Purple Trading Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- cTrader
- MetaTrader4
- CySEC
- BaFin
- ESMA
- 2012
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- cTrader
- MetaTrader4
- CySEC
- BaFin
- ESMA
- 2012
Our Evaluation of Purple Trading
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Purple Trading is a moderate-risk broker with the TU Overall Score of 5.01 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Purple Trading clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Purple Trading is a regulated STP broker whose conditions will suit both novice traders and professionals from European Economic Area countries.
Brief Look at Purple Trading
Purple Trading is a Forex broker with a CySEC Cypriot regulator license that uses Straight Through Processing (STP) technology. It was registered in 2016 in Cyprus but currently has representative offices in the Czech Republic and Slovakia. Purple Trading allows clients to trade different types of CFDs and currency pairs, buy and sell real shares of Italian companies, as well as invest in ETFs.
- Support for trading different asset classes.
- Available minimum deposit size.
- CySEC license and regulation by authoritative EU commissions.
- Ability to earn passive income through PAMM accounts and invest in ETFs.
- Availability of MetaTrader 4 and cTrader trading platforms.
- Tight spreads on both ECN and STP accounts.
- No deposit, withdrawal, or account maintenance fees.
- High leverage is available only to professional and experienced retail clients.
- The broker does not cooperate with traders living outside the European Union, as well as inside the United States, Belgium, France, Russia, Switzerland, and Gibraltar.
- There are no contests or bonuses for trading or investing in the company.
TU Expert Advice
Financial expert and analyst at Traders Union
The Purple Trading brand was officially registered in 2016, but its founders have been doing preparatory work for the launch of the brokerage company since 2007. Currently, the broker cooperates with traders from the countries of the European Economic Area. The client service is provided in English, Italian, Spanish, Portuguese, Czech, and Polish.
Purple Trading is regulated by several European regulators. The license was issued by CySEC in Cyprus. The minimum deposit to start trading through this intermediary is $100, and this amount is sufficient for trading on both STP and ECN accounts. Spreads on all account types are floating and start from 1.1 pip on STP and 0.5 pip on ECN.
The peculiarity of Purple Trading is that the trading company divides its clients into three groups: retail, professional, and experienced retail clients. Regarding the latter, the Polish Komisja Nadzoru Finansowego recently approved the new category of veteran retail clients. The main advantage of the experienced retail client is the opportunity to trade with higher leverage than is available to other retail clients. The broker's website details the principles underlying the classification.
- You are a beginner trader. Purple Trading offers educational resources, a demo account, and low minimum deposits, creating a supportive environment for newcomers to learn and start trading.
- You prefer competitive spreads and flexible account options. Purple Trading provides STP/ECN execution with competitive spreads and a choice of account types featuring different commission structures, allowing you to tailor your trading experience.
- Copy trading interests you. Purple Trading offers a copy trading function, enabling you to follow experienced traders and potentially benefit from their expertise.
- Limited asset selection is a concern. Purple Trading primarily focuses on forex and CFDs, offering a smaller selection of other assets compared to some competitors.
Purple Trading Summary
| 💻 Trading platform: | MetaTrader 4, cTrader |
|---|---|
| 📊 Accounts: | Demo, STP, ECN |
| 💰 Account currency: | USD, EUR, GBP, CZK, PLN |
| 💵 Replenishment / Withdrawal: | MasterCard/Visa, Neteller, Skrill, Wire Transfer |
| 🚀 Minimum deposit: | $100 |
| ⚖️ Leverage: | Retail traders get up to 1:30; experienced retail traders get up to 1:100; and professional traders get up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.5 pips (ECN), from 1.1 pips (STP) |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, indices, commodities, futures, cryptocurrencies, real Italian stocks, and ETFs |
| 💹 Margin Call / Stop Out: | 100%/50% |
| 🏛 Liquidity provider: | EXT, Ltd, IS Prime, LMAX Group, Barclays, Commerzbank, and Goldman Sachs |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant and Market |
| ⭐ Trading features: | Trading fee amount depends on the status assigned to a client |
| 🎁 Contests and bonuses: | Yes, Traders Union bonuses |
The Purple Trading broker offers demo, STP, and ECN accounts for trading currency pairs, CFDs, real shares, and ETFs. Leveraged trades are available, but leveraged trading in cryptocurrencies and real stocks is not possible. The company provides cTrader and MT4 platforms, transmits quotes from reputable liquidity providers, and allows each client to open an unlimited number of trading accounts in 5 currencies.
