One of the most reputable and novice-friendly brokers, eToro seems to make a lot of effort to provide its users with extremely useful and convenient accounts. These accounts include many features and tools, but learning them all through trial and error may be too time-consuming, and there is always a chance you’ll miss something. That’s why we’ve decided to tell you about the most crucial resources and instruments eToro offers novice traders.
Basic functionality
When you sign up to eToro, you get your own user account — a complex dashboard with lots of tools and features. First of all, here you may check out your trading statistics: each transaction is stored for you to analyze later. You can also see and manage all of your funds here or go directly to the trading platform to purchase any supported assets, be it stocks, CFDs, commodities, or just some crypto. All in all, this main screen allows you to understand how things are going in just a glance.
However, you can find several much more interesting features on this dashboard. One of them is the copy trading service, probably the most popular feature of eToro, especially with novice traders. This service allows you to see what experienced traders are doing and copy their actions to reap notable profits without actually learning how to trade. It can become a great passive income option, or it can become the start of your own career as a professional trader, who knows.
Types of accounts
When you create your eToro user account, what you get is a Standard account. However, you won’t be able to use the platform to the fullest until you verify your identity. The process is very easy: just go to the main screen and look for the Verification button. Prepare your ID and follow the instructions. If you are still unsure whether you need a verified account or just want to try your hand in trading, there is always an option to create a Demo account with virtual $100.000 at your disposal.
You can also switch to a Professional account, but the requirements are quite strict: at least €500.000 in your portfolio and a history of huge transactions.
Educational materials
The broker offers you a variety of materials about trading, and they are accessible right from your user account. You can also read current news or posts from successful traders and analysts here to remain informed without the need to analyze elaborate charts and read tables with financial data yourself.
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