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Contract reading

What Alpari legally published, but does not want you to read

Every clause below is published by Alpari itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on . We have read it 2 times.

Contracting entity: Parlance Trading Ltd

sole discretionmarketing gaphidden feewithdrawalsforum waiverbonus lockdeemed acceptancekyc freezeunilateral amendmentjoint liability

Alpari can void your profits if it suspects market abuse. Clause 13.3 then asks you to disprove that suspicion with conclusive evidence inside 30 days. You get five working days to complain about anything, and Alpari's own server log settles who is right. An idle account pays 10 EUR, USD or GBP a month until nothing is left, and a balance under 10 can be given to charity. The Welcome Bonus names India as eligible while the same page says Alpari does not serve India.

Back to Alpari

Contract risk

Money at risk
8.2/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
18
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 25 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning16
Notice2

section 200 of 233is where the deepest clause sits, 86% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical30 daysProfit at risk. Jump to the clause this comes from.Profits voided unless you disprove a suspicionCritical$500In the contract. Jump to the clause this comes from.India is both barred and bonus eligibleCritical$120Fee on an unused account. Jump to the clause this comes from.An idle account is charged until it is emptyCritical5 working daysTime to complain. Jump to the clause this comes from.Five working days to complain, then the log decides

What the documents say

25 clauses worth knowing about, worst first, each quoted from Alpari's own files

01

If Alpari suspects you of market abuse, it can close your positions with no warning and no reason given. Your profits from those trades are then void unless you hand Alpari conclusive evidence that you did nothing wrong, within 30 calendar days.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

You have to prove a negative to a conclusive standard, to the company that is keeping the money. Alpari never has to show you what it suspected, and a second clause lets it annul profits it alone deems inappropriately gained.

Exhibit 1CriticalRarely seen30 days

Unless you submit conclusive evidence that you have not engaged in Market Abuse in any form, within 30 (thirty) calendar days following the day your Open Positions and Orders were closed due to suspicion any profits that you have made from these Transactions will be void.
Clause 13.3 in Terms of Business, p.20
Read from the broker's site on Open the reference

Buried at section 200 of 233 in the Terms of Business, 86% of the way through.

  • Worse together with Exhibit 5You have 30 days to disprove the suspicion but only five working days to complain about what Alpari did, and Alpari's own log decides the facts.
02

Alpari offers a 100% deposit match worth up to $500 and names India first on its list of eligible countries. The footer of that same page says Alpari does not provide services to residents of India.

Why this matters

If you are in India, you can be signed up and funded under a promotion the same page says you cannot have. Alpari keeps the argument that it never served you, and that argument sits on the page you read.

Exhibit 2CriticalRarely seen$500

“Eligible Country” means India, Armenia, Georgia, Tajikistan, Russia, Ukraine, Moldova, Kazakhstan, Belarus, Kyrgyzstan, Turkmenistan, Afghanistan, Turkey, Uzbekistan, Iran.
Clause 2.1 in Welcome Bonus
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026The claim, on Welcome Bonus terms, clause 2.1, promotion period 1 April 2026 to 31 December 2026Visit this page on the broker's siteDownload the full size image file
Our own capture of alpari.com, taken on Oct 11, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where it sits: section 11 of 54 in the Terms and Conditions, near the start.

  • Worse together with Exhibit 22The credit that draws Indian clients in is also the credit that disappears the moment they withdraw anything.
03

Alpari's contract defines its inactivity fee as $120 a year per account. Its deposits page charges the same money differently: 10 EUR, USD or GBP every month after 3 months without a trade, and it repeats until your balance is completely depleted.

Why this matters

Stop trading for a few months and the charge eats the account rather than stopping at it. On a $200 balance the monthly version takes everything inside 20 months, and nothing in the clause requires Alpari to warn you first.

