While most other brokerages offer a tiered-account system, Alpari does things differently. Its account types are based on the trading platform that users want to utilize. The better the platform and its features, the higher the initial deposit required. Alpari also provides swap-free Islamic accounts.

Remember that all account types allow users access to the Alpari web trading interface. Also, Alpari only accepts deposits in USD or EUR, so users with other currencies should keep the current exchange rate in mind.

Here are the major Alpari account types:

Standard.MT4

This account allows traders to use MetaTrader 4 to place orders. The minimum deposit required to open a standard MT4 account is just $20. Hedged margin for this account is 50%, while the stop out occurs at 20%. Users can also make use of leverage of up to 1:1000.

Standard.MT5

This account is fairly similar to the previous one. However, this allows traders the ability to utilize MetaTrader 5. Once again, the maximum leverage allowed is 1:1000, with 50% of hedged margin and a 20% stop out. Traders need to deposit a minimum of $100 to open a standard MT5 account.

ECN.MT4

Electronic Communication Network accounts are usually used by institutions, but it is possible for standard users to access them too. Their major benefit is that the network can connect the users to major liquidity providers across the globe. This means that the trader can have access to extremely low spreads. Instead of instant execution that occurs in the Standard account, orders on ECN accounts are executed in the market.

Traders need to deposit at least $300 to open an ECN.MT4 account. Once again, the hedged margin is 50%. However, the stop out occurs at 60%, and traders can access leverage up to 1:3000.

Pro.ECN.MT4

This account is quite similar to the standard ECN.MT4 account. The only difference is that there is a commission of $16 for every $1,000,000 traded.

ECN.MT5

Once again, this is exactly the same as the ECN.MT4 account. The only difference is that it allows users to trade using MetaTrader 5.

As stated in the last section, The Pro ECN MT4 and ECN MT5 accounts have to pay a commission of $16 for every $1,000,000 traded. Other account types offer commission free trading. However, there is a spread that traders must keep in mind.

The spread is reduced for ECN accounts, and it can vary depending on the time of day and the market conditions. However, the average spread on Alpari is between 1-1.5 pips for forex (it varies depending on the pair you are trading). It is possible for raw spreads to go as low as 0 pips, while standard spreads can go as low as 0.8 pips. Furthermore, WTI crude oil has an average spread of $0.06, gold has $0.27, and Bitcoin has $56.50.

Overall, the spreads on Alpari are fairly low compared to some of its competitors. However, most brokerages do tend to have smaller spreads for Bitcoin.

One of the main benefits of using Alpari is that it offers a lot of payment methods. Traders have access to the usual credit cards as long as they are provided by Visa or Mastercard. On top of it, it is possible to use internet banking, wire transfers, and numerous e-wallets to make both deposits and withdrawals.

Sadly, some of the more popular e-wallet options such as Skrill, NETELLER, and PayPal are not available on the website. That said, it is possible for users to deposit and trade with cryptocurrencies. In total, users can deposit and withdraw in more than 50 coins including all the major ones such as USDT, BTC, and ETH.

Deposits on Alpari are usually free. However, Visa and Mastercard users have to pay a 2.5% fee. The fee for withdrawals is all over the board. There are many payment methods that can be availed for free, while others such as crypto (0.1%) and credit cards (2.5%) require a fee.

Alpari offers the industry standard MetaTrader 4 and MetaTrader 5 platforms. While these trading platform options are likely enough to satisfy most traders, it would be nice to see them add more advanced options like cTrader, TradingView, and more.

Like most other brokerages, Alpari offers its customer support services Monday through Friday. The service is available 24 hours on these days. Traders have the option of using live chat, email, or their phone to contact the customer service representatives.

Unfortunately, one major issue with using email/live chat on Alpari is the delay in getting a response. It can take up to 48 hours before someone responds to your email, and each subsequent email may have another delay as well.

That said, phone support is as good as it can be, allowing traders to instantly troubleshoot any problem they might be having with the brokerage.

Alpari offers a lot of additional features to entice traders to its platform. Here is a brief overview of them all:

• Daily market analysis that not only covers all the major developments in the world of forex and commodities but also provides specific analysis that has actionable value to traders.
• Advanced security that segregates customer funds from operational funds and uses SSL encryption to guarantee security of funds.
• A cashback program that can allow users to earn back some of the money they have deposited or traded. This is especially useful for active traders.
• A demo account where users can test the platform and their trading strategies.
• A mobile app with its own trading interface for both iOS and Android.
• An economic calendar that has all the important dates that traders might be interested in.

Pros of Alpari

• Availability: Alpari legally operates in over 150 countries. Coupled with regulatory oversight, it is a convenient choice for people in countries with limited options or for frequent travelers.
• Pricing: Spreads on Alpari are extremely low compared to its competitors. This is true even for standard accounts where other brokerages usually charge higher spreads.
• Leverage: Alpari offers extremely high leverage, especially for standard accounts where most other brokers limit leverage to 1:200 or less.

Cons of Alpari

Here is why you should consider Alpari as your broker:

Here are a couple of things to keep in mind when using Alpari:

• Training tools: Unlike other top brokerages, Alpari has almost zero trading resources for novices, making the platform more suited for experienced traders.
• Supported currencies: Alpari only supports USD and EUR. Any other currency will have to be converted to these two before being deposited. Depending on the payment method, the exchange rate offered might not be the best.