Alpari Review 2023

Alpari is #7 forex broker in Nigeria as per our reviews. Alpari has not too high typical spread & quite low fees with their ECN account, but there are cons including the fact that they are a high-Risk forex broker.

Max. Leverage
per trade
Minimum Deposit
out of 8 Forex Brokers

Founded in Russia in 1998, Alpari is still 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, CFDs on metals, cryptocurrencies etc.

Alpari also offers a number of withdrawal methods such as Local Bank transfer in Nigeria, Credit/Debit Card, Bitcoin, Skrill etc.

Alpari has served more than 2 million clients worldwide. Exinity Group, which is the parent company of Alpari & FXTM is licensed with FSCA, CMA, FCA. Alpari also has local offices & account managers in Lagos & Abuja. We’ve reviewed Alpari’s fees, safety, platforms & more.

Alpari Nigeria Pros

  • Low Minimum Deposit
  • No Commission on Trading
  • No Deposit fee
  • Support MT4 & MT5 Trading Platforms

Alpari Nigeria Cons

  • Not Offering Fixed Spread
  • Very Less Trading Instruments

Alpari at a glance

Broker Name Alpari Nigeria
Year Founded 1998
Office Location Mauritius
Alpari Minimum Deposit $5
Maximum Leverage 1:1000
Regulation FSC (Mauritius)
Trading Instruments 60 Currency pairs, 30+ CFDs on Metals, Cryptocurrencies
Trading Accounts Micro, Standard, ECN & Pro Accounts
Trading Platforms Web, Desktop, Mobile (MT4, MT5) & Alpari Invest App

Regulation & Safety of Funds

Alpari is licensed with the following regulators:

  1. Alpari is is the brand of Exinity Limited, which is licensed by
    Financial Services Commission – Mauritius (FSC) with Investment Dealer licence no. C113012295.

Alpari used to be licensed in the UK, but it entered insolvency following the Swiss Franc end of capping in 2014.

Exinity Group, which is the parent company of Alpari, is also licensed with multiple regulators including FCA, FSCA, CMA (Kenya).

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 Avatrade, Hotforex etc. are much better regulated than Alpari.

Alpari Account Types

Alpari offers 4 Live trading account types, 2 Standard Accounts & 2 ECN Accounts. The minimum deposit at Alpari is ₦1000 or $5 for traders in Nigeria.

1) Standard MT4 accounts: Aplari has 2 Standard accounts i.e. Micro Account & Standard Account. Both these accounts have instant order Execution model.

2) ECN accounts: The minimum deposit for opening ECN account at Alpari is ₦20,000 or $500. The trading fees with this account type is variable spread + $3 commission per lot.

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

Alpari 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, including local bank transfer.

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 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 account funds/balance.

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

  1. Bank Transfer in Nigeria:
    Alpari offers option to get withdrawal in your Nigeria Bank account. There is no commission with this method & withdrawal time is 24 business hours normally.
  2. Credit/Debit Cards (24 business hours):
    You can request withdrawal your VISA/Mastercard debit or credit card in EUR or GBP or USD, if you had used this method for funding. For this method, there is a fixed fees of 3 USD for every transaction.
  3. Wallet Withdrawal:
    You also have the option to make withdrawals via electronic payment wallets such as Neteller (commission free withdrawal), Skrill (0% fees), and WebMoney (2% fees). Withdrawals requested through this method can take a few hours(upto 24 hours).

Alpari Bonuss

Alpari does not have any bonus available for traders in Nigeria. But they have a Loyalty Cashback program, where you can receive up to $5 back on each trade that you place at Alpari.

Overall, there is no attractive promo available at Alpari currently.

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 +442 080 896 850. Moreover you can also talk to their support via Telegram.
  2. Email Support: You can also contact them by sending a mail at their email [email protected] from your registered account email. As per our experience with them, they normally reply in within 24 hours.
  3. Live Chat Support: Alpari also have live chat support open to visitors and logged in users. But we have noticed that their chat support is not that good compared to other brokers.

Do we recommend Alpari Nigeria?

To sum up, Alpari has been around for long enough to be trusted. But there are better forex brokers that also accept traders from Nigeria.

Alpari offers the MT4, MT5 & Mobile trading platforms which are the best industry standard platforms for traders. They have a range of trading accounts with very low initial deposit requirements, and the coptrading account feature well.

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. Also, they could offer local phone support. Overall, we give Alpari an overall rating of 7/10.

Alpari Nigeria FAQs

Is Alpari a Legit broker?

Alpari is not regulated with any Top-tier regulation & traders in Nigeria are registered under their offshore regulation SVG FSC. This makes Alpari a high risk CFD broker. But their parent company Exinity Group is well regulated.

Is Alpari an ECN Broker?

Alpari does offer ECN type accounts with MT4 & MT5 platforms. The minimum deposit with this account is ₦20,000 & the commission is $3/lot roundturn. They offer Raw spreads with this account type.

What is the minimum deposit at Alpari Nigeria?

Alpari has a minimum deposit requirement of ₦1000 for account opening with Naira account if you open their Micro Account. The minimum deposit is $5 if you choose USD base currency account..

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Alpari is ranked #7 forex broker in Nigeria
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