The Purple Trading review (2022) Review
The Purple Trading brokerage platform started providing forex services in 2015. It is currently actively promoted in the Czech Republic, Italy, Poland, Slovakia and Eurozone countries. The broker mainly focuses on quality customer service and its main focus is opening trades in currency pairs.
The company was licensed by CySEC, the Cypriot regulator, in 2015. The introducing firm that owns the website is L.F. Investment Limited, which is registered in Cyprus. Legally and personally, the brand maintains full transparency. For example, clients can read the terms and conditions, complaints, conflicts of interest, confidentiality, and where the firm is registered before opening an account.
Purple Trading Platforms
Purple Trading offers a choice of two trading platforms and a FIX API solution. There are the favored MetaTrader 4 (MT4) and cTrader platforms to settle on from. Both platforms are easy to use and suitable for both beginners and advanced traders.
Trading is possible with instruments such as currency pairs, shares of Italian issuers, CFD contracts, and ETF funds. A total of 60 currency pairs, gold, silver, platinum, cryptocurrencies, and even Bitcoin Cash are available to users.
Types of accounts at Purple Trading
Purple Trading has an unusual account system that requires traders to meet certain conditions if they are to receive quality ECN service. All accounts are divided into three categories:
- STP/Direct Market Access – opens by default as soon as an account is registered. According to representatives of Purple Trading, the account would be suitable for traders who prefer to trade with long-term positions and do not want to pay for additional services, other than spreads.
- ECN – is a group of accounts designed for clients who prefer scalping, intraday trading, and algorithmic trading. As in the first case, the broker provides access to the interbank.
- PRO is an account with individual conditions and high requirements for clients. Access to all additional trading tools and sufficient leverage are provided.
The PRO Account is designed to meet at least two of the three conditions. The company opens this account exclusively to private and institutional investors who must meet these requirements:
- closure of a minimum of 10 major transactions in each quarter;
- a portfolio in excess of €500,000;
- the client has worked or has worked for at least one year in a professional position in the financial sector.
A demo account is a great way to try your hand at trading and to apply new knowledge. There are two steps to open a Purple Trading demo account. First, you need to fill in the field where you choose your language, platform and account type. The second is to fill in your personal information, email, name, and phone number. The whole process takes just a couple of minutes and you are ready to start trading.
Deposit and withdrawal from Purple Trading
Purple Trading promises customers “clean liquidity” DMA / STP, fast execution time and positive slippage; low deposit and withdrawal fees, and no trading restrictions.
For financial transactions, the company provides Visa, MasterCard, Skrill, Neteller. The processing time of withdrawal request depends on the method of payment transactions and reportedly does not exceed 2 working days.
Purple Trading pros and cons
- Investor Compensation Fund (ICF)
- Segregated client funds
- Protection against negative balance
- Limited trading assets
- Limited training materials
- Limited leverage for non-professional clients
Pros / Cons