Exhibit 3CriticalHarder than usual$120

When an account has been deemed inactive (no trading activity) for a period of 3 months, we will apply an inactivity fee of 10 EUR/ USD/ GBP. This inactivity fee is applied every month, until the balance is completely depleted.
Quoted in Deposits & Withdrawals
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026An idle account is charged until it is emptyVisit this page on the broker's siteDownload the full size image file

Where it sits: section 18 of 57 in the Deposits & Withdrawals, 32% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Balance under 10, idle 30 daysAlpari can take what is left and give it to charity, then close the account.21.4
3 months without a tradeA 10 EUR, USD or GBP fee starts and repeats every month until the balance is empty.
12 months with no deposit and no tradeAlpari can close the account and end the agreement, or charge the annual fee if money is left.21.2
  • Worse together with Exhibit 4The monthly fee pushes the balance below 10, which is exactly the level at which the charity clause lets Alpari keep the rest.
04

Alpari gives you five working days after an event to lodge a complaint about it. After that, Schedule 1 clause 7.9 gives Alpari's own server log absolute priority, and clause 7.10 says an argument its log did not record may not be considered.

Why this matters

Five working days starts when the event happened, not when you noticed it. Alpari also chooses how the dispute is resolved, refuses to look at prices from anywhere else, and freezes the disputed position so you cannot trade it while it decides.

Exhibit 5CriticalHarder than usual5 working days

If any conflict situation arises when you reasonably believe that we, as a result of any action or failure to act, have breached one or more of the terms of the Operative Agreements, you have the right to lodge a complaint with us within five (5) working days after the occurrence of the event (the “Dispute Date”).
Clause Schedule 1, 7.1 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026Five working days to complain, then the log decides (clause Schedule 1, 7.1)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 16A notice counts as served one hour after Alpari posts it and can be deleted after three days, inside the five working days you have to complain.
  • Worse together with Exhibit 19The complaint window is short and the clause that is supposed to take you past Alpari's own decision points at the wrong part of the contract.
05

Deposit money, change your mind, and take it back without trading: Alpari reserves the right to charge you 3% of the whole withdrawal. The Fees page does not mention this anywhere.

Why this matters

The trigger is the absence of trading, so the safest thing you can do with the money is the thing that costs you. On $1,000 that is $30 to undo a deposit you never used.

Exhibit 6CriticalRarely seen3%

In case of no trading activity, or if any form of abuse is found relating to the reimbursement policy, we reserve the right to reclaim any reimbursement fees. If you ask to withdraw your funds after no trading activity, we reserve the right to charge you the equivalent amount of any banking fees incurred, or 3% of the total withdrawal amount.
Quoted in Deposits & Withdrawals
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026A 3% charge for withdrawing without tradingVisit this page on the broker's siteDownload the full size image file

Where it sits: section 19 of 57 in the Deposits & Withdrawals, 33% of the way through.

  • Worse together with Exhibit 10The 3% is the only non-trading fee Alpari puts a number on in public, and the rest sit behind the login.
06

Alpari sells in Persian and Uzbek on its own domains. Clause 30.5 says anything on those sites that is not in English does not bind Alpari and has no legal effect. Two of the documents those readers are sent to are served in English only.

Why this matters

Everything you were told in your own language before you deposited is disclaimed by the contract you accepted. If the Persian page and the English contract disagree, the English contract wins and Alpari takes no responsibility for the translation.

Exhibit 7CriticalRarely seen2

Translation or information provided in languages other than English in our local websites and where relevant Publishing Channels is for informational purposes only, and do not bind us or have any legal effect whatsoever. We have no responsibility or liability regarding the correctness of the information therein.
Clause 30.5 in Client Agreement
Read from the broker's site on Open the reference
Our own capture of alpariforexfa.org, taken on Oct 11, 2026The claim, on Persian landing page, main sales sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of alpari.com, taken on Oct 11, 2026What the contract says, clause 30.5Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 19A Persian reader is held to an English contract under Comoros law, with the escalation clause pointing at the wrong section.

An idle Alpari account is charged until the balance reaches zero

10 EUR, USD or GBP a month is what Alpari charges an account with no trading for 3 months, and its deposits page says that repeats until the balance is completely depleted. The contract puts the same fee at $120 a year per account. Below 10 the balance stops being a charge and becomes a donation, because clause 21.4 lets Alpari give the remainder to charity and close the account.

In plain words

Dormancy means an account left unused.

Dormancy charges1 clause flagged

If your balance falls under 10 EUR or USD and the account sits unused for 30 calendar days, clause 21.4 lets Alpari take what is left and give it to charity. Alpari then closes your account.

