Interactive Brokers
Purple Trading
Interactive Brokers vs Purple Trading
A detailed side-by-side comparison based on our hands-on testing across 8 scoring categories.
Interactive Brokers and Purple Trading are both popular choices for forex and CFD traders, but they cater to different needs and experience levels. Interactive Brokers, founded in 1978 and headquartered in Greenwich, USA, is regulated by SEC, FCA, ASIC, MAS, IIROC and offers spreads starting from 0.1 pips with a minimum deposit of $0. Purple Trading, established in 2016 in Limassol, Cyprus, holds licenses from CySEC, CNB with spreads from 0.0 pips and a $500 minimum deposit. In our hands-on testing across 8 scoring categories, Interactive Brokers scored 9.2/10 overall compared to Purple Trading's 7.6/10, making it the stronger pick for most traders. That said, Purple Trading holds its own with overall value, so your ideal broker depends on what you prioritize in a trading partner.
Key Differences at a Glance
- 📊
Interactive Brokers scores 9.2/10 overall vs 7.6/10 for Purple Trading — a 1.6-point difference.
- 💵
Interactive Brokers requires just $0 to start, while Purple Trading needs $500 — Interactive Brokers is 500x more accessible.
- 📈
Interactive Brokers offers 1,000,000+ instruments vs 250+ at Purple Trading — a massive gap in market coverage.
- 🖥️
Interactive Brokers runs on TWS, IBKR Mobile, IBKR GlobalTrader, while Purple Trading uses MT4, MT5, Purple Trading App — different ecosystems for different trading styles.
- ⚡
The biggest gap is in Product Range: Interactive Brokers scores 10.0 vs 7.0 for Purple Trading — a 3.0-point difference.
Our Verdict
Interactive Brokers
Score: 9.2/10 · Wins 7 categories- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
Purple Trading
Score: 7.6/10 · Wins 0 categories- You prefer Purple Trading's trading environment overall
Interactive Brokers takes the lead with an overall score of 9.2/10 compared to 7.6/10, winning in 7 out of 8 scoring categories. Interactive Brokers stands out for lower trading costs and better trading platforms, while Purple Trading remains a solid alternative.
Detailed Verdict
After testing both brokers with real accounts, Interactive Brokers comes out ahead with a 9.2/10 overall rating, winning 7 out of 8 categories. Its strongest area is Regulation & Trust where it scores 10.0/10. Interactive Brokers holds Tier 1 regulation, meaning your funds benefit from top-level investor protection including segregated accounts and compensation schemes. Purple Trading is not without merit — it scores 7.6/10 overall and excels in Regulation & Trust (8.5/10). For a complete breakdown, read our full Interactive Brokers review and Purple Trading review — both include account opening walkthroughs, platform screenshots, and withdrawal test results.
Score Breakdown
Interactive Brokers wins by 1.5 points
Interactive Brokers wins by 1.0 points
Interactive Brokers wins by 1.5 points
Interactive Brokers wins by 0.5 points
Interactive Brokers wins by 2.5 points
Interactive Brokers wins by 0.5 points
Interactive Brokers wins by 3.0 points
Full Feature Comparison
| Feature | ||
|---|---|---|
| Overall Score | 9.2/10 ✓ | 7.6/10 |
| Min Deposit Lower is better | $0 ✓ | $500 |
| Max Leverage | 1:50 | 1:30 |
| Spreads From | 0.1 pips | 0.0 pips |
| Platforms | TWS, IBKR Mobile, IBKR GlobalTrader | MT4, MT5, Purple Trading App |
| Regulation | SEC, FCA, ASIC, MAS, IIROC | CySEC, CNB |
| Founded Older track record highlighted | 1978 ✓ | 2016 |
| Markets | 1,000,000+ ✓ | 250+ |
Fees & Costs
When it comes to trading costs, Interactive Brokers has the edge with a score of 9.5/10 versus 8/10 for Purple Trading. Interactive Brokers offers spreads starting from 0.1 pips, while Purple Trading starts from 0.0 pips. The minimum deposit at Interactive Brokers is $0, compared to $500 at Purple Trading. Both brokers operate primarily on a spread-based pricing model, though actual costs vary by account type and instrument. For high-volume traders, even small spread differences add up significantly over time, making this an important category to weigh carefully.
