Alpari (Comoros) Ltd Review 2023

Trust

Alpari (Comoros) 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 House under License number T2023236.

Why is it important to know where your broker subsidiary (entity) is registered or regulated?

Different regulators provide different levels of protection. For example, clients with a broker registered with a top-tier regulator such as the FCA or CySEC can benefit from a compensation fund in the event of broker insolvency. Offshore brokers offer higher leverage levels, but few account protections are typically guaranteed.

The table below lists the important account details for Alpari (Comoros) Ltd clients.

We gathered the data listed above in July 2023.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of readily available information.

Launched in 1998, Alpari (Comoros) Ltd is among the first retail forex brokers to exist. According to the company’s LinkedIn page, Alpari has 51-200 employees, reflecting a medium-sized brokerage firm.

Alpari (Comoros) Ltd is an unregulated broker, but they publish their registration details with the Financial Services Authority of Saint Vincent and the Grenadines in the footer of the website.

Trading costs such as spreads and swaps are clearly covered on the Trading Conditions page. Traders can find the Client Agreement on the Regulatory Documents page. The About Us page covers the company milestones over the years and lists awards and sponsorship programs. Overall, we rate Alpari (Comoros) Ltd as having a fair level of transparency.

Fees

Trading Fees

We tested the spreads at Alpari (Comoros) Ltd across different asset classes using the MetaTrader 4 platform. To get a better perspective, we performed our tests at different times of day: 8 AM London time (the London open) and 3 PM GMT (during the New York trading session).

Spreads were recorded on 18 July 2023

Commissions

Commissions are charged for opening and closing positions with any instrument in ECN and PRO ECN account types. The commission is $16 USD per $1,000,000 of the instrument traded.

Swap Fees

Swap fees (the cost of holding a position overnight) were average at Alpari (Comoros) Ltd.

In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). We recorded the data on 18 July 2023.

Non-Trading Fees

For accounts that have been idle for at least 6 months, Alpari (Comoros) Ltd applies an inactivity fee of 5 EUR/USD.

Are Fees at Alpari (Comoros) Ltd Competitive?

Fees reflected in the spreads and swaps of a standard account at Alpari (Comoros) Ltd are fairly average for the industry, but more competitive trading costs are available with ECN and Pro ECN accounts.

Platforms and Tools

MetaTrader 4 Desktop

Alpari (Comoros) Ltd offers MetaTrader 4 and MetaTrader 5 for desktop, which includes advanced functions such as copy trading and automated trading.

MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as:

• Alerts. This feature allows traders to be updated when an instrument reaches a specific price level. The platform can deliver alerts via audio, email, or push notification to a mobile device.
• Watchlists. Traders can set up a list of their favorite instruments and follow live quotes in a market watch panel.
• One-click trading. This feature allows traders to execute orders with a single click and no secondary confirmation. Placing a trade with a single click saves time and is especially useful for short-term traders.
• Trading from the chart. MT4 also allows users the convenience of trading directly from the chart.

MetaTrader also delivers when it comes to the range of available order types. The platform offers market, limit, stop-loss, and trailing stop orders.

• A Market Order is an order to buy or sell an instrument at the current best available price.
• A Limit Order is an order to buy or sell an instrument at a specified price or better.
• A Stop-Loss Order is an order to buy or sell an instrument that is triggered when the price reaches a specified level.
• A Trailing Stop Order is a stop-loss order that traders can set at a defined percentage or dollar amount away from an instrument’s current market price. Traders use this order type to secure profits in a winning trade without needing to exit the position.

Charting features are robust. MetaTrader 4 offers:

• 30 technical indicators. These include classic trend indicators, volume indicators, and oscillators.
• 23 analytical objects. These include lines, channels, Gann, and Fibonacci tools.
• 9 time frames. Charts can display each instrument in nine time frames, from one minute to one month.
• 3 chart types. Traders can choose between Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also popular due to its copy trading and automated trading features.

• Trading Signals. Signals in MetaTrader 4 allow users to copy the activity of other traders in real time automatically.
• Automated trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms. They find opportunities according to set parameters and then either create a notification or automatically open a trade.

The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have the most beautiful interface and requires some time and effort to learn, but that is typical of advanced platforms.

MetaTrader 4 Web

The MetaTrader Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. No additional software is required; the Web Platform enables users to trade directly from any browser and operating system.

Popular features include:

• One-click trading.
• Trading from the chart.
• Watchlists with real-time quotes.
• Trade History.
• Advanced charting with 30 indicators for technical analysis.

Copy trading and automated trading are also only available on the MT4 desktop platform.

MetaTrader 4 Mobile App

Alpari (Comoros) Ltd offers the MetaTrader 4 mobile app, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

The MetaTrader 4 mobile app also provides various order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. As with desktop and web, the interface is not the most intuitive, but the MT4 app offers an above-average range of features.

Alpari (Comoros) Ltd Mobile App

The Alpari (Comoros) Ltd mobile app is well-designed with a user-friendly interface. The app has popular features including watchlists, trading from the chart, market analysis, and an economic calendar.

Standard order types such as market orders, limit orders, and stop loss orders are all available. Charting within the app is solid, with 4 chart types, 5 technical indicators, and 9 available time frames. Clients can also fund and withdraw money from their accounts directly via the app.

Order Execution

For standard accounts, Alpari (Comoros) Ltd, if necessary, brings to the market only the aggregate position for all accounts, while clearing is carried out within the company. Trades are executed at streaming prices, according to the Instant Execution method. For ECN accounts, the execution method is Market Execution where trades are executed according to current market quotes.

