Deposits and Withdrawals

How are clients’ deposits insured?
Show answer

Clients’ funds are insured against a potential bankruptcy of our banks (the one holding clients’ funds) up to the total amount of €100,000 per client. Our Company cooperates with EU licensed banks and keeps clients’ funds in separate client bank accounts from the company’s own funds as to ensure protection of client funds.

Additionally, the funds of every retail client are insured against a potential bankruptcy of our company based on our membership at the Investor Compensation Fund up to the total amount of €20,000. This insurance arises from European legislation and is required and monitored by the supervising institution CySEC. 

The security of funds is also increased by the STP model of offered services of Purple Trading, the model without the conflict of interest. Purple Trading sends all the clients’ trades directly to the interbank market. Clients’ funds are then strictly used for trading and not for any other purposes.
 

What are the possible methods of deposit to a trading account?
Show answer

Purple Trading offers 4 deposit methods: wire transfer, credit card deposit, and electronics wallets Neteller and Skrill. 
 
You can find instructions on how to deposit in PurpleZone’s “Deposit” section. In accordance with the AML policy (Policy Against Money Laundering), the owner of the trading account must also be the owner of the bank account (card). Deposits from third parties are not accepted, as well as payments through prepaid cards.
 
Credit card deposit
It is an instant payment, we receive the deposit immediately. In order to be able to deposit funds via credit card, it is necessary to have it approved by providing a scan of the credit card. It may be attached when requesting a deposit in PurpleZone. Once the credit card is approved, you will be notified via email. Afterward, deposits to the account from this credit card are credited automatically within a few minutes. As a client of Purple Trading, you are allowed to deposit with a card up to 9,999 EUR in total for each month.
 
Skrill deposit
 
Skrill allows immediate crediting of deposits and the data must be verified only for the first deposit, taking us a couple of minutes. However, beyond the trading hours, it’ll take us a couple of hours. Please, take into account, that when using Skrill, you can deposit max. $5,000 per month.
 
 
Neteller deposit
 
Deposits through Neteller, including the first deposit, are credited immediately. Please, note, that Neteller does not allow CZK trading accounts. Also, when using Neteller, you can deposit max. $5,000 per month.
 
A basic overview may be found at our website HERE
 

How do I withdraw funds from the trading account?
Show answer
Withdrawal can be requested from PurpleZone in the "Withdraw" section. If you deposit funds via bank transfer, you can withdraw funds to your bank account, card withdrawal is not allowed. In case you deposited funds by card, it is necessary to refund the initial deposit to the same card in the same currency first. The possible remaining profit can then be withdrawn via bank transfer.
How long does the process of withdrawal request take?
Show answer

Bank wire transfer
Bank wire transfer for SEPA payments in EUR takes usually 2-3 working days.
Cross-border payments in other currencies (e.g. USD or GBP) usually take up to 5 days. 
In case of a domestic payment within the Czech Republic (CZK), the wire transfer takes usually 1 working day. 
The speed of wire transfer depends on bank cooperation and their opening hours. 
It is required to withdraw the funds to the same bank account which was used for the preceding deposit. These bank details are automatically saved to your PurpleZone immediately after your successful deposit. In order to withdraw money to another bank account, you will be requested to send a deposit from the desired bank account. 
 
The purpose of the deposit is to identify the bank account holder. Once you deposit the funds, new bank details are then automatically saved to PurpleZone and you can request a withdrawal. It may be a deposit of any amount, which covers all necessary bank fees. Your withdrawal request is then processed within one business day and you will be notified about the approval via email. 
 
Card withdrawal  
Funds will be received to the approved credit card within a few days after notification (up to 15 days). 
 
Skrill withdrawal
You will receive the funds back to your pre-approved Skrill account within minutes. You can withdraw money to the Skrill account as soon as all previous card deposits are refunded.
 
Neteller withdrawal
You will receive the funds back to your pre-approved Neteller account within minutes. You can withdraw money to the Neteller account as soon as all previous card deposits are refunded.
 

What are the fees for deposits and withdrawals?
Show answer
Detailed pricing is stated by individual requests in PurpleZone. However, if a basic overview is what you searching for then this LINK will do.
Can I deposit/withdraw funds to a third person’s account?
Show answer

No, this is not possible. In accordance our AML policy (Policy Against Money Laundering), we cannot accept deposits or withdrawals to or from a third party.
 
