Are you looking at potential forex brokers to trade with? Choosing the right broker with so many scams online can be such a challenge. In this article we will be looking at the broker Alpari. With over 2 million clients, they are one of the most well known forex brokers in the industry but are they the broker for you? Let’s find out now…
Who Are Alpari?
This time ALPARI are the focus of todays post as we dive into the details of setting up a trading account with this broker. ALPARI’s head offices are located in Mauritius and they’ve been a viable brokerage with over 20 years of experience.
Fully regulated by the Financial Services Commission (license number C113012295), spreads start way down at 0.4 and leverages go all the way up to 1:1000. There are four different accounts to choose from when setting up with this broker and traders have the option of MT4 or MT5 to trade with.
Offering a high variety of trading instruments, ALPARI seems to cater trading conditions to suit all styles of trading, whether you’re less experienced, a scalp or a swing trader, or you’re the manager of a hedge fund. From first glance this seems to be the perfect broker but let’s go into a bit more depth and pick apart the aspects of ALPARI…
There are a few things to consider when looking at the general trading conditions of a broker. Because of its regulation, ALPARI offers traders leverages up to 1:1000, which is ideal if you’re looking to grow your account pretty quickly, however you are able to reduce this right down to 1:1 if you’re more comfortable with a lower leverage. Some accounts with ALPARI either have fixed or floating leverages. Fixed leverages remain the same even though the prices are changing, however floating leverage usually follows the market dynamics and will fluctuate within a certain range. This is definitely something to be aware and make sure to be clued up on before you open an account! Below in the Account Types section you can see which accounts offer floating or fixed leverages.
|Spreads||Dependant on account type, starting at 0.4 on ECN|
|Minimum deposit||Varies per account, £5 on the micro account|
|Platforms||MT4 & M54|
Spreads with ALPARI start at 0.4 as a minimum which is fairly low. Highest minimum spreads are with the forex micro account, which starts at 1.7. Of course forex trading isn’t completely cost free as all brokers include spreads and commissions, but these spreads are competitive within the forex market.
There are a range of instruments available to trade with, and the options do vary with each account type, but with ALPARI you’re able to trade both major and minor currency pairs, Metals, CFD’s and cryptocurrencies. Overall there’s a good variety of trading instruments which indicates that ALPARI can cater to a wide range of traders.
Alpari Account Types
APLPARI offer four different account types to choose from when setting up with the broker which each offer different trading conditions. Having a variety of accounts to choose from is beneficial for many reasons but most importantly I think it makes the brokerage more inclusive as it can cater specifically to different levels and styles of trading. Register your account now!
Forex Standard Account
A classic forex trading account, this is ideal for traders of all levels to gain experience in the financial markets. It offers over 80 instruments to trade with, including major and minor forex pairs, metals and CFD’s. The leverage on this account is floating from 1:1000, which means that the leverage will change as the volume of the open position grows, and spreads from 1.2 a standard account with ALPARI caters to traders from all types of experience. The minimum deposit is £100.
Forex Micro Account
According to ALAPRI, they wanted to offer traders an account where they can brush up on their trading skills if they are less experienced without the higher risks that other accounts pose. The Micro account is not too different from a traditional trading account, except that the balance is always displayed in cents. Essentially this means that if you deposit $10 it will appear as $1000 cents in the account. Minimum deposit for this account is £5, which is ideal for traders starting off with less currency in the bank. Leverage is fixed at 1:400 and spreads are from 1.7. Traders are able to use 25 major and minor pairs and 2 types of Metals. Overall this appears to be a great option for someone who is less confident in the financial markets, which I think is a really helpful option to have.
Forex ECN Account
An ECN account with ALPARI offers more flexible trading conditions. Leverage is floating from 1:1000 and spreads start at 0.4. There are a wide range of instruments to trade with, including 56 currency pairs, Metals, CFD’s and crypto currencies. I would say this is the next step up from a Standard account. Minimum deposit is £500. With this account, you can use the MT5 platform, or just stick with MT4.
Forex Pro Account
Finally we have the Pro account, which as you can probably guess is suited for pro traders, institutional traders and hedge fund managers. Leverage is floating from 1:300 and spreads start at 0.4. Traders have access to 54 currency pairs, both major and minor, and Metals. The minimum deposit for this account is £25,000.
Of course this broker also offers a free demo account, should you wish to practise your skills in the markets. Although, this the micro account just having a $5 minimum deposit, I would recommend just using that instead of a demo account, so you can feel what it’s like to trade real capital.
Are Alpari Regulated?
ALPARI are fully licensed by the Financial Services Commission in the Republic of Mauritius, with the license number C113012295. Though there is of course always a risk warning that comes with forex trading, its important to choose a broker that is fully regulated by a reputable company to ensure you feel safe trading without any manipulation of either your funds or the conditions you’re trading in.
