Regulators: IFSC, SVG
Minimum Deposit: $1
Maximum Leverage: 1:1000
My Score: 5.0
Alpari forex broker is one of the leading companies in the forex industry. Founded in 1998, the broker was a leading broker known for some time in the industry. It was even one of the first brokers to offer the MetaTrader4 online forex trading platform to clients.
However, it is not possible to say that it is in the old power. Still a well-known broker, especially in Asian countries. There are many investors from Russia, Kazakhstan, Uzbekistan, Ukraine and Moldova. I can still say that Alpari is leading broker in the forex industry among Asian countries. The company’s official website is receiving more than 3 million monthly visits, and most of them are from Asian countries like Russia, Ukraine, Belarus, Kazakhstan. The website is available in 14 languages including languages such as Arabic and Spanish. Alpari’s owner, Andrey Dashin, is also the founder of FXTM.
After all this information, is Alpari a reliable broker or scam? If you are reading this Alpari review, you are probably thinking of opening an forex account with Alpari and trading. Do you know the account types and spreads offered by Alpari? What are the methods of depositing and withdrawing money and are there any known chronic wihdrawal problems? Let’s look at it together.
Regulation & Client Protection
I can say that Alpari is very weak and insufficient in regulation. Under normal circumstances, big brokers with over 3 million visits per month have a large number of licenses. Because these brokers have investors in dozens of countries. Therefore, it is advantageous to have a variety of licenses to offer suitable trading conditions for each investor type.
|ALPARI LIMITED||St. Vincent and the Grenadines||SVG|
Alpari is regulated by two different watchdogs: IFSC in Belize and FSA in St. Petersburg. Vincent and the Grenadines. Although not reputable as FCA or CySEC, IFSC is a known regulator among forex traders. Because at the beginning of 2016 IFSC, which is the financial regulatory regime of Belize, introduced some strict rules. For example; the minimum net capital required for forex brokers was increased from $ 100,000 to $ 500,000. In addition, the annual license fee was increased from $ 5,000 to $ 25,000. With some similar systemic improvements, the IFSC has become a safe and reputable regulator.
Account Types & Spreads Offered by Alpari
The account types offered by Alpari are quite varied and user-friendly. Some forex brokers also have a wide choice of account types. However, account types may not be user-friendly and may not meet the needs of investors. At Alpari, all account types are created with the needs of investors.
|Account Types||Minimum deposit||Maximum leverage||Average Spreads|
|Nano||$1||1:500||Fixed, 2.0 Pips on EUR/USD|
|Standard||$100||1:1000||Floating, 1.2 Pips on EUR/USD|
|Standard MT5||$100||1:1000||Floating, 1.2 Pips on EUR/USD|
|ECN||$300||1:1000||Floating, 1.0 Pips|
|Pro ECN||$500||1:100||Floating, 0.5 pips on EUR/USD + $16 per lot commission|
|ECN MT5||$500||1:100||Floating, from 0.5 pips on EUR/USD+ $16 per lot commission|
Alpari offers 6 different account types, plus an Islamic account option. The Islamic account type is preferred by the Islamic investors who do not want to earn or pay interest because of religious sensitivities. You have to apply to use the Islamic account. The broker may ask you to document your faith in order to assess your application. It also has the right to refuse your application.
The minimum trade size for all account types offered by Alpari is 0.01. But standard lot (1 lot) in the nano account type is not equal 100,000 unit. The minimum deposit for Nano account type is $ 1. Nano account types are often preferred by investors who want to test their strategies. In this type of account, the main purpose is not to make profit but to test the broker or forex robots. The maximum leverage in the nano account types is 1: 500 and is fixed. For other types of accounts, the leverage ratio may vary from 1: 2 to 1: 1000 depending on your wishes.
In the standard account type spreads are around 1.2 pips on EURUSD. Compared to the standard account types in other brokers, I can say that these spreads are moderately competitive.
For ECN account types in Alpari, there is a commission of $ 16 per lot. This is really a high commission. For example; FCA-licensed FXPro charged $ 8 commission. FCA and ASIC-licensed Pepperstone charged $ 7 commission per lot.
Withdrawal and Deposit Methods at Alpari
|Methods||Fees on Deposit||Processsing Time on Deposit||Fees on Withdrawal||Processsing Time on Withdrawal|
|Bank Wire||AS Expobank, Ameriabank: Your bank's commission||2-3 business days||AS Expobank: 60 EUR (transfers in EUR)1|
Ameriabank: 0.1% (min 13 USD / 10 EUR, max 30 USD / 22 EUR)
|2-3 business days|
|Visa||2.5%||Several hours||2 EUR / 1.2% + 2 EUR||2 business days|
|Mastercard||2.5%||Several hours||2 EUR / 1.2% + 2 EUR||2 business days|
|China Union Pay||No Fees||Several hours||No Fees||2 business days|
|Skrill||Credit / Debit Card: 2.4% + 0.29 EUR|
Electronic Purse: 1.4% + 0.29 EUR
|Instant||2.5%||1 business day|
|NETELLER||Transfer in USD: 4%|
Transfer in EUR, INR, BRL: 2.5%
|Instant||No Fees||1 business day|
|WebMoney||0% + 0.8%|
(max 50 USD / 50 EUR)
(max 50 USD / 50 EUR)
|1 business day|
|FasaPay||0.5%||Instant||0.5%||1 business day|
|Online banking||3%||Instant||2%||2 business day|
Alpari offers a variety of deposit and withdrawal methods. However, there is not payment methods as much as XM or FXTM, but it is enough to meet investors’ needs. The fastest method of course is the credit/debit card. In addition, e-wallet systems such as Neteller, Skrill can also be available as deposit and withdrawal methods. You can review the fees and proccesing times of each method in the table above.