Why use a demo account?

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asked Aug 22, 2022 in 3D Segmentation by freeamfva (39,060 points)

Why use a demo account?

Ever wanted to practice crypto trading without putting your capital at risk? With an eToro demo account, you can test your trading skills with $100,000 of virtual money. By experimenting with the platform’s wide array of features, you can learn to trade risk-free.To get more news about eToro Demo Account, you can visit wikifx.com official website.

Why use a demo account?
Using an eToro demo account is a good way to learn to trade through experimentation. The same features exist for the real and demo accounts, giving new users the chance to try out the eToro platform. After testing your favorite strategies risk-free, you can take what you’ve learned into the true crypto market and use your newfound skills to attempt earning real money.
Open an eToro demo account in 3 steps
Follow these steps to open a crypto demo account:
Create an account. Enter a username and an email address when prompted, then create a password and accept the terms of service and privacy policy. By creating an eToro account, you’ll have access to both a real and a virtual account.
Log in. After verifying your email address, log in with your password to access your new account. Once you’re in, you need to verify your account to start investing real money on the platform. This isn’t necessary for the demo account, however.
Make the switch. When you first sign in to eToro, it brings you to the real crypto trading platform. To practice crypto trading, switch to your demo account by selecting Switch to Virtual. You’ll see the words “virtual portfolio” on the page to verify that you are using the demo and not the real trading platform.
Deep dive into eToro’s crypto demo account features
The eToro crypto demo account you’ve created has the same great features as a real account on the platform. Understanding how to use them is key to testing a successful strategy. Learning how to use the tools available in your demo account can help you handle real investments when you’re ready.

Analysis tools
A number of analysis tools exist to help traders get the most out of their account. Starting with a customizable watchlist, users can set price alerts for the coins they’re most interested in. An Analyst Consensus is also available for each coin in your watchlist. This tool shows the percentage of traders who believe it’s a good time to buy, sell or hold the asset in question.

After buying some crypto, check out your portfolio. You can buy and sell directly from your virtual portfolio and view advanced charts for each of your tokens.
Social Trading
With a stunning collection to choose from, it can be difficult picking the right mix of assets for your portfolio. Luckily, with eToro’s Social trading feature, the hard work has been done for you. With social trading, you can follow popular investors, copy trades automatically and learn from the most successful traders on the platform.

Finding top-performing traders is pretty straightforward. They’re listed in the CopyTrader section of the platform. View current stats and copy the trades of investors you’re interested in with the click of a button.

When you’re ready, you can even gain your own copiers by sharing your trade activity with the network. Make sure you verify your account and complete your profile. Popular traders can even receive rewards from eToro for gaining a sizable following.

How to pick a crypto portfolio
It can take time to perfect your crypto portfolio, and making mistakes is a part of the process. If you’re not sure where to start, several cryptocurrency guides exist to help you make informed decisions.

You can also head over to the eToro Academy to learn new strategies for crypto trading. With a series of articles and videos, the eToro Academy teaches trading techniques for beginners and advanced investors alike. Through the educational platform, you can learn how to place different types of orders, how to use stop limits and stop losses and how to dial in your profits like a pro.

By stress-testing your strategies with a virtual account, you’ll gain a feel for the cryptocurrencies you’re most comfortable trading. It’s a way to iron out the kinks in your portfolio before taking what you’ve learned into the real world.

Turning your demo account into real results
With enough practice crypto trading on your demo account, you may be ready to take your trades to the next level by switching back to your real account and adding some fiat to the platform.

By opening a demo account and learning how to use the available features, you can practice crypto trading without the risk of real monetary loss. Use what you’ve learned to create a portfolio of coins that are right for you before committing your hard-earned fiat to the platform. However you choose to invest, using eToro’s crypto demo account can help you trade confidently when it comes time to apply your strategy in the real market.

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