Unfortunately, ALPARI doesn’t provide services to a couple of countries, including the USA or Japan, so I would suggest that if you’re a resident of any of these countries and are looking to trade to either sign up to an unregulated broker, such as Hugosway or EagleFx, or a broker that specifically provides trading services in your country.
ALPARI also prides itself on working exclusively with reputable banks from a range of different countries in order to maintain safety for its trading clients. You can learn more about this in the deposit and withdrawals section of this post below.
Trading Platforms Offered
MetaTrader4 and MetaTrader5 are the platforms offered when trading with ALPARI. MT4 is available to trade on all account types, whereas it’s worth noting that MT5 is only available on MT5. Both are good platforms to trade with and are well known within the trading world. MT4 has always been my personal preference as I’ve traded on that platform for a few years now, I find it a reliable platform to trade on with a range of tools to make trading easier. If you’re looking for a slightly newer version with an updated programme.
Both MT4 and MT5 are available to use with a mobile phone as an app, as an app installed on your computer for forex or through your web browser which means you’re able to trade regardless of whether you prefer to be at a desk or trading on the go
These platforms really are suited for beginner traders, looking to do basic technical analysis. There are no real functions within these tools for any fundamental analysis or more advanced technical analysis. I personally advise using MT4 for your order execution (taking trades), then using a third party software like Tradingview for your actual charting. This is an example of the functionality of that platform…
Deposits and Withdrawals
Lets have a look at the deposit and withdrawal methods. ALPARI have no deposit fees and withdrawals are done really quickly which is always a bonus, no one wants to have to pay to fund their accounts. There are several different deposit and withdrawal methods, including but not limited to:
- Online banking in a wide range of different countries
- Bank transfer (VISA, MASTERCARD and MAESTRO)
- Crypto Wallets
- Wire bank transfer
It’s worth noting that this broker also has a huge range of other funding methods, not here mentioned. They are a lot less common and it’s unlikely that the majority of forex traders would use them, so I have only mentioned the most common. Click here for a full list of funding options.
Once you’ve deposited some capital into your account it should be up and running and funded within 24 hours. Withdrawals are the same, you should get them within 48 hours, however bank wire transfers will of course take a little longer to process. You can check out the full range of deposit and withdrawal methods on ALPARI’s website and from what I can see they cater to people from many different countries with an extensive range of ways to fund and withdraw from your account.
Setting Up An Account
Setting up an account with ALPARI was a painless process and they’ve had over two million customers sign up to them. To start your account, click on ‘Register’ which often appears in the top right corner of the website. Registering will involve providing your name, country of residence, phone and email. After that you’ll be required to provide a document proving your identity (so have one handy!) and take a short test so that they can gage your experience in trading. It’s really as easy as that, and if you’re still wanting to test the market conditions before you fully commit I’d highly recommend setting up a Demo account first, its always been my preference to have a play around with what the broker has to offer first. As always, please contact the customer support team at ALPARI if you’re having any trouble when setting up your account.
Alpari Client Support
There are several ways of getting support from ALPARI should you need to!
Opening an account:
- Email- email@example.com
- Phone- +442 080 896 850
- Email- firstname.lastname@example.org
- Phone- +442 080 896 850
Deposits and withdrawals:
- Email- email@example.com
- Phone- +442 080 896 850
Their Live Chat is also available if you want to get in touch instantly. Having easy and accessible ways to contact your broker has always been something I’ve regarded quite highly when looking to set up an account with a potential broker as there’s nothing worse than being unable to get some help if you’re struggling with something to do with your account. ALPARI have a good range of customer support lines, tailored to the issue you may be having.
Reputation and Reviews
As always, I’d like to end the post with further details of the reputation that ALPARI has in the trading world. Seeing a range of reviews means you can see what thousands of other traders are saying about the broker and offers multiple personal experiences. ForexPeaceArmy is a very reputable website where traders from around the world share their experiences with a broker.
On FPA, Alpari is rated a 2.4/5 star broker, with 77 reviews. Sadly, this isn’t a good rating at all and there are numerous traders in the forum with very negative reviews, having all sorts of problems with the broker. Of course, we cannot verify any of the reviews are factually accurate.
If this low rating on the forums is a concern to you, there are some brokers that have a much higher rating and more or less exactly the same trading conditions as Alpari. I have done full reviews on IC Markets and BlackBull Markets, which both have outstanding reviews on ForexPeaceArmy.
In summary, Alpari are a great forex trading broker with a huge range of benefits. The huge 1:1000 leverage, paired with good spreads, MT4, MT5 and fast order execution makes it a great choice for traders. As they say on their own website, 2,000,000 traders can’t be wrong!
However, Alpari don’t have the best reputation and their regulation by financial bodies really isn’t the strongest. If you are a newer trader coming in with a small deposit or just learning, this is definitely a great choice! If you are a seasoned trader coming in with large capital, trading with a higher regulated broker like HotForex could be a better move – I have done a full review of Hot Forex here.