Purple Trading

Purple Trading Review

Purple Trading, headquartered in Cyprus, operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with strict financial standards. They offer a maximum leverage of up to 1:30 for retail clients and up to 1:500 for professional clients, varying by instrument. Spreads start from 1.3 pips for STP accounts and 0.3 pips for ECN accounts, with variations based on account type and status. Clients can trade a diverse range of assets including Forex, Indices, Commodities, and Stocks. Purple Trading provides multiple account types such as ECN, STP, Managed, and PRO, each with its own fee structures and benefits. They offer a demo account for users to practice trading strategies. Customer support is available through phone, email, and a FAQs section on their website. Payment methods include credit card, domestic payments, SEPA payments, and international payments.

Regulation

Purple Trading is regulated by the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with strict financial standards and protocols. This regulatory oversight instills confidence in clients, as it indicates that Purple Trading operates within a regulated framework, offering greater transparency and protection for investors. CYSEC's supervision ensures Purple Trading's adherence to legal and ethical practices in the financial industry.

Pros and Cons

Market Instruments

Purple Trading offers a comprehensive array of market instruments across various categories:

1. Forex: Currency pairs, providing opportunities to trade major, minor, and exotic currency pairs.
2. Indices: Trading on stock market indices, enabling speculation on the performance of global equity markets.
3. Commodities: Access to a range of commodities including precious metals (e.g., gold, silver), energy (e.g., oil, natural gas), and agricultural products (e.g., wheat, corn).
4. Stocks: Individual stock trading, allowing investors to buy and sell shares of publicly listed companies across different sectors and regions.

Account Types

Purple Trading offers a variety of account types tailored to different trading styles and preferences:

1. ECN Account: The standard account option providing tight spreads directly from liquidity providers. Ideal for intraday and scalping traders who benefit from low-cost trading with modifiable commissions per traded lot.
2. STP Account: A secondary account type where traders do not pay for the volume of trades executed, but spreads are slightly wider than in the ECN account. Suitable for position and swing traders seeking cost-effective trading.
3. Managed Account: This account facilitates access to a range of investment products including passive ETF portfolios and dynamic investment strategies crafted by professional traders. Mini versions are available for smaller investments, starting from 100 EUR, catering to investors seeking a managed approach to trading.
4. PRO Account: Designed for professional traders meeting legislative conditions, available in ECN or STP variants. Offers customizable commissions, spreads, and trading approaches, providing flexibility and tailored solutions for experienced traders.

Leverage

Purple Trading offers varying levels of leverage depending on the instrument being traded and the classification of the client:

1. For retail clients, the maximum trading leverage is up to 1:30 across all instruments, including Forex, Indices, Commodities, Stocks, Futures, and Crypto.
2. For clients meeting the requirements for classification as a professional client, the maximum leverage is up to 1:500 for certain instruments and up to 1:100 for experienced clients.

Spreads and Commissions

Purple Trading offers two main types of accounts tailored to different trading styles, each with its own fee structure:

STP Account:

• No commission per traded volume.
• Spreads start from 1.3 pips.
• Suitable for position traders looking for wider spreads and no commission charges.
• Traders can opt for an STP account during the account creation process in the Purple Zone.

ECN Account:

• Commission charged per lot traded, with varying rates depending on the trader's status.
• Spreads start from 0.3 pips.
• Ideal for intraday traders seeking tighter spreads and direct access to the interbank market.
• ECN accounts offer spreads directly from liquidity providers and access to the interbank market.
• Trader status levels (Standard, Prime, VIP) allow clients to access better trading conditions, including lower commissions and spread discounts.

Commissions:

• Standard: Commission for ECN account trading is $10 USD per lot.
• Prime: Commission for ECN account trading is $8 USD per lot.
• VIP: Commission for ECN account trading is $5 USD per lot.
• Spread discounts for STP account holders range from 0 to 0.5 pips, depending on the trader's status level.

