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Alpari's "Goodbye to Swaps" Promotion - Not As Profitable As It May Seem

Feb 06 2013

The Russian-based forex broker Alpari has just begun a new promotion: “Say Goodbye to Swaps”. While the promo may seem all right at a first glance, a more critical examination shows that you is in fact tailored to benefit Alpari at the traders' expence. 

The basic idea behind this promo is simple: you open a special account, in which you can keep your positions open overnight without having to pay rollover or commissions. To qualify for the promotion, you need to sign up between February 4 and May 31, 2013. Select a standard.mt4 account and make sure to go for the “Weekend Fee” option. Once your account is approved, you are good to go.  
Keep in mind that as the promo has a limited time validity, after its end your account will be automatically converted into a standard.mt4 swap-free account. Another catch I must warn you about is the fact that with the promotional account, you still need to pay commissions, or “weekend fees”, as Alpari calls them: 
So far so good. If you are no smarter than a fifth-grader, you may decide to go for the promo. However, if you have basic search and math skills, you will probably end up checking the conditions of swap accounts and you will quickly see that if you trade the most popular currency pairs and choose to pay the rollover, you end up paying waaay less. Let's see. 
- EUR/USD: If you go for the promo, you will be paying $30 per lot per week. If you opt in for a swap account instead, you will be paying $25.9 per lot per week (that is, if you leave your position open for the entire week) for long positions, and you will be getting $2.1 per lot for short positions. With the promotional account, there is no positive swap available.
- USD/CHF: With a swap account you will be paying $25.41 per lot per week on short positions, and $0.77 per lot per week for your long positions. With the promo, you end up paying $30 per lot every week.
- USD/JPY: A standard MT4 account would require you to pay swap of $2.23 on short positions, and $27.46 on long positions, versus the promotional $30 per lot per week.
You catch the drift, right? 
In all fairness, there are currency pairs, for which the promo is really beneficial – take AUD/JPY for example. Trading this major with a swap account, you end up paying $65.1 for your short positions – but you get $49,7 per lot per week if you keep your long trades open throughout the entire week. 
Let's recap: 
All in all, the promo accounts are still better than the swap-free ones, but for the most traded FX pairs, standard swap accounts remain the best option – unless of course you feel inclined to pay extra so that Alpari can keep pouring money into ridiculous sponsorships, the latest one being that of the British football club West Ham. 

About Alpari

Founded in 1998, the international Alpari brand is one of the leading names in online Forex trading and was recently listed as the world's third largest broker in a 2012 report from online financial portal Forex Magnates, with an average monthly trading volume of more than 200 billion US dollars.
Alpari has earned the trust of hundreds of thousands of clients in more than 150 countries across the world, thanks in large part to its reputation for delivering high-quality products and top-notch customer support. The Alpari brand is represented in many of the world's leading centers of commerce, with offices in New York, London, Tokyo, Dubai, Frankfurt and Moscow.


TAGS: Alpari  forex promotion  forex trading  forex swap  swap-free accounts  swap account  MT4 

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