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.
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.
Table of Contents
|Broker Name||Alpari Nigeria|
|Alpari Minimum Deposit||$5|
|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|
Alpari is licensed with the following regulators:
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 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.
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.
Step 3) After entering the details you will be redirected to second page where you need to select your “Country” and “City”.
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.
Step 5) On next page you need to set your account password and then click on Accept button.
Congratulations! Your Alpari account has been set up and you will automatically login in to your account.
Alpari offers its customers three major platforms, MetaTrader 4, MetaTrader 5 & Alpari Invest App for placing any trades.
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.
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.
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.
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.
For deposits, traders can add funds via bank, Cards & E-wallets.
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.
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.
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.
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 offer customer support 24 hours (Monday to Friday) and few hours on Sunday to customers.
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 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.
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.
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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