A historic ECN brand with a 26-year track record

Alpari has been operating since 1998, one of the longest track records in retail forex. The surviving Mauritian entity serves a broad geographic footprint across CIS, MENA, and Africa. MT4 and MT5 cover all account types: Standard, ECN, and ECN Pro; ECN accounts offer raw EUR/USD spreads from 0.0 pips, among the most competitive per-lot rates at $6 commission. The PAMM platform is mature, Alpari was one of the first brokers to popularise the format and maintains a large library of published managers with full performance histories.

FSC Mauritius and FSCA: no FCA, ASIC, or CySEC licence

FSC Mauritius and FSCA (44899). No FCA, ASIC, or CySEC licence for the primary international entity. No negative balance protection and no compensation scheme under FSC Mauritius.

EUR/USD from 0.0 pips ECN at $6: competitive pricing

ECN accounts offer raw EUR/USD spreads from 0.0 pips, among the most competitive per-lot rates, with a $6 per-lot commission ($3 per side), placing all-in cost at approximately 0.6 pips equivalent during liquid London and New York hours. This is competitive against IC Markets ($7) and Pepperstone ($7) on a per-lot basis. The Standard account runs EUR/USD spread-only from 1.2 pips, above the ECN average, appropriate for smaller positions where commission overhead becomes disproportionate to trade size.

Where it falls short

FSC Mauritius provides genuine access but none of the investor protections associated with FCA, ASIC, or CySEC; no FSCS-style guarantee, no ICF coverage, no negative balance protection. The UK entity collapse in 2015 is a historical reference point when assessing long-term reliability.

Bottom line

Alpari suits cost-conscious traders in CIS, MENA, and Africa who want ECN pricing from 0.0 pips on EUR/USD, among the tightest available at this price tier, MT4/MT5, and a mature PAMM platform. Traders who require top-tier regulatory protection or a compensation scheme should look at ASIC or FCA-regulated alternatives.