Purple Trading Review
Purple Trading is a regulated online forex and CFDs broker that provides all traders with a trustworthy, transparent, and fair trading environment. The broker offers extremely competitive tight spreads, trading fees, and fast order execution speeds. You may select from modern and advanced but user-friendly trading platforms, as well as a variety of account types and handy trading tools.
Czech and Slovak trading enthusiasts founded Purple Trading in 2016. This is a Cyprus based broker and provides support in Polish as well as English, which is a plus point for local clients. Purple Trading is an online CFDs and forex broker that provides all traders with reliable and fair trading conditions, regardless of investment amount or experience level. CySEC and ESMA regulate, and several authorities such as FCA, KNB, and CONSOB authorise the parent company of the broker, L.F. Investment Limited. The broker currently accepts only EU clients. Purple Trading has a vast product portfolio spanning across various asset classes such as forex, cryptocurrencies, commodities, indices, stocks, CFDs, and CFDs futures. Purple Trading also offers ETFs investment portfolios for investors. The broker offers the industry standard MT4 and cTrader trading platforms with true STP and ECN executions and plenty of indicators available for conducting thorough market analysis. Trading costs at Purple Trading are very low whilst the broker also has a substantial education section and demo accounts to help beginners get started.
Purple Trading is a regulated broker and provides direct market access with low fees, tight spreads and rapid execution speeds. Traders can buy and sell a range of financial instruments and enjoy user-friendly market access with MetaTrader 4 or trade with a more diversified experience via the professional grade cTrader trading platform. Investors can look up ETF investment portfolios of the broker to diversify their risk. The broker has liquidity provided by top-tier EU banks so that its clients can enjoy seamless order executions at the best available prices. Purple Trading requires a minimum deposit of just $20 to open an account and start trading
On the other hand, Purple Trading does not offer its services out of the EU and has no banking license. The broker does not publicly disclose its financial statement, and restricted leverage is offered to non-professional clients. There is a separate cryptocurrency account in which only cryptocurrencies can be traded. In addition, the broker charges a withdrawal fee for some payment methods and charges an inactivity fee. They also do not offer Islamic swap-free accounts for Muslim traders. However, XM Group do if that is something you are looking for in a broker.
Purple Trading provides a wide range of trading instruments in a variety of asset classes, including CFDs on forex, cryptocurrency, stocks, shares, indices and commodities. To trade cryptocurrencies, Purple Trading offers a dedicated crypto account. However, the broker does not offer options or bonds to trade. If you want to trade options or invest in bonds, then you could consider Freedom Finance or FinecoBank. Both providing an excellent range of Trading Products and services in a regulated environment.
Purple Trading Instruments Summary
| Instruments | Purple Trading |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
Purple Trading offers trading at a very low cost in terms of spreads and commissions. Traders can choose to trade with decent spreads starting from 1.3 pips on an STP account with zero commission fees as it is already accounted for within the spread mark-up. Otherwise, you can choose to trade spreads as low as 0.3 pips and pay a quite hefty $10 commission per standard lot per round trip. Moreover, on ECN accounts, clients are provided different statuses (Starter, Standard, Prime, and VIP) based on their performance, loyalty, and balance. Consequently, they are rewarded with less commission moving up. I would like to see the broker offer an account type with 0.0 pip spreads as this is something that I need for my scalping strategies. For scalping, IC Markets are an ECN broker who have spreads from 0.0 pips, charge a smaller commission fee and also have quick execution speeds.
| Fee | STP/DMA Account | ECN Account | Pro Account |
|---|---|---|---|
| Commission (per standard lot per side) | $0 | $10 | $0 |
| Spreads from | 1.3 | 0.3 | 0.6 |
Deposit and Withdrawal Fees
Purple Trading has different fee criteria for different payment options. Such as there is no deposit fee while using bank transfers or debit/credit cards. However, a 2% deposit fee is charged while depositing via electronic wallets.
