Alpari Review 2020: Is This a Scam Broker? | What We Know

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โ–บ Overview ๐Ÿ“

Alpari is a global CFD broker that was founded in 1998. It used to be one of the biggest in the world with over 1m accounts having being created.

In 2015 they suffered massive losses on the Swiss Central Bankโ€™s shock announcement on its currency peg. They had to close down their UK brokerage and give up their FCA license.

Yet, they are still running their international operations with an entity that is based in St Vincent and the Grenadines.

They are able to take clients from around the world but there are some geos that they restrict such as the United States.

Alpari is a forex and CFD broker that offers Straight Through Processing capability.

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โ–บ Security ๐Ÿ”‘

They are not regulated by a governmental organisation.

They say that they are members of the Financial Commission but this is an industry body. This self-regulating body will handle disputes between traders and brokers.

The Financial Commission also covers individual accounts of up to $20,000 if they find in favour of the client. However, this entity has no regulatory authority over the brokers so they cannot really enforce action.

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โ–บ Asset Coverage ๐Ÿ’Ž

In terms of Asset coverage, Alpari has a pretty standard range. They have forex, commodities crypto and equities.

There are only two commodity assets that you can trade. I was also quite disappointed to see that although they did not offer any single stock CFDs, only stock indices.

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โ–บ Leverage โš™๏ธ

They have a max leverage on their forex pairs of up to 1,000x. This is only on their Major forex pairs and they have different levels for their other assets. This goes to about 50x on their index pairs and a measly 2x for their crypto CFDs.

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โ–บ Fees & Spreads ๐Ÿ’ธ

The spreads at Alpari will differ according to the asset you are trading and the account that you are on.

If you are trading on an ECN account for example, then you will have close to zero spread on major forex pairs. However, you will have to pay a โ€œlotโ€ commission of $16.

The Non-ECN accounts will have a slightly higher spread but you will not have to pay this commission.

For all accounts, you will have to incur a โ€œswap feeโ€ on positions that are kept open overnight.

Alpari will charge you deposit / withdrawal fees. These are usually free at other brokers but they charge anywhere from 1-3%.

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โ–บ Funding / Withdrawals ๐Ÿ’ณ

In terms of these deposits, they have a number of options and they include the likes of bank wires, web wallets, crypto, China Union Pay and a few other payment processors.

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โ–บ Account Types ๐Ÿท

There are 6 different account types at Alpari that will differ according to minimum trade size, ECN or non.

Alpari have free no obligation demo available on all account tiers apart from their nano account.

โ–บ Trading Technology ๐Ÿ–ฅ

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Alpari uses both platforms on offer by Metatrader.

Most traders will be familiar with the MT4 platform. This is one of the most popular trading platforms in the world and is in use by the vast majority of brokers.

The MT5 is the upgraded version of the MT4 and offers CFD trading with a number of assets. It also has more trading tools and functionality than you have on the MT4.

Both of these platforms are available in Mac, PC, Web browser and on mobile devices.

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โ–บ Mobile Trading ๐Ÿ“ฑ

The metatrader mobile apps are the most downloaded trading apps in the world so you canโ€™t really go wrong with them.

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โ–บ Customer Support โ˜Ž๏ธ

Alpari has as range of methods to reach customer support. Livechat, email and a few phone numbers. However, I found the support agents to be rather inexperienced and their responses to be quite slow.

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โ–บ Other Features ๐ŸŽ

Other Features include competitions, educational material, news and third-party trading tools.

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โ–บ What We Think ๐Ÿ’๐Ÿปโ€โ™‚๏ธ

So, in conclusion, they do have a pretty strong product offering with attractive forex leverage and advanced technology. I would have preferred better crypto leverage as well as lower fees for funding / withdrawals.

You will have to determine how comfortable you are with their non regulated status.

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โ–บ Warning!! โšก๏ธ

If you are going to use them, make sure that you practice adequate risk management. 1,000:1 leverage is incredibly risky and can liquidate you very quickly.

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โ–บ Disclaimer ๐Ÿ“œ

This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

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