Purple Trading

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Popularity top broker
Leverage 1:500
Minimum Deposit $100
Regulation ASIC, CySEC, BaFin, MAS, VFSC, CIMA, SCA, CNMV, FCA, FSCA, BVI FSC, FSA, FSCM, CMA, NFA, CFTC, FINRA, JFSA, IIROC, AFM, CONSOB, SEBI
Payment Methods Bank Transfer, Credit/Debit Cards, Skrill, Neteller, PayPal, Bitcoin
Trading Assets Forex, Stocks, Indices, Commodities, Cryptocurrencies
MT4
MT5
Spreads Extremely low
Average cost: EUR/USD 0.1 pips
Demo Account
Islamic Account
MAM
PAMM
Copy Trading
ZuluTrade
Scalping Yes
Signals
EA/Robots Available
Negative Balance Protection Yes
Deposit Fee
Withdrawal Fee
Inactivity Fee $5/month
Year Established 2016
Address 160 City Road, London, United Kingdom
Contact Information Email: [email protected], Phone: +44 20 8133 7801, Live Chat, Contact Form
Mobile Trading APP
Rating ★★★★☆ 4.3
Website

Article Content

Pros and Cons

Pros
  • Highly regulated by multiple authorities
  • Extremely low spreads
  • Diverse range of trading instruments
  • Excellent customer service
  • Advanced trading platform (MT4)
Cons
  • Inactivity fee
  • Limited educational resources
  • No US clients accepted
  • High minimum deposit for premium accounts
  • No MT5 platform

Introduction

Purple Trading is a globally recognized online brokerage firm that offers a wide range of trading services to retail and institutional clients.

Known for its competitive trading conditions, excellent customer service, and stringent regulatory compliance, it has carved a niche in the highly competitive forex and CFD trading market.

In this review, we will delve into various aspects of the broker to provide a comprehensive understanding of its offerings, strengths, and areas for improvement.

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Company Overview

Background

Purple Trading was established in 2016 with the mission to provide transparent and efficient trading services.

The company is headquartered in London, United Kingdom, and has quickly gained a reputation for its reliable trading platforms, low spreads, and robust regulatory framework.

Regulatory Compliance

One of the standout features of this broker is its adherence to strict regulatory standards.

It is regulated by multiple top-tier authorities, including:

  • ASIC (Australian Securities and Investments Commission)
  • CySEC (Cyprus Securities and Exchange Commission)
  • FCA (Financial Conduct Authority, UK)
  • BaFin (Federal Financial Supervisory Authority, Germany)
  • MAS (Monetary Authority of Singapore)

This multi-regulatory oversight ensures that the firm operates with high standards of security, transparency, and accountability, offering peace of mind to its clients.

Account Types

Purple Trading offers many account types to cater to different trading needs and experience levels.

Each account type has its own unique features, tailored to meet the specific requirements of different categories of users.

Standard Account

The Standard Account is designed for beginners and intermediate users who are looking for a cost-effective way to trade.

  • Minimum Deposit: $100
  • Leverage: Up to 1:500
  • Spreads: Extremely low
  • Commissions: None
  • Suitable For: Beginners and intermediate traders

Professional Account

The Professional Account caters to experienced customers who require lower spreads and additional features.

  • Minimum Deposit: $500
  • Leverage: Up to 1:500
  • Spreads: Lower than standard account
  • Commissions: Low
  • Suitable For: Experienced users

Institutional Account

The Institutional Account is tailored for high-volume traders and institutions, offering customizable conditions.

  • Minimum Deposit: Custom
  • Leverage: Up to 1:100
  • Spreads: Negotiable
  • Commissions: Negotiable
  • Suitable For: High-volume users and institutions

Islamic Account

The Islamic Account is designed for clients who follow Sharia law, ensuring compliance with Islamic finance principles.

