The best way to learn about trading stocks is to actually practice for yourself. This way you can apply your trading strategy without risking real money.
Fortunately there are lots of places to practice trading stocks. I recommend using platforms that mirror real world trading conditions. This way, you'll become familiar with charts, opening orders, setting limits etc.
So here are three different places where you can practice trading stocks online. These are all CFD platforms. To learn more about CFDs and their advantages and disadvantages check out this article I wrote.
eToro is the worlds most popular social trading platform with over 1 million members. I like to recommend it to beginners for two reasons. The first, it has a great interface which makes it easy to use. And secondly it has copy trading, which allows you to copy the trades of guru traders – everyone's trades are shared, so you can browse through and learn from people who are actually making money.
eToro has a huge range of stocks to invest in, from markets all over the world. I like the fact that it's not all just U.S focused.
A demo account on eToro gives you 50k to trade with and you trade using the exact same interface as if you were using real money.
Whaleclub is something I've been using more and more over the past few weeks. It's a trading platform that deals exclusively in digital currencies. But it also has a good demo account. Just like etoro, it uses the same platform and you can change between your demo and real account with a couple of clicks.
In terms of stocks, there isn't a huge selection, with just a few of the more popular U.S stocks available to trade.
Plus500 is a popular trading platform that I've written about before. They have a fairly decent selection of stocks on offer, although the interface is nowhere near as good as eToro or Whaleclub. I included this option as depending on where you live, you can actually practice using real money. Plus500 offers a $25 no deposit bonus.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.