Alpari Review

Alpari Overview

Founded 2004
Platform MetaTrader 4, MetaTrader 5, BinaryTrader, Android, iPhone & iPad
Minimum account size $200
Minimum lot size 0.01
Tradable assets 80+
Maximum margin 1:500
Spread on EUR/USD 0.8 pips
Payment methods Credit/debit cards, bank wire, Neteller, Skrill (Moneybookers) &Cheque
Demo account Yes
Accepts US traders No
Regulated FCA (UK)
Support Email, Phone, Fax & Live Chat

 

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Pros

  • Offers MT4 and MT5 platforms

Cons

  • Company is no longer stable
  • Support is always unavailable
  • No alternative web-based platform

 
Alpari was founded in 2004 and is authorised and regulated by the Financial Conduct Authority in the UK. It was one of the most popular brokers in the forex trading market but due to the heavy losses that they incurred from the Swiss National Bank’s removal of the Swiss Franc’s ceiling against the Euro, Alpari struggled to contain the fallout that was created by this exceptional volatility and was unable to cover the huge losses of their customers forcing the company to apply for insolvency.

Platform

Alpari has a set of different platforms including MetaTrader 4, MetaTrader 5 and BinaryTrader. They also have dedicated apps for Android devices and for the iPhone and the iPad. Such variety of choices allows me to keep track of my trades almost anywhere .The only missing though is a web-based platform which I prefer to use when I am accessing a different PC and for this reason I am giving them a Platform score of 9/10.

Design

The platform design is basically just the same for the MT4 and the MT5 while the Alpari Direct and Alpari Direct Pro are much more visually interesting. Overall, I never had any problems with the user interface because it was very basic and the menus are very straightforward. This warrants Alpari a Design score of 3/5.

alpari platform

Minimum Deposit

They accept a minimum initial deposit of $200, a little higher than what other brokers require. This is the reason why I am granting them with aMinimum Deposit score of 3/5.

Minimum Lot Size

I always prefer a much lower lot size so I can control the risks more effectively and with Alpari I can set it to a minimum l of 0.01. Such value deserves a Minimum Trade Score of 5/5.

Tradable Assets

Alparioffers more than 80 tradable instruments comprising of 64 currency pairs, 17 CFDs, gold and silver.This is ample enough to expand my portfolio and for this I am giving them a Tradable assets score of 4/5.

alpari assets

Payouts

The spreads can be set to a minimum of 0 pips which means that the returns are much higher. I was surprised to learn that their spread for the EUR/USD currency pair is just0.8 pipswhich is a very competitive value. This warrants Alpari with a Payouts score of 9/10.

Withdrawal Time

The waiting time for withdrawal requests only takes around 3 days. Such speed is no doubt an advantage since I don’t need to wait that long to get my money back and for this I am giving them a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods

Adding funds into my account was pretty much straightforward because Alpari accepts payments via credit/debit cards, bank wire, Neteller, Skrill (Moneybookers) and cheque.This convenience warrants this broker with aDeposit and Withdrawal Methods score of 4/5.

Customer Support

Their support team can be contacted by using phone, fax, email and live chat. However due to their current situation, their lines are always busy and the email and live chat support are not accessible.

Such unavailability deserves a Support score of 6/15.

alpari support

Quoting Accuracy

Based on the tests that I made with their platform, I only noticed a few requotes and this happens especially when there is unrest with the markets or when the prices are highly volatile. For this I am giving them a Quote Accuracy Score of 7/10.

Reputation

Due to heavy losses incurred from the Swiss National Bank’s removal of the Swiss Franc’s ceiling against the Euro, Alpari struggled to contain the fallout that was created by this exceptional volatility and was unable to cover the huge losses of their customers forcing the company to apply for insolvency.

This has definitely dented the company’s credibility and for this they deserve aReputation score of 6/20.

alpari reputation
alpari reputation
alpari reputation

Conclusion

Alpari previously had a high rating based on our grading system but due to this new situation, we had to revise our scores and now that they are currently unstable, we have come into a conclusion that it is no longer safe to trade with this broker.

Final Score: 65/100

We highly recommend that you sign-up with much more stable brands such as Plus500, XM or AvaTrade as an alternative so you can continue with your trading activities.

19 Responses

  1. Greta Rochweld
    Greta Rochweld at |

    Who would want to trade with a broker that has problems?

  2. Gillian McArthur
    Gillian McArthur at |

    I wonder why anyone would want to still trade with them, seems very risky to me.

  3. Josh Hill
    Josh Hill at |

    Why would anyone want to trade with a broker that has monetary issues!

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