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Alpari is arguably one of the most popular and most reputable online trading brokerages available today. Established in 1998, Alpari has been around for over two decades.
And during this time, the broker climbed up the online investment ranks to become one of the most reliable brokerages.
Some of the factors that help Alpari stand out include its dependability and integration of highly advanced trading technologies. The broker also runs regular promotions and passive income-generating programs.
But is the Mauritius-based forex, crypto, and other CFDs broker legit? We answer this by taking an in-depth look at the broker features, services offered, and everything else you need to know about Alpari in this review:
Quick Broker Summary
- Headquarters St. Vincent
- Regulation CySEC
- Platforms MT5 Windows, MT4 Windows, MT4 App
- Instruments Forex, Crypto, commodities, stocks, Indices
- Demo Account Yes
- Minimum Deposit $5
- EUR/USD Spreads 0.5
Pros and Cons of using Alpari
Features of Alpari broker
Trading platforms offered
- MetaTrader 4:
All Alpari accounts can be hosted on the all-popular MetaTrader 4 trading platform. And you get to download the free trading platform from the Alpari website when registering your user account. Some of the perks of using MT4 to trade Alpari accounts include the fact that Alpari gives you access to a host of technical indicators, market research, and analytical tools. Importantly, the MT4 platform makes it possible for you to integrate automated traders to handle your trades. The MT4 platform is available as a desktop app (Windows and Linux), mobile app (Android and iOS), and WebTrader.
- MetaTrader 5:
The ECN and Forex Pro Alpari accounts can also be hosted on the MetaTrader 5 trading platform. And like in the case of the MT4, you can download the free MT5 trading platform on the Alpari website. By trading either of these accounts dedicated to professional traders on MT5, you get access to all the features offered by the MT4 and more. MT5, for instance, offers more types of pending orders and and is compatible with macOS.
- Alpari mobile app:
In addition to the two popular trading platforms, you can also choose to trade using the proprietary Alpari Mobile app. It can be used to trade all of the Alpari accounts. But the mobile app isn’t as feature-rich as the MT4&5 trading platforms. The only advantage to using the app is that it is highly secure, and allows you to place trades or monitor accounts while on the move.
Account types offered
Alpari claims that it operate what they refer to as a modern standard account. It sets itself apart from the traditional account because it charges relatively lower commissions, spreads, and requires lesser capital. It has also increased the number of tradable assets and available leverage.
Some of the unique features of the Alpari standard account include the fact that it has 3 base currencies (USD/EUR/GBP). The minimum deposit required to pen a standard account is $/£/€100 and gives access to leverages of up to 1:1000. It is a commission-free account, the minimum trading volume is 0.01 lots, and the margin call level is set at 60%. You can use the standard account to trade 80+ instruments, it embraces the instant execution order strategy, and the maximum number of pending orders that it can host are capped at 100.
You only need $/£/€5 to open the Alpari Forex Micro account. Like the standard account, it has three base currencies and is specially designed for beginner traders who do not have enough money and trading experience. The maximum leverage one can trade with Micro account is 1:400 and the minimum trade volume is 0.01 lots. Micros account are commission-free, they expose you to 30+ trading instruments, and spreads start from 1.7 pips. It embraces instant execution order processing method and the margin call level is 50%.
According to Alpari, the Forex Pro account is specially designed to serve their most experienced traders. It enjoys such features as highly competitive spreads, and ECN conditions like market execution order processing, and access to deep liquidity.
The Pro account’s unique features include 3 base currencies, it is commission-free, and requires $/£/€25,000 as minimum deposit. The minimum trading volume is set at 0.01 lots and there is no limit to the number of orders you can place using the account. It gives you access to close to 60 trading instruments, spreads start from 0.4 pips while the margin call level is 100%. The Pro account can have a maximum of 300 pending orders and a floating leverage that starts from 1:300.
When operating the Alpari ECN account, you get to enjoy ‘rock-bottom spreads’, ‘No requotes,’ and ‘Total Transparency” because of the no dealing desk technology. This implies that all your orders placed from an ECN account are directed to the liquidity providers and the rest of the financial industry players. You also get to trade beyond the normal market hours and transaction processing is relatively fast.
Like all other Alpari accounts. ECN has 3 base currencies. The spreads can be as low as 0.4 pips, and it charges a $1.5 commission per lot traded. The minimum deposit is set at $/£/€500 with the floating leverage starting from 1:1000. The minimum trade volume on the platform is 0.01 lots, and you can open an unlimited number of orders. The margin call level for the ECN account is 100% , and you can have up to 300 pending orders open.
Regulation And Reputation
Though Alpari has been around for close to two decades, it is only regulated by third-tier financial regulators. It also chooses to operate from island nations that have a lackluster approach towards regulating the financial industry. Throughout this time it never sought registration or regulation in countries with solid and customer-centered policies in place.
There are a lot of comments and opinions about the Alpari broker on the different customer review sites. Most of the broker’s proponents commend its fast deposit processing, especially when it comes to Bitcoins.
Majority of the Alpari’s critiques however decry sluggish withdrawals processing with funds taking weeks before they can reflect on the user’s bank accounts. On both the Trust Pilot Alpari and Forex Peace Army review forums, the broker scores a 2.4/5 star rating.
There are several complaints online about Alpari’s sluggish customer support team. Customers have complained that they often take centuries to respond to sensitive customer queries and complaints like missing funds. They also mention that the support team’s responses are insufficient.
Here is how Alpari’s customer care team compares with other equally competitive brokers:
Nevertheless, you can contact the Alpari support team via live chat tool on the company website, on phone, and via:
- Email: firstname.lastname@example.org
- Facebook: https://www.facebook.com/AlpariGlobal/
- Instagram: https://www.instagram.com/alpariofficial_en/
- Twitter: https://twitter.com/alpariglobal
Minimum deposit and withdrawal
The minimum deposit or withdrawal limits depend on your preferred Alpari account – as highlighted here-above in the trading Accounts section. Similarly, Alpari does not set maximum deposit or withdrawal limits – these are often set by your card and banking services providers. Supported deposit and withdrawal methods include:
- Credit/Debit cards
- Bank wire transfers
As in the case of deposits and withdrawals, how much you pay in commission and spreads is determined by your choice of a trading account. Most of the accounts are, however, commission-free- save for the ECN account that charges a $1.5 fee per traded lot. The spreads for each account are highlighted in the ‘Trading Accounts’ section above.
Leverage and margin
The margin calls and leverage levels are also dependent on your choice of a trading account. The maximum leverage offered by Alpari is 1:1000 and we have highlighted the leverage offered to each account in the “Trading Accounts” section above.
According to the Alpari website, the broker supports more than 250 trading instruments drawn from the following asset classes:
- Commodities – metals and Energies
Is Alpari legit?
Yes, Alpari has been around for more than two decades. During this time It has built a reputation of dependability and trust. Throughout these years, Alpari has never been involved in any major scandal or accused of engaging in illegal trade activities. The broker has also gone out of its way in guaranteeing the safety of its client deposits. And perhaps, more importantly, it abides by the industry standards of operation even though it is largely unregistered and unregulated. It, therefore, is our opinion that Alpari is legit crypto, forex, and CFDs broker.
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