  • Minimum Deposit: $100
  • Leverage: Up to 1:500
  • Spreads: Extremely low
  • Commissions: None
  • Suitable For: Clients adhering to Sharia law

Account Types Comparison Table

Feature

Standard Account

Professional Account

Institutional Account

Islamic Account

Minimum Deposit

$100

$500

Custom

$100

Leverage

Up to 1:500

Up to 1:500

Up to 1:100

Up to 1:500

Spreads

Extremely low

Lower than standard account

Negotiable

Extremely low

Commissions

None

Low

Negotiable

None

Suitable For

Beginners and intermediate

Experienced users

High-volume users and institutions

Clients adhering to Sharia law

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Trading Platforms

The firm offers the popular MetaTrader 4 (MT4) platform, known for its robust features and user-friendly interface.

However, it does not offer the newer MetaTrader 5 (MT5) platform, which might be a limitation for some clients.

MetaTrader 4 (MT4)

The MT4 platform is equipped with advanced tools and features that cater to both novice and seasoned investors.

Features:

  1. Advanced charting tools
  2. Automated trading through Expert Advisors (EA)
  3. Multiple order types
  4. Secure and stable

Available On:

  • Desktop (Windows and Mac)
  • Mobile (iOS and Android)
  • Web
  •  

Trading Instruments

Purple Trading provides access to a wide range of trading instruments across various asset classes.

This diversity allows users to diversify their portfolios and explore different market opportunities.

Forex

Forex trading is a major offering, with a wide range of currency pairs available for trading.

  • Major pairs: EUR/USD, GBP/USD, USD/JPY
  • Minor pairs: EUR/GBP, AUD/CAD
  • Exotic pairs: USD/TRY, EUR/SGD

Stocks

Users can trade shares of major global companies through CFDs, allowing them to speculate on price movements without owning the actual shares.

Indices

Trading on major global indices is available, providing traders with the opportunity to invest in the overall performance of markets.

  • Examples: S&P 500, FTSE 100, DAX 30

Commodities

Commodity trading includes both precious metals and energy products, offering a hedge against inflation and market volatility.

  • Precious metals: Gold, Silver
  • Energy: Crude Oil, Natural Gas

Cryptocurrencies

The broker offers CFD trading on major cryptocurrencies, allowing clients to speculate on the volatile crypto market.

  • Examples: Bitcoin, Ethereum

Trading Instruments Table

Asset Class

Instruments

Examples

Forex

Major, Minor, Exotic Pairs

EUR/USD, GBP/USD, USD/TRY

Stocks

CFDs on Global Shares

Apple, Google, Tesla

Indices

Major Global Indices

S&P 500, FTSE 100, DAX 30

Commodities

Precious Metals, Energy Products

Gold, Silver, Crude Oil

Cryptocurrencies

CFDs on Major Cryptocurrencies

Bitcoin, Ethereum

Spreads and Commissions

Spreads

This broker is known for offering extremely low spreads, which can significantly reduce trading costs.

Here’s a snapshot of average spreads on major pairs:

Currency Pair

Average Spread (pips)

EUR/USD

0.1

GBP/USD

0.3

USD/JPY

0.2

These low spreads make it an attractive option for cost-conscious users looking to maximize their returns.

Commissions

For standard accounts, the broker charges no commissions on trades.

For professional and institutional accounts, commissions are relatively low and can be negotiated based on trading volume.

Payment Methods

The broker supports close to 10 payment methods to ensure convenience for its clients.

This flexibility allows people from different regions to fund their accounts with ease.

  • Bank Transfer
  • Credit/Debit Cards
  • Skrill
  • Neteller
  • PayPal
  • Bitcoin

Deposit and Withdrawal Fees

Purple Trading does not charge any fees for deposits or withdrawals, making it cost-effective for clients to move their funds.

This policy enhances the overall trading experience by minimizing hidden costs.

Customer Support

Customer support is a critical aspect of any brokerage service, and it excels in this area.

The company offers excellent support, available through multiple channels:

  • Email: [email protected]
  • Phone: +44 20 8133 7801
  • Live Chat: Available on the website
  • Contact Form: Available on the website

The support team is known for its responsiveness and expertise, providing timely assistance to clients.

Whether you need help with account issues, trading queries, or technical support, the customer service team is well-equipped to handle your needs.

