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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate has learned that Russia based retail forex broker Alpari is terminating its program of paying interest on client deposits.
Alpari has sent a note to clients, indicating that from May 1, 2016 it will cease its calculation and crediting of interest on deposits. The final calculations for interest to be credited will take place on April 29. The last time funds will be credited as part of this offer will be by May 5.
Alpari introduced the interest-on-your-deposits promotion back in March 2015, two months after Alpari Russia’s sister company Alpari UK went bankrupt in the wake of the Swiss Franc spike of January 15, 2015. While its fate was not tied to Alpari UK, Alpari Russia certainly shared the brand and (understandably) took a number of steps to keep existing clients from withdrawing their funds, as well as to entice new clients in what was a very difficult environment.
Alpari remains one of the dominant retail forex brands in Russia, but its popularity has waned outside the country.
The Alpari interest on deposits promotion came with a catch, with the interest rate paid (if any) tied to both the amount of client funds on deposit at Alpari, and the amount of client trading volume. Alpari adjusted downward the amount of interest it paid last December.