If you are a forex trader and looking for better spreads, you are at the right place; this Alpari review will highlight everything a forex trader should know before becoming a part of the forex broker.
So, let’s start with some basics…
- What is Alpari
- Pros of Alpari Forex
- Cons of Alpari
- Getting started with Alpari
- Alpari Accounts
- Is a broker a scam?
- Registration and authorization
- Login and sign in
- Alpari Demo account
- Deposit, Commission, & Spreads
- Alpari trading platform
- Alpari MT4 and MetaTrader 5 – Desktop
- Mobile Trading
- Alpari Customer Service
- Concluding Remarks
What is Alpari
Alpari – a renowned name in the world of forex trading, serving for more than 2 decades across 8 global locations (covering 3 continents) while boasting more than two million clients with over 250 trading instruments.
Founded in 1998, the Alpari group of companies has a great experience of retail forex trading; the giant is also one of the pioneers who introduced the Metatrader platform suite, including MetaTrader 4 and 5 trading software.
The Alpari group of companies regulated so many entities located across different offshore regulatory hubs with offices in Ukraine, Russia, Belarus, Uzbekistan, Kazakhstan, Moldova, and Mauritius.
Currently, with Alpari, you can access around 50 forex pairs and 30 CFDs on indices, precious metals, commodities, and on Bitcoin. The broker will provide managed account investors with structured products, PAMM funds, and also lets you experience social-trading via the Signals Market on Metatrader.
With Alpari International, you can trade on more than 250 markets via Spot, CFDs, and Futures across Forex. other than markets, there are Stocks, Metals, Indices, and Cryptocurrencies as well via MetaTrader 4 and 5 Desktop, Web, and Mobile platforms.
Worry not, all the services and features offered by Alpari International are beginner-friendly; it will give you access to ECN and Pro accounts, Alpari Copy Trading program, and feasibility to trade with a broker which – according to its website – recorded around $1.3 trillion in trading turnover in just 2017.
Pros of Alpari Forex
- Multiple trading accounts, some are commission-free
- Access Forex ECN with 1:1000 leverage and Alpari Copy Trading program
- Trade on MetaTrader 4 and 5 across Web, Desktop, and Mobile
Cons of Alpari
- Limited education for traders
- Limited CFD trading instruments
- less research for the English version of the site
Getting started with Alpari
It’s quite simple to start your Alpari journey…
- Choose a platform – MetaTrader 4 or MetaTrader 5
- Select a trading account type (mentioned below)
- Open an account, top it up, and start trading.
Alpari International is different from most brokers, offering clients a hybrid ECN/market-maker execution model that is faster and an opportunity for natural spreads.
There are four account types, including…
- Forex Standard Account, MT4
- Forex Micro Account, MT4
- Forex ECN Account, MT4/MT5
- Forex Pro Account, MT4 Forex Pro Account, MT4
Two of the accounts offer ECN execution while the other two offer market-maker execution; there are Islamic “swap-free” accounts too, but may not access to trade exotic currency pairs.
The decision to choose any of these account types is determined by their available trading instruments – some accounts are only available with one of the two platforms.
All accounts are accessible in any of four base currencies: EUR, USD, GBP, or NGN (Nigerian Naira). Accepting the currency of an African nation is unusual, but it shows how committed Alpari International is in localized services.
Is a broker a scam?
Alpari International is considered a high-risk trading broker, operating without a bank, and is not publicly traded. Although based in St Vincent and the Grenadines, Alpari is not licensed by any governmental authority, as there is no regulation for brokers to register with any financial authority.
However, Alpari is associated with the financial commission, a self-regulated and external dispute resolution (EDR) forex body based in Hong Kong. The agency does not require the broker to meet minimum reporting requirements, capital buffers other protections.
Of course, this is not enough and does not even sound as governmental regulation.
Having said that, there are a couple of protections that Alpari provides to its clients. Such as:
- SSL Encryption: All of the communication with the Alpari site is secured with an SSL encryption.
- Segregated Funds: At Alpari, client funds and brokers’ main accounts are stored separately; this will protect client funds even if the broker has to go under.
- Partnerships with Banks: Alpari has established a good relationship with some important banks to facilitate the smooth movement of funds.
So, there is no backing of governmental regulators, but protections and dispute resolution mechanisms are there to deal with possible uncertainties.
Registration and authorization
Login and sign in
Opening a live account or Alpari demo trading account is quick and easy – click the ‘Register’ tab, on the top right of their website, and lend on to the registration page.
Click ‘Send Pin’, and get ready to receive an email or phone – the number/email address you have used to complete the registration process.
Once logged in, you will be asked to complete your profile with general contact and personal information.