Clients can improve their trading status by contacting Purple Trading for more information, enabling them to access better trading conditions with lower spreads or commissions. Overall, traders can select the account type and trader status that best aligns with their trading preferences and goals.

Deposit & Withdrawal

As a client of Purple Trading, you have the flexibility to choose from various deposit and withdrawal methods, each with its own set of conditions:

Deposit Methods:

Credit Card Deposit:

1. Fee: Free

1. Processing Time on Our End: Instantly

1. Average Bank/Provider Processing Time: Within a few minutes

1. Transaction Limit: No specified limit

1. Requirements: For new cards, manual approval may be required, and a card scan is necessary for the first deposit.

Domestic Payment in CZK and PLN; SEPA Payment in EUR:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 1-2 business days

1. Transaction Limit: Not specified

International Payment in Other Currencies:

1. Fee: 0.5% (min. 5 EUR, max. 100 EUR)

1. Processing Time on Our End: 3-5 business days

1. Average Bank/Provider Processing Time: 3-5 business days

1. Transaction Limit: Not specified

Withdrawal Methods:

Credit Card Withdrawal:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 2-14 business days

1. Transaction Limit: Maximum amount equal to card deposits

1. Requirements: Must use the same credit card used for deposit

Domestic Payment in CZK and PLN; SEPA Payment in EUR:

1. Fee: Free

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 1-2 business days

1. Transaction Limit: Not specified

International Payment in Other Currencies:

1. Fee: 0.5% (min. 5 EUR, max. 100 EUR)*

1. Processing Time on Our End: 1 business day

1. Average Bank/Provider Processing Time: 3-5 business days
2. Transaction Limit: Not specified

Trading Platforms

Purple Trading provides access to two leading trading platforms, MetaTrader 4 (MT4) and cTrader, offering clients a comprehensive suite of tools and features for effective trading. MetaTrader 4, a widely acclaimed platform in the industry, offers advanced charting capabilities, customizable indicators, and automated trading through Expert Advisors (EAs), empowering traders with robust technical analysis tools. On the other hand, cTrader stands out with its intuitive interface, lightning-fast execution, and Level II pricing transparency, catering to traders who prioritize speed, precision, and depth of market insights.

Customer Support

Purple Trading offers comprehensive customer support through various channels:

1. Phone Support:
1. In case of emergencies, clients can reach out to Purple Trading at +420 228 881 245.
2. General client support is available Monday to Friday from 8:00 to 16:00 (CET) via phone at +44 14 46 506 711.
2. Email Support:
1. New clients can reach out to info@purple-trading.com for inquiries.
2. Existing clients can contact support@purple-trading.com for assistance.
3. Online Resources:
1. Clients can visit the Frequently Asked Questions (FAQs) section on the Purple Trading website for quick answers to common queries.
4. Physical Address:
1. Clients can contact the company by phone at +357 25 030 444 or via fax at +357 25 577 211.
2. Purple Trading's headquarters is located at 11, Louki Akrita, CY-4044 Limassol, Cyprus.

Purple Trading ensures prompt and reliable customer support to address any inquiries or concerns clients may have.

Conclusion

To provide a summary, Purple Trading is a regulated broker that provides favorable trading conditions, low trading costs, roboust trading platform including MT4 and cTrader. It can be an ideal broker for traders who want to try forex trading compared to those who are unregulated.

FAQs

What trading platforms does Purple Trading offer?

Purple Trading provides access to two leading trading platforms, MetaTrader 4 (MT4) and cTrader, offering a range of tools and features for effective trading.

What are the deposit methods available at Purple Trading?

Purple Trading offers various deposit methods, including credit card deposits, domestic payments in CZK and PLN, and SEPA payments in EUR.

Does Purple Trading charge fees for deposits and withdrawals?

Purple Trading does not charge fees for deposits made via payment cards. However, fees may apply for international payments in other currencies and withdrawals, depending on the chosen method.

How can I contact Purple Trading for customer support?

You can contact Purple Trading's customer support team via phone during business hours, email, or by visiting our headquarters in Cyprus.