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Purple Trading Review

Purple Trading is an innovative online broker offering industry-leading technologies for multi-asset trading. Clients can access direct-to-market STP or ECN execution models for a wide range of CFDs. This 2022 review will explore Purple Trading’s assets, platforms, minimum deposit requirements, sign-up and login processes, ESMA leverage cap restrictions and more.

This review has no affiliation to Purple Trading Seychelles. This brokerage operates as a separate entity owned by AXSE Brokerage Ltd.

Purple Trading Headlines

Purple Trading was established in 2016 and is owned and operated by L.F. Investment Limited, a licensed investment company regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker also adheres to European MiFID regulations, increasing transparency across the European Union’s financial markets. The broker aims to provide a fair trading environment using state-of-the-art technology.

Services can be executed via ECN or STP, providing fast order execution and competitive conditions that are reliable and great for investors, with no dealing desk (NDD) intervention. The broker utilises low latency connectivity using a range of liquidity providers and top-tier banks. Purple Trading consistently aims to deliver the best possible connection for clients with a vast liquidity pool, minimum slippage and lowest possible connection time. The broker’s trading server is located in London, with an execution speed of 100 milliseconds.

Trading Platforms

This Purple Trading review found that clients gain access to two online trading platforms: cTrader and MetaTrader 4 (MT4). Note, the broker does not currently offer the popular MT5 trading terminal. Both available platforms are compatible with all major web browsers or available to download to desktop, mobile and tablet devices. Features of the platforms include:

cTrader

• 26 tick charts
• Intuitive design
• 60+ technical indicators
• Automated trading systems feature
• Utilise direct STP/ECN market access

MetaTrader 4

• Historical data
• Live news streams
• Customisable charts
• 4 pending order types
• One-click order execution
• Automated trading via APIs
• 50+ built-in technical indicators
• User-friendly, multilingual interface

Assets

The brokerage offers clients investment and CFD trading opportunities in the following markets:

• Commodities – trade oil, gold and silver
• Forex – access 60+ currency pairs, including majors, minors and exotics
• Stocks – speculate on 12 prominent Italian companies, including Ferrari and Generali
• Indices – Trade the stock indices of some of the biggest economies, such as NASDAQ, US 30 and DAX 40
• CFD Stocks – invest in some of the biggest global companies in the world, such as Apple, Tesla and Coco-Cola
• CFD Futures – speculate on the rise and fall of various instruments such as agriculture, government bonds or the dollar index

Fees

Our Purple Trading review found that fees and commission vary by account type. Traders should review STP vs ECN accounts to execute their trading strategy with the best-suited fees and spreads. Essentially, you can trade with low spreads and volume-based commission or trade with no commission but higher spreads.

STP Account

• Spreads from 1.3 pips
• Suitable for position traders
• No commission per traded volume

ECN Account

• $10 per lot commission
• Suitable for intraday traders
• Spreads from 0.3 pips (direct from liquidity providers and direct access to the interbank market)

Non-trading fees including inactivity charges are applicable with Purple Trading accounts. A $15 or equivalent currency fee must be paid for trading accounts that are dormant for over six months. Swap fees for positions held overnight are also charged.

Leverage

As Purple Trading is regulated by CySEC, the forex broker complies with all ESMA regulations, capping leverage at a maximum of 1:30 for inexperienced retail clients. The maximum leverage rates found by this review are:

• Equities – 1:5
• Commodities – 1:10
• Major forex pairs – 1:30
• Minor forex pairs & indices – 1:20

However, more experienced retail traders can access rates as high as 1:100 once they fulfil certain requirements. For this classification, you must meet experience and knowledge targets. To demonstrate enough knowledge, clients must hold appropriate professional certificates, complete at least 50 hours of derivatives training or have done a year of work experience in a role that requires knowledge of derivatives trading. Additionally, there are several levels of trading requirements that can be met involving several large-value CFD trades within two years.

Purple Trading also offers professional accounts, which can access leverage rates up to 1:500, though these lack the negative balance protection afforded to both tiers of retail accounts.

Keep in mind trading with leverage can amplify losses. Understand the risks before using.