Purple Trading Key Parameters Evaluation
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Trading Account Opening
To start trading with Purple Trading, you need to register on the company's website and create a member’s area. To do this, follow the steps below:
Go to the Purple Trading website and click Open Account.
In the registration form, enter your first name, last name, email address, country, and phone number.
Select your account currency.
Log in to your member’s area using your email and password.
Functions of the member's area:
Also in the member’s area, the client can:
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Open additional accounts.
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Transfer funds between his own accounts.
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Request a withdrawal of funds.
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Generate reports on commissions deducted by the company.
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Switch to and disconnect from the strategies of professional traders.
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Review all open and closed positions as well as the effectiveness of the chosen strategy.
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Track returns on ETF portfolios.
Regulation and safety
The Purple Trading brand is owned and operated by a Cypriot investment firm, L.F. Investment Limited, which has been granted license number 271/15 by CySEC. Purple Trading is registered with 11 other European commissions, including BaFin (145745). The company is also regulated by ESMA (European Securities and Markets Authority).
Every client of Purple Trading is insured against possible bankruptcy of the bank holding their money for up to €100,000. In addition, the company (as a CySEC license holder) is a member of the Investor Compensation Fund (ICF). For retail clients, this guarantees the payment of insurance up to €20,000 (per person) in the event of a financial collapse of L.F. Holding Investment Limited.
Advantages
- Segregated accounts in major European banks are used to store customer funds
- Protection against negative balance is available for all products with leverage.
- The company’s financial activities are controlled by a Cypriot regulator and 11 European regulators.
Disadvantages
- It is not possible to open a trading account without verification
- Only traders from EU countries can become clients of this broker
- Insurance protection from ICF is not available for professional traders
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| STP Starter | From $16 | Fees from banks and payment systems are assigned per transaction |
| STP Standard | From $16 | Same as above |
| STP Prime | From $14 | Same |
| STP VIP | From $11 | Same |
| ECN Starter | From $5 | Same |
| ECN Standard | Same as above | Same |
| ECN Prime | Same | Same |
| ECN VIP | Same | Same |
There are swap fees (commission for transferring a position to the next day).
The Traders Union analysts compared the level of commissions at Purple Trading with the fees held by the brokers such as RoboForex and FXPro. As a result of the comparison, each of the three companies was assigned a low, medium, or high level of fees.
| Broker | Average commission | Level |
|---|---|---|
|
$9.7 | |
|
$1 | |
|
$8.5 |
Account types
Purple Trading offers three accounts: ECN, STP, and Pro. Every trader who meets the requirements of deposit size, balance, and trading days can obtain one of the four statuses, such as Starter, Standard, Prime, and VIP. The higher the status, the lower the spreads on STP and commission per lot on ECN. To get Starter status you have to deposit from €100 to €1,000; Standard is from €1,000 to €20,000; Prime is from €20,000 to €60,000; and VIP is more than €60,000. To get the loyalty level Standard, you have to have actively traded for at least 6 months; for Prime, for at least 12 months; and for VIP, for at least 24 months.
Account types:
The broker allows testing the trading conditions and the platform's functionality using free Demo accounts with conditions identical to those of the real accounts.
Purple Trading is an STP broker which aims at meeting the demands of every trader, regardless of their experience and capital available.
Deposit and Withdrawal
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The company guarantees to its clients the processing of each request for a withdrawal within 1 working day.