After log in to Alpari International, you will be in your own Alpari dashboard where you can open and manage accounts, download trading platforms, view promotions, make deposits and withdrawals, and access to client support.
To verify your profile on Alpari International, you need to upload clear colored copies of the following:
- Proof of identity – national identity card, passport, or driving license
- Proof of residence (not older than 6 months) – utility bill (Water/gas/internet/electric/telephone) or bank/card statement, or Residency certificate.
Note: if your identification document states your current residential address, then no additional proof of address is required.
Alpari Demo account
Don’t want to risk your funds at first on an Alpari live account? Then you can (always) opt for the free demo account at Alpari.
This will give you the opportunity to try out the broker in a lively yet non-threatening manner using the demo funds; so open a demo account familiarize yourself with the platform. Make sure you are not using a Nano account, as for that, Alpari does not offer a demo version; you can use a demo account for an unlimited period of time.
Warning: Demo accounts with no activity for over 10 days, will be closed.
To get access to the demo account, submit your email address and some other personal information.
Deposit, Commission, & Spreads
Alpari has a range of funding options, keeping all the global users into context.
For opening an account with Alpari, you need to fund via USD, EUR, or GLD.
To fund your account, head on to the deposit section, located in your admin panel. There you will have a number of deposit options including Unionpay, Fasapay, Visa, WebMoney, and many others; you can refer to their deposit/withdrawal page.
Want to get your funds to reach the broker instantly? Use their web wallets or credit card options; make sure their payments office opens Mon-Fri 06:00 – 15:00 GMT.
It is also worth noting that if you are transferring funds between accounts, then the currency conversion will take place, don’t worry, Alpari will use a close-to-market conversion rate.
And yes, don’t use a third-party account, Alpari does not credit accounts id sent via third-party username. Hence, the bank account/funding method should be in your name.
Talking about the commissions and fees at Alpari, it depends on the account type and platform being used. Like the ECN.MT4 account, average spreads on the EUR/USD are listed as 0.8 pips, whereas spreads on the NANO.MT4 accounts are 2.0 pips for the EUR/USD pair.
The break-down of all these accounts are as follows;
|$/€/£ 100, ₦20,000
|From 1.2 pips
|$/€/£ 5, ₦1,000
|From 1.7 pips
|$/€/£ 500, ₦20,000
|From 0.4 pips
|From 0.4 pips
The commission-based accounts – ECN MT4/MT5 – provide most tradable instruments, such as three commodity and ten-stock index CFDs and nearly 50 forex pairs. The ECN MT5 account is the most competitive in terms of spread fees to trade and the all-in cost for commissions.
Alpari International offers many time-based bonuses and promotional offers on and off.
Currently, Alpari International are offering a promotion called “Refer a Friend., ” in which you will you and your (referred) will earn $50.
Alpari deposit methods are commission-free, but not withdrawal, there is a withdrawal fee depending on the method being chosen.
Withdrawals are as easy as deposits – head over to the withdrawals section → select the type of withdrawal.
Below are the time each withdrawal option takes…
- Bank Wire: 2-3 Business Days
- China Union Pay: 2 Business Days
- Neteller: 1 Business Day
- Mastercard: 2 Business Days
- Fasapay: 1 Business Day
- E-banking: 2 Business Days
- Webmoney: 1 Business Day
Note: Alpari will process withdrawals after verifying your account, make sure there are no crypto withdrawal options, as this might affect the users’ anonymity.
Similarly, as is the case with the deposits, you cannot use a third-party account for withdrawal.
Alpari trading platform
Being a MetaTrader-only broker, Alpari offers platforms from MetaQuotes Software Corporation including MT4 and MT5 – for desktop, mobile, and web.
Alpari MT4 and MetaTrader 5 – Desktop
Standard MetaTrader 4 and MetaTrader 5 come with little variations from broker to broker on the surface; the significant differences are in account types, the execution method, and MetaTrader 5, and other tools.
The native apps for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices.
Alpari Customer Service
Alpari International offers 24 hours a day (5 days a week) – multi-lingual (English, Spanish, Indonesian, Portuguese, and some others)Live Chat support, email, phone, and Telegram contact; on weekends, they are also available for limited hours
Contact details are;
- +442 080 896 850, Mon to Fri between 7 am to 7 pm GMT+3 / GMT +2DST
Alpari International does not offer any research material other than some (very limited) trading education posts and a ‘Learn to Trade’ tab on its website.
From our understanding, Alpari International has a wide range of services for both beginners and advanced traders. A mix of commission-based and commission-free accounts with varying spreads.
A trader can access low minimum deposit accounts to begin, as well as access to the MetaTrader 4 and MetaTrader 5 trading platforms.