Mobile Apps

Both trading platforms are available as mobile applications. MetaTrader 4 and the cTrader application are available for free download, compatible with iOS and Android (APK) devices. MetaTrader Mobile allows users to access trading features of the desktop platform, including analytical tools, and customisable charts and graphs while on the go. cTrader offers customised features of the web terminal:

cTrader Mobile

• QuickTrade option
• Pinch to zoom charts
• 50+ technical indicators
• Customisable notifications
• Market sentiment analysis

Payment Methods

Deposits

The minimum deposit requirements for the ECN and STP account types are zero for certain bank transfers and $20/€20/£20/PLN 80 for other methods. Purple Trading does not charge a fee for any payment methods, though third-party charges may be applicable. Clients must log in to the personal portal to complete deposits and withdrawals. Accepted payment types include:

• Domestic Bank Wire Transfer In PLN – no fee, 1-2 business day processing time, minimum deposit PLN 80, maximum deposit PLN 25,000
• Credit Cards & Debit Cards – no fee, processing time within a few minutes, minimum deposit €20, maximum deposit €15,000
• Skrill & Neteller – 2% fee, processing time within a few minutes, minimum deposit €20, maximum deposit €5,000
• International Bank Wire Transfer In PLN – 0.5% fee (up to €100), 3-5 day processing time, no minimum or maximum deposit
• Domestic Bank Wire Transfer In CZK And SEPA In EUR – no fee, 1-2 business day processing time, no minimum or maximum deposit
• International Bank Wire Transfer In Global Currencies – 0.5% fee (up to €100), 3-5 day processing time, no minimum or maximum deposit

Currency conversion charges may also apply if funding accounts in different currencies. Bank wire transfers are accepted in EUR, USD, GBP, PLN and CZK currencies only.

Withdrawals

Withdrawals must be processed using the original deposit method. Fees are applicable for withdrawals, which vary by payment type. The broker does guarantee withdrawal requests are processed within one business day.

• Credit Cards & Debit Cards – $7 fee, 2-4 day processing time, minimum withdrawal €8
• Skrill & Neteller – 1-2% fee, processing time within a few minutes, minimum withdrawal $3
• All International Bank Wire Transfers – 0.5% fee, 3-5 day processing time, no minimum and maximum withdrawals
• All Domestic Bank Wire Transfers – no charge, 1-2 day processing time, no minimum and maximum withdrawals

Note, Purple Trading does not approve withdrawal requests that would cause a margin level to drop under 200%. This is designed to protect personal capital. If you wish to withdraw a total account balance, you must ensure trades are disconnected from all investment strategies via the account portal.

Demo Account

Purple Trading offers a free demo account available via its website with five possible base currencies. These accounts are a good way to practise trading, navigate platform features or test a strategy risk-free. Traders can access up to $10,000,000 in virtual funds and experience real-time trading conditions and prices. A simple online registration form is required to open a demo account. Clients may select between trading platforms and account types (ECN or STP).

Deals & Promotions

ESMA trading regulations restrict the use of financial incentives by brokers like Purple Trading to encourage new clients to sign up with them. Instead, firms must differentiate themselves through competitive trading conditions. Our review did find, however, that clients can achieve tiered status recognition based on trading volumes with reduced commissions and spreads.

Regulation & Licensing

Purple Trading is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). This is a respected regulator in the retail financial speculation industry. Under this authorisation, retail clients can be assured of segregated funds in top-tier banks and negative balance protection. The broker also undergoes regular external audits and has additional global licenses with the FCA and CONSOB for services to other jurisdictions.

Enhanced financial security is offered by the broker with coverage under the Investors Compensation Fund (ICF). The scheme protects eligible clients’ deposits up to the amount of €20,000 in the case of business insolvency.

Additional Features

Purple Trading hosts a comprehensive educational section on its website. Training is suitable for beginners to advanced investors. The latest news, ebook posts and trading tips are updated weekly with supporting YouTube video content. Topics include understanding charts like line graphs, copy trading, Islamic account features, swap rates and more.

There is also a membership academy; the Purple Trading Club. The social platform is designed to encourage peer-to-peer sharing of trading strategies, opportunities and ideas. The club is available for all clients to join and provides access to exclusive webinar meetings, information on FTMO trading discipline, building relationships with like-minded investors and the opportunity to learn from seasoned professional traders.