Mobile Trading

In today’s fast-paced world, mobile trading capabilities are essential for many investors.

Purple Trading offers a robust mobile trading app, available on both iOS and Android platforms.

The app allows users to manage their accounts, execute trades, and monitor markets on the go.

Features:

  1. Real-time quotes and charts
  2. Full trading capabilities
  3. Account management
  4. Secure login

The mobile app mirrors the functionality of the desktop platform, ensuring that traders have access to the same tools and features, regardless of where they are.

Education and Resources

While Purple Trading excels in many areas, its educational resources are relatively limited compared to other brokers.

The firm offers basic tutorials and webinars, but there is room for improvement in providing more comprehensive educational content for beginners.

Educational Materials

  • Tutorials: Covering basic trading concepts and platform navigation
  • Webinars: Regularly scheduled sessions on market analysis and trading strategies
  • Blog: Articles on market news, analysis, and trading tips

Investors who rely heavily on educational resources might find the offerings a bit sparse.

However, the quality of the available materials is high, providing useful insights and practical information.

Security and Safety

Regulatory Protection

The broker’s adherence to multiple regulatory standards ensures that clients’ funds are protected and that the company operates with a high level of transparency and accountability.

Fund Security

Client funds are kept in segregated accounts, separate from the company’s operational funds.

This ensures that client money is protected in case of any financial instability.

Data Protection

The firm employs advanced encryption technologies to safeguard clients’ personal and financial information, ensuring a secure trading environment.

User Experience

Platform Interface

The MT4 platform is user-friendly and feature-rich, making it suitable for both novice and experienced investors.

The interface is intuitive, with customizable charting tools and multiple order types.

Account Management

Managing accounts is straightforward.

The broker offers a seamless account opening process, easy deposit and withdrawal procedures, and comprehensive account management tools.

Trading Execution

This broker is known for its fast and reliable trade execution, minimizing slippage and ensuring that trades are executed at the best possible prices.

Promotions and Bonuses

Many brokers offer promotions and bonuses to attract new clients and retain existing ones.

While Purple Trading does not have an extensive range of bonuses compared to some of its competitors, it does provide occasional promotions that can add value to your trading experience.

Welcome Bonus

Sporadically, the broker offers a welcome bonus for new clients.

This bonus can vary in amount and is often tied to the initial deposit made by the client.

Referral Program

The company has a referral program where existing clients can earn bonuses by referring new clients to the platform.

This program provides an incentive for clients to bring in new customers and can be a good way to earn additional funds.

Loyalty Programs

Although not always available, it occasionally runs loyalty programs where clients can earn rewards based on their trading volume.

These programs are designed to encourage more trading activity and reward loyal clients.

Promotions Table

Promotion Type

Description

Availability

Welcome Bonus

Bonus on initial deposit

Occasional

Referral Program

Bonuses for referring new clients

Ongoing

Loyalty Programs

Rewards based on trading volume

Occasional

Market Research and Analysis

Purple Trading provides a range of market research and analysis tools to help clients make informed trading decisions.

These tools are essential for both novice and experienced users who rely on data-driven insights to guide their trading strategies.

Daily Market Analysis

The broker offers daily market analysis reports that cover major financial markets.

These reports include technical and fundamental analysis, market trends, and key economic events that can impact trading.

Economic Calendar

An economic calendar is available on the website, providing a schedule of important economic events and data releases.

This tool helps investors stay informed about market-moving events and plan their trading activities accordingly.

Trading Signals

For those who prefer to use trading signals, Purple Trading offers a range of signal services.

These signals are generated by experienced analysts and can be used to identify potential trading opportunities.

Research Tools Table

Research Tool

Description

Availability

Daily Market Analysis

Technical and fundamental reports

Available on the website

Economic Calendar

Schedule of economic events

Available

Trading Signals

Generated by experienced analysts

Available through subscription

Partnership Programs

Purple Trading offers several partnership programs for individuals and businesses looking to collaborate with the broker.

These programs are designed to provide mutual benefits and enhance their reach in the market.

Introducing Broker (IB) Program

The Introducing Broker program is aimed at individuals and businesses that refer new clients.

