In a nutshell
CFD and Forex traders use Alpari to leverage the features available with MetaTrader platforms. It has an extensive history, various account types, several headquarters, and conveniently managed account options for investors.
Note: Alpari is not part of our 2020 annual review. This broker’s ratings may not be current. Check out our forex brokers guide for 2020, to access additional information about the best CFD and forex brokers in 2020.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with Alpari. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Alpari has licenses in the Grenadines, St. Vincent, Russia, Belarus, Belize, and Mauritius.
- It has several MT4 and MT5 account types.
- It has CFDs on Bitcoin.
- Alpari is part of the Member of External Dispute Resolution (EDR).
- Alpari has separate product offerings for global brands.
- It comes with limited CFD trading tools.
- It features comprehensive research in the Russian version of the site and less content on the English one.
Alpari Review and Insights
The Alpari Group was founded in 1998, and it comes with significant experience in the retail forex trading industry. It was the first to offer the MetaTrader platform suite with trading software such as the MetaTrader4 (MT4) and MetaTrader5 (MT5).
Keep in mind that the Alpari group of companies consists of several entities operating under the Alpari brand. These have licenses in several areas of the globe, including Belarus, Ukraine, Russia, Uzbekistan, Kazakhstan, Mauritius, and Moldova. The two Alpari offices in Russia had licenses from the Central Bank of Russia (CBR) until the end of January 2019, when the CBR banned FX brokers. Also, in Belarus, Alpari has a license from the National Bank of the Republic of Belarus.
An additional offshore entity is Alpari International Limited. This entity has licenses from Belize’s Financial Services Commission (FSC) and the Financial Services Authority (FSA) of St. Vincent and the Grenadines. All licenses are under the same name, Alpari Limited, an entity part of The Financial Commission, an EDR for forex with headquarters in Hong Kong.
1. Fees and Spreads
Fees, commissions, and spreads at Alpari vary based on account type. Average fees are not the cheapest.
Fees and commissions at Alpari depend on the platform you use and the account you hold. As an example, an ECN.MT4 account has average spreads on the USD/EUR pair of 0.8 pips, while a NANO.MT4 account has 2.0 pips for the same pair.
Also, Alpari has pricing based on commission for its ECN MT5 and PRO ECN MT4 accounts. This fee adds to the standard spreads of 0.3 and 0.6 pips for the USD/ EUR pair. The commission rate of $32 round-turn (0.32 pips) or $16 per million comes with an 0.62 and 0.92 all-in price for the ECN MT5 and PRO ECN MT4 accounts.
2. Withdrawals and Deposits
There is no minimum deposit for nano accounts, but the minimum deposit for other accounts is as high as $500.
Minimum Initial Deposit
Standard USD/EUR Average Spread
All-In Cost USD/EUR - Active
VIP Discounts or Active Trader
The nano account comes with no minimum deposit, but other accounts require an opening fee ranging from $300 to $500. Keep in mind that the execution approach can differ from account to account, based on its features.
3. Trading Platform
Alpari customers can use the entire MetaTrader 4 and Meta Trader. 5 suites.
Alpari is a forex broker exclusively for the MetaTrader platform suite, developed by MetaQuotes Software Corporation for web, desktop, and mobile trading. You can read our guide on MetaTrader for additional information.
MetaTrader 4 and MetaTrader 5 have little to no differences from broker to broker on the surface platform. Still, some variations happen when it comes to setting up an account type, execution methods, trading spreads, and commissions, or reporting tools.
The differences between Alpari’s MetaTrader platform setup and other brokers’ are:
- Spreads vary depending on the account type for both MT4 and MT5 instruments (ex: USD/EUR).
- Fees and commissions are different depending on the platform you opt for.
- The news in Alpari’s MetaTrader comes from Dow Jones Newswire.
Also, Alpari features several funds for investors offered by the Percentage Allocation Money Management (PAMM). Here users can select to distribute funds to structured PAMM Portfolios and PAMM managers.
If you would like to compare the Alpari trading platform with our list of the best trading platforms then you can do it here.
Virtual Trading Demo
Desktop Platform (Windows)
Copy-Trading / Social Trading
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
Total Indicators & Studies - Charting
Drawing Tools - Charting
Trade From Chart - Charting
Total Fields In Watchlists
Trailing Stop In Order Type
MetaTrader 4 and MetaTrader 5 come with mobile apps for iOS and Android devices. You can read our Metatrader mobile trading guide for additional information.
Apple iOS App
Basic Fields Alerts
Watch List Syncing
Indicators & Studies - Charting
Draw Trend Lines - Charting
Trend Lines Moveable - Charting
Multiple Time Frames - Charting
Drawings Autosave - Charting
4. Markets and Products
Several investment products are available to Alpari customers.
