If you are new to trading and want to learn the ins and outs of Forex, you can't go wrong with Alpari. They cater to the beginner who wants to enter the world of investing gradually. When it comes to reliability, Alpari has a well-established record and licensing and regulation in various countries. The sheer number of customers that trade with them and the countries that they operate in are an indication of their reliability and popularity. With such detailed mobile trading opportunities and several trading features, there is little not to like about Alpari. We believe they are a strong contender for both new and experienced traders.
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This small Forex broker, established in 1998, has now been operating for over two decades. During this time, they have expanded and developed their offering consistently to be at the forefront of the industry, with over two million customers in 150 countries worldwide.
Headquartered and licensed in St. Vincent and the Grenadines, Alpari is licensed and regulated by the Financial Services Authority of St. Vincent and the Grenadines as well as in Russia, Mauritius, Belarus and Belize. They operate on the MetaTrader4 and MetaTrader5 platforms on desktop and mobile with the opportunity to trade in 50 currency pairs.
While many forex brokers offer similar trading features, you may be considering opening an account with Alpari. Before you make your final decision, there could be questions that you would like answered. Using our comprehensive and detailed review, you can discover whether this is the right broker for you.
There are several accounts to choose from with Alpari. In total, they offer six as well as a demo account. The difference between them is the platform you decide to trade on, your minimum trade size and processing type.
Of course, practically every new trader wants to try out the demo platform without any strings. When you open a demo account, this does also open a live account. You can practise with virtual funds until you are ready to trade on the live platform.
Nano MT4 Account
The Nano Account requires no deposit. Spreads start at 2.0 pips and leverage of up to 1:500. There is the option to trade in 33 currency pairs, and you will be using the MetaTrader4 platform as the name of the account suggests.
Standard MT4 Account
A minimum deposit of $20, €20 or £20 is required to open a Standard MT4 account trading on the MT4 platform. Again, there is the choice of 33 currency pairs, and leverage is floating from 1:1000 to 1:10. Spreads are also floating from 0.3 pips with a 20% stop out.
Standard MT5 Account
Not only is the platform different, but the minimum deposit is $100, €100 or £100. Floating leverage from 1:1000 to 1:10 and spreads from floating 0.3 pips with 20% stop out mean that you are offered the same terms as the Standard MT4.
ECN MT4 Account
To open this account requires a deposit of $300, €300 or £300. Leverage offered on all ECN accounts is 1:1000 to 1:2. Spreads on this account start from 0.1 pips, and you can trade in 46 currency pairs with a stop out of 60%.
Pro ECN MT4 Account
You will need a larger deposit of $500, €500 or £500, although leverage is the same as the non-pro ECN account. Spreads are floating from 0 pips, and again you can enjoy 46 currency pairs with a 60% stop out.
ECN MT5 Account
The only difference between the Pro ECN MT4 Account and this one is the trading platform. All the features are the same, but you are using the MT5 software.
Trade Features And Payouts
Choosing a broker is all about finding the one that offers the best trading experience which suits how you like to trade. Consider the various trade features that the site provides such as leverage and spreads and the type of payouts that you can expect:
To trade with more significant volumes than the balance in your account, you can leverage your position to place higher value trades. Leverage available ranges from 1:1000 to 1:2 but this entirely depends on the balance of your account and the type of trading account that you hold. The larger your trading volumes and the bigger your account, the more leverage you can use.
Like leverage, spreads depend on the type of account you have with Alpari. They also vary between the currency pairs. You could enjoy spreads of 0 pips at best with the top ECN account but with the very basic account these range between 1 and 2 pips.
'Stop Loss' and 'Take Profit' are both features of trading that allow you to manage your position even when you are not online. You can set a stop loss to close your trade when the price reaches a certain point in the trade to stop you from losing money. By the opposite token, the take profit will exit the deal allowing you to make a profit.
At the forefront of the Forex trading market and used by most traders, the MetaQuote suite of platforms are the most popular and used by many brokers. When you trade with Alpari, you can choose to use the MT4 or MT5 platforms on either desktop or mobile phone.