On the other hand, Purple Trading also charges a withdrawal fee for some payment options. For example, the broker charges €7 against debit/credit card transfers and 1-2% against electronic wallet transfers.
Inactivity Fees
Purple Trading charges a $15 inactivity fee once in a quarter from dormant accounts. If you are planning on going for some time without trading and don’t want to pay an inactivity fee, Trading 212 have a fantastic selection of stocks and ETFs for trading with no commission or inactivity fees.
On Purple Trading, clients can use two online trading platforms: cTrader and MetaTrader 4 (MT4). However, the broker does not offer the MT5 trading platform. Both platforms are available for download on desktop, mobile, and tablet devices and are compatible with all major online browsers. Pepperstone provide these platforms along with MetaTrader 5 and a choice of social trading platforms for copy trading, including DupliTrade which you can also get via AvaTrade.
MetaTrader 4 (MT4)
Nearly all traders use or have used MT4 across the world to trade financial markets. It includes a variety of trading tools and resources to aid in the market analysis as well as quick and effective order execution and management. It is regarded as an all-in-one platform with a short learning curve for traders of all skill levels. Purple Trading MT4 makes use of an MT4 bridge that is linked to top-tier interbank liquidity providers (LPs). Here are some of the more prominent features of MT4:
- Customisability
- Market watch
- True interbank market liquidity
- Swift execution
- Multiple order types
- 11 time frames and 3 chart types
- One-click trading
- 40+ Technical indicators
- Charting objects
- Push notifications via SMS or email
- Automate your trading with expert advisors (EAs)
- Available on Windows, Mac, Android, and iOS devices
cTrader
Purple Trading offers the cTrader platform by Spotware Systems Ltd. cTrader is well-known for combining a simple user interface with more complex trading tools and a very user-friendly back-end configuration. It is regarded as the ideal trading solution, meeting the demands of the vast majority of traders. cTrader is accessible via Windows, the web, and mobile platforms. In terms of spreads and costs, cTrader provides trading circumstances that are fairly comparable to MT4 accounts. It provides quick and direct STP/ECN market access. cTrader takes advantage of presenting depth of market (DOM) data, which can improve price transparency. Here are some cool features of cTrader:
- STP/ECN and DMA
- Depth of market (DOM)
- VWAP (Volume Weighted Average Price)
- 60+ technical indicators
- Charting objects
- 26 timeframes
- Multiple order types
- Modern interface
- Custom indicators
- Automate your trading with cTrader Automate
WebTrader
Purple Trading offers trading via WebTraders of both MT4 and cTrader platforms. The MT4 online platform operates natively in most current web browsers, without the need for any additional software to be downloaded or installed. Purple Trading provides cTrader for web, a fully web-based application built on HTML5 design and featuring an easy-to-use and configurable graphical interface. It works with the most popular web browsers without downloading or installing any extra software.
Mobile Trading
Purple Trading provides the freedom of trading on the go via modern and intuitive trading apps. Mobile trading platforms of MT4 and cTrader are available on Android and iOS devices. On the MT4 mobile app, users may do the same key tasks as on the desktop platform, such as chart analysis, opening, managing, and closing trades, receiving push alerts, and more. On the other hand, cTrader mobile is also a highly responsive trading software that includes all of the same key features as the desktop platform. The apps cannot run automated strategies, you will need the desktop versions of the platforms for that.
FIX API
The FIX API is designed for the real-time transmission of trade-related data. Professional traders use it to eliminate the need for intermediation software and get data directly to their tools and spreadsheets. Advanced developers and quant traders can use their own customised algorithms and black boxes to connect to the Purple Trading server and leverage the FIX (Financial Information Exchange) price data feeds by using the FIX API. This enables a direct link to institutional liquidity sources, resulting in shorter latency and higher fill rates. Darwinex have an excellent FIX API setup if you are looking to get direct market access for superior pricing and execution.
