Alpari Review 2019

Alpari is #5 forex broker in Nigeria. As of 2018, the company has over 2 million clients & close to 150 billion monthly trading volume. Low spread, regulated under CySEC & has local offices & support in Nigeria.

Max. Leverage
1:1000
per trade
Minimum Deposit
₦7500
Rank
#5th
out of 8 Forex Brokers

Founded in Russia in 1998, Alpari is one of the largest global forex brokers in terms of daily trading volume. The company offers a wide range of trading instruments across various trading platforms such as PC and mobile. These instruments include currency, metals, cryptocurrency, and CFD. It also offers a number of withdrawal methods such as Local Bank transfer, Credit/Debit Card, Bitcoin, Skrill etc.

The company has a presence in over 150 countries around the world. It has served more than 2 million clients worldwide. Alpari is regulated with CySEC, has local offices & account managers in Lagos & Abuja, all these make it a good choice for Nigerian traders.

Alpari at a glance

Broker Name Alpari Nigeria
Year Founded 1998
Office Location Lagos & Abuja
Minimum Deposit $20
Maximum Leverage 1:1000
Regulation CySEC
Trading Instruments 46 Currency pairs, 2 Metals, 5 Cryptocurrencies
Trading Accounts Nano, Standard & ECN Accounts
Trading Platforms Web, Desktop, Mobile (MT4, MT5) & Alpari Invest App

Regulation & Safety of Funds

In order to ensure the safety of user funds, Alpari has taken numerous steps. It has acquired operating licenses in various countries around the world.

  1. Alpari is licensed under license no. IFSC/60/301/TS/17 with Financial Services Authority of Saint Vincent and the Grenadines.
  2. It is also licensed under license no. 20389 IBC 2012 from Belize International Financial Services Commission.

The company is licensed in Russia, Belarus, Belize, St. Vincent & the Grenadines, and Mauritius. It used to be licensed in the US and the UK, but that is not the case anymore.

The company signs a user agreement with every trader such that the operating principles of the company are clearly specified.

In terms of safety of funds, client funds are stored separately from company funds in order to ensure security. Further, the company ensures its users that their funds are not used for investment purposes elsewhere.

Additionally, Alpari uses SSL layered technology in order to provide secured transactions. All user data is encrypted in order to ensure safety. The company offers transparency in terms of trading conditions so that its users are aware of its offerings.

Overall in terms of compliance with Regulatory Authorities, others Forex brokers in Nigeria like FXTM, Hotforex etc. are much better than Alpari.

Alpari Account Types

Alpari primarily offers 6 independent trading account types along with 5 fund management accounts. The key features of the independent trading accounts include the following:

1) Nano.MT4 account: Allows users to trade in USD cents and EUR cents. The additional benefit for users is that there is no minimum deposit. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed instantly, and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and the account is traded on the MetaTrader 4 platform.

2) Standard.MT4 account: Allows the users to trade in USD, EUR, and GLD. Minimum deposit is 20 units of each currency. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed without delay and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and this account is also traded on the MetaTrader 4 platform.

3) Standard.MT4 account: Allows the users to trade in USD, EUR, and GLD. Minimum deposit is 20 units of each currency. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed without delay and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and this account is also traded on the MetaTrader 4 platform.

4) Standard.MT4 account: Allows the users to trade in USD, EUR, and GLD. Minimum deposit is 20 units of each currency. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed without delay and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and this account is also traded on the MetaTrader 4 platform.

5) Standard.MT4 account: Allows the users to trade in USD, EUR, and GLD. Minimum deposit is 20 units of each currency. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed without delay and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and this account is also traded on the MetaTrader 4 platform.

6) Standard.MT4 account: Allows the users to trade in USD, EUR, and GLD. Minimum deposit is 20 units of each currency. It comprises 33 currency pairs and 2 metals with a 50% hedged margin. The trades are executed without delay and users can also conduct telephone-based dealing for closing positions. There are no commissions charged, and this account is also traded on the MetaTrader 4 platform.

How to open account with Alpari

Opening an account with Alpari is very easy process. You need to follow the below mentioned steps to open an account with Alpari:

Step 1) Open the home page of Alpari website and click on the Register button at the top of the page.

Step 2) Now you will be redirected to Registration page where you need to fill some details as shown in this below screenshot.

Enter details for registration with Alpari

Step 3) After entering the details you will be redirected to second page where you need to select your “Country” and “City”.

Select Country City while registration with Alpari

Step 4) Once done with registration details, you need to verify the authentication by sending a code via SMS or Email. You need to enter that code the Confirmation Code box to verify.

Verify Authentication while registration with Alpari

Step 5) On next page you need to set your account password and then click on Accept button.

Set Apari Account password

Congratulations! Your Alpari account has been set up and you will automatically login in to your account.

Alpari’s Trading Platforms

Alpari offers its customers three major platforms, MetaTrader 4, MetaTrader 5 & Alpari Invest App for placing any trades.

Alpari Trading Platforms and applications

MetaTrader 4 (MT4)

The MetaTrader 4 platform allows traders to access their accounts via a PC, a mobile app, as well as a web platform. It is the world’s most popular terminal for forex trading that is used by millions of traders around the world. The web version of the platform can be used across devices such as PC, iPhone, iPad, or Android phones. Further, the platform is also compatible with Mac OS, Linux as well as Windows. The platform has built-in indicators as well as market analysis tools. You can even run your EA (Expert Advisors) on MT4.

