Purple Trading

General Information & Regulation

Founded in 2016, Purple Trading is an online Forex and CFD broker, offering a series of financial instruments including forex trading, indices, commodities, and stocks. Purple Trading is the trade mark of L.F. Investment Limited, which is authorized and regulated by the Cyprus Securities and Exchange Commission , with regulatory license number: 271/15.

Market Instruments

Purple Trading provides traders with access to popular financial instruments, mainly Forex currency pairs, CFDs, ETFs, Italian stocks, indices, Cryptocurrencies.

Purple Trading Minimum Deposit

There are four trading accounts on offer on the Purple Trading platform in total: the Starter, the Standard, the Prime and the VIP. The minimum initial deposit to open a starter account is €100, seems quite reasonable for most regular traders to get started. However, the other three trading accounts require a relatively high initial deposit of €1000, €20,000 and €60,000, respectively.

Purple Trading Leverage

Purple Trading, as a Cyprus-Regulated brokers, offers different leverage level for retail and professional traders. The maximum leverage for major currency pairs is capped at 1:30, minor currency pairs traded with a leverage of up to 1:20, gold with leverage of 1:20, silver, platinum, and palladium with leverage of 1:10, USOil with leverage of 1:10, and UKOil with leverage of 1:5. professional clients can apply for the higher leverage level of up to1:400.

Spreads & Commissions

The average spread on ECN accounts is 0.24 pips for EURUSD, 0.018 pips for SilverUSD, 0.04 pips for Brent Crude Oil, and 0.7 pips for NASDAQ100. The average spread for EURUSD is 0.5 pips, for EURGBP is 0.9 pips, for AUDCAD is 1.3 pips. The average spread for STP accounts is 0.34 pips for USD Gold, 0.028 pips for USD Silver, 1.5 pips for NASDAQ, 0.05 pips for Brent Crude, D spread for EURUSD is 1.1 pips, and the average spread for EURGBP was 1.2 pips.

Purple Trading Trading Platforms

Purple Trading offers users the flexibility to choose from the MT4 trading platform, as well as MT4 Windows, MT4 Android, and MT4 iOS. MT4 is the world's most advanced forex trading platform, with powerful charting features and data analysis tools to help traders develop their trading strategies and provide a great trading experience.

Deposit & Withdrawal

Purple Trading supports traders to fund their accounts through Visa & MasterCard credit cards, NETELLER & Skrill (2% deposit fee applies), international payments in Polish currency (0.5% up to 100 EUR), domestic payments in Polish currency, etc. The withdrawal fee is 7 USD for withdrawals via Visa & MasterCard, 2% for withdrawals via NETELLER, and 1% for withdrawals via Skrill.

Deposit ( See detailed service fees and processing time)

Withdrawal ( See detailed service fees and processing time)

Customer Support

The Purple Trading customer support services can be reached through telephone, email, live chat. Additionally, there is a “FQA”section set there for most common anwsers.

Overview

Purple Trading, headquartered in Cyprus, operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with strict financial standards. They offer a maximum leverage of up to 1:30 for retail clients and up to 1:500 for professional clients, varying by instrument. Spreads start from 1.3 pips for STP accounts and 0.3 pips for ECN accounts, with variations based on account type and status. Clients can trade a diverse range of assets including Forex, Indices, Commodities, and Stocks. Purple Trading provides multiple account types such as ECN, STP, Managed, and PRO, each with its own fee structures and benefits. They offer a demo account for users to practice trading strategies. Customer support is available through phone, email, and a FAQs section on their website. Payment methods include credit card, domestic payments, SEPA payments, and international payments.

Regulation

Purple Trading is regulated by the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with strict financial standards and protocols. This regulatory oversight instills confidence in clients, as it indicates that Purple Trading operates within a regulated framework, offering greater transparency and protection for investors. CYSEC's supervision ensures Purple Trading's adherence to legal and ethical practices in the financial industry.

Pros and Cons

Purple Trading offers a variety of account types tailored to different trading styles and preferences. They provide a comprehensive array of market instruments, including Forex, Indices, Commodities, and Stocks. Clients can access varying levels of leverage depending on their classification. Purple Trading offers two main types of accounts with different fee structures, STP and ECN. Additionally, they provide multiple deposit and withdrawal methods with transparent fees and processing times. Traders can choose between MetaTrader 4 (MT4) and cTrader trading platforms. Purple Trading also offers comprehensive customer support through various channels.

