Verdict: The current Alpari website operates through a Comoros-based entity licensed by the Mwali International Services Authority (MISA). MISA’s public register lists the licence as active, so the available official evidence does not support calling the current operation an outright fake broker.
That does not make Alpari equivalent to an FCA-, ASIC-, CySEC-, or NFA-regulated firm. The current operation is offshore, its agreement is governed by Comoros law, and clients do not receive the same practical protections associated with major financial regulators, ombudsman services, or compensation schemes. For a retail trader, Alpari should therefore be treated as a high-risk offshore broker.
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Who regulates Alpari now?
The current Alpari website identifies the broker as the trading name of Parlance Trading Ltd. Its published details are:
| Item | Current information |
|---|---|
| Trading name | Alpari |
| Legal entity shown on the website | Parlance Trading Ltd |
| Registration number | HY00423015 |
| Registered address | Bonovo Road, Fomboni, Island of Mohéli, Comoros Union |
| Regulator | Mwali International Services Authority (MISA) |
| Licence | International Brokerage and Clearing Company, T2023236 |
| Licence date shown in MISA’s register | April 12, 2023 |
| MISA register status | Active |
The MISA public brokerage register names Alpari (Comoros) Ltd under licence T2023236, while the current website and June 2025 Client Agreement use the name Parlance Trading Ltd. That mismatch does not automatically prove wrongdoing, but it is important. Before depositing, a customer should check which legal entity appears in the account-opening documents, Client Agreement, payment instructions, and account dashboard.
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Do not rely on the brand name alone. A broker’s legal entity—not its logo, domain, or marketing history—is the party with which you have a contract.
Is MISA regulation strong enough?
MISA is an authority with a public register of authorised brokerage companies. Its register lists Alpari’s licence as active, a meaningful distinction from an entirely unlicensed website.
However, a MISA licence is not the same as authorisation from the UK Financial Conduct Authority (FCA), the US National Futures Association (NFA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). Those jurisdictions generally offer more established supervisory systems and clearer routes for complaints, enforcement, and client compensation.
Alpari’s current Client Agreement says that Comoros law applies. It also refers unresolved complaints to the MISA complaints policy. The documents reviewed do not provide current UK Financial Ombudsman Service access, Financial Services Compensation Scheme (FSCS) protection, US investor protection, or an equivalent major-jurisdiction compensation arrangement.
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That creates two separate risks:
- Supervisory risk: the regulator and enforcement framework are less familiar and less robust than those of the major financial centres.
- Recovery risk: if a dispute arises, a client may have to pursue it under Comoros law and through the MISA process, which can be more difficult than using a well-established domestic ombudsman or compensation scheme.
Is Alpari FCA-regulated?
No—not the current Alpari operation.
The FCA-regulated firm commonly associated with the brand was Alpari (UK) Limited, firm reference number 448002. It entered the UK Special Administration Regime on January 19, 2015, after becoming insolvent, according to the FCA. The FSCS records Alpari (UK) Limited as failed and no longer trading.
As a result, claims that “Alpari is FCA-regulated” or that current Alpari customers receive FCA or FSCS protection are outdated when they refer to the present Comoros-based website. The former UK company and the current MISA-licensed operation are not the same legal entity.
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The former Alpari UK business also received a £140,000 penalty in 2010 from the then-Financial Services Authority for shortcomings in anti-money-laundering systems and controls, as described in the FSA notice. That enforcement action concerns the former UK entity; it is not evidence that the current Comoros entity committed the same breach. It is nevertheless relevant historical context because some online reviews combine the old and current businesses as if they were one uninterrupted regulated company.
Is Alpari regulated in the United States?
No. The current Alpari website expressly excludes US residents. The former Alpari US LLC appeared in NFA records and was previously an NFA member and approved Forex Dealer Member, but those records concern the old US entity. They do not establish that the current offshore website is authorised to serve American customers.
A salesperson, affiliate, or social-media account claiming that the current Alpari service accepts US clients conflicts with the broker’s own published restrictions. A US resident should not treat a successful registration or an invitation link as proof of legal availability.
Which countries does the current website exclude?
The current website says it does not provide services to residents of:
- United States
- United Kingdom
- European Union countries
- Canada
- Australia
- Japan
- North Korea
- Syria
- Sudan
- Cuba
These restrictions matter because a broker’s jurisdiction and the customer’s residence can affect whether the account is lawful, enforceable, and covered by local protections.
What does the client agreement say about risk?
The June 2025 Client Agreement contains several provisions that should be read before funding an account:
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- Unresolved disputes may be handled under MISA’s complaints policy.
- The company can suspend an account at its discretion.
- Orders can be rejected or partially executed if the requested size cannot be filled.
- Transactions may be suspended, closed, or unwound where the company suspects fraud, manipulation, arbitrage, or another prohibited activity.
- The company says its server log has priority in disputes about execution.
