What We Tested
- Account type: Standard MT4 Account and PAMM Investor Account ($1,000 starting balance for test)
- Platform: MT4 and Alpari Mobile
- Trading period: 4 months, 50 trades executed
- Pairs tested: EURUSD, Copy Trading Strategies
- Withdrawal tests: 2 successful (WebMoney, Skrill)
- Support tests: 4 inquiries via live chat
Testing focused primarily on the performance and transparency of the PAMM platform, which is the broker’s core value proposition.
Regulation & Safety
Alpari operates primarily under Tier-3 offshore regulation for its global entities:
- FSA (Seychelles) – Tier-3 regulation. Offers minimal oversight and no compensation scheme.
- IFSC (Belize) – Tier-3 regulation.
Spreads & Execution
| Pair/Asset | Standard Avg Spread | ECN Avg Spread | Commission (ECN) |
|---|---|---|---|
| EUR/USD | 1.6 pips | 0.4 pips | $3.00/lot RT |
| GBP/USD | 2.1 pips | 0.6 pips | $3.00/lot RT |
| XAU/USD (Gold) | 35 pips | 15 pips | $3.00/lot RT |
Standard Account is commission-free with wide markup. ECN Account offers competitive raw spreads with commission.
Execution Model and Quality
- Execution Model: ECN/STP (NDD)
- Raw Execution Speed: Acceptable speed, suitable for day trading.
- Standard Spread Cost: High (1.6 pips min on EUR/USD).
Execution is reliable, but the Standard Account spreads are too wide for frequent trading. The ECN account offers better value, but the commission is high considering the regulatory risk.
PAMM Investment System (Core Service)
Alpari’s PAMM (Percent Allocation Management Module) is its flagship service, connecting capital with skilled fund managers:
- PAMM Managers: Professional traders manage segregated pools of investor capital.
- PAMM Investors: Allocate capital and earn profits, paying a performance fee only on realized gains.
- Transparency: Detailed performance history, maximum drawdown, and capital usage are visible for all managers.
The PAMM system is one of the most popular forms of passive investment in the Forex industry, requiring careful due diligence on the manager’s risk profile before investing.
Account Types & Fees
Standard Account (Standard)
- Min deposit: $20
- Spreads: From 1.6 pips (markup included)
- Commission: $0
- Best for: Beginners who prefer commission-free simplicity.
ECN Account
- Min deposit: $500
- Spreads: From 0.0 pips (avg 0.4 pips)
- Commission: $6.00/lot RT
- Best for: Experienced ECN traders.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: Yes (Varying fees apply to many methods).
- Inactivity fee: None
- Swap rates: Standard overnight financing applies; Islamic accounts available.
Deposits & Withdrawals (Tested)
Alpari supports numerous funding options, but withdrawal fees are common:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card/Debit Card | $200 | 1 business day | Varies | Fees may apply (1% - 3%). |
| Bank Wire | $500 | 3-5 business days | Varies | Fees commonly charged. |
| Skrill/Neteller/WebMoney | $200 | Same day (4 hours) | Yes (0.5% - 1%) | Fees commonly applied. |
Platforms & Tools
- MetaTrader 4 & 5 (MT4/MT5): Full support for EAs and custom indicators.
- PAMM (Percent Allocation Management Module): Proprietary investment platform for fund managers and investors.
- Copy Trading: Social trading service integrated for simple trade replication.
Our Take: Alpari's core platform strength is its long-standing PAMM system, which provides professional fund management solutions alongside MT4/MT5 support.
Customer Support (Tested)
Alpari offers multilingual 24/5 support:
- Live Chat: 24/5, generally responsive.
- Quality: Customer service is professional, but reliance on offshore regulation limits client recourse.
24/5 support is acceptable, focusing on guidance through their PAMM and copy trading systems.
PROS
- Industry-leading PAMM/Copy Trading solutions.
- Long operational history (since 1998).
- MT4/MT5 support and platform flexibility.
- Low minimum deposit ($20).
CONS
- Primary regulation is Tier-3 (FSA/IFSC) — high regulatory risk.
- Wide spreads on the Standard Account (1.6 pips min).
- Withdrawal fees apply to many methods.
- ECN commission ($6.00 RT) is average.
Who Should Use Alpari?
- Great fit: Investors seeking passive income via the proven PAMM system, and traders comfortable with offshore regulation who need high leverage (1:1000).
- Good fit: Traders embedded in the MT4/MT5 ecosystem who utilize social trading.
- Not ideal: Traders prioritizing Tier-1 safety (FCA/ASIC) or active traders due to the wide spreads on the Standard Account.
Final Verdict
Alpari is a historic brand that has successfully transitioned its focus to investment services, specifically through its renowned PAMM (fund management) platform. This system is their core strength, attracting fund managers and passive investors globally.
The broker operates under weak offshore regulation (FSA/IFSC). While the broker maintains a high operational volume, the lack of Tier-1 oversight is a major risk factor for client funds.
Trading costs are average: the 1.6 pip spread on the Standard Account is wide, and withdrawal fees often apply, making the cost of trading high relative to the regulatory safety offered.