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Forex and CFD traders looking to leverage the power of MetaTrader platforms choose Alpari for its long-standing brand history, numerous offices, and range of account types and diverse managed account offering for investors.

By Steven Hatzakis / April 4th, 2017 / Updated: May 18th, 2018

help 75
Trust Score
Dislikes
  • Product offering segmented across global brands
  • Narrow range of CFD trading instruments
  • Less research content on English site compared to Russian version
Experience, Reliability and Authority Learn More

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Founded in 1998, the Alpari group of companies has a long history in the retail forex trading industry as an early pioneer in offering the Metatrader platform suite, including the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading software.

Today, the Alpari brand offers traders access to nearly 50 forex pairs and nearly 30 CFDs on indices, commodities, precious metals, and on Bitcoin. The broker provides managed account investors with PAMM funds, structured products, and social-trading via the Signals Market on Metatrader.

The Alpari group of companies have multiple entities that use the Alpari brand that are regulated in different emerging and offshore regulatory hubs with offices in Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Moldova, and Mauritius. Two of Alpari’s entities in Russia are licensed by the Central Bank of Russia (CBR), including Alpari Forex LLC, and Alpari-Broker LLC. In Belarus, the brand has an entity authorized by the National Bank of the Republic of Belarus.

Its other offshore entities include Alpari International Limited which maintains licenses with Belize’s Financial Services Commission (FSC), and Alpari Limited licensed by the Financial Services Commission (FSC) of Mauritius, and the Financial Services Authority (FSA) of St. Vincent and the Grenadines under the same entity name (Alpari Limited) which is a member of the Financial Commission, a Hong Kong-based EDR for forex.

Trust Score

Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (higher the better) of overall trustworthiness, which we call, Trust Score. Is Alpari safe? Here’s our trust summary.

Alpari
Trust Score75
Year Founded1998
Publicly-Traded Company (Listed) No
Regulated in Major Hub No
Regulated in Emerging Hub Yes
Authorised in the European Union No
CFTC Authorized (USA) No
FCA Authorised (UK) No
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) No

Offering of Investments

The following table summarizes the different investment products available to clients of Alpari.

Alpari
Minimum Initial Deposit$100.00
Currency Pairs (Total Forex pairs)48
CFDs - Total Offered16
Exchange Traded Securities: US No
Exchange Traded Securities: International Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

The commissions and fees at Alpari vary depending on the account type and platform used. For example, in the ECN.MT4 account, average spreads on the EUR/USD were listed as 0.8 pips by Alpari, whereas spreads on the NANO.MT4 account were 2.0 pips for the EUR/USD pair.

Aside from the nano account, which has no minimum deposit requirement, the other accounts can be opened with amounts ranging from $300 to $500, and the execution method may also vary across account types, depending on the account opened. An example of differences in average spreads across account types, among other differences, can be seen in the excerpt below from Alpari:

Alpari EURUSD average spreads account types

In addition, Alpari offers commission-based pricing on its PRO ECN MT4 account, and ECN MT5 accounts, added to average spreads of 0.6 and 0.3 pips, respectively for the EUR/USD. The commission rate of $16 per million or $32 round-turn (0.32 pips) brings the all-in cost to 0.92 and 0.62, respectively, on the PRO ECN MT4 and ECN MT5 accounts.

These account types also provide a greater range of tradable instruments, including ten-stock index CFDs and three commodity CFDs, in addition to nearly 50 forex pairs. The ECN MT5 account is the most competitive of Alpari’s account offerings, in terms of the all-in cost for commissions and spread fees to trade (using the above example).

Alpari
Average Spread EUR/USD - Standard$0.92
All-in Cost EUR/USD - Active$0.82
Active Trader or Premium/VIP Yes

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.33 / 10
  • Average Professionalism Score: 5.2 / 10
  • Overall Score: 6.5 / 10
  • Ranking: 26th (43 brokers)

Research

Alpari integrates research content from several third-party providers under its Forex Analytics section, including online videos from Trading Central TV, signals from AutoChartist and Trading Central, headlines from FxWirePro, and an economic calendar and global interest rates from FxStreet.

Alpari research

Alpari complements its research offering with content from its in-house team of analysts, covering fundamental and technical analysis posted on its website as daily blog updates, and daily videos on the Russian version of its YouTube channel.

