- Founded
- 1998
- Min deposit
- $20
- Headquarters
- Comoros
- Max leverage
- 1:1,000
- Regulation & licensing0.0
- Regulatory & legal record10.0
- Published trading cost5.5
- Payments & withdrawals7.0
- MISA
Is it just you?
The live count for Alpari is not loaded on this copy of the page yet. You can still report a problem — it is recorded straight away and shows up here shortly.
Alpari in short
Alpari is a 1998 brand with a 2015 insolvency behind it, and as of 2025 it is run from the Comoros by Parlance Trading Ltd on a licence from a body the Comoros central bank has publicly called fictitious. This site was still describing it as a Mauritius company. That was wrong and this is the correction.
What is good
- A swap-free account is available
- You can open an account with $20
- Funds and withdraws in crypto as well as by bank and card
- Copy trading is built in rather than bolted on by a third party
What it costs you
- No tier-1 regulator stands behind any company here that would take you on
- Everyone signs with Parlance Trading Ltd in Comoros, wherever they live — no compensation scheme
- The group includes a company with no financial licence anywhere (Comoros)
- Dearer than 8 of the other 9 here, at 1.20 pips all in
- States withdrawals take up to 48 hours to process
- Offers leverage up to 1:1000, which no tier-1 regulator allows a retail client
- Does not publish which company serves which country
- Publishes no audited group accounts
Both lists are generated from the record on this page and from how it compares with the other nine brokers here. Nothing on either side was written to be flattering, and a correction to the data rewrites them the same day.
Score breakdown
Method- Regulation & licensing27%0.0
MISA
- Regulatory & legal record10%10.0
Searched, and nothing on record from any regulator or court
- Published trading cost18%5.5
1.20 pips all-in on EUR/USD
- Payments & withdrawals18%7.0
4 methods · stated ~2d
- Platforms & execution13%6.7
4 platforms · MARKET
- Verified reviews9%—
Fewer than 5 verified reviews — excluded
- Corporate transparency5%2.5
1 of 4 disclosures published
1 component had no data and was excluded — the remaining weights were renormalised rather than scoring it zero.
Which entity will you be under?
- Parlance Trading LtdMOST READERS
Claims a licence from MISA, which is not a financial regulator
Comoros · MISA T2023236
Takes: Everyone not covered above
Where you live decides the entity, and the entity decides the protection. What changes between them.
Licences
1 on record- —MISA — not a regulator T2023236unregulated
No automated check: we have no reader for this register yet. Check it yourself at the regulator’s register.
Every number here is on a register you can search yourself, for free — here is where each register is.
Costs and terms
- EUR/USD spread
- 1.2 pips
- Commission
- None
- All-in cost
- 1.20 pips
- Swap-free available
- Yes
- Stated withdrawal time
- 48 hrs
- Funding methods
- bank, card, crypto, ewallet
- Platforms
- MT4, MT5, WEB, MOBILE
- Execution
- MARKET
All-in cost is the spread plus the commission converted to pips, so two accounts charging in different ways can be put in one column — the arithmetic, in money.
What we checked on Alpari
16 Sept 2026Alpari is a 1998 brand with a 2015 insolvency behind it, and as of 2025 it is run from the Comoros by Parlance Trading Ltd on a licence from a body the Comoros central bank has publicly called fictitious. This site was still describing it as a Mauritius company. That was wrong and this is the correction.
Who runs Alpari now
The footer of alpari.com says it plainly: "Alpari, the trading name of Parlance Trading Ltd, Bonovo Road – Fomboni, Island of Mohéli – Comoros Union, is incorporated under registered number HY00423015 and licensed by the Mwali International Services Authority, Island of Mohéli as an International Brokerage and Clearing Company under number T2023236" 4.
The Alpari brand left Andrey Dashin’s Exinity group in the first half of 2025 and moved to Parlance Trading Ltd 2. Exinity kept FXTM, which is another page in this directory. So the two brands that were siblings are no longer related, and the record here that described Alpari as a Mauritius company under an FSC licence described something that no longer exists.
The Mwali licence is not a licence
The Mwali International Services Authority issues documents that look like financial licences from an island of the Comoros. The Union’s own central bank says it should not.
The Banque Centrale des Comores published a communiqué informing the public "about fictitious structures claiming to issue licenses to banks and financial institutions in the Union of the Comoros", naming MISA among them; it was republished on the Ministry of Finance website in December 2025 1. Under the Union’s constitution, licensing banks and financial institutions is the central bank’s exclusive competence, not an individual island’s.
So the entity map on this page does not show MISA as a regulator with a weak tier. It shows a company with no financial licence that claims one from a body which the country says does not have the power to issue it. The regulation component scores zero, and zero is the honest number — a tier-C 2.5 would be saying somebody is watching.
Why 2015 still matters here
Alpari (UK) Limited applied for insolvency on 19 January 2015, four days after the Swiss National Bank abandoned its cap on the franc. KPMG were appointed special administrators. The Financial Services Compensation Scheme paid $51.3m to 11,751 clients, and the final distribution from the estate, more than two years later, returned about 27 cents in the dollar 3.
That is the single clearest illustration on this site of what a compensation scheme is for. Clients of a British broker that failed overnight got most of their money back because the FSCS existed. It is not in this page’s record of regulatory actions, because an insolvency is not an enforcement action and no authority acted against the firm — a market moved and the company could not cover it.
It matters because of what the same brand is today. A reader who remembers Alpari as the broker the FSCS bailed out should know that the company behind the name now has no scheme, no supervisor, and a licence its own country disowns. The 2015 protection was a property of the jurisdiction, not of the brand, and the jurisdiction is gone.
What we could not establish
We found no enforcement action against Parlance Trading Ltd, which is unsurprising: there is no authority with jurisdiction to bring one. That is not a clean record in any useful sense, and the conduct component saying ten here should be read against a regulation component saying zero.