MetaTrader 5 (MT5)

The MetaTrader 5 platform is the advanced version of MetaTrader 4. This version offers advanced features like additional trade executions, setting up user alerts, as well as 12 new timeframes. The platform offers 20 new technical indicators and more order types. MetaTrader 5 makes use of the MQL5 code for creating expert insights on trades and performance. It is one of the world’s most advanced technical trading interfaces with a wide range of options.

Alpari Invest App

This is a very unique offering by Alpari (app is available for both iOS & Android) that gives you up-to date information of all their investment offering. With Alpari Invest app, investors who don’t have the time to build or manage their portfolio can invest in Forex through PAMM accounts.

What it means is that you can invest in the portfolio of other investors. You can check the PAMM account’s rating, minimum investment, withdrawal limits, past returns etc. Caution should be advised if you are investing in any PAMM account.

Deposit & Withdrawal Methods at Alpari

Alpari offers a range of deposit and withdrawal methods for the convenience of traders. Many of these methods are quite easy to use for Nigerians.

Deposit Methods

For deposits, traders can add funds via bank, Cards & E-wallets.

  1. Bank transfer & Cash deposit (24-72 hours):
    Alpari Bank DepositNigerian traders can add funds in their Alpari account via bank wire transfers or Cash in NGN, USD and EUR without any extra fees.

    If you are paying through your bank then you have to inform Alpari of your payment after making the transfer, otherwise there can be major delays in adding of your deposits. Once you have informed Alpari, they will add your funds to your trading account within 24 hours.

  2. Credit/Debit Cards (credited in few hours):
    Alpari offers deposits with Visa & MastercardYou can also use your debit/credit card to add funds in your Alpari account in Nairas or USD or EUR. But there will be a fees of 2.5% when you are paying with your card. If you are using this method, your account would be funded in a few hours.
  3. Electronic Payments & Wallets (instant funding):
    Alpari Electronic payments fundingAlpari also gives the option to make deposits via Electronic currencies & online wallets such as Neteller, BitPay (for Bitcoin) and WebMoney. There is a range of currencies which can be used to add funds via electronic payments such as NGN, USD and EUR.

The best feature of electronic payments is that they are your account would be funded immediately, while bank and card transfers can take up to a few hours or even a couple of days.

Withdrawal Methods

For withdrawals, you can get payout only in your source funding method i.e. the method that you used to deposit funds in your account. The withdrawal time varies from few hours to 3 business days, depending on the method of withdrawal.

Your account must be verified with Alpari before you can request any withdrawal of profits.

The following methods are available for withdrawal of profits at Alpari.

  1. Bank Wire Transfers (upto 3 business days):
    Alpari offers option to get withdrawal in your Bank via wire transfer. The broker charges a fees of 0.1% for each withdrawal, minimum charge is 10 EUR & max is 30 EUR for any withdrawal amount.
  2. Credit/Debit Cards (upto 2 business days):
    Additionally, you can get paid in your VISA/Mastercard debit or credit card in EUR or USD. For this method, there is a fixed fees of 1.2% + 2 EUR for every transaction.
  3. Wallet Withdrawal:
    You also have the option to make withdrawals via electronic payment wallets such as Neteller (free withdrawal), Skrill (2.5% fees), and WebMoney (0.8% fees). Withdrawals requested through this method can take a few hours to a couple of days.

Alpari Bonus & Promos

Great news for traders! Alpari is currently running 2 attractive loyalty programs. They have a program where you can earn reward points for all trades, and there is also a special program for traders who have over $50,000 balance in their trading account.

1. Alpari’s Cashback program

Alpari’s Cashback Program is open to all the customers who register with the platform. With this program, traders receive cashback points (called ALP) for all activities including deposits, making any trades etc. These points can be exchanged for cashbacks that can be withdrawal as actual cash or even used as trading balance.

This is certainly a very attractive proposition for all traders. In addition, there are various other benefits which can be attained by at every activity in your account.

2. Premium Client benefit

Alpari gives its customers a “Premium Client Status” when your account balance crosses 50,000 USD. This status comes with benefits & extra privileges to place trade without any limitations or restrictions.

If you are a premium client, you will be provided with your personal account manager as well as free training sessions to improve technical skills. Additionally, this scheme include advance account funding and 100% compensation for deposit commissions.

Alpari Customer Support

Alpari offer customer support 24 hours (Monday to Friday) and few hours on Sunday to customers.

Alpari Customer Support

  1. Phone Support: Alpari does not have local phone number in Nigeria. But you can call to their numbers +44 8449 869559 & +44 2031 293799. Moreover you can also call them at Skype & Viber.
  2. Email Support: You can also contact them by sending a mail at their email [email protected] from your email. As per our experience with them, they normally reply in within few hours.
  3. Live Chat Support: Alpari also offer live chat support to visitors and customers. But we have noticed that their chat support is not better as compared to other brokers.

Do we recommend Alpari Nigeria?

To sum up, Alpari has been around for long enough to be trusted. It offers the MT4, MT5 & Mobile trading platforms which are the best industry standard platforms for traders. The company has a range of trading accounts with very low deposit requirements, and the PAMM accounts for investors, this makes it a very attractive broker. Additionally, another plus part is its very attractive loyalty bonus for its clients.

But Alpari could do better in terms of regulation by availing more licenses in the interest of safety of it’s clients funds. Nevertheless, Alpari is one of the best forex broker around with loads of features for beginner traders. We give Alpari an overall rating of 8/10.

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Alpari is ranked #5 forex broker in Nigeria
Rating8/10
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