Why this matters

Alpari decides which charity and you are not asked. The money is small, but the clause is the end of the chain: the monthly inactivity fee is what brings most balances down to this level.

Exhibit 4CriticalRarely seen30 days

You agree that if your remaining Trading Account Balance is less than 10 EUR/USD or the equivalent thereto in any other relevant currency, and if your Trading Account is inactive for more than thirty (30) calendar days, then we will have the right to deduct the remaining Trading Account Balance and apply it for charity purposes in our absolute discretion. We will then close your Trading Account(s).
Clause 21.4 in Client Agreement
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Our own capture of alpari.com, taken on Oct 11, 2026Small dormant balances can go to charity (clause 21.4)Visit this page on the broker's siteDownload the full size image file

Alpari sells in countries and languages its contract does not back

India sits on two lists on one Alpari page. The Welcome Bonus names it as an eligible country, and the footer says Alpari does not provide services to residents of India. Clause 30.5 then strips legal effect from everything Alpari publishes in Persian or Uzbek, and two more pairs of Alpari pages disagree with each other about margin windows and about where your money sits.

Language and country gaps2 clauses flagged

Alpari's deposits page says your funds are kept entirely separated from its own in top tier banks. Schedule 1 clause 3.3 says your stocks may be pooled with other clients in a co-mingled account, where a custodian's general creditors may claim them.

Why this matters

For cash the claim holds up: clause 7.8 does keep client money in separate accounts. For stocks you share in any shortfall if a custodian fails, and no compensation scheme is named in any Alpari document.

Exhibit 17WarningStandard wording

Safety: Your funds are kept entirely separated from our own in top-tier banks.
Quoted in Deposits & Withdrawals
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026The claim, on Deposits and withdrawals page, Safe deposits sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of alpari.com, taken on Oct 11, 2026What the contract says, clause Schedule 1, 3.3Visit this page on the broker's siteDownload the full size image file

Where it sits: section 3 of 57 in the Deposits & Withdrawals, near the start.

Alpari's leverage page says the margin squeeze before a weekend starts 2 hours ahead of the close. Its own explainer article says the window is 3 hours. Inside that window your maximum leverage drops from 1:3000 to 1:200.

Why this matters

Open a Friday trade in the hour the two pages disagree about and the margin Alpari holds can be fifteen times what you expected. On a 3 lot gold position that is the difference between 450 and 6,750 dollars of margin, using Alpari's own example.

Exhibit 18WarningStandard wording

DMR is also applied 2 hours ahead of market closures for weekends and public holidays.
Quoted in Leverage & Margin
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Our own capture of alpari.com, taken on Oct 11, 2026The claim, on Leverage and margin page, dynamic margin requirements sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of alpari.com, taken on Oct 11, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Buried at section 38 of 58 in the Leverage & Margin, 66% of the way through.

Alpari publishes no price for trading and charges 3% for leaving

3% of the withdrawal is what Alpari reserves the right to charge if you take your money out without trading. Its Fees page names no figure at all, and its spread table shows a dash for every instrument on a commission free account. Deposit fees, withdrawal fees and conversion rates are only visible once you have an account, and clause 7.2 lets Alpari change them without telling you first.

Cost disclosure2 clauses flagged

Alpari advertises spreads starting from 0.0 and promises a page where you can look up the minimum spread for any instrument. On that page the Minimum Spread column shows a dash for every instrument, on a commission free Standard account and on a Pro ECN account alike.

Why this matters

On a commission free account the spread is the entire price you pay to trade, and Alpari publishes no figure for it. Clause 7.2 then lets Alpari change that price with no notice to you at all.

Exhibit 9WarningHarder than usual

Find the minimum spread, pip value, swap fees and other trading conditions for any instrument.
Quoted in Contract Specifications
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Our own capture of alpari.com, taken on Oct 11, 2026The claim, on Contract specifications page, subtitle under the headingVisit this page on the broker's siteDownload the full size image file
Our own capture of alpari.com, taken on Oct 11, 2026What the contract says, clause Appendix 1, 2.4Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 13A price that is never published and can change the hour after a web post cannot be checked by you either before or after a trade.

Alpari confirms that a deposit fee and a withdrawal fee come out of your money, then sends you to MyAlpari to find out how much. The conversion rate table needs a login too, and clause 8.2 lets Alpari convert your money at rates it decides, without notice.

