This is an honest Purple Trading review done on the requested by our readers.
Purple Trading is an online forex brokerage platform owned and operated by L.F. Investment Limited. The platform was launched in 2016 and is currently available in four languages, Czech, Italian, Polish, and English.
The parent company of Purple Trading, L.F. Investment Limited, is regulated by CySEC to conduct business within the EU region under license No. 271/15.
Currently, Purple Trading does not accept clients outside of the EU.
Clients from Belgium and Switzerland, USA are also banned from trading with Purple Trading.
Purple Trading Account Types
Purple Trading recognizes the diversity of the foreign exchange market traders. As such, the broker offers a variety of forex trading accounts that are broadly classified into STP/Direct Market Access account, ECN account, and Pro account.
The STP/Direct Market Access account
is the default account that is given to traders upon signing up with Purple Trading. It is designed specifically for position traders who tend to hold positions for long periods of time. The main cost of running this account type is covered by the spread, which means no commissions or fees.
The Pro account
is created for traders who achieve professional status after meeting 2 of 3 key requirements listed below.
- The client makes significant trades of at least 10 per quarter during 4 consecutive quarters.
- The size of the client trading account (including cash deposits and financial instruments) exceeds EUR 500,000.
- The client has a working experience of at least one year in the financial sector.
The ECN Account is subdivided into four account types, which attract different commission levels per lot depending on the deposit balance.
Purple Trading Starter Account
The starter account requires a deposit of EUR100 to EUR 1,000. The commission on the ECN account is $10 per lot. It has access to pure DMA/STP liquidity and features high execution speeds, positive slippage, and low deposit/withdrawal fees. Traders can also use the purple strike, bands, and extreme indicators for free. Beginner traders can apply for a mentor and have access to trading analysis.
Purple Trading Standard Account
Traders with this account type have access to all starter account features. The deposit/account balance must be EUR 1,000 to EUR 20,000. Traders must have been actively trading for at least 6 months to qualify for this account type.
This gives them access to additional features, which include: market analysis via Email, access to extra trading tools provided through the MT4, and technical analysis and trade signals via the trading platform to be added soon. Traders also get an attractive 40% discount on the Algo traders StartegyQuant system, which normally goes for $1,500 at a reduced lifetime cost of $900.
Purple Trading Prime Account
This the second biggest account type at Purple Trading. It requires a trader to have an account balance or deposits of EUR20,000 to EUR60,000. ECN account holders pay a reduced commission of $6.00 per lot. To qualify, traders must have 12 months of active trading under their belt. In addition to the features and tools accessible to the starter and standard account holders, prime account holders get a dedicated account manager.
Purple Trading VIP Account
This account type requires traders to have at least 24 months of active trading and deposit/account balance of more than EUR60,000. In addition to the benefits accessed by account holders of all the other account types, traders with a VIP account also have access to professional trading analyses done by a professional trader. The account type also comes bundled with an individual Algo strategy/Expert Advisor coding and a free VPS located in Equinix next to the broker’s MetaTrader server.
Trading Platforms and Tools
Purple Trading offers trading services via two main platforms. The MetaTrader4 and the cTrader platform. There are also additional tools and indicators that traders can use to boost their trading experience.
This is the most popular trading platform at Purple Trading. It comes fully equipped with all the technical tools and features of the traditional MetaTrader platform. At Purple trading, the MetaTrader4 is offered in four versions. Mac and Windows for PC, and Android and iOS for Mobile devices.
This is a revolutionary forex trading platform created for intuitive trading. It is easy to use and comes bundled with up to 26 different timeframes, more than 70 indicators, and 9 different ways of displaying charts. It allows algorithmic traders to easily update the trading system for the smooth running of automated trading. It is available in PC (downloadable), web, and mobile device formats.
The Purple Trading market scanner is a technical trading multi-tool, which allows traders to make different analytical charting patterns. This ensures that traders make more accurate trading decisions based on the information that they gather from their predictive analysis. It uses educational materials, market data and volatility analysis to immediately identify trading opportunities. It works well with the MT4 and is offered free at Purple Trading in both Windows and Mac OS.
Purple Trading also offers its trader access to Purple Indicators, which are custom indicators developed by the broker to increase the trading experience of traders through technical analysis.
At Purple Trading, traders have access to over 60 currency pairs including all majors, minors, cross pairs, and exotic currency pairs. Traders can also trade all the major Indices and ETFs via CFDs including UK100, NASDAQ, S&P 500, Nikkei 225, DAX30, CAC40, and many more. Other popular assets include Metals (Gold, Silver, etc), Cryptocurrencies, and Commodities (Oil, etc).
Deposits and Withdrawals
Purple Trading aspires to process client deposits and withdrawals at speed. Some payment methods attract fees while others are free.
Purple Trading Deposit Methods
Purple Trading Customer Support
Purple Trading provides dedicated customer support to its clients via telephone and Email.
Main: +44 14 46 506 711 Mon – Fri, 8-16h (CET)
Emergency line: +420 228 881 245