Overall, Purple Trading offers a regulated and comprehensive trading experience with various account types, market instruments, and trading platforms. However, traders should be mindful of potential risks and fees associated with online trading.

Market Instruments

Purple Trading offers a comprehensive array of market instruments across various categories:

1. Forex: Currency pairs, providing opportunities to trade major, minor, and exotic currency pairs.

2. Indices: Trading on stock market indices, enabling speculation on the performance of global equity markets.

3. Commodities: Access to a range of commodities including precious metals (e.g., gold, silver), energy (e.g., oil, natural gas), and agricultural products (e.g., wheat, corn).

4. Stocks: Individual stock trading, allowing investors to buy and sell shares of publicly listed companies across different sectors and regions.

Account Types

Purple Trading offers a variety of account types tailored to different trading styles and preferences:

1. ECN Account: The standard account option providing tight spreads directly from liquidity providers. Ideal for intraday and scalping traders who benefit from low-cost trading with modifiable commissions per traded lot.

2. STP Account: A secondary account type where traders do not pay for the volume of trades executed, but spreads are slightly wider than in the ECN account. Suitable for position and swing traders seeking cost-effective trading.

3. Managed Account: This account facilitates access to a range of investment products including passive ETF portfolios and dynamic investment strategies crafted by professional traders. Mini versions are available for smaller investments, starting from 100 EUR, catering to investors seeking a managed approach to trading.

4. PRO Account: Designed for professional traders meeting legislative conditions, available in ECN or STP variants. Offers customizable commissions, spreads, and trading approaches, providing flexibility and tailored solutions for experienced traders.

Each account type comes with its own fee structure, spreads, and trading approach, ensuring that traders can select the option best suited to their individual needs and preferences. Additionally, Purple Trading offers different trader statuses—Standard, Prime, and VIP—providing further benefits such as lower spreads or commissions based on trading activity and commitment.

Leverage

Purple Trading offers varying levels of leverage depending on the instrument being traded and the classification of the client:

1. For retail clients, the maximum trading leverage is up to 1:30 across all instruments, including Forex, Indices, Commodities, Stocks, Futures, and Crypto.

2. For clients meeting the requirements for classification as a professional client, the maximum leverage is up to 1:500 for certain instruments and up to 1:100 for experienced clients.

Leverage allows traders to amplify their trading positions by borrowing capital from the broker, thereby increasing their exposure to the market. However, it's important to note that while leverage can enhance potential profits, it also magnifies potential losses. Therefore, traders should exercise caution and manage leverage responsibly to mitigate risks and protect their trading capital.

Spreads and Commissions

Purple Trading offers two main types of accounts tailored to different trading styles, each with its own fee structure:

STP Account:

• No commission per traded volume.

• Spreads start from 1.3 pips.

• Suitable for position traders looking for wider spreads and no commission charges.

• Traders can opt for an STP account during the account creation process in the Purple Zone.

ECN Account:

• Commission charged per lot traded, with varying rates depending on the trader's status.

• Spreads start from 0.3 pips.

• Ideal for intraday traders seeking tighter spreads and direct access to the interbank market.

• ECN accounts offer spreads directly from liquidity providers and access to the interbank market.

• Trader status levels (Standard, Prime, VIP) allow clients to access better trading conditions, including lower commissions and spread discounts.

Commissions:

• Standard: Commission for ECN account trading is $10 USD per lot.

• Prime: Commission for ECN account trading is $8 USD per lot.

• VIP: Commission for ECN account trading is $5 USD per lot.

• Spread discounts for STP account holders range from 0 to 0.5 pips, depending on the trader's status level.

Clients can improve their trading status by contacting Purple Trading for more information, enabling them to access better trading conditions with lower spreads or commissions. Overall, traders can select the account type and trader status that best aligns with their trading preferences and goals.

