Alpari to offer spread betting on MT4

J

Jaroon

Junior member
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Until now spread betting on MT4 has only been available through GKFX/SLM.

I opened an account with Alpari a few months ago but was so unimpressed with the customer service that I did not fund it. I stuck with GKFX, who in the main, have been fine for a swing trader like me. I am getting more requotes when using higher pip values, even in unvolatile markets so some comparisons would be good.

I've always suggested scalpers and auto traders steer clear of of GKFX but Alpari might be the place for you guys.

I will probably fund my account in the new year if I can get some feed back.
 
interesting, good to see another new entry into the mt4 spread betting arena. gkfx will have to amend their web site, as they are still claiming to be the only mt4 sb outfit.

both have 10p minimums. alpari 10p/tick, whereas gkfx has 10p/pip. so beginners will be able to stay in the game longer @ gkfx with a small deposit.
 
Spread from 1.6? too expensive. I trade forex ECN, much cheaper and I am happy to pay tax.
 
Last edited:
On web search noticed lots of negatives on requotes, slippages, lax money laundering checks leading to fines from the fsa, and withdrawal issues. On the withdrawals, It certainly seems you have to jump through hoops to withdraw funds compared to the ease of both depositing and withdrawals on GKFX/SLM

On the Alpari UK site in the faq section the withdrawals processs is given as :-

'You need to complete our withdrawal form and send it to our Back Office department or fax to +44 (0)20 7426 2864. Your money will be transferred to the bank account that is registered with us. Please note if your withdrawal is sent after 3 pm we cannot guarantee your transaction will be processed on the same day.'
 
In the Alpari pdf on their UK website it say that the Alpari client funds are segregated and held with a tier-one bank, and in the unlikely event they become insolvent client funds will not be used to pay back creditors.
To me this implies that customer monies are completely safe if at the very least the bank remains solvent.
But then it says that there is the Financial Services Compensation Scheme ( this is available for all FSA registered companies as I understand it ) available if Alpari is unable to meet its financial obligations.

I thought the FSCS was 'last resort' protection and in this situation would only become relevant if the bank where the segregated funds are held went bust, and not Alpari itself, as they have already said that the funds are segregated, implying complete safety in the event of Alpari's default, as the bank would hold client's monies and not permit the repayment of creditors from those ringfenced funds.

Under the FSCS protection this would mean that the first £50,000 would be safe.
Which is it ? - client funds are completely safe, or only the first £50,0000 are safe ?
( obviously not an issue where the account < £50000. )


see link below for doc - is there any clarification or misunderstanding on this that anyone can help with chaps ?

http://static.alpari.co.uk/docs/alpari_uk_safety_of_funds_report.pdf
 
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Sorry steelhead, I can't give you a decisive answer to that. I just took it as in the event of an FSA approved company going bankrupt our first £50,000 were save and could be reclaimed. No idea of the procedure involved. One daft question on a similar subject. I have read that customers "deposits" are covered which is different from "account balance". If I deposit 10k and trade it upto 15k. I hope it's the 15k that is covered not the inital deposit?

Anyway I sent an Alpari rep a few questions about promotions, spreads etc. Last time I spoke to them they told me a streamlined deposit/withdrawal system was soon to be implemented. I wonder if they were just trying to get me to deposit :p

As I said I did find the customer service so poor last time round I didn't deposit with them so I'll see what kind of response I get this time.
 
if you had 50,000 in your trading account would you really be with alpari?

In any instance get the word from the horses mouth - email them, ring them.

email the FSCS, ring them.

I have had some ***** trying to get me to sign up... heres the dialogue.

what a lovely bunch of cococu nts they are in london eh? god i miss it. :sneaky:






RE: Alpari UK - Spread bet on MT4!‏
To see messages related to this one, group messages by conversation.

08:13
Reply ▼
John Murphy Add to contacts
To ' .', Alpari (UK) Sales Monitor
Good morning ,

I apologise for the confusion. Just to confirm, the only question you asked was:

can you give me spreads on DAX & USDCHF ?

I replied to say that the spreads are the same as what you currently receive on your FX account here at Alpari however at the moment only currencies are available with commodities and CFD markets to follow soon after.

