Eightcap vs Purple Trading

Eightcap upgrades the MT4 platform with Capitalise AI, enabling algorithmic trading in a code-free environment. MT5 traders get Flash Trader, while Cryptocurrency traders get the dedicated cryptocurrency solution Cryptocrusher. The AI-powered economic calendar is a valuable tool for manual traders, algorithmic traders benefit from complimentary VPS hosting, and Eightcap connects social traders to the large TradingView community.

Purple Trading excels with its approach to passive investments, but algorithmic and copy traders can get the MT4 platform and cTrader. The three competitive services are a proprietary copy trading service, where traders can choose between three risk settings, an in-house managed investment service requiring a minimum commitment of CZK 2,500, and an ETF strategy service with a minimum investment of €20.

We have conducted an in-depth review of Eightcap and Purple Trading to determine which presents the better overall choice and which traders will benefit the most at either broker.

Headquarters
AustraliaCzech Republic
Regulators
ASIC, CySEC, FCA, SCBCySEC
Tier 1 Regulator(s)?
N/A
Owned by Public Company?
N/A
Year Established
20092015
Execution Type(s)
ECN/STP, Market MakerECN/STP
Minimum Deposit
$100$100
Negative Balance Protection
N/A
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Trading ViewMetaTrader 4, cTrader
Average Trading Cost EUR/USD
1.0 pipsN/A
Average Trading Cost GBP/USD
1.2 pipsN/A
Average Trading Cost WTI Crude Oil
$0.03 N/A
Average Trading Cost Gold
$0.12 N/A
Retail Loss Rate
N/A74.80%
Minimum Raw Spreads
N/A0.3 pips
Minimum Standard Spreads
N/A1.3 pips
Minimum Commission for Forex
$7.00 per Round Lot $5.00 to $10.00 per 1.0 round lot
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features & Platforms

MT4
MT5
MT4/MT5 Add-Ons
N/A
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
N/A
DOM?
N/A
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
N/A
OCO Orders
Interest on Margin
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Noteworthy:

Eightcap supports traditional account management via the MT4 MAM module for licensed account managers. Purple Trading offers QR code bank deposits across the EU.

Available Markets

Currency Pairs
Cryptocurrencies
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks
N/A
Stocks (non-CFDs)
N/A
Bonds
ETFs
Options
N/A
Futures
N/A
Synthetics
N/A
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Eightcap offers Forex traders a choice of only 40+ currency pairs. Still, for cryptocurrency CFDs, the choice is excellent, with 100+ instruments. With an overall asset selection exceeding 1,200+ trading instruments, Eightcap ensures clients have a balanced choice. Purple Trading features 55+ currency pairs, besting Eightcap, but trails Eightcap otherwise in overall asset choice.

Typical Spreads & Fees

Average Trading Cost EUR/USD
1.0 pipsN/A
Average Trading Cost GBP/USD
1.2 pipsN/A
Average Trading Cost WTI Crude Oil
$0.03 N/A
Average Trading Cost Gold
$0.12 N/A
Average Trading Cost Bitcoin
$12 N/A
Minimum Raw Spreads
N/A0.3 pips
Minimum Standard Spreads
N/A1.3 pips
Minimum Commission for Forex
$7.00 per Round Lot $5.00 to $10.00 per 1.0 round lot
Deposit Fee
N/A
Withdrawal Fee
Inactivity Fee
No N/A
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Both brokers offer commission-free and commission-based cost structures, but Eightcap has cheaper average fees. The commission-based options have lower fees at Eightcap and Purple Trading, where Eightcap has minimum costs of $7.00 per lot versus $8.00 at Purple Trading.

Account Types

Account Types
Eightcap
Purple Trading
Commission-free Accounts
Yes
Yes
Commission-based Accounts
Yes
Yes
Demo Accounts
Yes
Yes
Islamic Accounts
No
No
Social / Copy Trading
Yes
Yes
Managed Accounts
Yes
Yes

Traders at Eightcap and Purple Trading can choose between commission-free accounts featuring higher trading costs and commission-based alternatives with lower fees. The minimum deposit at both brokers is $100, but the Eightcap account conditions remain the same. Purple Trading has lower minimum costs in its commission-based accounts. Still, average fees are on par with its commission-free offer. Neither broker offers Islamic accounts, but demo accounts are available at both firms.