Alpari has also launched instruments its own marketing describes as "up or down", which read as binary options 2. Binary options are banned for retail clients across the EU and the UK. We have not been able to establish what is offered to whom, and it is not in this record.
The figures, and where each one came from
- Operating company today4
- Parlance Trading Ltd, Comoros, HY00423015
- Claimed licence4
- MISA T2023236, Island of Mohéli
- What the Comoros central bank says1
- MISA is among "fictitious structures"
- Left the Exinity group2
- First half of 2025
- What this site published before4
- A Mauritius company under an FSC licence
- Alpari (UK) Ltd insolvency3
- 19 January 2015, after the Swiss franc unpegged
- FSCS compensation then paid3
- $51.3m to 11,751 clients
- Final distribution from the estate3
- About 27 cents in the dollar
Still open
- Whether any entity other than Parlance Trading Ltd takes Alpari clients is not disclosed on alpari.com, which names one company.
- The "up or down" instruments are described as resembling binary options by the trade press. What they are, and who may trade them, is not something we have established.
- There is no register anywhere that can confirm or deny the MISA number, which is the whole problem with it.
Sources
4- 1Is the end of the Comoros licence mirage coming?
Finance MagnatesTrade pressread 16 Sept 2026
- 2Exclusive: Alpari brand seems to have quietly left Exinity
Finance MagnatesTrade pressread 16 Sept 2026
- 3Alpari UK placed in special administration
Finance MagnatesTrade presspublished 19 Jan 2015read 16 Sept 2026
- 4alpari.com — footer disclosure of the operating entity and licence
AlpariThe broker’s own pageread 16 Sept 2026
Every link goes to the document, not to a summary of it, and where it does not we say so on the entry. They carry nofollow like every other outbound link here, and none of them is an affiliate link — a source you are paid to cite is not a source. Where we have any connection to a publisher, it is printed above rather than left for you to find out.
Alpari reviewed
How we scoreWhat Alpari is
Alpari has been trading since 1998, which is 28 years, and runs from Comoros. It holds 1 licensed entity across MISA.
On this site it ranks 9th of 10 brokers. That puts it in the lower third of what we cover, on published weights rather than on an opinion. The weights are on the methodology page and nothing paid for the position.
Who regulates Alpari
Parlance Trading Ltd, incorporated in Comoros, holds MISA licence T2023236 (unregulated) and takes everyone else.
None of the companies that would take you on is under a tier-A regulator. That does not make Alpari a scam, and it does mean there is no statutory compensation scheme standing behind your balance if the company fails.
There is no country-by-country entity here. Everyone signs with Parlance Trading Ltd, regulated by MISA, which is not a tier-A regulator, wherever they live — so the protection a reader in London gets is the protection a reader anywhere else gets.
What trading Alpari costs
Alpari publishes a typical EUR/USD spread of 1.2 pips and charges no commission, so the spread is the whole of the cost. All in, a round turn costs about 1.20 pips.
The median across the 10 brokers ranked here is 0.90 pips, so this is the 9th-cheapest of them and above the median. A published spread is a typical spread: it widens on news and around the session close, and no broker publishes that number.
A swap-free account is available, which matters if overnight interest is not something you can take.
Deposits and withdrawals
You can fund an account by bank transfer, debit and credit card, crypto and e-wallets. The stated minimum is $20, which is lower than 4 of the other 9 brokers here.
Alpari states that withdrawals are processed in about 2 days. That is the broker's own figure and this site has not measured it. Processing time is also not arrival time: the payment rail adds its own, and a card refund is slower than the broker's end of it.
Platforms and execution
Alpari offers MetaTrader 4, MetaTrader 5, a web terminal and a mobile app, and has copy trading built in.
Orders are filled on market execution. Leverage goes to 1:1,000, which is higher than any tier-A regulator permits a retail client — it is available through the offshore entity, not through the licensed European or Australian one.
What Alpari says about itself
Alpari publishes that client money is held separately from its own.
It does not publish which entity serves which country, audited accounts and who owns it. That is not evidence of anything on its own — plenty of sound companies are private — and it is the difference between a claim you can check and one you have to take on trust.
Where Alpari is strong, and where it is not
Its best component is regulatory & legal record, at 10.0 out of 10. Its weakest is regulation & licensing, at 0.0. Those two are what the score is mostly made of, and a reader for whom regulation & licensing is the deciding factor should read that row of the breakdown rather than the total.
The short version: neither the cheapest nor the best licensed on this list.
What this review has not checked
No editor has verified the costs and the funding terms on this record against Alpari's own pages. Everything above is read from what the company publishes, and this site says so rather than implying otherwise.
This page is generated from the record above it, so it cannot drift from it: correct a field and the paragraph changes with it. What it will never contain is an opinion about a support team, a platform's feel, or how a withdrawal went — those need people, and when this site has enough verified reviews to say something about them it will say it in the reviews section, with the count attached.
Written from the record on this page, not about it. Every sentence above is a reading of a field you can see here, so a correction to the data corrects the text the same day.
What customers say
0 publishedNobody has written about this one yet. The reviews component of the score is excluded until 5 reviews have been checked by an editor — excluded, not scored zero, because no reviews is not the same as bad reviews.
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Alpari — common questions
Is Alpari regulated?
Alpari operates 1 legal entity. The one that takes retail clients is Parlance Trading Ltd (MISA, licence T2023236). Which of the rest applies to you depends on your country of residence.
What is the minimum deposit at Alpari?
Alpari states a minimum deposit of $20.
How long do Alpari withdrawals take?
Alpari states a processing time of 48 hrs. That is the broker's own claim; we publish measured times once enough verified user reports exist.