PURPLE TRADING Review: Do Withdrawal Delays, Wide Spreads & Customer-Service Complaints Hold Weight?

PURPLE TRADING, a Seychelles-based forex brokerage entity, is constantly criticized by numerous traders on review platforms such as WikiFX. While withdrawal delays or denials are reportedly a common issue here, there are also complaints about wide spreads and poor customer services. This PURPLE TRADING review examines user-reported allegations against the trading enterprise. Additionally, the article takes a close look at the brokers regulatory status.

PURPLE TRADING Overview: Trading Accounts & Platforms

PURPLE TRADING grabs users attention by advertising spreads that start as low as zero pips on its trading accounts. The second striking feature is that the broker claims that around 80% of trades on the platform are executed at the same or better price, courtesy of LD4 Equinix-based servers with zero latency. Both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are available for users.

It offers two trading accounts - Standard and RAW - with specific trading conditions. To know about this, check the table below.

Both Standard and RAW accounts have the same minimum deposit requirement of $500 and are relatively affordable for beginners. Spread-wise, RAW is impressive, while Standard is slightly costlier. The leverage of 1:500 is impressive. It can enhance the possibility of substantial profits by letting users open a large position in exchange for a lower margin. However, an overleveraged account, amid a volatile market scenario, can face issues of blowups and a margin call by the broker. While the Standard account has zero commission, the RAW account comes with a slightly higher charge of $5 per side.

Top User Allegations Against PURPLE TRADING

No Withdrawals Possible Beyond the Invested Capital

A user from the United States reported this while sharing the PURPLE TRADING review on WikiFX, a renowned forex regulation inquiry app. Explaining his case, the trader stated that the account balance grew a bit over the years. However, as he tried to withdraw, he was allegedly disallowed from withdrawing funds more than the invested amount. Take a look at what the trader said in this review.

Complaint Alleges Confusing Card-Withdrawal Terms and Additional Bank Transfer Costs

A British user alleged that Purple Trading‘s advertised card withdrawals with no fee can be subject to refund conditions or time limits, potentially requiring clients to use bank transfers instead. The trader also claimed that bank withdrawals could incur SWIFT/IBAN charges and a 0.5% fee (minimum €5, maximum €100) under the broker’s pricing schedule. The complaint further alleged that the withdrawal information on the website did not clearly explain these limitations and that the reviewer remained unable to withdraw funds two weeks later, despite receiving responses from support. Check more details in this extensive PURPLE TRADING review.

A Host of Complaints, Including Withdrawal Denials

A user from Slovakia reportedly made a series of complaints, including the withdrawal denial by PURPLE TRADING even after days of making the application. Continuing his complaint, the trader accused the brokerage firm of causing problems concerning the entrance fee to the IB partner. At the same time, the user reportedly expressed shock over the termination of cooperation with IB partners for no reason. The complaint shared below is most comprehensive.

PURPLE TRADING Accused of High Spreads

A client from Australia reportedly expressed frustration over the high spreads on the XAUUSD trade. According to the user, the spreads were approximately 28-30 points during the session, which was comparatively 15 points higher than at some other brokers. To supplement this issue, another trader from Bulgaria mentioned awful spreads while sharing the review of PURPLE TRADING. Have a look at multiple complaints surrounding spreads.

Stop-loss Discrepancy

A user from Greece reported having moved his stop-loss. However, as news emerged, the stop-loss went back to the previous level, allegedly causing his trade to decline by 2%. For more details, check this complaint screenshot.

No Profit for a Year - A Trader Claims

Despite applying different strategies, a user from the Czech Republic reportedly failed to earn any profit on the PURPLE TRADING platform for a year. Have a look at this critical review.

Disrespectful Behavior by PURPLE TRADING Customer Support

A user from the United States highlighted disrespectful behavior by the brokers customer service upon a query. Check out the review below for more details.

Is PURPLE TRADING Legit or a Scam?

The legitimacy of any broker, whether its PURPLE TRADING or other, is determined greatly by its regulatory status. The WikiFX team set up to investigate PURPLE TRADING regulation status found a license for the broker. The license comes from the Seychelles Financial Services Authority (FSA). However, it is an offshore regulation whose protection measures fall short of those available under credible authorities such as the Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission (ASIC). The growing number of complaints led to a rather low score of 4.29 out of 10 for PURPLE TRADING.

Conclusion

The complaints shown in this PURPLE TRADING review raise several issues that prospective traders should consider, particularly allegations involving withdrawal restrictions, unclear withdrawal conditions, high spreads, stop-loss discrepancies, and customer-service concerns. However, these reports represent individual user experiences and should not be treated as independently verified findings against the broker.

PURPLE TRADING's Seychelles FSA regulation provides a degree of regulatory oversight, but traders should understand the scope of protection available under the specific entity and jurisdiction with which they contract. The reported complaints, combined with the broker's offshore regulatory status and the relatively low WikiFX score cited in this review, warrant additional due diligence before depositing funds.

Before opening an account, traders should verify the exact legal entity, applicable licence, withdrawal conditions, trading costs, and dispute-resolution procedures.

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