Minimum Deposit

Deposit Snapshot
Eightcap
Purple Trading
Minimum Deposit
$100
$100
Deposit Fees
Third-Party
Yes (payment processor dependent)
E-wallets
Yes
Yes
Cryptocurrencies
Yes
No
Localized Methods
Yes
Yes
Total Deposit Methods
14
4
Supported Deposit Currencies
USD, EUR, GBP (17 total)
USD, EUR, CZK, PLN

Eightcap and Purple Trading have a $100 minimum deposit requirement, but Eightcap does not levy internal deposit fees. Purple Trading lists costs, but credit/debit card transactions and SEPA transfers remain free. Eightcap maintains a better deposit environment, where traders get 14 payment processors, including localized methods and several cryptocurrencies. Eightcap also supports 17 deposit currencies.

Minimum Withdrawal

Withdrawal Snapshot
Eightcap
Purple Trading
Minimum Withdrawal
$100
Undisclosed
Internal Withdrawal Fees
No
Yes (payment processor dependent)
Internal Processing Times
24 hours
Within one business day

Traders must withdraw a minimum of $100 at Eightcap; this tends to be higher than many brokers specify, especially for e-wallet and cryptocurrency transactions. Purple Trading does not disclose a minimum withdrawal amount, so we assume there is not one. Eightcap does not levy internal withdrawal fees. However, traders must consider potential third-party processing fees that may increase the final cost. Purple Trading charges a 0.50% fee for withdrawals with a €5 minimum and €100 maximum, 2% for Neteller, 1% for Skrill withdrawals, plus a maximum currency conversion fee of 1.0%.

Security & Trust

Country of the Regulator
Australia, The Bahamas, Cyprus, United KingdomN/A
Name of the Regulator
ASIC, CySEC, FCA, SCBCySEC
Regulatory License Number
391441, 40377, 246/14, 921296N/A
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Segregation of client deposits from corporate funds is a requirement placed upon both firms, and negative balance protection for retail traders applies at Eightcap and Purple Trading. Both brokers have a clean track record. Eightcap complies with more regulators and has more experience, placing it ahead of Purple Trading in trust terms. At the same time, Purple Trading welcomes traders to in-person meetings at its offices.

Eightcap versus Purple Trading Verdict

Eightcap

Pros
Cons
Cutting-edge trading tools focused on algorithmic trading
Below-average Forex selection
Balanced asset selection and leading cryptocurrency broker
Competitive commission-based cost structure and deep liquidity
Quality educational content and research for beginner traders

Purple Trading

Pros
Cons
STP/ECN trading environment with fast order execution
No cryptocurrency trading
Passive investment opportunities, including ETF trading
Expensive trading costs for most traders
MT4 and cTrader
Education and research for beginner traders

Purple Trading is a quality broker for EU-based clients and shines with its passive investment services. While it has the infrastructure for all traders, its expensive pricing environment makes it an uncompetitive choice for demanding high-volume trading strategies. Eightcap is a superior choice, except for passive investments, algorithmic traders, and scalpers. Traders benefit from cutting-edge trading tools, products, and services. Trading costs are competitive, and the trading infrastructure is also superb.

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FAQs

Is Eightcap a good broker?

Eightcap is an excellent multi-asset broker due to its upgraded trading platforms, cutting-edge trading infrastructure, and competitive trading fees

How long does it take to withdraw money from Eightcap?

Eightcap processes withdrawal requests from verified clients within 24 hours. However, funds can take longer to arrive with the beneficiary, which depends on the payment processor and geographical location of traders.

Who are the competitors of Eightcap?

Some of the direct Eightcap competitors are IC Markets, Pepperstone, Exness, FXTM, and Robo Forex.

Does Eightcap use TradingView?

Yes, Eightcap connects traders to TradingView.

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