In 2020, Alpari lets its traders use up to 30 CFDs and 50 forex pairs on indices, precious metal, commodities, and Bitcoin. Also, managed account investors can use structured products, PAMM funds, and social-trading with MetaTrader’s Signals Market.
These accounts offer access to a wide array of trading tools, such as up to 50 forex pairs, three commodity CFDs, and ten-stock index CFDs. Overall, the most competitive offering from Alpari is the ECN MT5 account due to its spread fee and commissions for trading.
Spot Trading Forex
Total Forex Currency Pairs
Copy-Trading / Social Trading
Cryptocurrency Traded As Actual
Cryptocurrency Traded As CFD
Additional features at Alpari
At Alpari, you can convert your funds to an equivalent in Gold (GLD), meaning that your account balance will be in units of GLD and that the variation of the gold price will impact the value of your balance when converting back to a base currency. As a result, you have additional means to transform your balance into other assets, besides the standard currencies provided.
Keep in mind that signing up for a demo account at Alpari will automatically create a live account with login credentials to the myAlpari web portal. Users agree to abide by the regulations of Alpari’s entity from Belize or with the FSA-registered one in the Grenadines and St. Vincent.
In 2017, Alpari expanded its portfolio of precious metal CFDs and currency pairs. They included the JPY/ TRY, TRY/ GBP, TRY/ USD, and TRY/ EUR pairs, along with Silver and Gold versus CHF, GBP, and EUR (consisting of six new metals instruments).
Also, in 2017, Alpari began including CFDs on cryptocurrency with Bitcoin. Users can set up a position or maximum trade size of 30 Bitcoins at a time with no leverage (ex: 100% margin needed).
Alpari doesn't provide in-house research but does make some 3rd party tools available to its customers.
Alpari’s research content comes from third-party providers, which you can find in the Forex Analytics section. Some of the content includes signals from Autochartist and Trading Central, Trading Central TV, global interest rates from FxStreet, headlines from FxWirePro, and an economic calendar.
Besides this, Alpari offers information from its team of analysts. This data covers technical and standard analysis in the form of daily videos or blog posts. Keep in mind that this in-house information is only available on the Russian version of Alpari’s YouTube channel.
Additional information comes from Alpari Research & Analysis, a research facility for the brand based in the United Kingdom. The data comes in the form of live seminars, videos, and market analytics posts and is available in most areas of the world.
Daily Market Commentary
Top-Tier Sources for Forex News
Recognia Trading Central
Social Sentiment - Currency Pairs
6. Customer Service
Customer Service at Alpari was generally disappointing. Company representatives were unable to answer some questions and occasionally unprofessional.
During three months, 129 customer service phone tests were done. This data is of institutional grade, as there were, on average, three questions asked for every test.
The test was separated into three distinct groups to analyze the average time needed to reach out to Alpari’s customer support team. Also, the results took into account the ability of the representative to offer a knowledgeable answer. A Net Promoter Score was provided for the experience.
- 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)
Alpari offers bare-minimum access to educational resources.
Alpari does offer access to reliable education. However, it only exceeds the bare minimum by a tiny bit. In fact it seems as if the only educational information is through third-parties (i.e. an organized list of definitions for macroeconomic terms).
Alpari is ranked as a high-risk broker with a total Trust Score of 69 out of 100.
Alpari has no tier-1 (high-trust) or tier-2 (average trust) regulators, but it comes with one tier-3 regulator (low trust). It doesn’t have a bank, and it isn't traded publicly.
Publicaly Traded (Listed)
9. Bottom Line
Alpari is a high-risk broker with easy sign up process and low margin requirements.
Our opinion is that Alpari has a reliable signup process, as users can select with ease from the existing account types during registration. There are three distinct account types for MT4 and two for MT5. As such, traders have many choices when it comes to the execution type, markets, and available spreads at Alpari.
Still, it might be useful for Alpari to get an additional regulatory license in a leading financial hub, besides the entities regulated in large jurisdictions like Russia. This broker had a UK-regulated and US-regulated entity in the past. The UK entity was closed due to the Swiss Franc anomaly in 2015, and the US one was closed when the US forex market consolidated.
Alpari offers high value to its traders due to the access to some of the lowest margin requirements for forex. Also, the PAMM portfolio and managers, along with the competitive spreads for distinct accounts, aid this broker to meet the needs of passive and self-directed investors. A net positive for this broker is the CFD cryptocurrency update.
Alpari User Reviews and Trading Experience
We want to hear your personal story and trading experience with this broker. If you want to share your thoughts and your personal trading experience with the wider trading world than feel free to post your comment below.
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“CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
- 1 Alpari Review and Insights
- 2 2. Withdrawals and Deposits
- 3 3. Trading Platform
- 4 4. Markets and Products
- 5 5. Research
- 6 6. Customer Service
- 7 7. Education
- 8 8. Safety
- 9 9. Bottom Line