Alpari Review

A well-known FX broker based in Mauritius, Alpari is one of the oldest players of the scene. It has racked up some 20 years worth of experience and it has served more than 2 million customers through good and bad.

As far as its regulatory status is concerned, Alpari’s case is a little shaky these days. Russia used to be its main focus, but it has apparently had its local license rescinded by the central bank.

According to some reviewers/clients, the brokerage is “in trouble” in India as well, where it has removed some of its popular withdrawal/payment methods.

That said, the brokerage is still very much in business, conducting its dealings from its registered address in Mauritius: 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius.

The name of the company behind the Apari brand is Exinity Limited. Exinity is licensed by the local Financial Services Commission (FSC) and it holds license #C113012295.

Lending the operation some added legitimacy is its UK-based payment processor. AL Accept Solutions Limited is a registered company, with its address at 17 Ensign House, Admirals Way, Canary Wharf, London, United Kingdom E14 9XQ.

The operation also does business in Cyprus. FT Global Services Limited acts as its payment processor as well. Also a registered company, FT Global Services is based at Tassou Papadopoulou 6, Flat/Office 22, Ag. Dometios, 2373, Nicosia, Cyprus.

Given these convoluted payment processing avenues, it is hardly surprising that some trader complaints have been aimed at the way the broker has treated deposits. A bevy of documents need to be submitted with the deposit to prove card ownership etc. Please make sure you understand all requirements in this regard.

Platform & Tools

The two platforms supported by Alpari are MetaQuotes’ MT4 and MT5. Both are well known in FX trading circles and both are held in high regard. MT5 may sound like it is the evolutionary superior of MT4, but in reality, the two cover some rather different needs.

MT4 supports three order execution types and it observes a Fill or Kill order filling policy. The version that can be downloaded for free at the broker’s website, comes with 30 preinstalled technical indicators, and it supports 31 graphical objects for technical analysis. Alpari’s MT4 version supports 9 time frames.

MT5 covers four order execution types and no fewer than six pending order types. The number of technical indicators that come pre-packaged with MT5 is 38. The platform also supports some 44 graphical objects, which are useful for technical analysis.

It also offers an Economic Calendar and a multi-threaded EA tester.

Both trading platforms allow for hedging. Installing new technical indicators and EAs, on top of the preinstalled ones, is always possible.

As far as additional trading tools go, Alpari CopyTrade steals the spotlight. Through this feature, traders can copy the moves of their more experienced peers, called Strategy Managers. The setup also allows traders to become Strategy Managers and thus to earn more money from their investments.

Asset Classes

The broker covers the usual range of tradable assets, including cryptocurrencies.

Its FX selection is truly impressive: scores of majors, minors and exotics are supported, and the trading conditions are some of the best. Spreads start from as little as 0.1 pips on majors such as the EUR/USD.

The spot metals section covers gold and silver. Spreads on spot metals start from 7 pips for the silver. The spot commodities section seems to keep it simple as well: it includes natural gas, UK Brent oil and US Crude oil. That’s about it.

The stocks section keeps its focus on a handful of major players, such as Apple, Amazon, Google and Microsoft. Typical spreads start from 1 pip, but of course they are dependent on the actual stock price.

Spot indices cover the global markets well. From Spain to the US and Australia, these indices offer investors excellent exposure to various local markets. There are no set minimum spreads on this asset category.

The cryptocurrency CFD selection of the broker covers bitcoin, Ethereum, Litecoin and XRP. The spreads on this asset category are obviously higher than on others. We have to point it out that Alpari does not act as a cryptocurrency exchange. Consequently, users cannot buy any actual cryptocurrency from the broker.

Commission & Fees

The broker offers two standard accounts and two ECN accounts. Of these, only the ECN MT4/MT5 account charges a commission of $1.5/lot per side. Both ECN accounts (including the Pro one) feature spreads from 0.4 pips. The Pro ECN account does not charge an additional commission.

Both Standard accounts offer swap-free options. While none of them feature commissions, their spreads are much steeper than those offered by the ECN accounts. On the MT4 Standard account, spreads start from 1.2 pips. On the Micro account, the minimum spread is 1.7 pips.

The broker does not charge any fees or commissions on any of the impressive number of payment options it supports.

Research & Education

As part of its “Learn to Trade” experience, the broker offers a handy Demo account. The main page of the Learn to Trade section offers information on basic trading concepts, such as Position, Longs and Shorts, currency pairs etc. This is in essence the Beginner’s Guide to Forex Trading. While it does not contain an impressive amount of information, it is well put together and very informative.

The Forex Trading Strategies section covers a number of actual trading strategies, such as Swing Trading, Position Trading, Scalping, Day Trading etc. Again, the descriptions are detailed and well put-together.  

The Demo account lends itself well to the testing of these strategies.

Customer Service

Alpari’s customer service can be contacted via email (customersupport@alpari.org) from Monday to Friday, from 6:00 to 19:00 GMT. For traders needing immediate assistance, there is a live chat option available as well.

In another spot on the broker’ support page, it is specified that on weekdays, email support is available 24 hours. On Saturday, it is limited to 11:00-16:00, while on Sundays, it is available from 12:00 to 20:00.

There is a phone number made available as well: +44 208 0896 850.

Mobile Trading

Both MT4 and MT5 are available in an impressive number of variants. In addition to the “full” versions, the two platforms offer a Web Trader option as well as apps for iOS and Android.

All platform versions can be downloaded or launched directly from the site. The mobile versions offer all the functionality of the “full” ones.

In MT5’s case, this means MQL trading signals, four execution modes and 21 time frames, together with 38 technical indicators.

MT4’s mobile version covers full access to all trading features and tools, scores of different languages and automated trading through Expert Advisors.

Conclusion

Alpari’s reputation among traders may not be spotless. It is however by-and-large what one would expect from one of the oldest participants of the online FX industry.

The selection of platforms offered by the broker is great, as is its tradable asset selection. In this regard, the broker has obviously focused on Forex.

While its education section is somewhat limited, Alpari’s support is great. Overall, Alpari is a decent trading destination.