provide some personal info such as contact details, username and register a secure password.
When you sign up, automatically you are given a real account alongside the demo, but there is no pressure to use the real version or fees to use the demo!
Once these steps are complete your account is active and ready to use. Here you have the chance to fully update your profile, or you can return to it later. However, we’d suggest updating it so you can use all the virtual account features and tools.
To access the virtual practice account, go to the control panel on the left-hand side of the screen. Under your profile picture, there is a green button saying ‘real‘ or ‘virtual‘. Click on it and a drop down menu will appear. Select ‘Virtual Portfolio’ to go to the demo account.
eToro Real vs eToro Demo Account
There is only 1 main difference between the demo vs real account. That is that all the money on the practice account is virtual money. So you won’t risk any real money whilst using the practice account. Of course any profits made on the demo account won’t be real either.
The eToro demo account comes with $100,000 of virtual money for you to spend and invest with.
Besides that, in terms of functionality and design there’s no difference between the real and virtual accounts. All the same features are available as if you were really trading. This includes access to the copy and social newsfeed tools.
You can also try out trading strategies in the virtual account before doing them in the real version.
If you wish to start using the real trade account at anytime, you can simply switch between the 2 accounts. But naturally you’ll need to deposit actual money to use the real account.
Are there fees for using the eToro Practice Account?
No, there are no fees for using the demo account. It’s completely free to use. You can also use the demo for as long as you like as it’s fully unlimited. If you run out of virtual funds let the customer support team know, and they’ll refresh your account with another $100,000.
How to Use It
As we’ve mentioned already, eToro’s strong points are the social and copy trading features. We’d recommend to try out these features on the demo account so you can start learning from others.
For instance, if you click on the ‘Copy People‘ people from your control panel. Here you can view the profiles of other traders including their performance statistics and profit returns.
The profile will also show a risk score of that trader. This is rated from 1-9 and indicates whether they are low or high-risk traders. You can add any investors that you are interested in following to your watchlist.
If you wish to copy that trader on your practice account, go to their profile and click on the blue ‘Copy‘ button. All investments made by that trader will be virtually copied in your demo account.
Also try to follow the newsfeed to see market predictions and the latest news updates.
To learn more about the broker, you can read our full Etoro review.
If you are an America trader please read our Etoro USA review.