Trading Platforms
Interactive Brokers scores 8.5/10 for platforms compared to 7.5/10 for Purple Trading. Interactive Brokers provides TWS, IBKR Mobile, IBKR GlobalTrader, while Purple Trading offers MT4, MT5, Purple Trading App. The choice of platform affects your charting, order execution speed, and available technical indicators. Traders who rely on MetaTrader's algorithmic trading capabilities should check which MT4/MT5 features each broker supports, including custom indicators and expert advisors.
Regulation & Safety
Regulation is crucial for fund safety. Interactive Brokers is regulated by SEC, FCA, ASIC, MAS, IIROC (Tier 1), while Purple Trading holds licenses from CySEC, CNB (Tier 1). Interactive Brokers scores 10/10 and Purple Trading scores 8.5/10 in this category. Tier 1 regulators like FCA, ASIC, and CySEC offer the strongest investor protection, including segregated client funds and compensation schemes. Always verify your broker's specific license for your jurisdiction before opening an account.
Education & Research
For learning resources, Interactive Brokers leads with 8/10 compared to 7.5/10. Quality education materials can shorten your learning curve significantly. Look for brokers offering structured courses, live webinars, and practice demo accounts. Interactive Brokers and Purple Trading both provide demo accounts for risk-free practice, but the depth of educational content varies. Beginners should prioritize this category when choosing between the two.
Customer Support
Interactive Brokers offers 24/6 Live Chat, Email, Phone and scores 7.5/10, while Purple Trading provides 24/5 Live Chat, Email, Phone with a score of 7.5/10. Reliable support becomes critical during market volatility or when you encounter account issues. Look for brokers with 24/5 or 24/7 availability, multiple contact channels, and support in your preferred language.
Deposit & Withdrawal
Interactive Brokers scores 8/10 for deposits and withdrawals, while Purple Trading scores 7.5/10. Interactive Brokers accepts Bank Transfer, ACH, and Purple Trading supports Bank Transfer, Credit Card, Debit Card, Skrill, Neteller. Processing times, fees, and available currencies vary. Interactive Brokers requires a minimum deposit of $0 versus $500 for Purple Trading. Always check withdrawal conditions and any potential fees before funding your account.
Which Broker Is Right for You?
Choose Interactive Brokers if you...
- You want lower spreads and trading fees
- You're a beginner who values learning resources
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
Choose Purple Trading if you...
- You prefer Purple Trading's trading environment overall
🗳️ Which Broker Do You Prefer?
Cast your vote — see what other traders think
Frequently Asked Questions
Is Interactive Brokers better than Purple Trading?
Interactive Brokers scores higher overall (9.2/10 vs 7.6/10), winning 7 of 8 categories. However, Purple Trading remains competitive. The best choice depends on what matters most to your trading style.
Which has lower fees, Interactive Brokers or Purple Trading?
Interactive Brokers scores higher for trading costs. Interactive Brokers offers spreads from 0.1 pips with a $0 minimum deposit, while Purple Trading starts from 0.0 pips with $500 minimum. Actual trading costs depend on your instrument, volume, and account type.
Is Interactive Brokers safe to trade with?
Interactive Brokers is regulated by SEC, FCA, ASIC, MAS, IIROC and scores 10/10 for regulation. Purple Trading is regulated by CySEC, CNB with a score of 8.5/10. Both hold recognized licenses, but verify the specific entity covering your region.
Which has better trading platforms, Interactive Brokers or Purple Trading?
Interactive Brokers scores 8.5/10 for platforms. Interactive Brokers offers TWS, IBKR Mobile, IBKR GlobalTrader, while Purple Trading provides MT4, MT5, Purple Trading App. Your ideal platform depends on whether you prefer proprietary tools, MetaTrader, or third-party solutions.
What's the minimum deposit for Interactive Brokers vs Purple Trading?
Interactive Brokers requires a minimum deposit of $0, while Purple Trading requires $500. Interactive Brokers has the lower entry barrier, making it more accessible for beginners or those testing with smaller amounts.
Ready to Start Trading?
Open a free account with either broker and start trading today.