Purple Trading demo account tutorial – How to use it?
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Purple Trading is one of the top forex brokers in the industry. If you have been looking for an online trading platform offering multiple trading assets to the users, you don’t need to look elsewhere. You just have to sign up with Purple Trading.
The best part of joining Purple Trading is that you can test the working of this online trading platform through their demo account. The demo account will offer you an added advantage, especially if you are a beginner. The demo account is the first step to starting your trading journey, and Purple Trading offers you an opportunity to do just that.
(Risk warning: 63% of CFD account lose money)
What is the Purple Trading demo account?
The benefits of a demo account for the users are immense. The beginners usually struggle to make and implement their trading decisions. However, the task becomes much easier for them with a demo account.
Like all other online trading platforms, Purple Trading allows its users to start their trading journey with a demo account. A purple trading demo account lets you experiment with the trading platform before you decide to invest some real money.
You can use this innovative online trading platform to buy and sell various assets:
- Forex
- Stocks
- Indices
- CFDs
If you wish to learn to trade, there can be no better alternative to do it than sign up for the Purple Trading demo account.
The Purple Trading demo account is just like the Purple Trading live trading account. It lets you access all the features you can use on your Purple Trading live trading account. Various tools and techniques can come to your aid to decide your next trading moves relating to your investments in Purple Trading.
Now that you know the relevance of the Purple Trading demo trading account let us talk about how to start with it.
Getting started with the Purple Trading demo account
You might have understood the meaning of a demo account by assimilating all the information we shared with you. However, the challenge lies in getting started with the demo account. Sometimes, online trading platforms have a complicated user interface making it difficult for beginners and other users to get started.
However, you will face no such issue while signing up for the Purple Trading demo account. It won’t even require you to spend much of your time as the process involves only a few clicks of your mouse.
These steps will guide you to commence trading with the Purple Trading demo account.
(Risk warning: 63% of CFD account lose money)
Visit the Purple Trading website and click on the ‘demo’ option appearing on the right side of the screen. This option will redirect you to the page where you have to enter the relevant details to open your demo trading account with Purple Trading.
Now, you can enter your personal information like your name, country of residence, email address, and phone number.
Once you enter these details, click the check box to accept the terms and conditions, and finally, click on continue. You can enter a password for your demo trading account and other details asked of you to begin learning through the Purple Trading demo account.
(Risk warning: 63% of CFD account lose money)
How to use the demo account?
Using a demo account is easy, especially when the broker offers you a user-friendly interface. If beginners directly start with the live trading account, they might panic. It is because their real money gets involved in their live trading accounts.
On the other hand, a trader can trade fearlessly with a demo account because it involves only virtual funds. When you sign up for a demo trading account with Purple Trading, it funds your trading account with some virtual currency. You can use this virtual currency to buy and sell the assets on Purple Trading in the following way:
- Choose your favorite asset on Purple Trading.
- Buy that asset, watch for the trends and use the technical indicators and other trading tools available on the online trading platform.
- Based on the result of your trading analysis, you can buy or sell the assets in question and earn profits in your demo trading account. If your demo trading account brings you losses, you can contemplate your trading strategy and build a better one with the help of your demo trading account.
We recommend you place at least 50 trades on your Purple Trading demo trading account to know your expertise level and whether it is time to switch to the live trading account. Generally, you should consider switching to a live trading account only if you make profits on at least 50% of your demo trades.
Difference between the Live Trading account and the demo account
The only difference between the Purple Trading demo account and the live trading account is that you do not buy or sell assets with real money. You can think of the demo account as a practice account where you can test your trading knowledge.
It lets you improve your trading moves by inculcating your fund and risk management skills. Purple Trading demo trading account will also be beneficial in helping you build confidence in your decisions. Once you witness that your maximum trades are winning on your demo account, you can switch to a live trading account.
Even if you wish to change your trading strategy, investing without prior testing of the new trading strategy would be unwise. It is where the significance of the demo account counts. You can check whether your trading strategy will work with the help of a demo account.
Conclusion: Free demo account is unlimited available
A demo trading account can open the doors of possibilities for beginners and advanced traders. Beginners can leave their worries about losing money in online Trading behind if they begin with a demo trading account.
If you are unsure whether to invest real money, you can shoot your shot with the help of a demo account. The Purple Trading demo account will help you learn to take control of the situation and come up with the right trading strategies. It will also make your risk management skills better, and consequently, you will learn how to manage your funds.
There is no disadvantage to signing up for the Purple Trading demo trading account. You can sign up for one today to get started with Purple Trading.
(Risk warning: 63% of CFD account lose money)
FAQ – The most asked questions about Purple Trading demo account :
Which kind of traders can use the Purple Trading demo account?
Traders of all expertise levels can use the Purple Trading demo account. The demo account on this platform helps traders learn to trade. So, beginners new to Purple Trading can use it to build their basics. Besides, professional or experienced traders can use the demo account to improvise their trading skills. They use it to build trading strategies without using their money.
How many funds does a trader get in his Purple Trading demo account?
The number of funds a trader gets in his Purple Trading demo account is sufficient to learn how to trade. For instance, as soon as you sign up for a demo account on this trading platform, you get funds amounting to $10,000. Thus, you can use these funds to build trading strategies or test existing ones. In addition, a trader can also learn fund management skills with money in his demo account.
Can a trader withdraw funds from the Purple Trading demo account?
No, the funds in the Purple Trading demo account are only meant to help traders learn to trade. So, you cannot withdraw them. However, you can use as many funds as you like to learn to trade for 30 days. Then, when 30 days’ pass, you can ask the broker to top up your demo account balance by asking for an extension in its duration.
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Last Updated on January 27, 2023 by Arkady Müller