Deposit & Withdrawal

As a client of Purple Trading, you have the flexibility to choose from various deposit and withdrawal methods, each with its own set of conditions:

Deposit Methods:

Credit Card Deposit:

1. Fee: Free

1. Processing Time on Our End: Instantly

1. Average Bank/Provider Processing Time: Within a few minutes

1. Transaction Limit: No specified limit

1. Requirements: For new cards, manual approval may be required, and a card scan is necessary for the first deposit.

Domestic Payment in CZK and PLN; SEPA Payment in EUR:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 1-2 business days

1. Transaction Limit: Not specified

International Payment in Other Currencies:

1. Fee: 0.5% (min. 5 EUR, max. 100 EUR)

1. Processing Time on Our End: 3-5 business days

1. Average Bank/Provider Processing Time: 3-5 business days

1. Transaction Limit: Not specified

Withdrawal Methods:

Credit Card Withdrawal:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 2-14 business days

1. Transaction Limit: Maximum amount equal to card deposits

1. Requirements: Must use the same credit card used for deposit

Domestic Payment in CZK and PLN; SEPA Payment in EUR:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 1-2 business days

1. Transaction Limit: Not specified

International Payment in Other Currencies:

1. Fee: 0.5% (min. 5 EUR, max. 100 EUR)*

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 3-5 business days

1. Transaction Limit: Not specified

Please note that additional fees may be charged by intermediary banks for international transactions.

Overall, Purple Trading ensures a range of deposit and withdrawal options to suit your preferences, with transparent fees and processing times provided for each method.

Trading Platforms

Purple Trading provides access to two leading trading platforms, MetaTrader 4 (MT4) and cTrader, offering clients a comprehensive suite of tools and features for effective trading. MetaTrader 4, a widely acclaimed platform in the industry, offers advanced charting capabilities, customizable indicators, and automated trading through Expert Advisors (EAs), empowering traders with robust technical analysis tools and seamless execution. On the other hand, cTrader stands out with its intuitive interface, lightning-fast execution, and Level II pricing transparency, catering to traders who prioritize speed, precision, and depth of market insights. Whether traders prefer the flexibility of MT4 or the cutting-edge features of cTrader, Purple Trading ensures a seamless trading experience across both platforms, facilitating optimal decision-making and performance in the financial markets.

Customer Support

Purple Trading offers comprehensive customer support through various channels:

1. Phone Support:

1. In case of emergencies, clients can reach out to Purple Trading at +420 228 881 245.

2. General client support is available Monday to Friday from 8:00 to 16:00 (CET) via phone at +44 14 46 506 711.

2. Email Support:

1. New clients can reach out to info@purple-trading.com for inquiries.

2. Existing clients can contact support@purple-trading.com for assistance.

3. Online Resources:

1. Clients can visit the Frequently Asked Questions (FAQs) section on the Purple Trading website for quick answers to common queries.

4. Physical Address:

1. Clients can contact the company by phone at +357 25 030 444 or via fax at +357 25 577 211.

2. Purple Trading's headquarters is located at 11, Louki Akrita, CY-4044 Limassol, Cyprus.

Purple Trading ensures prompt and reliable customer support to address any inquiries or concerns clients may have.

Conclusion

To provide a summary, Purple Trading is a regulated broker that provides favorable trading conditions, low trading costs, roboust trading platform including MT4 and cTrader. It can be an ideal broker for traders who want to try forex trading compared to those who are unregulated.

FAQs

Q1: How can I open an account with Purple Trading？

A1: To open an account with Purple Trading, simply visit our website and follow the steps outlined in the account registration process.

Q2: What trading platforms does Purple Trading offer？

A2: Purple Trading provides access to two leading trading platforms, MetaTrader 4 (MT4) and cTrader, offering a range of tools and features for effective trading.

Q3: What are the deposit methods available at Purple Trading？

A3: Purple Trading offers various deposit methods, including credit card deposits, domestic payments in CZK and PLN, and SEPA payments in EUR.

Q4: Does Purple Trading charge fees for deposits and withdrawals？

A4: Purple Trading does not charge fees for deposits made via payment cards. However, fees may apply for international payments in other currencies and withdrawals, depending on the chosen method.

Q5: How can I contact Purple Trading for customer support？

A5: You can contact Purple Trading's customer support team via phone during business hours, email, or by visiting our headquarters in Cyprus. Details for contacting us are available on our website.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.