- Leverage may be changed during abnormal markets, emergencies, or force-majeure events.
None of these clauses, by itself, proves that Alpari is a scam. Similar risk-allocation language appears in many brokerage agreements. The concern is the combination of broad contractual powers with an offshore legal venue and limited access to familiar investor-protection mechanisms.
Are client funds segregated?
The agreement says client money is held in company accounts, including segregated accounts opened in the company’s name on behalf of clients, separately from the company’s own funds. It also says clients are not entitled to interest unless told otherwise.
Segregation wording is not the same as deposit insurance. It does not establish FSCS, SIPC, NFA, or equivalent protection, and it does not guarantee that recovering funds will be quick or straightforward if the broker fails or a dispute occurs. Customers should ask for the exact client-money terms and understand which entity holds their funds before depositing.
Why Alpari’s history can be misleading
Alpari has used the “since 1998” history in its branding, but longevity of a brand is not proof that the current legal entity has the same regulatory status or financial strength as earlier companies.
At least three different points are often confused:
- The former FCA-regulated Alpari UK company failed in 2015, as recorded by the FSCS.
- The former Alpari US entity appeared in historical NFA records.
- The current website identifies a Comoros-based operation licensed by MISA from 2023, according to the MISA register.
References to Mauritius, Exinity Limited, or other Alpari-related companies should not automatically be applied to the current alpariworld.com operation. Match the domain and the legal entity to the documents in your own account.
How to verify an Alpari account before depositing
- Open the current website’s footer and record the legal name, registration number, address, and licence number.
- Search the MISA authorised brokerage register for licence T2023236.
- Download the latest Client Agreement from the broker, not from an affiliate site.
- Compare the company name in that agreement with the name shown in the payment instructions and account portal.
- Check whether your country is on the website’s restricted list.
- Confirm the withdrawal rules, fees, minimum deposit, margin requirements, and rights to suspend or close positions.
- Test the withdrawal process with a small amount before committing more money.
- Keep screenshots, statements, emails, payment confirmations, and trade records in case you need to make a complaint.
Never send money to a personal bank account, cryptocurrency wallet, or payment recipient whose name does not match the broker’s published instructions. Also be cautious if an agent promises guaranteed returns, asks for extra “tax” or “unlocking” payments, or pressures you to increase deposits to recover a loss.
Alpari: scam or legitimate broker?
The evidence supports a more precise answer than either extreme:
| Question | Assessment |
|---|---|
| Is there an official licence record? | Yes. MISA lists licence T2023236 as active. |
| Is the current operation FCA-regulated? | No. The former Alpari UK firm failed in 2015. |
| Is the current operation US-regulated? | No. The current website excludes US residents. |
| Does offshore status alone prove a scam? | No. |
| Is client protection comparable to FCA, ASIC, CySEC, or NFA regulation? | No evidence reviewed supports that conclusion. |
| Is the account low risk for a retail investor? | No. Jurisdiction, enforcement, and recovery risks are significant. |
Calling Alpari an outright scam solely because it is offshore goes beyond the evidence. Calling it “safe” because the brand is old or because MISA lists an active licence also goes too far.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
Is Alpari currently regulated?
The current Alpari website operates through a Comoros-based entity and identifies MISA as its regulator. MISA’s public register lists licence T2023236 as active. This is offshore regulation and is not equivalent to FCA, ASIC, CySEC, or NFA oversight.
Is Alpari FCA-regulated?
No. The FCA-regulated Alpari UK entity entered administration on January 19, 2015, and the FSCS records it as failed and no longer trading. That historical authorisation should not be attributed to the current Alpari website.
Is Alpari a scam broker?
The official records reviewed do not prove that the current operation is an outright scam: MISA lists its licence as active. However, it is a high-risk offshore broker with weaker practical protections and more difficult dispute and recovery options than a major-jurisdiction-regulated firm.
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The current website says it does not provide services to residents of the United States or United Kingdom, among several other restricted jurisdictions. A third-party invitation or successful registration does not override that published restriction.
Are Alpari customer funds protected by the FSCS?
There is no basis in the current documents reviewed to say that current Alpari customers receive FSCS protection. FSCS records concern the failed Alpari UK entity, not the current Comoros-based operation.
What should I check before depositing with Alpari?
Check the legal entity in your own Client Agreement, verify licence T2023236 in MISA’s register, confirm that your country is eligible, read the withdrawal and suspension clauses, and test a small withdrawal before depositing a larger amount.
The Bottom Line
Alpari is currently a MISA-licensed offshore broker, not a current FCA- or US-regulated broker. Its active MISA listing means the available evidence does not justify labelling the operation an outright fake broker. But the Comoros legal framework, limited regulatory protections, broad contractual powers, and potentially difficult recovery process make it materially riskier than a broker regulated by the FCA, ASIC, CySEC, NFA, or a comparable top-tier authority.
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