IBs earn commissions based on the trading activity of their referred clients.

White-Label Solutions

For businesses looking to offer trading services under their brand, the company provides white-label solutions.

This program allows partners to leverage the broker’s infrastructure and technology while maintaining their branding.

Affiliate Program

The Affiliate Program is designed for online marketers who promote its services through their websites and social media channels.

Affiliates earn commissions based on the traffic and new clients they generate.

Partnership Programs Table

Program Type

Description

Benefits

Introducing Broker (IB)

Refer clients and earn commissions

Ongoing commissions

White-Label Solutions

Offer trading services under own brand

Leverage its technology

Affiliate Program

Promote services online and earn commissions

Commissions based on referrals

Fees and Costs

In addition to spreads and commissions, it’s important to consider other fees and costs associated with trading.

Understanding these costs can help clients manage their trading expenses more effectively.

Inactivity Fee

The broker charges an inactivity fee of $5 per month for accounts that have been inactive for a certain period.

This fee is relatively low but can add up if an account remains inactive for an extended period.

Overnight Swap Fees

Overnight swap fees apply to positions held overnight.

These fees vary depending on the instrument and the direction of the trade (long or short).

It’s essential for users to consider these fees when planning their trading strategies.

Conversion Fees

For clients trading in currencies besides their account’s base currency, conversion fees may apply.

These fees are incurred when converting profits or losses back to the base currency.

Fees and Costs Table

Fee Type

Description

Amount

Inactivity Fee

Charged for inactive accounts

$5/month

Overnight Swap Fees

Applied to positions held overnight

Varies by instrument

Conversion Fees

Applied to currency conversions

Varies by currency

User Feedback and Community

User feedback and community engagement are crucial aspects of evaluating any brokerage service.

Purple Trading has a strong presence in the online trading community, and user feedback generally reflects a high level of satisfaction.

User Forums and Social Media

The broker actively engages with its users through various online forums and social media platforms.

This engagement helps the firm stay connected with its client base and address any concerns promptly.

Client Testimonials

Many clients have shared positive testimonials about their experiences with Purple Trading.

These testimonials often highlight its low spreads, fast execution, and excellent customer service.

User Feedback Table

Feedback Source

Description

Overall Sentiment

User Forums

Active participation and support

Positive

Social Media

Engaging content and quick responses

Positive

Client Testimonials

Highlight low spreads and good service

Positive

Final Thoughts

Purple Trading is a well-regulated and reputable broker that offers competitive trading conditions, a wide range of trading instruments, and excellent support.

Its user-friendly MT4 platform and variety of account types cater to investors of all experience levels.

While the absence of the MT5 platform and limited educational resources are minor drawbacks, the overall quality of services provided makes it a strong choice for both novice and experienced investors.

With its commitment to transparency, security, and customer satisfaction, it continues to be a reliable option in the online trading industry.

Whether you are a retail investor looking for low-cost trading solutions or an institutional client seeking high-volume trading capabilities, Purple Trading has something to offer.

Visit official website: www.purple-trading.sc

User Reviews

“I’ve been using Purple Trading for over a year now, and I must say, their customer support is outstanding. Every time I had an issue, they responded quickly and efficiently. The trading platform is also very user-friendly and reliable. Highly recommended!”
John Smith
“Purple Trading has one of the best spreads in the market. I switched from another broker and noticed a significant improvement in my trading costs. The only downside is the inactivity fee, but if you’re an active trader, it shouldn’t be an issue.”
Emily Johnson
“I’ve had a great experience so far. Their MT4 platform works seamlessly, and I love the variety of trading instruments they offer. The registration process was straightforward, and I had my account up and running in no time.”
Michael Brown
“As someone who trades part-time, I appreciate the flexibility Purple Trading offers. The spreads are extremely low, which means more profit for me. However, I do wish they had more educational resources for beginners.”
Sarah Davis
“Their mobile app is a game-changer for me. I can trade on the go without any issues. The interface is clean and easy to navigate. Their customer service is also top-notch, always ready to assist.”
David Wilson

Featured Video: cTrader vs. MT4

Frequently Asked Questions (FAQ)

Is Purple Trading regulated?