The spread on USDCHF is 2.6-2.7 on both your FX account as well as the Spread Betting account and the DAX is not available on the Spread betting account at present as we are yet to offer Indices on Spread Betting however they will be available in the near future.

I hope this is clearer now - please let me know if there is anything further I can help you with.

Kind regards,


John Murphy
Forex & CFDs




From:
Sent: 11 November 2011 20:51
To: John Murphy
Cc: Alpari (UK) Sales Monitor
Subject: RE: Alpari UK - Spread bet on MT4!


What are you on?

I asked you a question - you still cannot answer it and then expect me to open an account?


From: [email protected]

CC: [email protected]
Subject: RE: Alpari UK - Spread bet on MT4!
Date: Fri, 11 Nov 2011 13:08:34 +0000

Good afternoon ,

I did also state that the spreads are the same as what you currently receive on your FX account here at Alpari however at the moment only currencies are available with commodities and CFD markets to follow soon after. The link attached is how to open your account.

Kind regards,


John Murphy
Forex & CFDs


From:
Sent: 11 November 2011 12:16
To: John Murphy
Cc: Alpari (UK) Sales Monitor
Subject: RE: Alpari UK - Spread bet on MT4!

spare me the marketing bull**** John.

I asked you a question.

From: [email protected]
To:
CC: [email protected]
Subject: RE: Alpari UK - Spread bet on MT4!
Date: Fri, 11 Nov 2011 11:35:15 +0000

Good morning ,

Thank you for your reply. The spreads are the same as what you currently receieve on your FX accoutn here at Alpari however at the moment only currencies are available with commodities and CFD markets to follow soon after. I have attached the link below for ease of us for your live Spread Betting account opening:



To apply for a live Alpari UK account, please click HERE


Once you have filled in the online application, please let me know so I can then inform you if any further documents are required. With you Spread Betting Account here at Alpari (UK), you can speculate on the price of currencies (Forex) from as little as 10 pence per point on MetaTrader 4, one of the most popular global trading platforms. When spread betting with Alpari (UK), you can backtest, optimise and trade your Expert Advisor (EA) strategies on MT4, which gives MetaTrader 4 a unique advantage over other spread betting platforms.

Spread betting benefits include exemption from income tax, capital gains tax and stamp duty*.

If there is anything I can help you with in the mean time, please do not hesitate to contact me on the details below.

I look forward to hearing from you.

Kind regards,


John Murphy
Forex & CFDs



From:
Sent: 10 November 2011 19:34
To: John Murphy
Cc: Alpari (UK) Sales Monitor
Subject: RE: Alpari UK - Spread bet on MT4!

excellent.

can you give me spreads on DAX & USDCHF ?

From: [email protected]
CC: [email protected]
Subject: Alpari UK - Spread bet on MT4!
Date: Thu, 10 Nov 2011 13:49:02 +0000
 
On the ForexPeaceArmy customer gripes. Alpari said that the bulk of trading activity by that customer was targetting stale prices due to a bug in their software and so they definitely seem justified in reversing the profits that arose from those trades.
 
Ha ha - Francis I knew the robots were trading, and now they're doing customer service as well. Watch out India and far flung customer service centres - you are at risk !

Mind you I can see his point tho - they don't offer equity Index markets for SB accounts at the minute please go elsewhere for the DAX.
 
GKFX offers equity Index markets as well as FX on MT4 - ask them to give you the spreads on DAX & USDCHF
 
Hi Francis

francisfinley said:
if you had 50,000 in your trading account would you really be with alpari?
Click to expand...

Almost certainly not, except for experimental purposes!

Given all the marketing bull**** that flies around in all directions, we've decided to cut through all that **** and have started running a head to head comparison between Alpari and GKFX on both live and demo accounts. Initial (if somewhat brief) details here:

Ray Robot 2 Makes Money Trading Breakouts with MetaTrader 4

According to my friendly local neighbourhood Alpari UK sales rep, I'm the proud possessor of the first ever funded Alpari spread bet account! Who'd have thunk it?

Cheers,

Jim
 
Quote:
Originally Posted by francisfinley
if you had 50,000 in your trading account would you really be with alpari?

- where then ? , supposing we get the hang of this trading lark at some stage and build up beyond that level. Where would you recommend fellas ?
 
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