Why this matters

You have to open an account and hand over your documents before Alpari will tell you what it charges. By then the money is already inside, and the Fees page you read first carried no figures at all.

Exhibit 10WarningHarder than usual

The deposit fee will be subtracted from the deposited amount. Please see details on MyAlpari for fees.
Quoted in Deposits & Withdrawals
Read from the broker's site on Open the reference

Where it sits: section 28 of 57 in the Deposits & Withdrawals, 49% of the way through.

Alpari promises withdrawal on demand and allows itself eight business days

Eight business days is how long Alpari may delay a withdrawal you request soon after funds were credited, under Schedule 1 clause 4.4. Clause 1.4 of the same schedule promises the opposite, a right to withdraw on demand. No withdrawal processing time is published anywhere on the site, which sends you to MyAlpari to find out.

Exit conditions1 clause flagged

Schedule 1 clause 1.4 gives you the right to withdraw your balance on demand. Clause 4.4 of the same schedule lets Alpari delay a withdrawal for up to eight business days if you ask for it soon after the funds arrived.

Why this matters

No withdrawal processing time is published anywhere on Alpari's site, so eight business days is the only number you have. The clause sits under the stocks settlement heading, but its words cover any withdrawal made shortly after funds were credited.

Exhibit 8WarningHarder than usual8 working days

Your withdrawal request will be denied if there is insufficient Balance on your trading Account to cover any unsettled Transactions or fees. Where you request a withdrawal shortly after the funds were credited to your Trading Account, we will be allowed to delay settlement for up to eight (8) Business Days to ensure that the funds were cleared and can be withdrawn.
Clause Schedule 1, 4.4 in Client Agreement
Read from the broker's site on Open the reference

Alpari's 100% match is paid in loyalty points you have to trade for

$500 is the headline on Alpari's re-deposit match, and clause 5.4 pays it in blocks of 25,000 Reward Points, worth $50 at the rate Alpari advertises. Clause 5.3 requires 20,000 Tier Points of trading for the maximum, and the lot requirement is never given a number. The Welcome Bonus credit is removed the moment you withdraw anything, and two advertised rewards have no published terms at all.

Bonus mechanics3 clauses flagged

Alpari calls its re-deposit offer a 100% match on deposits up to $500. The money arrives as Reward Points, in blocks of 25,000, and you have to trade 20,000 Tier Points to get the maximum. On Alpari's own published rate, 25,000 points is $50.

Why this matters

The lots you must trade to earn it are defined only as the number you need to trade, with no figure anywhere in the document. This promotion also ran out on 30 June 2026 and is still linked in the footer of every Alpari page.

Exhibit 21WarningHarder than usual$500

The Benefit is a 100% re-deposit match bonus; ALPARI will match the value of all re-deposits made, up to $500, during the Promotion Period.
Clause 5.1 in Alpari Re-deposit bonus, p.2
Read from the broker's site on Open the reference

Alpari's welcome credit lasts 30 days and vanishes the moment you withdraw anything during that window. Losses come out of your own money first, and the credit carries no negative balance protection and no stop out protection.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Taking out any part of your own deposit in the first 30 days costs you the whole credit. Alpari does let you withdraw profits you made with it, which is better than most bonus terms, but the trading risk stays entirely on your balance.

Exhibit 22WarningHarder than usual30 days

Any withdrawal made during the Credit Validity Period will result in immediate removal of the Trading Credit.
Clause 4.8 in Welcome Bonus
Read from the broker's site on Open the reference

Buried at section 33 of 54 in the Welcome Bonus, 61% of the way through.

Alpari's promotions page offers four ways to earn: Refer a Friend, Tier Points Bonus, Tier Points Race and Birthday Bonus. Only two of those have terms on the Terms and Conditions page, so you cannot read what the Tier Points Bonus or the Birthday Bonus require.

Why this matters

Without terms you cannot check what you must trade to qualify or when Alpari can take the reward back. The published promotions all let Alpari cancel a benefit at its sole discretion, so the unpublished ones are unlikely to be gentler.