Purple Zone
Purple Zone is Purple Trading’s customer back-end area, where you can access anything from creating new accounts to account overviews, deposits, withdrawals, and an integrated multi-trader. It is available in numerous languages, is mobile-friendly, and offers rapid automated deposits.
Trading Tools
Purple Trading offers a variety of trading tools to help you quickly and easily perform calculation which is great if you are in a hurry or just not well versed in maths.
Purple Trading Indicators
Purple Trading provides clients with some unique MT4 indicators that have been developed by a team of in-house professionals. These indicators use large historical data to forecast likely market moves. They can be utilised independently or as part of a larger trading strategy that includes technical, fundamental, price movement, and sentiment research. Here are the indicators Purple Trading offers:
- Purple Bands Indicator
- Purple Levels Indicator
- Purple Strike Indicator
- Purple Extreme Indicator
Purple Trading Platforms Summary
| Platform | Purple Trading |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | ✓ |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | x |
Purple Trading cares about their clients to make informed decisions, so they established the Purple Academy. Traders can benefit from market news, how-to guides, tutorials, articles, eBooks, videos, and webinars in the education section. However, the broker does not offer tutorials for trading platforms. That is not really a big deal as you can find plenty online and even included within the platforms themselves.
Market News
Purple Trading’s website includes a section dedicated to the most recent market news. Market news articles published in this section cover a variety of areas and might serve to generate new trading ideas.
Trading Guides
Purple Trading has many ebooks and guides covering a wide range of topics, from basics to advanced trading.
Purple Trading Club
The Purple Trading Club is a forum for traders to discuss unique trading possibilities. You may spend the entire day with other traders discussing the ups and downs of trading. The features of Purple Trading Club are as follows:
- Engage in live trading with other traders and experts
- Discuss trading opportunities, market movements, and trading methods
- Connect with people in the trading community
Purple Trading Research and Education Summary
| Resources | Purple Trading |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | x |
| Other | x |
Purple Trading offers a good variety of payment methods to its clients, including wire transfers, debit/credit cards, and electronic wallets. However, the broker does not offer cryptocurrencies as a mode of payment. If you plan on using crypto for payment, then you might want to consider Hugo’s Way as an alternative option.
Purple Trading Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
Purple Trading is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the European Securities and Markets Authority (ESMA). Moreover, Purple Trading is a registered broker with the most well-known regulatory authorities like FCA in the UK, CONSOB in Italy, AFM in the Netherlands, BaFin in Germany, CNMV in Spain, KNF in Poland, ACPR in France, FSA in Denmark, CNB in the Czech Republic and NBS in Slovakia.
Purple Trading Regulation Summary
| Regulator | Purple Trading |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (CONSOB, AFM, BaFin, CNMV, KNF, ACPR, FSA, CNB and NBS) | ✓ |
Purple Trading Safety
Purple Trading or its parent company is not listed on any stock exchange, and it does not hold a banking license. Purple Trading considers the security and safety of its clients’ money a high priority. Client funds are maintained in separate client accounts with major European banking institutions to guarantee constant access to their funds. This also means that customers’ funds should not be utilised for operating expenses.
Purple Trading offers customer support 24/7 via live chat, phone, and email. The customer support is very responsive and humble from my experience. Moreover, there is a FAQ section on the website to go through the answers to commonly asked questions quickly.
On the industry-standard MT4 and cTrader terminals, Purple Trading offers competitive trading conditions in a wide range of financial products. Clients can access direct-to-market execution via ECN and STP execution methods. With a strong emphasis on technology, services are simple to use and ideal for both novice and experienced traders. As you trade greater volume, trading conditions get more competitive. It is good to see the broker reward you for your loyalty as this is not something that many others do, BlackBull Markets being one of the exceptions. Extra features such as educational content and an exclusive membership club help you get the most out of your Purple Trading experience. Overall, I think they are a good broker for anyone looking to trade a generous range of markets with very good trading conditions and in a regulated environment.
