Are you new to cryptocurrency trading? Then you might wish it was possible to try your hand at play money first. Well, that’s actually quite possible!
At eToro, it is possible to practice trading with 100,000 virtual US dollars, before you try real money. We’ll take a closer look at how this works and how to get started.
Benefits of practicing crypto trading
The biggest benefit you get from practicing cryptocurrency trading before you trade for real money is that you can get an idea of how it works. You can test out different markets and see what consequences different choices will entail.
You can build the confidence needed to trade real money. You can get to know the markets and hone your skills. You do this at your own pace, and there is no time pressure.
Since you use play money, everything will be completely risk-free. If you lose money on investments, fortunately it is not about your own money. On the other hand, any cryptocurrency gains will not be real either, which is perhaps less fun.
If you get more taste, you can possibly choose to deposit money and invest in real. However, this is completely optional!
How to practice trading with eToro?
To be able to practice cryptocurrency trading with eToro, you only need to register a user account. You will then be credited with 100,000 US dollars, and with these you can build a virtual portfolio according to your own preferences.
How to get started, step by step:
- Register a user account for free with eToro (or log in to your existing account)
- Activate the demo account by clicking on «Virtual Portfolio» under your user profile
- Start trading in real markets, without the risk of losing money
- Copy experts
- Low fees, secure and popular crypto exchange.
- Offers social trading - follow the trades to your favorites.
- You can open an account and make your first trade in minutes.
Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.
What opportunities do you get with virtual money?
You can not just trade cryptocurrency with the play money. You can also practice trading commodities, indices, stocks, EFTs and other securities.
On top of this, you get the opportunity to discuss strategies and receive advice from other investors who can themselves point to good trading results. It is entirely possible to copy other people’s strategies, if you are unsure of the procedure.
You also have access to advanced and practical analysis tools. With these, you can, among other things, follow trends for the various markets.
It is also possible to experiment with trading at different risk levels with your virtual money. You can practice “stop loss”, “gearing”, “take profit” and the like.
Possible to switch between real and virtual account
If you only want to use the virtual account occasionally, and want to spend real money occasionally, you can easily switch between the two options.
You can do this easily by clicking on “Real Portfolio” or “Virtual Portfolio” under your username. If you choose Real Portfolio, you are trading with real money.
Test out your eToro demo account today and find out if trading is for you!