Exhibit 23NoticeStandard wording

More ways to get rewarded with Alpari
Quoted in Our Promotions
Read from the broker's site on Open the reference

Alpari can change the deal, your leverage and your access without notice

One hour after a post in its website news section, an Alpari amendment binds you, under clauses 12.3 and 13.1. Clause 2.17 of the Client Agreement lets Alpari suspend your account at any time, for any reason, in its absolute discretion. The Terms of Business lets Alpari cut the leverage on positions you already hold, and take what it is owed from any other account you keep there.

Unilateral powers4 clauses flagged

If you owe Alpari anything on one account, clause 8.11 lets Alpari move money out of any other account you hold with it. Clause 8.12 accepts that this can trigger margin calls and stop outs on the account it emptied.

Why this matters

A loss on one account can close your positions on another, and Alpari says in advance that it will not be liable when that happens. Keeping your long term money in a separate Alpari account does not keep it out of reach.

Exhibit 12WarningHarder than usual

In the event you have multiple Trading Accounts with us, we may discharge any amounts due to it under one Trading Account. We can do so by transferring funds from the Balance of any other trading Account you hold with us.
Clause 8.11 in Client Agreement
Read from the broker's site on Open the reference

Alpari can amend your contract by posting a notice in the news section of its website. One hour later the notice counts as served on you, and clause 13.1 makes the amendment effective immediately. Price changes do not even need a notice.

Why this matters

Checking Alpari's news page is the only way to know what you agreed to this morning. Clause 7.3 puts the duty to stay informed on you, and clause 7.2 lets Alpari raise its commissions and charges with no prior notice at all.

Exhibit 13WarningHarder than usual

We may amend the terms of the Operative Agreements at any time by Written Notice to you. The amendments take effect immediately after the Written Notice is deemed served to and received by you under Clause 12.
Clause 13.1 in Client Agreement
Read from the broker's site on Open the reference

Clause 2.17 lets Alpari suspend your account at any time, for any reason, in its absolute discretion, with or without telling you. One of the listed grounds is any action that creates a negative trading experience for other clients.

Why this matters

Your positions stay exposed to the market while your access is gone, and no clause gives you a deadline for getting it back. Alpari can also put an instrument into close only mode or block the orders your expert advisor sends, both without warning.

Exhibit 14WarningHarder than usual

We may suspend your Account at any time for any reason in our absolute discretion. We can do so with or without a Written Notice to you, until and if an alternative remedy is chosen.
Clause 2.17 in Client Agreement
Read from the broker's site on Open the reference

Alpari's help page says positions opened before a margin squeeze remain unchanged. The Terms of Business says the opposite: Alpari can change your leverage with immediate effect and no notice, and apply the new margin requirement to positions that are already open.

Why this matters

A margin requirement raised on a trade you already hold can push you into a stop out on a position you sized correctly when you opened it. For all clients at once Alpari does give one calendar day of notice, but for you individually in an emergency it gives none.

Exhibit 15WarningHarder than usual

The Company is entitled to apply new margin requirements amended in accordance with Clause 2.16 above to the new positions and to the positions which are already open.
Clause 2.17 in Terms of Business, p.5
Read from the broker's site on Open the reference
Our own capture of alpari.com, taken on Oct 11, 2026The claim, on Help centre article on dynamic margin requirementsVisit this page on the broker's siteDownload the full size image file

Where it sits: section 45 of 233 in the Understanding Dynamic Margin Requirement, near the start.

Five working days to complain, and Alpari's log decides the facts

Five working days after the event is Alpari's deadline for lodging any complaint, under Schedule 1 clause 7.1. Clause 7.9 gives its own server log absolute priority, and 7.10 says an argument the log did not record may not be considered. Schedule 1 clause 6 then lists nine kinds of complaint Alpari does not accept at all.

Complaint deadlines1 clause flagged

A message Alpari sends to your platform inbox counts as received the moment it is sent. The risk disclosure then lets Alpari delete that message after 3 days, and says so even if you never received it.

Why this matters

The notice that starts your five working day complaint clock can be gone before you use it. You agreed in advance to carry the loss from not receiving a notification at all.

Exhibit 16WarningHarder than usual3 days

The Client shall agree that the Company have the right to delete messages sent to the Client through internal mail 3 (three) days after they have been sent, despite the fact that the Client may not have received them yet.
Clause 6.3 in Risk Disclosure
Read from the broker's site on Open the reference

Buried at section 24 of 35 in the Risk Disclosure, 69% of the way through.

