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Alpari Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Alpari is an international broker that offers margin-based trading services in a wide range of financial instruments. The company specializes in forex and CFD products, including stocks, spot metals, and securities. Besides low margin requirements and hassle-free signing up process, Alpari also offers instant trade execution. Clients signing up with Alpari can also enjoy cashback rewards on their qualifying trades. 


Rebranded in 2013, Alpari was initially founded in 1998. Alpari International is a brand name of Exinity Limited. With a history of almost two decades of ups and downs, the broker has a customer base of more than two million traders all over the world. The broker specializes in trading services in multiple financial instruments, including but not limited to forex and CFDs. Headquartered in Mauritius, the company provides trading services through its regional offices. Apart from having a license from the Financial Services Commission (FSC), the company does not hold any regulations anywhere in the world. 

Competitive spreads
High leverage250+ tradable financial instruments
ECN trading accounts
Availability of copy trading service
No FCA regulations
No cTrader
No research tools
Average customer support

Who Alpari is for? 

With a product range of more than 250 tradable instruments, competitive spreads, and demo accounts, Alpari caters to the needs of both novice and seasoned traders. High volume traders can benefit from commission-free trading along with generous leverage. On the other hand, newbie traders may use demo accounts to learn and practice varying trading strategies without risking their real funds. The broker also offers copy trading services that can be equally beneficial for both beginners and professional traders that face time constraints. Alpari’s low minimum deposit requirement helps small investors to get started easily. With that being said, the broker is a win-win choice for all types of traders.  

Rating: 4/5

Sign up bonus: The broker does not offer any sign-up bonus but hosts a cashback program for qualifying traders. 

Is Alpari Safe?

Being a brand name of Exinity Limited, the broker holds regulations from the Financial Services Commission (FSC) Mauritius. Besides being regulated, the broker is also a registered member of the Financial Commission of Hong Kong ( the external dispute resolution body). In case the company goes bankrupt, the Financial Commission offers compensation for the financial loss of traders of up to 20,000 US Dollars.

In compliance with the regulatory requirements of the FSA, the company needs to keep clients’ funds in segregated bank accounts, preferably with grade AAA banks. The regulation of the broker also confirms that the company has sufficient funds available to remain liquid for the foreseeable future. 

To ensure web protection, Alpari employs secure SSL encryption models along with two-step authentication, preventing any unauthorized access to the company’s database. Owing to multiple safety measures and regulatory protections, Alpari is a safe broker.

 Rating: 4/5

Year founded:2013
Publicly traded: No
Licenses: FSC (Financial Services Commission) – Mauritius
Backlist: Nil

Offering of Investments 

Alpari International offers a product portfolio of nearly 250 tradable instruments. Clients can trade forex, indices, metals, commodities, and cryptocurrencies with competitive pricing structure. However, there is not enough variety available for traders looking for metal pairs or commodities. On the other hand, trading indices might work great with Alpari. At present, the broker supports five crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple. I believe the broker needs to add more financial instruments to its catalog of tradable products to meet the industry standards. 

Rating: 3.5/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)60+
Social Trading / Copy-TradingYes
CFDs instrumentsForex, Metals, Stocks, Energies, Indices, Commodities (250+)

Commissions & Fees 

Alpari’s commission and spread cost vary depending upon the selected account type. The broker offers four types of accounts under two categories, including Forex Standard, Forex Micro, ECN Standard, and ECN Pro. 

Alpari offers commission-free trading. However, that’s not true for ECN account holders. Clients also need to pay a spread on each position traded. Spread in forex micro accounts start from 1.7 pips whereas forex standard accounts have 1.2 pips as a minimum spread payable on trades. On the other hand, clients holding ECN accounts have a low spread cost to pay. The minimum spread cost in both ECN accounts starts from 0.4 pips. 

With a margin call set as 60% and stop out of 40% in a Forex Standard (MT4) account, clients can use the leverage of up to 1:1000. While the minimum deposit amount to get started is $100. On the other hand, Micro account holders need to deposit a minimum of $5 with a maximum leverage exposure of up to 1:400. The margin call and stop-outs also drop to 50% and 30%, respectively. 

