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Opening an Acc with Alpari

  • #1
  • First Post: Jan 1, 2009 6:21pm Jan 1, 2009 6:21pm
Hello there fellow traders,
I've been demo trading for roughly 2months+ and I've gotten to the point where I'd like to begin trading. I've got 1000AUS$ ready and I plan on opening an Acc with Alpari. (Namely due to some decent review some people have given it)

Now; could some of you guys that have experience with this broker give me some tips? What did you find was good about this broker, what should i stay away from etc. Generally things gained through experience.

Also, i understand that withdrawing money in cash will incur a $10 fee, if i were to withdraw in cheque how secure, valid and fast is it?

Will they also change my AUD to USD as the main currency when an account is opened?

How often can i withdraw money from my, hopefully profitable balance?

Thanks for any constructive replies guys, really appreciate it.
edit: does it matter if i open with Alpari US or any other branch? thanks. (I'm located in Australia)
  • #2
  • Jan 1, 2009 6:49pm Jan 1, 2009 6:49pm
Quoting Search1ng
Hello there fellow traders,
I've been demo trading for roughly 2months+ and I've gotten to the point where I'd like to begin trading. I've got 1000AUS$ ready and I plan on opening an Acc with Alpari. (Namely due to some decent review some people have given it)

Now; could some of you guys that have experience with this broker give me some tips? What did you find was good about this broker, what should i stay away from etc. Generally things gained through experience.

Also, i understand that withdrawing money in cash will incur a $10 fee, if i were...
Be careful. As a fellow trader in Oz, you should be aware of the AUDUSD rate and how that affects your withdrawals.

If you are wiring money from a USD account into your Australian bank account, then you are basically at the mercy of the AUDUSD rate......each time you withdraw.

Possible solutions are to:

1) open a US bank account - obviously not practical for all traders. This way you can withdraw and deposit from USD to USD.


2) find a AUS based broker so that your account is held in AUD and you avoid the fees and USD to AUD conversion losses - there has been some discussion about the new Metatrader broker in Australia

http://www.forexfactory.com/showthre...=105986&page=5

Also, FXCM, Interactive Brokers and GFT all offer AUD accounts

3) use a company like AFEX - which specializes in international wires, so that you can get cheaper wires INTO your USD account (cheaper than most AUD banks), but you still are going to pay about 40 pips when you convert to USD

AFEX has a Sydney office and I have used them in the past.
  • #3
  • Jan 1, 2009 7:22pm Jan 1, 2009 7:22pm
nice broker

http://www.forexfactory.com/showthread.php?t=70392
http://www.forexpeacearmy.com/public....Alpari-US.com
  • #4
  • Jan 1, 2009 9:44pm Jan 1, 2009 9:44pm
hey, thanks for those links, i really like that review site as well!

also, in regards to the AUS to USD exchange then USD to AUS exchange, you're talking about the fall in AUD in comparison to USD right?

so for example, i have 1000 USD this would be like 680USD.

however, wouldn't this be offset by the fact that eventually i'll exchange that 680USD back to AUS at some point? it'd bascially be anoter forex change, no?

i'd appreciate some further feedback, thanks for the help guys.
  • #5
  • Jan 1, 2009 10:30pm Jan 1, 2009 10:30pm
can someone tell me why is alpari closed now
  • #6
  • Jan 1, 2009 11:00pm Jan 1, 2009 11:00pm
Quoting sometospend
can someone tell me why is alpari closed now
It seems they will open at 7:00 (GMT):

http://www.alpari.co.uk/en/company-news/238.html
  • #7
  • Last Post: Jan 1, 2009 11:49pm Jan 1, 2009 11:49pm
Quoting Search1ng
hey, thanks for those links, i really like that review site as well!

also, in regards to the AUS to USD exchange then USD to AUS exchange, you're talking about the fall in AUD in comparison to USD right?

so for example, i have 1000 USD this would be like 680USD.

however, wouldn't this be offset by the fact that eventually i'll exchange that 680USD back to AUS at some point? it'd bascially be anoter forex change, no?

i'd appreciate some further feedback, thanks for the help guys.

also, do banks have hidden fees when you exchange money across banks?
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