Alpari's dispute clause points at the clause about its trademarks

Schedule 1 clause 8.2 sends your dispute to the mechanism set out in Clause 5.3 or Clause 5.4. Clause 5 of that schedule is the intellectual property section, and clause 5 of the agreement itself covers corporate actions. Neither sets out a dispute mechanism, which leaves the complaints policy of Alpari's own licensor as the only route the contract names.

Escalation route1 clause flagged

Schedule 1 clause 8.2 tells you to take a dispute to the mechanism set out in Clause 5.3 or Clause 5.4. Clause 5 of that schedule is about not using the Alpari name, and clause 5 of the agreement covers corporate actions. Neither contains a dispute mechanism.

Why this matters

Follow the contract's own instructions and you arrive at the trademark rules. What is left is the complaints policy of Alpari's licensor in the Comoros, under Comoros law, after you have waived every immunity you might have had.

Exhibit 19WarningRarely seen

In the event of a dispute arising out of or relating to the Agreement, you irrevocably agree that these parties to the Agreement will first seek settlement of that dispute with us under the dispute resolution mechanism set out in Clause 5.3 or Clause 5.4.
Clause Schedule 1, 8.2 in Client Agreement
Read from the broker's site on Open the reference

Alpari can return your transfer if it does not fit its risk appetite

Alpari has you represent, in clause 18.1 of the Client Agreement, that transactions will be blocked, frozen, rejected or returned if they do not align with its risk appetite. The same clause warns that a transfer may be delayed for additional due diligence, and sets no deadline for it. Third party payments are refused outright, so the name on the sending account must match yours.

Money in, money out1 clause flagged

You promise Alpari, in the contract, that transactions can be blocked, frozen, rejected or returned if they do not align with its risk appetite. The same clause warns that a transfer may be delayed for extra due diligence, with no deadline given.

Why this matters

Risk appetite is Alpari's own standard and the contract never defines it, so your deposit or withdrawal can be sent back without a reason you can test. Third party payments are refused outright, so the name must match yours exactly.

Exhibit 24WarningHarder than usual

transactions violating applicable sanctions laws or policies will be blocked, frozen, or rejected as required, or returned if they do not align with our risk appetite
Clause 18.1 in Client Agreement
Read from the broker's site on Open the reference

Alpari can be the counterparty to your trade and sets the market price

Alpari states in clause 6.1 that it may have a material interest in the outcome of your transaction, and that this interest may conflict with yours. Clause 6.4 has you authorise it to proceed anyway. Its Terms of Business gives Alpari sole discretion to specify the current market price, and the Conflicts Policy and Order Execution Policy the contract relies on are not on the Terms and Conditions page.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

The other side1 clause flagged

Alpari states that it may have a material interest in how your transaction turns out, and that this interest may conflict with yours. Clause 6.4 has you authorise it to go ahead anyway. The policy it says manages that conflict is not published.

Why this matters

When Alpari is the principal on the other side, your loss is its gain, and its Terms of Business gives it sole discretion to specify the current market price. The Conflicts Policy and the Order Execution Policy the contract relies on are both absent from the Terms and Conditions page.

Exhibit 20WarningHarder than usual

When we deal with you or on your behalf, we (or one of our employees, officers, or an associate affiliated with us) may have a material interest in the outcome of your transaction. This interest may conflict with your interest.
Clause 6.1 in Client Agreement
Read from the broker's site on Open the reference

Your counterparty is a Comoros company and your protection is conditional

Parlance Trading Ltd in the Comoros Union is the company you contract with, licensed by the Mwali International Services Authority as number T2023236. Appendix 1 clause 12.6 points your negative balance protection at general rules in the Client Agreement, and the Client Agreement makes the same protection conditional on a regulation it never names. No compensation scheme appears in any Alpari document.

Who holds your money2 clauses flagged

Appendix 1 clause 12.6 sends your negative balance protection to the general rules in the Client Agreement. The Client Agreement has no such rules: it only says you owe the shortfall within two business days unless protection exists under Applicable Regulation.