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Withdrawal fees: via card the fee is €7 per transaction; through Neteller, it’s 2%; through Skrill, it’s 1% of the amount. Internal bank transfers in Czech crowns, euros, and zloty are free. The fee for international transfers is 0.5% (min €5, max €100), but for withdrawals over 25,000 PLN, it’s 0%.
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Money transfer deadlines: Domestic transfers in kroons, euros, and zloty are processed by the bank within 1-2 business days, and international transfers take 3-5 business days. Withdrawals to cards take from 2 to 14 business days; and to electronic wallets, it takes only a few minutes.
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Transaction limits: You may withdraw up to PLN 25,000 at any one time to a local bank account, but only up to a maximum of PLN 100,000 per month. The minimum amount to withdraw to cards is €8, and the maximum is equal to the deposit made. At least €3 must be withdrawn to Skrill and Neteller.
Investment Options
With Purple Trading, traders can trade currencies, CFDs, and stocks. The broker also offers several investment solutions for passive income. Its clients can copy trades of professional market participants through PAMM accounts, invest in ETFs, and 2 types of partnership. Also, Purple Trading does not prohibit algorithmic trading that involves advisors, scripts, and robots compatible with MT4 and cTrader.
Purple Trading’s investment programs
The company offers the following types of passive investments:
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Strategies — is a service that allows you to invest in PAMM accounts managed by professional traders. The investor chooses a strategy, connects to it, and makes a minimum deposit (€100, 1,000, or 100,000). After that transactions by the manager are copied automatically to the investor’s account. The trader who is connected to the PAMM account may not interfere with the trading but may request to disconnect from the strategy and withdraw profit at any time. One or more types of commissions are withheld from the investor: for execution, management, or a percentage of the profit.
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Investments in ETFs are diversified portfolios of assets. An investor may start with €20 or any amount they wish, once a month. The company offers 5 ETFs with different risk levels and projected annual returns. Portfolios with a short-term horizon (approximately 2 years) consist of stocks and bonds in a 70%/30%, 50%/50%, or 30%/70% ratio depending on the risk level and can yield 2-5% returns. Long-term ETFs include only stocks and potential returns in 10 years or more could be 8-12%. The annual management fee is 0.99% of the value of the portfolio. It is charged once a month.
Purple Trading has no right to provide investment advice and make any recommendations to their clients. The investor must choose the strategy himself. This can be done using filters: risk, trading style, size of commissions, and projected income.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Purple Trading’s affiliate program:
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Introducing Broker (IB) is an intermediary between people interested in trading or investing in Forex and Purple Trading. The IB gets referral fees for connecting new clients with the broker.&
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Strategy Provider is a successful trader who can earn from commissions of investors who are connected to his strategy. The Provider can receive 3 types of commissions: a management fee, a percentage of investors' income, or a percentage of the deposit.
All partners get access to the Spark platform, which involves tracking client activity, such as the number of lots traded, all withdrawals and deposits made, and the commissions paid to the broker.
Customer support
Support operators are available from 8:00 to 16:00 Monday to Friday (CET). Technical support is not available on weekends or holidays.
Advantages
- Prompt response through any form of communication
- No registration is required to communicate with a live chat operator
- Support is available in 6 languages
Disadvantages
- Works in 8/5 mode
- Callback orders are not available
You can contact the support in the following ways:
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by phone, listed in the Contact block;
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through online chat on the website;
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via email;
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Through Facebook, LinkedIn, and Twitter.
The Contact section also contains an emergency phone number that can be used to call in case of problems with logging into a trading account or placing an order.
Contacts
| Foundation date | 2012 |
|---|---|
| Registration address | L.F. Investment Limited, 11, Louki Akrita, Germasogeia, CY-4044 Limassol, Cyprus |
| Regulation | CySEC, BaFin, ESMA |
| Official site | https://www.purple-trading.com/ |
| Contacts |
+44 14 46 506 711
|
Education
The Purple Trading website has several sections with tutorials. In the footer of the site, there is a block labeled Where to Start in which the concept of "Forex" is explained in general terms. Also, useful information for newbies is available in the FAQs section. The Academy block contains ebooks.
