With padlocks on the doors of Alpari UK, where do loyal fans of the leading forex brand trade? Forex magnates is assessing the current situation of one of the region’s most powerful players. Does brand Alpari MENA react, or close its doors to a whopping $90 odd million of annual client deposits?
The current standings of Alpari UK are unfortunate, not only for existing traders who are stranded at the airport without a pilot, plane and timetable in sight, but more so for the eager derivatives trader who has learnt to love the brand.
Alpari is a household name for the vast Middle Eastern forex trading community. Since ticking the right boxes as a flexible and forward-thinking broker, Alpari has positioned itself as the go-to provider for the speculative investor. The brand is present across the mainstream media, however, the firm took smart marketing to a whole new level as it targets the distinct affluent Middle Eastern trader, with a lot of money. An example of the firm’s creativity is a first for the sector, Alpari’s adverts can be seen at 39,000 feet altitude on Emirates Airlines entertainment systems.
So where now for traders who were facilitated by the Dubai office et al? With a substantial client base, but no broker to work with, the office has a few viable options, on the one hand there is Alpari Group, however, without sound regulation Middle Eastern traders would be sceptical to park their funds in Russia. Then there’s FXTM, a regulated alternative that is owned by one of the shareholders of Alpari UK and Alpari Group, or could it be an outsider, which has an exclusive relationship with the firm?
What’s Holding Back Blockchain Adoption? The Answer is Simple - ConnectivityGo to article >>
Either way, the firm needs to act fast as not only is the current volatility a positive driver of activity, the current lows in the energy markets are attractive to traders in the region that produces the world’s most oil.
Forex Magnates’ research shows that Alpari has the highest market share in the region, with significant deposits thus reflecting the high net worth nature of the GCC. The firm is believed to have bagged around $90 million in client funds in 2013, with 2014 not being far off with a 6-8% drop which is understandable during a low volatile operating environment. Alpari’s success in the region can be attributed to two industry veterans, the current CEO Mohamed Al Ahmed and the former CEO Iskandar Najjar, the two have outperformed more established players in the region through their business development techniques.
Alpari DMCC, the UAE registered firm offers traders access to local commodity derivatives markets traded on the emerging DGCX trading venue. Alpari DMCC is owned by the Alpari Group, and its business as usual for the firm offering listed financial derivatives. The firm was unavailable for comment.
The Middle East continues to attract global forex providers, earlier this week, IronFX reported that it had received authorisation under the DFSA.