Alpari vs BullWaves: Which Is Better in 2026? Regulation, Spreads, Withdrawals Compared

	Alpari	BullWaves
Founded	1998	2023
Regulation	FSC Mauritius	FSA Seychelles
Min. deposit	from $5–20 depending on account type	$100
Spreads & commissions	Standard from 1.2 pips; ECN from 0.4 + commission; Pro ECN from 0.1 + commission	from 1.6 pips (Classic); Raw: $3 per lot per side (ECN)
Leverage	up to 1:1000	up to 1:500 (1:200 energies, 1:20 shares)
Platforms	MT4, MT5, Alpari Mobile	MT5
Bonuses	Alpari Cashback loyalty programme; regional deposit bonuses from time to time	in some regions
Copy trading	— check	yes
Funding & withdrawals	cards, bank transfers, e-wallets, crypto; withdrawals 1–5 business days	see the BullWaves review

Who Alpari suits

One of the oldest brands in Russian-speaking forex. The international arm operates under the Mauritius FSC; offers PAMM accounts. Weak spots: international entity is mauritius-only; brand history includes closures of several entities in the past; standard spreads above average.

Who BullWaves suits

MT5, ECN from 0.1, copy trading, deposit bonus. Best for copy trading and the deposit bonus. We hold a live account at BullWaves and measure conditions monthly — details in the review.

Our take

If a familiar brand or bonuses matter most, Alpari remains a workable choice. If you value execution and withdrawal conditions we have tested, all-in cost and a clear contracting entity for your country — BullWaves.

Other comparisons: Alpari vs Vantage, Alpari vs VT Markets.

Frequently asked questions

Which is safer, Alpari or BullWaves?

Alpari: FSC Mauritius, since 1998. BullWaves: FSA Seychelles, since 2023. What matters most is which entity contracts with you in your country — see the reviews.

Who has lower spreads, Alpari or BullWaves?

Alpari: Standard from 1.2 pips; ECN from 0.4 + commission; Pro ECN from 0.1 + commission. BullWaves: from 1.6 pips (Classic); Raw account $3 per lot per side (ECN).