Why this matters

Alpari offers leverage up to 1:3000, so a gap can take your account below zero. The protection you are pointed to is a loop, and the Comoros licence does not require any. Appendix 1 does limit your personal liability to a negative balance caused by your own illicit activity, but the Terms of Business says you are liable for the loss.

Exhibit 11WarningHarder than usual2 working days

If a Stop Out has resulted in a negative Balance on your Trading Account, general negative balance protection rules found in the Client Agreement will apply. If this negative balance is as a result of your illicit activities, you will be liable for the loss and must pay any amount due immediately.
Clause Appendix 1, 12.6 in Client Agreement
Read from the broker's site on Open the reference
  • Same clause as Exhibit 12The clause that leaves you liable for the shortfall is also the clause that lets Alpari take it from your other accounts.

Alpari is a trading name. The company you contract with is Parlance Trading Ltd, registered on the Island of Moheli in the Comoros Union and licensed there by the Mwali International Services Authority.

Why this matters

Comoros law governs your agreement and the licensor's complaints policy is the only outside route the contract names. The +44 helpline and the 1998 founding date on the page do not put any European or British entity behind your money.

Exhibit 25NoticeStandard wording

“Company” means Parlance Trading Ltd, licensed by the Mwali International Services Authority, Island of Mohéli as an International Brokerage and Clearing House under License number T2023236.
Clause Schedule 1, 9.2 in Client Agreement
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

Alpari's live bonus terms name India as eligible for a $500 deposit match, and the footer of the same site says Alpari does not serve residents of India.

Said in public, in English

“Eligible Country” means India, Armenia, Georgia, Tajikistan, Russia, Ukraine, Moldova, Kazakhstan, Belarus, Kyrgyzstan, Turkmenistan, Afghanistan, Turkey, Uzbekistan, Iran.

Welcome Bonus terms, clause 2.1, promotion period 1 April 2026 to 31 December 2026

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In the contract

Alpari does not provide services to residents of the USA, Japan, Canada, the Democratic Republic of Korea, European Union, United Kingdom, Myanmar, India, Azerbaijan, Syria, Sudan and Cuba.

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02

The Persian site makes the promises that bring clients in, and clause 30.5 says nothing published in Persian binds Alpari or has any legal effect.

Said in public, in Persian

با اسپردهایی که از 0.0 شروع می‌شوند، حساب‌های بدون کمیسیون، و برنامه Rewards(پاداش‌های) سخاوتمندانه از فرصت‌ها بیشترین بهره را ببرید.

Word for word in English: Make the most of the opportunities with spreads that start from 0.0, commission free accounts, and a generous Rewards programme.

Persian landing page, main sales section

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In the contract · clause 30.5

Translation or information provided in languages other than English in our local websites and where relevant Publishing Channels is for informational purposes only, and do not bind us or have any legal effect whatsoever. We have no responsibility or liability regarding the correctness of the information therein.

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03

Alpari advertises funds kept entirely separate while its contract admits your stocks can be pooled and claimed by a custodian's creditors.

Said in public, in English

Safety: Your funds are kept entirely separated from our own in top-tier banks.

Deposits and withdrawals page, Safe deposits section

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In the contract · clause Schedule 1, 3.3

Your stocks may be pooled together with stocks of our other clients in an omnibus co-mingled custody account. If we or the third-party custodian were to become insolvent, there may be delays in identifying your individual stocks in the co-mingled pool, or they may be claimed by the custodian’s general creditors.

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04

Alpari's leverage page puts the Friday margin squeeze at 2 hours and its own explainer puts it at 3.

Said in public, in English

DMR is also applied 2 hours ahead of market closures for weekends and public holidays.

Leverage and margin page, dynamic margin requirements section

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In the contract

DMR applies during the 3-hour period before each instrument’s individual Friday session close.

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05

Alpari's help page says existing positions are untouched by a margin change, and its Terms of Business applies new margin requirements to positions already open.

Said in public, in English

Positions opened before DMR periods remain unchanged.

Help centre article on dynamic margin requirements

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In the contract · clause 2.17

The Company is entitled to apply new margin requirements amended in accordance with Clause 2.16 above to the new positions and to the positions which are already open.