Deposits may only be credited from the bank account (or credit card), whose only holder is the owner of the trading account. The third-party deposits will be refunded back to the sender. 

Can I deposit in cash?
Show answer

No, this is  not possible. In accordance with our AML policy (Policy Against Money Laundering), we cannot accept deposits or withdrawals in cash, as we are unable to identify the source of the funds. 
 
For deposits, please choose either a bank wire transfer, card or Skrill and Neteller  

If I deposit by card, can I later withdraw the funds to my bank account and vice versa?
Show answer

It’s more complicated than that. In case you deposited funds by card, it is necessary to refund the initial deposit to the same card in the same currency first. Only the possible remaining profit can then be withdrawn via bank transfer.
 
In case you deposited funds by wire transfer, it is only possible to withdraw the funds to this bank account. The bank details are automatically saved to your PurpleZone immediately after your successful deposit. 
 
In order to withdraw money to another bank account, you will need to send a deposit from the desired bank account. The purpose of the deposit is to identify the bank account holder. Once you deposit the funds, new bank details are then automatically saved to PurpleZone and you can request a withdrawal. You can deposit any amount which covers all necessary bank fees. Your withdrawal request is then processed within one business day and you will be notified about the approval via email. 

If I deposit by Skrill or Neteller, can I later withdraw the funds to my bank account and vice versa?
Show answer

 

It’s the same as in case of a payment card. At first, you need to refund all the deposits back to the same Skrill/Neteller account up to the amount of original deposit and in the same currency at the same time. 
 
When the deposits are refunded, you can withdraw the funds to your bank account - that applies e.g. to profits. In special cases, it will be solved case by case.

Why can’t I withdraw full balance from the trading account?
Show answer

If you are having trouble requesting a withdrawal in PurpleZone, please check your balance on your trading account to make sure you are requesting the correct amount. Please note that in order to protect your capital and open positions, we can not approve withdrawal request which would cause a margin level to drop below 200%. 
 
Confirmation of a successfully submitted request will appear in a purple bar at the top of PurpleZone and an email confirmation will follow.
 
In case your account is connected to an investment strategy, the account balance must not fall under a technical minimum of the strategy in order to successfully keep the connection and correct copying mechanism of trading signals. You are informed about the technical minimum of the strategy when you are selecting the amount you would like to withdraw. When requesting a withdrawal, you must enter an amount to meet this minimal requirement, otherwise, your request will be denied. 
 
If you wish to withdraw the entire balance, it is necessary to disconnect your account from the strategy first. You may do so by clicking on the “Disconnect” button displayed by the respective account. You will be informed about the disconnection via email. Once your account is disconnected, you may proceed with the withdrawal of the entire balance. 
 
Please note that in case your investor’s account is in profit, a Performance fee may be deducted. This fee is deducted during the following month. In case you decide to disconnect from the strategy and withdraw your funds before the fee is deducted, you will be asked to make a request for a new withdrawal of an amount which includes the fee already.

How does currency conversion affect the transfer of funds?
Show answer

How does currency conversion affect the transfer of funds?
For bank transfer deposit, we offer an account in EUR, USD, GBP, and CZK. For transferring funds, we recommend choosing an account matching the currency of your bank account (payments in a different currency are then converted by the bank at their own conversion rate which is usually less convenient than our conversion rate). 
 
Any currency conversion of deposit, internal transfer or withdrawal is calculated based on the following rules: The amount is converted by spot rate directly from the financial market + max. 1% fee of the total amount transferred. In the case of internal transfer, the system will display the resulting amount in advance. Transfer of funds between accounts in the same currency is free. 
 
In Skrill and Neteller, conversions are done directly via electronic wallets.

How to increase/reduce the balance on a demo account?
Show answer

You can send us a request to support@purple-trading.com. The email must contain the demo account number, the requested amount and you must send it from the same email address that you used for the registration of the demo account. The default balance is based on the amount filled out in the registration form for the demo account. 
In case you have access to PurpleZone, you can request an increase in your balance on your demo account on your own. Just switch into „FX & Crypto Demo” tab, choose the demo account you wish to fund, and click on “deposit” button. There you can add any amount of funds to your demo account

Cookie Policy: The Purple Trading website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full .