Yes, the company is regulated by multiple authorities including ASIC, CySEC, and FCA.

What is the minimum deposit required?

The minimum deposit required to open an account is $100.

Does it offer a demo account?

Yes, Purple Trading offers a demo account for traders to practice and get familiar with the platform.

What trading platforms are available?

Purple Trading offers the MT4 trading platform.

Are there any fees for deposits or withdrawals?

No, the broker does not charge any fees for deposits or withdrawals.

Does it support Islamic accounts?

Yes, Purple Trading offers Islamic accounts for clients who follow Sharia law.

What payment methods are accepted?

This broker accepts various payment methods including bank transfer, credit/debit cards, Skrill, Neteller, PayPal, and Bitcoin.

Resources

      Our experts

      This article has been written, edited and reviewed by the following members of our team:

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      Feng Zhou

      Feng Zhou, a seasoned author and financial expert, boasts a diverse portfolio of articles recognized by prestigious publications such as Bloomberg, Global Asia, and BizLeaders. Graduating from the University of Hong Kong marked the inception of Mr. Zhou's journey into the financial sector. Initially delving into financial statement audits for both publicly traded and privately held clients, he honed his skills before furthering his education at Hong Kong Polytechnic University. During his tenure, Feng Zhou contributed significantly to the valuation of privately held businesses, engaged in forensic accounting, and provided litigation-related services. His professional trajectory also includes valuable experience at Nezu Asia Capital Management, a prominent hedge fund giant. Demonstrating entrepreneurial spirit, Feng Zhou founded a financial asset management company and frequently shares his expertise as a guest lecturer at various Chinese MBA programs. His prolific writing extends beyond traditional platforms, with articles featured in a range of industry events and publications, including FoxTrade, The MoneyShow, London Summit, and iFX EXPO. With a keen eye for market trends and a wealth of experience, Feng Zhou continues to be a prominent voice in the financial landscape.

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      Sandro Pontedra

      Sandro Pontedra is the mastermind behind the insightful financial analysis and educational content that FoxTrade readers have come to rely on. With a rich academic background from Università di Bologna and the University of Milan, Sandro has built a career that spans across private wealth management and financial analysis, culminating in his role as Chief Accounting Officer for a prominent firm. An avid trader with over a decade of experience in the markets, Sandro combines his hands-on trading knowledge with a keen analytical mind, offering FoxTrade readers a unique blend of practical advice and in-depth market insights. His work, recognized by major financial publications, reflects his passion for finance and commitment to demystifying complex financial concepts. Sandro is dedicated to empowering readers with the knowledge and tools needed to navigate the financial markets confidently. Whether you're a seasoned investor or new to trading, his articles provide valuable insights into investment strategies, market analysis, and the future of finance and technology.

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      Stephane Dubois

      Stephane Dubois stands at the forefront of financial analysis and industry expertise, driving innovation and insight across global markets. With a diverse academic background in International Relations and World Economy, coupled with practical experience spanning government projects and private sector endeavors across five continents, Stephane brings a wealth of knowledge and perspective to his role. As a senior editor at FoxTrade, Stephane oversees the publication of insightful content, ensuring that readers receive accurate and timely analysis to navigate the complexities of the financial world. His leadership and editorial guidance have been instrumental in shaping the platform into a trusted source of information for investors and traders alike. Beyond his editorial responsibilities, Stephane is revered as a leading analyst in the online broker industry. His insights have been instrumental in shaping strategies and decision-making for executives worldwide. Stephane's expertise isn't confined to the boardroom; he is also an esteemed business school professor, with an MBA from Columbia University and prior experience at Goldman Sachs. Stephane's impact extends beyond the confines of academia and corporate settings. He has spoken and moderated panels at prestigious events globally, earning citations from esteemed publications such as Finance Monthly, The Journal of Finance, and Financial Analysts Journal. His contributions to industry discussions cover a wide array of topics, from forex strategies to stock market catalysts, earning him recognition as a thought leader in the financial world.

      Last update: June 5, 2024