Admirals (Admiral Markets) — Broker Review: FCA/ASIC/CySEC Licenses, Spreads, Reviews (2025)

Admiral Markets — scam or a reliable broker? I’ve heard this question countless times across 11 years of trading Forex and CFDs. You wouldn’t believe how often beginners doubt a broker’s reputation, especially when their own money is at stake. In this review I’ll share an expert view on Admirals (formerly Admiral Markets). We’ll break down what the broker offers, its trading conditions, reliability, real client feedback, and how it stacks up against competitors. After 20+ years in the market, Admirals has built an international reputation — today we’ll see whether it’s deserved.

General information and key facts about Admirals (Admiral Markets)

Admirals is an international Forex/CFD broker founded in 2001 in Estonia. The company was originally called Admiral Markets and rebranded to Admirals in 2021. Over more than two decades, it has grown from a regional Estonian broker into a global financial group serving clients in 130+ countries. The head office is in Tallinn (Estonia) with representative offices worldwide — including London, Sydney, Amman, and Nicosia. Such geographic coverage helps support traders across regions (except where retail FX is restricted, such as the United States).

Regulation and licenses.

Admirals adheres to strict regulatory standards and holds licenses in several Tier‑1 jurisdictions. The broker is authorised and supervised by the UK FCA, Australia’s ASIC, and Cyprus’s CySEC, and also holds licenses in Estonia, Jordan, and South Africa. For example, Admirals UK Ltd (FCA) serves the UK, Admirals Cyprus Ltd (CySEC) serves the EU, Admirals Pty (ASIC) serves Australia, with additional entities under FSCA (South Africa) and JSC (Jordan). These licenses mean the broker follows client‑fund protection rules: segregated accounts, negative balance protection, and — in some regions — participation in compensation schemes (e.g., FSCS coverage up to £85,000 in the UK).

Key Admirals metrics:

• Founded: 2001
• Headquarters: Tallinn, Estonia
• Regulators: FCA (UK), ASIC (Australia), CySEC (Cyprus), FSCA (South Africa), JSC (Jordan), FSA (Seychelles, offshore entity)
• Global reach: 130+ countries; offices across Europe, Asia, Australia, and more
• Available instruments: 8,000+ — FX pairs; CFDs on shares, indices, commodities, bonds, cryptocurrencies, ETFs, etc.
• Account types: Trade.MT4, Zero.MT4, Trade.MT5, Zero.MT5, Invest.MT5 (details below)
• Minimum deposit: from $1 (Invest) and $25–$250 for trading accounts (depending on region)
• Base account currencies: USD, EUR, GBP, AUD and over a dozen more (CHF, PLN, RUB, and even BTC, etc.) — multi‑currency accounts help reduce conversion costs.
• Trading platforms: MetaTrader 4 and 5, Admirals WebTrader, the Admirals mobile app, plus the MetaTrader Supreme Edition desktop add‑on. TradingView charts are integrated via the web platform.
• Awards: 40+ industry awards. Recent examples include Best Financial Service Provider 2021 (Handelsblatt, Germany) and Best Broker / Best Customer Service 2021 in Spain by TRADERS’ magazine — recognition of Admirals’ service quality across markets.

In short, Admirals is a long‑standing, large Forex broker with broad coverage and solid credentials. Next, let’s examine the broker’s strengths and the nuances you might encounter in practice.

Pros and cons of Admirals

Before diving deeper, here are the main advantages and drawbacks of Admiral Markets (Admirals), based on expert testing and trader feedback:

Pros of Admirals:

• Reliability and regulation. Licensed by leading regulators (FCA, ASIC, CySEC, etc.), which inspires trust and enforces client‑fund protection. No scandals in 20+ years and a reputation for stability. I always look at licenses first — FCA authorisation is a major plus.
• Wide instrument range. Admirals offers 8,000+ instruments: ~80 FX pairs, thousands of share CFDs (US, Europe, Asia), dozens of indices and commodities (metals, oil, gas, agri), and around 90 crypto‑CFDs. You can also invest in real shares and ETFs. This breadth exceeds many rivals with narrower lineups.
• Competitive trading conditions. Spreads on popular markets are among the lowest — from ~0.8 pips on EUR/USD on standard accounts. Zero‑spread (RAW) accounts with low commission are available. No deposit fees, and one withdrawal per month is free. Leverage up to 1:500 (and higher in some entities) is available to qualified traders.
• Advanced platforms. Beyond MT4/MT5, Admirals provides the exclusive MetaTrader Supreme Edition with extra indicators, trader panels, and Trading Central tools. The proprietary WebTrader integrates TradingView charts, and the mobile app is modern and capable.
• Education and research. Admirals invests heavily in client education: a Learn Hub with beginner courses, webinars, articles, and quizzes. The Premium Analytics portal includes Dow Jones news, Trading Central technicals, and an economic calendar — a strong toolkit to prep trades.
• Quality support. Admirals’ support is known for competence and quick responses. Available in many languages via email, chat, phone, and even WhatsApp. Feedback suggests courteous and effective resolution.
• Transparency and innovation. Admirals shares key metrics (e.g., quarterly client trading volumes — $656bn in Q1 2025) and rolls out useful features like Volatility Protection. The group also carries professional indemnity insurance at Lloyd’s for €100,000 per client, which adds confidence.