06

Alpari promises a minimum spread for every instrument and publishes a dash in that column for all of them, while the contract says spreads are not fixed.

Said in public, in English

Find the minimum spread, pip value, swap fees and other trading conditions for any instrument.

Contract specifications page, subtitle under the heading

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In the contract · clause Appendix 1, 2.4

Spreads on Instruments are not fixed and will vary depending on market conditions and the streaming prices we receive from our liquidity providers.

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07

Alpari's payments page charges the inactivity fee every month from 3 months, and its contract defines the same fee as $120 a year after 12 months.

Said in public, in English

When an account has been deemed inactive (no trading activity) for a period of 3 months, we will apply an inactivity fee of 10 EUR/ USD/ GBP. This inactivity fee is applied every month, until the balance is completely depleted.

Deposits and withdrawals page, important information section

In the contract · clause 32.2

“Inactive Account Fee” will mean a fee of USD $120 or equivalent per account per annum imposed by the Company, and/ or paid by the Client for his/her Inactive Account(s) held by the Company, as this may be amended from time to time;

The documents this reading is based on

18 files, all published by Alpari. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Alpari publishes.

How this reading was done

Every clause above was read out of a document Alpari publishes itself

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
13 of 18downloaded from the broker's site, and 13 read in full
Pages opened
92pages walked to find those documents, footer links included
Older copies
9earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs FAthe language it advertises in, against the language it contracts in
Position measured
10clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Parlance Trading Ltd

Every Alpari page names one counterparty: Parlance Trading Ltd, at Bonovo Road, Fomboni, Island of Moheli, Comoros Union. Schedule 1 of the Client Agreement defines that company as the Company you contract with. It gives registration number HY00423015 and a Mwali International Services Authority licence numbered T2023236. Clause 8.1 of the same schedule puts your contract under the laws of Comoros. No European, British or Cypriot entity appears in any document, and the +44 helpline is a contact line rather than a place of business.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

Every time we have read this contract

We keep 2 readings of Alpari’s documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Sep 9, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
18 clauses
Off our list
8 clauses
We rate critical
7 now, 4 then
Our risk score
7.8 to 8.2 out of 10

Alpari's documents barely moved. Ten of the twelve pages from the previous review still carry the same wording, including the paragraph that charges 10 a month on an idle account and the 3% exit charge. Reading the Client Agreement to its end this time produced Schedule 1 and Appendix 1, which we had never told you about: five working days to complain, nine kinds of complaint Alpari does not accept, an escalation clause pointing at the trademark section, and the inactivity fee defined as $120 a year per account. The Welcome Bonus now carries an April 2026 date and clause numbers that do not match the ones we published, and it names India as an eligible country. The risk score moves from 7.8 to 8.2 on those clauses.

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8.2/1025 clauses7 critical
  2. Risk 7.8/1015 clauses4 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Alpari publishes a complete set of documents, and most offshore brokers publish less. The client agreement carries its own schedule and appendix, and four promotions have published terms. The risk disclosure tells you to keep a margin level no lower than 1,000%, which is a real warning against the 1:3000 leverage advertised on the same site. Alpari also translates the costly parts: the Persian deposits page states the same 10 a month inactivity fee in Persian, in full. Clause 3.2 keeps your archived trading history downloadable at any time, and Welcome Bonus clause 4.4 lets you withdraw profits made with the credit. Appendix 1 clause 12.6 limits your personal liability for a negative balance to one caused by your own illicit activity.

Some of Alpari's files did not give up their text. The Regulations for Non-Trading Operations governs every deposit and withdrawal and sits in the footer of every Alpari page. Its text cannot be copied or searched in that file, so nothing from it is quoted. The same is true of the Client Agreement file linked from the Terms and Conditions page and the footer, the separate Client Agreement linked on the Persian site, and the PDF copies of the welcome bonus and cookie policy. Every quoted clause of the Client Agreement comes from Alpari's own page at alpari.com/en/documents/client-agreement/. We cannot say whether those PDF files match that page. No earlier copy of any Alpari document was available, so the review does not show what changed inside a document.

How to check any of this yourself

Every quote above links to the Alpari file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Alpari publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Alpari on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 11, 2026.

If you represent Alpari and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Alpari. Whether its licence is real and current is a separate check on the broker profile.

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