Purple Trading Review 2024
United States not accepted.Pros
- Access to MetaTrader 4 plus cTrader - both industry-leading platforms
- Trustworthy and regulated by the Cyprus Securities and Exchange Commission (CySEC)
- Good range of deposit and withdrawal methods including bank cards
Cons
- No MetaTrader 5 compatibility
- Average customer support channels and wait times
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 2024 review will explore Purple Trading’s assets, platforms, minimum deposit requirements, sign-up and login processes, ESMA leverage cap restrictions and more.
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. 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
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. 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, no transaction limit
- Credit Cards & Debit Cards – no fee, processing time within a few minutes, no transaction limit
- International Bank Wire Transfer In PLN – 0.5% fee (up to €100), 3-5 day processing time, no transaction limit
- Domestic Bank Wire Transfer In CZK And SEPA In EUR – no fee, 1-2 business day processing time, no transaction limit
- International Bank Wire Transfer In Global Currencies – 0.5% fee (up to €100), 3-5 day processing time, no transaction limit
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 – 2-14 business days processing time, maximum amount equal to card deposits
- 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
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 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, 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
- Commission – $10 per lot
- Account Balance – €100 to €1000
Standard
- StrategyQuant discount
- Commission – $10 per lot
- 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
- Extra trading tools for the MT4 platform, including dividend calculator and ‘drag and drop’ functionality
VIP
- StrategyQuant discount
- Commission – $5 per lot
- Dedicated account manager
- Individual algorithm strategy
- 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
- Executions impacted by market volatility and volume sent to the interbank
ECN
Suitable for intraday trading
- 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.
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 2024 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).
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, 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?
There is no minimum deposit requirement to get started in the 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.
Top 3 Alternatives to Purple Trading
Compare Purple Trading with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- xChief – xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
Purple Trading Comparison Table
| Purple Trading | IG | Interactive Brokers | xChief | |
|---|---|---|---|---|
| Rating | 3.5 | 4.4 | 4.3 | 3.4 |
| Markets | CFDs, Forex, Stocks, Cryptos, Futures, Commodities | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $0 | $0 | $0 | $10 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | CySEC, CONSOB | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | VFSC |
| Bonus | – | – | – | $100 No Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT4, cTrader | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:30 (Retail), 1:500 (Pro) | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 3 | 6 | 6 | 12 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
xChief Review |
Compare Trading Instruments
Compare the markets and instruments offered by Purple Trading and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Purple Trading | IG | Interactive Brokers | xChief | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
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