Tradable Instruments

CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at Alpari (Comoros) Ltd include the following assets:

• 46 CFDs on currency pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
• 10 index CFDs. An index is a basket of trading instruments used to gauge a market sector, stocks within an exchange, or a country’s economy.
• 5 CFDs on commodities. Commodities are raw products, such as gold, oil, and metals.
• 450 Stock CFDs. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs, you speculate on the price of a stock without actually taking ownership of the underlying company.
• 23 CFDs on cryptocurrencies. Cryptocurrencies, such as Bitcoin, are digital currencies secured by cryptography.

In the tables below, you can see a selection highlighting the variety of instruments available at Alpari (Comoros) Ltd:

CFDs on Forex Major	CFDs on Forex Minor
EUR/USD | GBP/USD | USD/JPY	GBP/JPY |  EUR/NZD | GBP/CHF

CFDs on Forex Exotic	CFDs on Energies
GBP/SGD | EUR/RUB |  USD/RUB	WTI Crude Oil | Brent Crude Oil |  Natural Gas

CFDs on Metals	CFDs on Cryptocurrencies
Gold |  Silver	Bitcoin | Ethereum | Ripple

CFDs on Indices	CFDs on Shares
CAC 40 | NASDAQ 100 |  Nikkei 225	Disney |  Nike |  Intel

Customer Support

We tested customer support with various questions, ranging from how the commission structure works to how orders are executed. Support via chat was very responsive with wait times of less than a minute. The operators were helpful and patient. Via phone, we also had a good experience, with short wait times and helpful guidance. Response via email was not as good, we sent multiple messages, but several of them were unanswered.

Customer Support Languages

English | Russian | Farsi | Turkish | Uzbek

Deposits & Withdrawals

In the tables below, we break down the fees and processing times for each deposit and withdrawal method.

Deposits

Withdrawals

Overall, Alpari (Comoros) Ltd has an impressive range of deposit and withdrawal options. Processing times are reasonable and while some methods have fees applied, others do not.

Account Types and Terms

Account Application

To register with Alpari (Comoros) Ltd, prospective clients must answer the following questions.

• First and last name.
• Email.
• Phone number.
• Country.
• City.
• Citizenship.

Once registered you can open live and demo accounts with a single click from within the client portal.

Account Types

Alpari (Comoros) Ltd offers six account types:

• Standard MT4. This account is geared toward both beginners and experienced forex traders.
• Nano MT4. This account is designed to allow clients to trade live with minimal risk.
• ECN MT4. This account gives clients access to ECN technology without the add-on commission. Instead, a commission is worked into the spread.
• Pro ECN MT4. This account provides access to interbank liquidity, instantaneous order execution, and trading without requotes on the standard MetaTrader 4 platform.
• Standard MT5. This account is geared towards those starting to trade forex with the MetaTrader 5 platform.
• ECN MT5. This account provides ECN trading in the MetaTrader 5 platform.

The table below summarizes the features of each account:

Demo Accounts

Alpari (Comoros) Ltd offers demo accounts for MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.

The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch over to a live account.

Islamic Accounts

Alpari (Comoros) Ltd offers a swap-free Islamic account that adheres to the principles of Sharia law.

Leverage

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

Alpari (Comoros) Ltd offers clients leverage of up to 1:1000 for a Standard MT4 account. This means that with an account of $1,000, you can control up to $1,000,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

Supported Countries

Alpari (Comoros) Ltd takes clients from the majority of countries globally. However, Alpari Limited does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, the European Union, the United Kingdom, Iran, Syria, Sudan, and Cuba.

Research

Alpari (Comoros) Ltd provides daily market analysis, illustrating the fundamental and technical forces driving prices. Insightful reports cover forex, commodities, stocks, and cryptocurrencies. Major economic news is interpreted and important support and resistance levels are highlighted on charts.

Economic releases can cause substantial volatility and thereby create trading opportunities. Alpari (Comoros) Ltd has a robust economic calendar powered by FXStreet, which includes the time and date of an economic release along with the actual figure, the consensus figure, and the previous figure.

Alpari (Comoros) Ltd also provides free trading signals from third-party provider Autochartist. Autochartist automatically identifies chart patterns and key price levels, using this information to predict the most likely direction of the trend.

Education

Alpari (Comoros) Ltd provides an interesting range of articles, which are helpful in providing new traders with a foundation for participating in the markets. Beyond topics like market analysis and trading strategy, the articles cover material relating to the forex industry such as PAMM accounts and the meaning of prime brokerage.

A glossary section is also available, allowing traders to quickly look up the meaning of terms relating to forex and the financial markets.

The Bottom Line

Alpari (Comoros) Ltd has some impressive statistics to its credit: the company launched 23 years ago, has had over 2 million clients to date, and is a pioneer of the PAMM service. Fees are not rock bottom, but ECN and ECN Pro account types can help active traders to keep their costs to a minimum. Their user-friendly proprietary mobile app compliments the popular MetaTrader 4 and MetaTrader 5 platforms. The range of available trading instruments is broad and better than average for the industry.

A large range of deposit and withdrawal options makes it easy to transfer money in and out of client accounts. As an offshore broker, traders can take advantage of massive (some would say reckless) leverage levels, of up to 1:3000. Clients should be mindful that Alpari (Comoros) Ltd is not regulated and does not offer a compensation fund in the event of broker insolvency.

FAQ