Taking your first steps on eToro
eToro is one of the most popular brokers in the trading world. This platform may well meet your needs if you want to get started with cryptocurrencies, thanks to its intuitive site and value-for-money services.
eToro offers commission-free ETF and equity trading on its exchange page. As well as being an investment proposition, its social trading role is also very practical and rewarding, even for beginners.
eToro is an Israeli platform founded in 2009 and now operates in over 100 countries worldwide.
To get started with eToro, you need to create an account, get used to the demo account, take trading courses, copy the pros and invest. To find out more, we’ll take a closer look at each of these steps in the following paragraphs.
Steps to getting started on eToro
To start trading, you must first create an account with the broker, i.e. with eToro. To do so, simply go to the dedicated platform and click on register. Then fill in the registration form, providing all the information required by the platform. Once you’ve filled in all the details, you’ll be taken to the verification stage, where you’ll need to send in the supporting documents requested. Once you’ve created an eToro account, you can start trading on the site by depositing funds and investing in assets.
Practice with a demo account
When you open an account with a crypto platform, you are offered an unlimited demo account to practice on its page. This tool allows you to carry out any possible activity on the platform such as buying and selling cryptocurrencies, determining trading techniques, tracking transaction movements and much more. A demo account is then created to give users an ideal understanding of how the exchange works. Once you’ve grasped everything, you can invest with peace of mind.
Learn to trade with the right training
Train in trading to learn numerous pedagogies to best understand how cryptocurrencies work. eToro offers a comprehensive guide to mastering the exchange site in no time. This learning process is offered in addition to the free demo account described above.
Copying professional traders
After that, consider copying professional traders if you want to get started with eToro. To do so, go to the broker’s social trading functionality. The latter is very easy to use, and is based solely on positions taken by expert investors. However, the downside of social trading is poor risk management. If you’re used to depending on other investors, your loss is automatic if they also lose on their trades. So be careful!
Invest with a reasonable amount
Finally, to get started with eToro, invest in small amounts first. What’s more, the minimum deposit on this platform is affordable. You can start your trading adventure with €100. This way, you don’t risk too much, and the experience will teach you the strategies you need to trade successfully with real money. Once you’ve mastered all these steps, you can invest with a larger sum of money.
The importance of starting with an eToro demo account
At eToro, it’s very important to get started with a demo account, as this will help you better understand how the platform works. This account comes with €100,000 in virtual funds that you can use to place stock market orders and track trade movements. The demo account has been designed to help you become familiar with the exchange site. And if you’re just starting out in crypto, using this option is highly recommended. With it, you can place orders efficiently without risking capital loss.
It’s unlimited, meaning you can use it whenever you like. You can also switch between this virtual account and your real account.
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