Purple Trading Review 2021

Flag Traders in United States welcome
Purple Trading Facts & Figures

Purple Trading is a regulated forex and CFD broker with ECN and STP execution for a range of markets on two top commercial trading platforms: MT4 and cTrader.

InstrumentsCFD, Forex, Stocks, Futures
Demo AccountYes
Min. Deposit$20
Payment MethodsCredit Card, Debit Card, Neteller, Skrill, Wire Transfer
Min. Trade0.01 lots
Regulated ByCySEC, FCA
MetaTrader 4Yes
MetaTrader 5No
cTraderYes
STP AccountYes
ECN AccountYes
DMA AccountYes
Mobile AppsiOS & Android
Margin TradingYes
Auto TradingNo
Social TradingYes
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
Account
Currencies
USD, EUR, GBP
CFD
Purple Trading supports CFD trading through MetaTrader 4 and cTrader on stocks, commodities, futures, forex and indices.
FTSE Spread1.7
GBPUSD Spread1.5
Oil Spread600
Stocks SpreadVariable
Leverage1:30 Retail, 1:500 Professional
Forex

Purple Trading clients are in a great position to speculate on foreign exchange markets with over 60 major, minor and exotic currency pairs

GBPUSD Spread1.5
EURUSD Spread1.2
EURGBP Spread1.3
Assets59
Risk Warning – Your capital is at risk

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 2021 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

purple trading us30 time zone
cTrader Trading Platform

MetaTrader 4

purple trading affiliate comparison vs XTB
Exinity MetaTrader 4 Platform

Assets

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

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

ECN Account

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:

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

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:

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.

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.Purple Trading 2021 broker review

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

Standard

Prime

VIP

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

ECN

Suitable for intraday trading

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

Drawbacks

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:

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 2021 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

Is Purple Trading Regulated?

Yes, Purple Trading is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The brokerage is also registered with other European regulators, including the Financial Conduct Authority (FCA).

What Leverage Can I Use On A Purple Trading Account?

As Purple Trading is regulated in Europe, retail clients will be subject to ESMA leverage capping restrictions at 1:30. However, there is a special experienced retail investor program that allows rates of up to 1:100 for those with significant knowledge and experience. Moreover, professional clients can access rates of up to 1:500.

What Trading Platforms Does Purple Trading Offer?

Investors can utilise established MetaTrader 4 and cTrader platforms for all their trading and account management needs. Purple trading clients can access features including various technical indicator options, customisable charts and simple navigation.

What Are The Minimum Deposit Requirements To Trade With Purple Trading?

Purple Trading’s minimum deposit requirement is $20, or the equivalent for other currencies. This is the same across ECN and STP accounts.

Does Purple Trading Offer A Demo Account?

Yes, Purple Trading broker offers a demo account on either an ECN or STP account. With this, you can access unlimited virtual funds and experience a real-time trading environment with direct-to-market prices.

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. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  2. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  3. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  4. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
  5. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
Purple Trading is a regulated forex and CFD broker with ECN and STP execution for a range of markets on two top commercial trading platforms: MT4 and cTrader.

Purple Trading vs Other Brokers

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