The company’s UK-based research house, Alpari Research & Analysis, provides content in the form of published market analysis articles and videos and holds live seminars from time to time in different parts of the world.

Overall, Alpari has as a good range of research slightly beyond the bare minimum by industry standards, and a good range of third-party content, including a comprehensive list of definitions of macroeconomic indicators organized neatly to help keep its clients informed.

Alpari
Forex News (Top-Tier Sources) Yes
Daily Blog Updates Yes
AutoChartist Yes
Trading Central (Recognia) Yes
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Trade Ideas - Backtesting Yes
Client Webinars Yes
Client Webinars (Archived) No
Videos - Beginner Trading Videos Yes
Economic Calendar Yes
Calendar Includes Forecasts Yes

Platforms & Tools

Alpari is a MetaTrader-only broker. This means it offers the suite of platforms from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more about MT4 and MT5, read our guide to MetaTrader.

Alpari MT4 desktop

While MetaTrader 4 and MetaTrader 5 come standard with little that varies from broker to broker on the surface of the platform, there can be significant differences in how the platform is set up when it comes to account types, trading spreads and commissions, the available execution method, and other tools, and reporting features that can affect your trading experience.

Here is a summary of the differences in features between Alpari’s MetaTrader platform setup and other brokers’ MetaTrader experience:

  • Spreads in MT4 and MT5 vary for the same instruments (i.e., EUR/USD) based on account type
  • Commission & Fees vary, based on account type and platform chosen
  • News headlines in the platform are streamed from Dow Jones Newswire

And to round off its Metatrader offering, Alpari has a wide variety of funds for investors from its Percentage Allocation Money Management (PAMM) offering, where users can choose to allocate money to PAMM managers and structured PAMM Portfolios. 

Alpari PAMM portfolio managers

Alpari
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary No
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) Yes
cTrader No
Currenex No
ZuluTrade No
MirrorTrader No
Charting - Drawing Tools (Total)Default MT4/MT5
Charting - Indicators / Studies (Total)Default MT4/MT5
Watchlists - Total FieldsDefault MT4/MT5
Order Type - Trailing Stop Yes

Mobile Trading

The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer. To learn more about Metatrader mobile app, read our guide to MetaTrader.

Alpari MetaTrader4 Mobile Charts

Alpari
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/IndicatorsDefault MT4/MT5
Watch List Syncing No
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

Alpari lets clients convert their deposit to an equivalent in Gold (GLD), where their account balance will be denominated in units of GLD, and where the underlying fluctuating price of gold will have a subsequent effect on the value of their balance when converting back to a base currency. This provides traders with more ways to have their account balance denominated in other assets beyond the typical major currencies offered.

It’s worth noting that when users register for a demo account trial, a live account will also be created along with a set of credentials to login to the myAlpari web portal for account management. The customer agreement will be with Alpari’s Belize-regulated entity or with its entity that is FSA-registered in St. Vincent and the Grenadines, depending on where the account is established.

In early May 2017, Alpari announced the addition of several new currency pairs and precious metal CFDs, including the USD/TRY, EUR/TRY, GBP/TRY, and TRY/JPY pairs, as well as Gold and Silver versus the EUR, GBP, and CHF (a total of six new metals instruments).

Lastly, in 2017 Alpari also launched CFDs on cryptocurrency, with Bitcoin being its first available product thus far. Clients can open a maximum trade size or position of 30 bitcoins at a time with zero leverage available (i.e. 100% margin required).

Alpari Bitcoin average spreads

Final Thoughts

Alpari has done a great job streamlining the signup process so users can easily select from the five available account types during the registration process. With three different account options for MT4 and two for MT5, traders have plenty of choices when considering the range of markets, execution type, and applicable spreads to access at Alpari.

It would be beneficial to see Alpari acquire another regulatory license in a major financial center, despite the broker having entities regulated in large jurisdictions such as Russia. Alpari used to have a US-regulated entity and a UK-regulated entity in the past, although the former was closed as the US forex market consolidated, and the latter was one of the unlucky victims of the Swiss Franc anomaly in 2015.

Overall, Alpari delivers for traders that place high value on having access to some of the lowest margin requirements for forex, competitive spreads on several of its account types, and access to PAMM managers and portfolios to help the firm cater for self-directed and passive investors. The arrival of cryptocurrency CFDs is also a net positive for Alpari.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.

View all Alpari Fees & Features
Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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