A trader ‘status’ programme is used by the broker. This benefits investors based on their trading volumes. The broker offers lowered commission if eligibility requirements are met. Trading volumes are reviewed automatically each month and, based on this, your trader status will be updated and the relevant rewards will be provided.

Starter

• Deposit – €100 to €1000
• Commission – $10 per lot
• Account Balance – €100 to €1000

Standard

• StrategyQuant discount
• Commission – $10 per lot
• Deposit – €100 to €20,000
• Account Balance – €100 to €20,000
• Active Trading Period – more than 6 months
• Extra trading tools for the MT4 platform, including dividend calculator and ‘drag and drop’ functionality

Prime

• StrategyQuant discount
• Commission – $8 per lot
• Dedicated account manager
• Deposit – €20,000 to €60,000
• Active Trading – more than 12 months
• Account Balance – €20,000 to €60,000
• Extra trading tools for the MT4 platform, including dividend calculator and ‘drag and drop’ functionality

VIP

• Deposit – €60,000+
• StrategyQuant discount
• Commission – $5 per lot
• Dedicated account manager
• Account Balance – €60,000+
• Individual algorithm strategy
• Active Trading – more than 14 months
• Extra trading tools for the MT4 platform, including dividend calculator and ‘drag and drop’ functionality

Account Types

Retail clients have access to two account options, categorised by STP or ECN execution models. These can be used across both trading platforms. Note, the ECN account is the default account for all new sign-ups. Contact the customer service team if you would like to trade on the STP account. Accepted account currencies include EUR, USD, CZK, GBP and PLN. An overview of the live trading accounts:

STP

Suitable for traders that want to hold positions open for a longer time period

• Spreads only
• No commission fees
• Direct market access
• Executions impacted by market volatility and volume sent to the interbank

ECN

Suitable for intraday trading

• Direct market access
• Spreads directly from liquidity providers
• Commission applicable to open and close each trade

Account registration can be completed online to open a live account in a matter of minutes. You may be required to provide identification verification documents such as proof of residency under the know-your-customer (KYC) compliance.

Benefits

• Mobile trading apps
• Educational platform
• MT4 and proprietary platform
• Trader status loyalty programme
• Demo account with platform options
• Various deposit and withdrawal methods
• Access to the Investors Compensation Fund (ICF)
• Regulated by the Cyprus Securities and Exchange Commission (CySEC)

Drawbacks

• No live chat option
• No cryptocurrency trading
• No MetaTrader 5 compatibility

Trading Hours

Purple Trading follows standard office hours and 24-hour trading hours Monday through Friday. However, trading availability during this period may vary by instrument.

Customer Support

The broker offers various customer support options available Monday through Friday. These include:

• FAQs
• Telephone – +44 14 46 506 711
• Email – support@purpletrading.com
• Social Media – LinkedIn, Facebook and Twitter
• Address – L.F Investment Limited, 11, Louki Akrita, CY-4044, Limassol, Cyprus

Safety & Security

The Purple Trading member zone is password protected and all personal data transferred between client terminals and platforms are encrypted. Both trading platforms offer secure login features, including two-factor authentication (2FA) and industry-standard data privacy. Additionally, the broker complies with all EU standards on client protection, including data privacy, fund segregation and insurance.

Purple Trading Verdict

This 2022 Purple Trading review has found that the broker provides competitive trading opportunities in a vast range of instruments on industry-established MT4 and cTrader terminals. Clients can access direct-to-market execution via ECN and STP execution models for the best prices. With a real focus on technology, services are intuitive and suitable for both beginners and advanced investors. Trading conditions become more competitive as you trade more volume and additional services including an educational platform and exclusive membership club help you to get the most from your experience with Purple Trading.

FAQs

Accepted Countries

Purple Trading accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to Purple Trading

If you are looking for alternatives to Purple Trading we have compiled a list of the top 5 brokers that are similar to Purple Trading below. This list of brokers like Purple Trading is in order of similarity and only includes companies that accept traders from your location.

1. FXTM – FXTM is a leading forex and CFD broker. Offering a huge range of markets and 6 account types, they cater to all levels of trader.
2. Admiral Markets – Admiral Markets is leading Forex and CFD broker offering the MT4 & MT5 platforms
3. Vantage Markets – Reliable and affordable trading since 2009. Join over 400,000 others trading on 300+ CFD products over assets like forex, gold, indices and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
4. Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
5. FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.