Coming towards the ECN account types, traders can open an ECN account for a minimum deposit of $500. Available leverage for standard ECN account holders is 1:1000. However, there is an extra commission cost of $1.5 that clients need to pay on a single lot per side. ECN Pro account holders can get started with a $25000 deposit. There is no commission applicable to ECN Pro account holders.

Rating: 3.5/5

Minimum Initial Deposit$5 to $100 
Average Spread EUR/USD – Standard1.2 Pips
All-in Cost EUR/USD – Active1.2 pips
Minimum withdrawal Not Specified

Platforms & Tools 

Alpari does not offer any custom built cTrader trading platform. Instead, the broker relies on the industry’s popular trading platforms MT4 & MT5. Since the company provides access to the full suite of MT4/MT5 trading platforms, therefore, traders can use them across multiple electronic devices, including desktop PCs and mobile phones.  

The MetaTrader 4 and MetaTrader 5 comes with various promising features, such as multiple types of order executions, built-in technical indicators, drawing tools, and live price quotations. Traders can also employ hedging techniques to diversify their trading risks using both of the trading platforms. 

Since the MetaTrader5 is an upgraded version of the MetaTrader4, therefore, it has more options available as compared to the MT4 trading platform. Let’s quickly go through some of the differences between the two trading platforms, so you know better which one to go for while trading at Alpari. 

The MT5 trading platform supports four types of orders and has the option of partial order filling. On the other hand, MT4 comes with three supported order execution types and doesn’t allow partial filling of orders. The netting option for an open financial position is available in MT5, whereas Mt4 lacks the netting option. The MT5 trading platform has more technical indicators and graphical objects as compared to the MT4 platform. Both trading platforms support EA testing with little differences. Also, MT5 has a chat feature available as opposed to MT4.

Rating: 3/5

Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Charting – Indicators / Studies (Total)30+
Charting – Drawing Tools (Total)20+
Charting – Trade From ChartYes
Order Type – Trailing StopYes


Alpari doesn’t have a research section available on their website. Therefore, traders might struggle to get information on the forex market. The absence of a research facility makes me think as to why a broker would not offer something very useful for traders. Anyhow, since nothing is available to talk about, I better move forward, leaving a few notes. The broker should consider adding content in its research area to help clients to trade with confidence. The research section should have a market analysis head, forex calculator, economic calendar, and a price alert feature. All the aforementioned research tools can make a difference in providing customers with enhanced trading experience and a traditional stream of offerings. 

Rating: 0/5


Luckily, the broker offers some useful resources under its educational domain. However, I am not able to find any video tutorials which was a bit disappointing. The broker only covers pages with written content guides on various forex topics and strategies that could sound boring to some learners. 

The only thing I found interesting was the sign-up option for webinars. The broker holds live webinars to help clients learn about forex trading. However, the broker could have considered offering post-recorded webinar sessions to allow clients access them in their free time. Recorded content doesn’t only provide traders with more flexibility but also help novice traders to develop a better understanding of various trading strategies by watching them over and again. 

Rating: 2.5/5

Mobile Trading 

Alpari facilitates its on-the-go users through MT4/MT5 mobile trading app. The app has all the features available that are present in the desktop platform. Traders can execute all types of orders that are supported across MT4. The mobile app has three types of charts available, including bar, line, and candlesticks charts along with the option to view them in 9-time frames. Clients can also use 30 different technical indicators to predict price trends. 

On the other hand, the MT5 mobile app comes with a few added benefits and features, such as price change alerts of financial instruments, netting of open financial positions, and complex order types (pending & limit orders). 

Rating: 3.5/5

Mobile devices Android &  Apple 
FeaturesWatchlist, charting tools, negative balance protection, price alerts

Final Thoughts 

After a detailed review of the broker, I find Alpari to be a low-cost broker that is suitable for small to medium-level traders. However, the lack of custom-built trading platform and research tools, alongside limited educational resources, bring the broker under the red light. Also, the customer support service takes longer than usual sometimes, and fund withdrawal terms are not customer-oriented either. To cut it short, I’m not convinced that the broker has the potential to provide clients with a remarkable trading experience.

Overall rating: 3/5

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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