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The Purple Trading brokerage platform began providing services in the Forex market in 2015. At the moment, it is actively promoted in the Czech Republic, Italy, Poland, Slovakia and the countries of the Eurozone. The broker mainly focuses on high-quality customer service, and its main focus is the opening of transactions on currency pairs.
Is Purple Trading regulated?
The company received a license from the Cypriot regulator CySEC in 2015. The introducing firm that owns the website is L.F. Investment Limited, registered in Cyprus. The service operates exclusively on the STP model and claims that it does not receive any income from the client’s losses and does not perform price manipulations.
Legally, and personally, the brand remains fully transparent. For example, a client can read the terms and conditions, complaint policy, conflicts of interest, confidentiality, and where the firm is registered before opening an account. It cannot be said that Purple Trading is a scam as it is officially registered by organizations such as the FCA, BaFin, CONSOB, CNMV, CNB, FSA, and several others.
Thus, the broker has the full right to carry out activities on the territory of Poland, the Czech Republic, the Netherlands, Denmark, Germany and other countries. For familiarization and consultation, the broker provides the address of the Czech office, as well as the addresses of representatives in other cities of the Czech Republic and Slovakia. The headquarters of the management company is located in Cyprus.
What does Purple Trading offer? Markets & Terminals
Purple Trading’s official website is extremely simple and concise – it is easy to understand it and get the necessary information. Before opening an account, a beginner can read a brief information about the Forex market and the services offered by the company. Trading is possible with instruments such as currency pairs, shares of Italian issuers, CFDs and ETFs.
In total, users have access to 60 currency pairs, gold, silver, platinum, cryptocurrencies, and even Bitcoin Cash. The entire trading process can take place on the cTrader or MT4 terminal, depending on the investor’s preferences. As mentioned in user Purple Trading reviews, the platform offers additional indicators and other tools for technical analysis.
Types of accounts with Purple Trading
The company has an unusual account system that requires traders to comply with certain conditions if they want to receive high-quality ECN service. All accounts are divided into three categories:
- STP/Direct Market Access – opens by default immediately after registering an account. According to representatives of Purple Trading, working with such an account is 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 to trade scalping, intraday trading, or algorithmic trading. As in the first case, the broker provides access to the interbank market.
- PRO is an account with individual conditions and high requirements for customers. Access to all additional trading instruments and sufficient leverage is provided.
The PRO Account is designed to comply with at least two of the three conditions. The Company opens this account exclusively to private and institutional investors who must meet these requirements:
- closing at least 10 major deals per quarter;
- A portfolio of more than €500,000
- The client works or has worked for at least a year in a professional position in the financial sector.
With Purple Trading, withdrawals are made in any way convenient for the client. To open an ECN account, you need to register in the loyalty program and replenish the deposit with $100. Additionally, the trader will have access to floating market spreads and leverage from 1:30 to 1:400. The broker clearly indicates the amount of commissions and additional fees.
What do users think about Purple Trading?
The service has a mixed reputation, and there are occasional negative reviews about Purple Trading on the Internet. In particular, clients complain about conditions, high swaps, and extended spreads. On comment platforms, a company representative actively responds. In the Russian-speaking segment, the broker is not well known, so there are few reviews about it.
It is impossible to say that Purple Trading is a scam. The company maintains a high degree of transparency, warns of possible risks, and is registered in several jurisdictions.