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Purple Forex Copier Review: is this a Scam?

Purple Forex Copier Review: is this a Scam?

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This signal service (Purpleforexcopier.com) is providing an automated way to copy their live trades straight into our accounts. They are also providing a 7 day trial which costs 1 euros. This is something you should try if you feel that the service is worth it because 1 euro is a very small amount of investment. The automated trade copier is able to grow your trading accounts even when you’re sleeping, Purple Forex Copier. The vendor believes that their steady trading approach is primed to earn traders 25 pips a day, or 125 pips a week. They feel that traders don’t need to trade excessively, and that aiming for 500 pips a month can easily “give you an annual income of over €60,000.”

The creators of this service do not provide us with any address or location for their headquarters. As for trading experience, they claim to have over 15 years of experience and trade the markets for a living. In order to get in touch with support, traders can email the team by filling out a contact form on the website, or via skype at “Purpleforex.”

Note: Take advantage of these trading tools.

Purple Forex Copier Review

They tell us that Purple Forex has a really simple business plan. The business plan is as follows:

25 pips a day  or 125 a week which equates to 500 pips a month, can give you and annual income of over £60,000.

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worldmarkets

They claim that they are not trading excessively and that they are steady. They want the community to know that they do not double up on trades and certainly don’t suggest huge lot sizes.

They are proud of their money management and will always show winners and losers. This suggests that the service is transparent.

In order to gain access to the Purple Forex Copier, traders simply need to sign up with their preferred broker (or use your own), link up to their MT4 compatible software, and sign up for a 14 day trial currently offered for £1. Once it’s set up, traders can monitor the account the it phone, tablet or computer to see how the signals are performing, and then decide if they want to continue with the service at £49.00 per month.

If traders aren’t interested in automating the trades, they can still join, and receive trade signals with precise entries and exits. Each signal comes with a ticket number, the traders name, stoploss, take profit, entry price, exit price, and the full time and date.

Signal Providers

According to the Purple Forex Copier website, there are 2 traders that manually trade the markets and provide trading opportunities to the community. These traders go by the nicknames “Jack the Pipper,” and “Pennywise.”

Jack the Pipper

Jack uses a “mixture of longer and shorter term trades.” He looks to close the majority of his positions in the same trading day, and uses a maximum stop loss of 50 pips and all of this trade opportunities.

Penny-wise

Penny wise trades 3 pairs using either a stop loss of 20, 30 or 40, and to take profit of 70 or 90. Traders can expect to receive a maximum of 2 trades per pair, and these trades frequently rollover into the next day. With these signals, the vendor explains the traders should “set your lot size small initially, an increase when you’re happy with the results.” Based on this statement, and a few others, it does seem as though the developers are much more confident in Jack’s trading approach.

Type: Forex Signals

Price: £49.00/month, Strategy: Undisclosed, Timeframe: All Timeframes, Pairs: GBPUSD, AUDUSD, EURUSD, USDJPY, GBPJPY

The Purple Forex Copier pricing structure is pretty straightforward, traders can get a £1, 14 day trial, and then pay £49.00 per month after this initial period.

 

There is no real strategy explanation, which is something we frequently see Forex signal providers leave out, as noted in my recent reviews of Signals Win and Forex Signal Factory.

Trading Results for Purple Forex Copier

The trading results provided by the vendor are quite disappointing. There are a bunch of different screenshots, but none of them compile a large enough sample size for us to truly know whether or not this system is viable. All of the results are disjointed, and under organized which makes them relatively useless.

Another issue with their trading results, is the fact that they provide a screenshot of a Myfxbook account, but they don’t provide us with access to the account. This method is the frequently used by developers that don’t have a Myfxbook account, but want to pretend that they do. It’s likely that this screenshot doesn’t even belong to the vendor at all. If it does, this is my challenge for them to prove me wrong.

Testimonials in favor of Purple Forex Copier

Most of the testimonials can be found on the homepage of the site. We will quote some of them here:

‘’I have worked with a variety of companies in relation to Forex Trading but never received the quality I expected, until I came across Purple Forex. The quality of their Forex Trading knowledge and understanding is the finest in the industry. They provide excellence in customer service whenever I require their assistance. A new income for myself and a long term business relationship with Purple Forex.’” Jordan Chalk

” I have been looking for a decent signal provider since I started trading several years ago.  Although I still trade myself, it’s a joy to have finally found someone that delivers.” Mike Thomas

The problem is that we can’t ascertain the authenticity of these testimonials. If they were audited or verified by a third party, it would have been easier for us to believe them.

Conclusion

With no strategic explanation, and lackluster trading results, I don’t believe that the Purple Forex Copier is ready to be a player in the Forex marketplace. This vendor needs to resolve the issues I’ve laid out in my review today, and then we can revisit the review and consider increasing the rating.

If you have anything you would like to add to the review, please leave your questions and remarks below the article now. Otherwise, make use of these trading solutions. 

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