This review looks at the main pros of the services offered by the company. From account types to copy trading, here is what Alpari can offer to Nigerians.
One of the biggest names in the realm of foreign exchange, this company has been operating for over two decades. So far, it has gained over 2 million clients across the world, with branches in eight countries and an internationally recognized brand. Let’s take a closer look at Alpari to see if they really can deliver better spreads.
In this review, we will be looking at the brand’s new face, the Alpari International broker, which now offers its services to Nigerians. Operating since 2013, it puts clients first, just like its predecessor. The number of financial tools on offer exceeds 250, and the platform used is well-regulated.
The company employees supply their clientele with in-depth support, guiding all levels from beginners to pros. The same can be said of the conditions of use – these are clear and transparent. Overall, this broker is a wise choice for anyone looking to participate in Forex trading today.
Based in Mauritius as a subsidiary of Exinity Limited, it operates in full compliance with the Financial Services Commission Mauritius through the parent company. Here is what makes it a superior mediator for Forex trading in Nigeria, and the many benefits involved.
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As a client, you may choose from a relatively wide range of finance tools. Most of these fit within the CFD category (Contracts for Difference). What you get is trading in the following:
Even though the max leverage is an impressive 1,000 to 1, the indicator drops as the overall notional trade size of all open positions grows. For example, with $8 million in total notional value, the leverage amounts to 25 to 1. In addition, virtual currencies and certain stocks bring lower leverage as a consequence of current regulations.
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Spreads are just one of the many competitive benefits offered. By way of example, look at the EUR/USD pair. The spread amounts to 0.9 (Standard Accounts) or 0.1 (ECN). Most competitors, on the other hand, offer far less advantageous conditions. Combined with special programs, promotions, and multilingual customer support, this explains the popularity of the broker.
The broker’s operations are based on a very special execution model, which is essentially a fusion of ECN and market-maker schemes. The main benefits brought by such a system include natural spreads and quick execution.
There are four account types to choose from, but the choice is largely determined by the instruments to be traded, and the platform used (two for ECN and two for market-makers). Generally, no account can be based on a currency other than USD, EUR, GBP, or NGN.
This option works with the fourth and fifth versions of the MetaTrader platform. You have to deposit at least $500, and the maximum (floating) leverage is 1,000/1 per lot. For each of your lots round trip, you pay a $3 commission. The EUR/USD pair has the minimum spread available of 0.4 pips. The volume of trade is limited to 50 lots maximum.
This is another ECN option, which is compatible with the fourth version of MetaTrader only. The main differences include the absence of commission, larger trade volume (up to 250 lots), as well as a significantly bigger minimum deposit ($25,000) and maximum (floating) leverage (300/1). It is also the only account allowing trading of individual stocks. The lowest spread on the EUR/USD pair is the same.
The first of the two market-maker options, it is compatible with MetaTrader 4. You have to deposit at least $100, and your highest possible (floating) leverage is 1,000/1. The EUR/USD pair comes with the minimum spread of 1.2 pips. Each trade may include up to 50 lots.
Another non-ECN type account is also limited to the same MetaTrader 4, but it is smaller. The minimum deposit amount is a mere $5, and the maximum (floating) leverage of 400/1. The EUR/USD pair is traded with a minimum spread of 1.7 pips. The volume of each trade is limited to just one lot.
The broker regularly rewards clients for loyalty and activity. A cashback promotion program encourages traders to stay with the company. For every lot traded, Alpari International provides a cash rebate that may be withdrawn (up to half a year). Overall, there are 5 rebate categories.
Temporary promotions also come up occasionally. For instance, clients may be eligible for a 30% top-up of their trading credit to their deposits ($5,000 maximum) for 30 days.
How do you deposit funds into your account, and how are these retrieved? Not only is this process uncomplicated, but it is also secure. To transfer money to your trader account, select one of the possible options: Credit and debit cards, bank transfers, Perfect Money, Neteller, WebMoney, FasaPay, as well as Bitcoin and Skrill – they are all accepted.
The same range of channels may be used for withdrawals. Importantly, the broker does not impose any additional fees on top of those charged by the payment processing operators.
The customer care center is based in Mauritius. It offers around-the-clock support five days a week (Monday-Friday). Also, the operators work several hours in the afternoon on Sunday.
It must also be noted that Alpari International allows Islamic “swap-free” accounts. These are, however, inapplicable to any exotic pairs. Clients may also take advantage of hedging, scalping, and automated trading. Such a combination of features is rare in the foreign exchange market.
Finally, Alpari gives its clients the opportunity to access Alpari Copy Trading and gain profit without spending considerable time. Delegating the task to a Strategy Manager from the team for a fee means that their trades are auto-copied to your account, and any wins they secure bring you money.
Overall, it should be concluded that Alpari International offers a comprehensive set of financial services to clients who wish to trade on the foreign exchange market. It provides two execution models and a wide range of instruments to benefit from.
Additional features, attractive spreads, and commission rates, undoubtedly, add to the appeal. The broker also allows modest deposits on some of its account types, hence, the trading on Forex is accessible to anyone. It is possible to start small and later switch accounts and boost profits when your skills improve.
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