Purple Trading
Pros and Cons
Pros
- Regulated by Cyprus Securities and Exchange Commission (CYSEC)
- Diverse trading instruments including Forex, commodities, and indices
- Access to advanced trading platforms: MetaTrader 4/5 and cTrader
- Multiple account types tailored for different trading levels
- No fees for deposit and withdrawal transactions
Cons
- Not regulated in major jurisdictions like the US
- Limited cryptocurrency trading options
- No Islamic accounts available
- Restricted payment methods for deposits and withdrawals
- Inactivity fees may apply under certain conditions
Basic Information
User Reviews
Purple Trading Overview
Purple Trading, established approximately 10-15 years ago, is headquartered in Cyprus and operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC). The company, officially known as L.F. Investment Ltd, is recognized for its commitment to providing a regulated trading environment, which enhances trust and assurance for its clients. As a broker, Purple Trading offers a comprehensive range of trading services, ensuring compliance with established financial standards and protocols that safeguard investor interests.
The broker provides access to a diverse array of trading instruments, including forex, commodities, indices, and more. Clients can utilize advanced trading platforms such as MetaTrader 4/5 and cTrader, which offer robust features and tools for effective trading. Customer support is available through various channels, including phone and email, ensuring assistance is readily accessible. Purple Trading distinguishes itself with a solid reputation in the industry, providing multiple account types tailored to different trading preferences, making it a compelling choice for both novice and experienced traders.
Is Purple Trading Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CYSEC) | Cyprus | Segregated Funds, Compliance with Financial Standards |
Is Purple Trading Regulated and How Are Client Funds Protected?
Purple Trading is regulated by the Cyprus Securities and Exchange Commission (CYSEC), holding license number 271/15. This regulatory status ensures that the broker adheres to stringent financial standards and ethical practices, which is crucial for maintaining investor trust. Client funds are protected through measures such as the segregation of client assets, which helps safeguard them in the event of financial difficulties faced by the broker. Additionally, CYSEC’s oversight provides clients with a framework of legal protections, enhancing the overall safety of their investments. The regulatory compliance also reflects Purple Trading’s commitment to transparency and accountability in its operations.
Trading Products and Services
What trading instruments does Purple Trading offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Purple Trading offers a diverse selection of trading instruments across multiple asset categories, including Forex, Commodities, Indices, Stocks, and Cryptocurrencies. This variety is designed to cater to the needs of different traders, from beginners seeking to explore the markets to experienced traders deploying complex strategies. By providing access to a wide range of products, Purple Trading supports portfolio diversification, allowing clients to adapt their trading strategies based on market conditions and personal preferences. Whether you are looking to trade in Forex or explore other markets, this broker offers the flexibility and tools necessary to enhance your trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does Purple Trading Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| STP Account | Beginners to Intermediate Traders | Low spreads, straightforward trading | Suitable for small-capital practice |
| ECN Account | Experienced Traders | Tight spreads, direct market access | Requires higher trading volume qualifications |
| PRO Account | Professional Traders | Advanced trading features, high leverage | Requires professional client status |
Account Opening Process
To open an account with Purple Trading, clients must go through a series of steps. Initially, they need to provide their personal information, employment details, and financial background. This includes submitting identity verification documents such as a valid ID and proof of address. After completing the initial setup, clients have the flexibility to upgrade to a professional account later if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.3 | $0 (ECN: $3.5/lot) | Tight spreads for majors |
| CFDs (S&P 500) | 1.0 | $0 | Standard spreads for indices |
| CFDs (Commodities) | 1.0 | $0 | Standard spreads on commodities |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
Additional costs associated with trading at Purple Trading may include deposit and withdrawal fees, although there are typically no fees for these transactions. Clients should be aware of potential inactivity fees, platform usage fees if applicable, and overnight interest (swap rates) that may apply to their positions. Currency conversion fees may also be incurred when trading in currencies different from the account’s base currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does Purple Trading Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, customizable indicators, multiple order types, price alerts, technical analysis tools | Demo accounts, API interface |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | 2FA, advanced charting, automated trading, economic calendar, depth of market | Demo accounts, API interface |
| cTrader | Windows, macOS, iOS, Android | 2FA, one-click trading, market depth, advanced charting | Demo accounts, VPS services |
Purple Trading provides access to three prominent trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. Each platform supports a wide range of devices, including desktop and mobile systems, ensuring that traders can access their accounts and execute trades from various environments. MT4 is well-suited for beginner to intermediate traders, offering essential tools for technical analysis. MT5 caters to advanced traders with additional features for multi-asset trading and automated strategies. Meanwhile, cTrader emphasizes speed and transparency, making it ideal for those who prioritize fast execution and market insights. All platforms incorporate secure login features and facilitate efficient trade execution, ensuring a reliable trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 50, Max 20,000/day | EUR, USD, GBP |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 10,000/day | EUR, USD, GBP |
| e-Wallets (e.g., Skrill, Neteller) | Instant | 1.5% charge | Min 50, Max 15,000/day | EUR, USD |
| Cryptocurrency | Instant | No platform fee | Min 50, Max 5,000/day | BTC, ETH |
Minimum Deposit
The minimum deposit requirement for Purple Trading is set at €50 or equivalent in other supported currencies. This amount remains consistent across various payment methods and account types, ensuring accessibility for all clients.
How to Withdraw
- Log into your Purple Trading account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount, ensuring it meets the minimum requirements.
- Confirm your withdrawal request and check for any notifications regarding processing times.
- Monitor your account for the withdrawal to be completed within the specified timeframe.
Customer Support
Purple Trading Customer Support Overview
Support Channels
Purple Trading offers customer support through multiple contact methods to assist traders effectively. Clients can reach out via:
- Email: New clients can email info@purple-trading.com for inquiries, while existing clients can use support@purple-trading.com for assistance.
- Telephone: Clients can call for support at +44 14 46 506 711.
- Live Chat: Instant support through live chat is available directly on the Purple Trading website.
- Social Media: Clients can also connect through Purple Trading’s social media channels for updates and support.
Service Availability
Customer support is available from Monday to Friday, 8:00 to 16:00 CET. Purple Trading provides multilingual support, ensuring assistance is accessible to a diverse client base. Supported languages include English and Czech, among others.
Additional Resources
Purple Trading enhances its support offerings with various educational resources, including video tutorials and market analysis, helping clients make informed trading decisions.
Frequently Asked Questions
Yes, Purple Trading is regulated by the Cyprus Securities and Exchange Commission (CYSEC) under license number 271/15. Client funds are protected through measures such as the segregation of client assets, ensuring they are kept separate from the broker’s own funds. This regulatory oversight enhances investor trust and provides a framework of legal protections for clients.
Purple Trading offers three main account types: STP Account for beginners to intermediate traders, ECN Account for experienced traders, and PRO Account for professional traders. Each account type has unique characteristics and is designed to cater to different trading preferences and levels of experience.
Purple Trading provides access to three prominent trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms support a variety of devices and offer advanced features such as technical analysis tools, automated trading capabilities, and fast execution, catering to both novice and experienced traders.
Clients can contact Purple Trading’s customer support through several channels: via email at info@purple-trading.com for new clients and support@purple-trading.com for existing clients, by phone at +44 14 46 506 711, or through the live chat option available on their website. Customer support is available from Monday to Friday, 8:00 to 16:00 CET.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.