Clients who join the Purple Trading Club get access to a personal meeting with professional traders with years of trading experience. The conferences are attended by no more than 10 people and are held at least once every 2 weeks.
Comparison of Purple Trading with other Brokers
| Purple Trading | RoboForex | Pocket Option | Exness | Vantage Markets | InstaForex | |
| Trading platform |
cTrader, MetaTrader4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, WebTrader, Mobile Apps | MT4, MultiTerminal, MobileTrading, MT5, WebTrader |
| Min deposit | $100 | $10 | $5 | $10 | $50 | $1 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | Yes | No | No | No | No | Yes |
| Accrual of % on the balance | 1.00% | No | No | No | No | No |
| Spread | From 0.5 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 50% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 30% / 10% |
| Execution of orders | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed Review of Purple Trading
Purple Trading offers its clients the option of Straight Through Processing (STP) without dealing with desk or price requotes. Lightning-fast order execution is ensured by the LD4 Equinix servers located in London. In addition, the broker carries out more than 80% of transactions with no slippage. Also by using STP (conflict of interest model) Purple Trading increases the safety of client funds. All the trades are redirected directly to the interbank market, and traders' money is used exclusively for trading and not for any other purpose.
Purple Trading’s success by the numbers:
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More than 5 years of successful operations in the CEE (Central and Eastern Europe) region.
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The company is registered by 12 European financial commissions.
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Four custom technical analysis indicators are available for clients.
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More than 200 instruments are available for trading.
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The speed of trade order execution is about 100 milliseconds.
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The Purple Trading website is translated into 4 languages for maximum user convenience.
Purple Trading is a regulated broker that offers access to FX and CFD trading through popular trading platforms.
Purple Trading is trying to take into account the interests of all traders - both retailers and professionals. There are 60 currency pairs, over 100 CFDs on shares, futures, stock indices (Nasdaq, Dax, SP500, etc.), oil, gold, silver, and other commodities that are available for trading. The amount of leverage depends on the asset class and the trader's status. Cryptocurrency pairs are represented by US dollars paired with BTC, LTC, ETH, XRP, and BCH. Leverage is not available for all clients. Traders can also buy and sell real shares through Purple Trading. Securities of 12 Italian companies are available, but margin trading in this asset class is not supported.
Purple Trading customers can trade through desktop, mobile, and web-based versions of MetaTrader 4 and cTrader terminals. However, when choosing a trading platform, please note that trades in real shares, stock CFDs, and futures can only be made using MT4.
Useful services of Purple Trading:
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Purple Indicators. The company offers 4 in-house developed technical indicators: Purple Extreme and Purple Bands, Purple Strike trend indicator, and Purple Levels for monitoring support and resistance levels.
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Download Center. Here the trader can download any version of the MT4 and cTrader terminal, custom indicators of Purple Trading analysts, and a media kit (PR materials about the company).
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Account Overview. Application is available for clients with VIP status, with the help of which you can get individual analysis from professional traders and analysts of ftmo.com.
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Mentor. A feature supported by MT4 that allows the trader to trade according to previously set rules. If a trading strategy violates any rule, the information about it comes directly to the platform.
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Market Analysis. An education section with up-to-date news, market overviews, and forecasts on the price movements of popular assets of various classes.
Advantages:
The client can open an unlimited number of trading accounts.
The company provides high-speed transactions, so it is suitable for scalpers.
Any strategy is allowed, including algotrading and hedging.
Quotes are supplied by large liquidity providers.
The company ensures the safety of clients' funds and compensates for their financial losses in case of its bankruptcy.
The broker offers access to all possible versions of two popular trading platforms, the functionality of which is tailored to the different needs of clients.
User Satisfaction