Bonuses And Promotions
As seems to be the case with many Forex brokers now, Alpari does not offer deposit bonuses anymore. Instead, they provide alternatives to entice you not so much to open an account but to keep trading. Their cashback promotion awards points for performing various operations.
Exchange these points for cash or refunds on commission fees. There are rewards for premium clients which you can find out more about on their website. In addition to these promotions, you will also find contests on both the demo platform and the live version.
When it comes to mobile trading, Alpari has an awful lot to offer. They have dedicated a lot of time and resource to make sure that they are at the forefront of mobile. For those that like to trade in several instruments and not just Forex, there are various apps available to download.
There is a specific app just for currency pairs available for whichever device you are using. When you are trading on the move, you are able to switch between the MetaTrader platform and the app. You are also able to open your account using the app. You can set up notifications to allow you to stay up to date with news on the go, and it offers up to date information and analysis.
If you are new to trading and want to learn the ins and outs of Forex, you can't go wrong with Alpari.
Deposits And Withdrawals
There are several ways to deposit money into your Alpari account. These include credit and debit cards, wire transfer and electronic wallet. The amount that you are required to fund your account will vary depending on the type you want to open. Withdrawals are processed and returned to the original method you used to deposit the funds.
Note that when using a credit card, you are required to send a photograph of both back and front of the card. You should cover the CVV code for security purposes. There will be charges or fees for transactions depending on the method of deposit that you are using.
We have already discussed just how well this broker does when it comes to mobile trading but there are additional features that make this broker the right choice. They offer educational tools so that beginners can learn how to trade along with an easy to use glossary as well to understand the various terms used.
Also, as a feature of the Nano account, you can trade in cents. Trading in such small volumes is excellent for those who want to migrate from the demo account onto the live platform. Start small until you feel comfortable with investing more.
Using either the live chat boxes or by contacting them through the highly visible phone number, you can reach customer support between the hours of 5 am and 7 pm GMT.
You can also use Skype to contact them. If you wish to email instead, there is a customer support email. There are separate departments for payments and an operator who is available 24 hours a day Mon-Fri. You can also refer to the FAQ section on the website to find answers to your questions.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
If you are new to trading and want to learn the ins and outs of Forex, you can't go wrong with Alpari. They cater to the beginner who wants to enter the world of investing gradually. Equally, they provide services to more serious traders with more history and experience. With a range of six accounts, there is something for every level of trading. They also offer their platforms on the most popular and widely used Forex trading platform in the market.
When it comes to reliability, Alpari has a well-established record and licensing and regulation in various countries. The sheer number of customers that trade with them and the countries that they operate in are an indication of their reliability and popularity. With such detailed mobile trading opportunities and several trading features, there is little not to like about Alpari. We believe they are a strong contender for both new and experienced traders.
Our Review Rating System (More Info)
To ensure our readers know how our experts get to their conclusions, we feel it's essential to be transparent about the rating system we use. All our ratings focus on seven key factors which are shown below. Some of these factors carry more weight than others due to their importance. The importance of a factor has ultimately been decided by our readers and years of their feedback.
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Frequently Asked Questions
Is Alpari legit? Will they scam me?
With a well-established history of trading, Alpari is operating in 150 countries with over two million customers and licensing in several countries.
Do they have a decent mobile or tablet app?
There is a specific app for Forex trading available on both iOS and Android. This app is easy to download and to use on the move in addition to the browser web app.
What bonus do they offer for new traders?
There is no bonus for new traders; however, there is a loyalty cashback programme which rewards instantly available cash as well as discounts.
Can I start trading on a free demo account?
Yes, the demo account is available to new traders that want to try out the site and the Nano account allows you to trade in cents.
What's the min deposit and ideal trade amount?
With just $20, €20 or £20 you can open a Nano account and start trading with a few cents until you are ready to up the stakes and invest more.
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Jessica has written for us for 5 years and offers a unique perspective due to her having worked in the financial industry internationally. In fact, Jessica has worked in a staggering 8 countries including Germany, China and the USA.