Cons of Admirals:

• Leverage limits for retail. Under EU/UK rules, leverage for retail clients tops out at 1:30. Higher leverage (up to 1:500) requires Professional status. Sensible for risk, but some aggressive traders may dislike it (offshore brokers often offer 1:500–1000 by default).
• Inactivity fee. With no account activity, after 24 months an account may be deemed inactive and charged $10/month. Not an issue for active traders, but “sleeping” investors should keep it in mind.
• Withdrawal fees on frequent transfers. Admirals covers the first withdrawal each month; subsequent withdrawals may incur a small fixed fee (e.g., ~€1 for bank transfer). Better than some, but not as generous as brokers with entirely free withdrawals.
• No ongoing bonuses or promos. Unlike some Asian/offshore brokers, Admirals doesn’t run deposit bonuses — due to ESMA restrictions for retail. If you value bonuses, this may feel like a minus; personally I prefer regulatory compliance over “free” money.
• Support not 24/7. It’s 24/5 on business days; on weekends, live agents aren’t available. Typical for most brokers, but still worth noting.
• Platform scope. Admirals doesn’t support cTrader or NinjaTrader — only MetaTrader and in‑house tools. That’s fine for most, but cTrader fans (e.g., at IC Markets) may be disappointed.
• Minor costs. A small conversion fee (~0.3%) can apply when depositing/withdrawing in a currency different from your account currency; no guaranteed stop‑losses (stops execute at market during gaps). Not critical, but worth awareness.
• Mobile app not perfect. Although well‑rated (~4.5/5 in stores), some competitors (eToro, XTB) have more polished proprietary apps. A minor gripe — I often trade MT4 on a phone and don’t see a material difference.

Overall, Admirals’ strengths outweigh its weaknesses. The broker prioritises transparency, service quality, and long‑term relationships over aggressive marketing or excessive risk. Next, we’ll review every aspect in detail so you can decide if it fits your goals.

Admirals’ reliability and regulation

With money on the line, a broker’s trustworthiness comes first. Admirals is not a scam; it’s one of the more reliable brokers on the market. Supporting facts:

• Tier‑1 licenses. As noted, Admirals is regulated by reputable authorities: FCA, ASIC, CySEC, and more. FCA authorisation is particularly meaningful given its stringent standards. Admirals also has oversight from Estonia’s FSA, Jordan’s JSC, and South Africa’s FSCA. Presence across multiple jurisdictions signals a large, legitimate company.
• Client‑fund protection. Per regulation, Admirals keeps client money segregated from company funds (in European banks). EU/UK retail clients also benefit from negative balance protection — you can’t owe more than your deposit even in sharp markets. Compensation schemes apply: FSCS up to £85,000 for Admirals UK clients, Investor Compensation Fund up to €20,000 for Admirals Cyprus clients.
• Professional indemnity insurance. Admirals additionally insures professional liability up to €100,000 per client with well‑known insurers (including Lloyd’s of London), covering certain losses caused by broker error. Not every broker offers such protection.
• Long, clean track record. Founded in 2001, Admirals has operated through multiple crises (2008, 2015, 2020…) without withdrawal blocks or quote manipulation. In Germany it was recognised during the 2020 pandemic as a reliable partner amid market stress. Longevity matters — boiler rooms don’t last decades.
• Transparency and reporting. The group publishes financials and key operating metrics such as quarterly client volumes and active‑client counts. EU/UK entities must meet capital adequacy standards and report regularly to regulators — not the behaviour of bad actors.
• Absence of major scandals. Admirals hasn’t been involved in serious regulatory cases. You’ll find some negative reviews online (we’ll cover those), but there’s no evidence of non‑payment or order manipulation. On Trustpilot, Admirals scores ~4/5 (about 77% five‑star reviews) and responds to 100% of negative posts, which shows client care.
• Technical resilience. Admirals invests in infrastructure: modern data centres, liquidity from top banks, and Volatility Protection to manage execution during spikes. Orders are executed at market prices with no requotes, routed to liquidity providers (STP/ECN model). Activities are transparent and overseen by regulators.

Admiral Markets — scam or solid? Given the above, the answer is clear: Admirals is a reliable, time‑tested broker. Top‑tier regulation, a long history, and real trader feedback support this view. From my experience working with different brokers: if a firm is FCA/ASIC‑regulated and has 20 years behind it, the chance it’s a scam is virtually nil. Of course, always stay cautious and remember trading risks, but in terms of fair execution and fund safety, Admirals checks the right boxes.

Admirals account types

Admirals offers several account types for different needs — five core options in total:

1. Trade.MT4 — a classic account for MetaTrader 4. Floating spreads from ~1.2 pips with no per‑trade commission (costs built into the spread). CFDs on FX, indices, commodities, crypto, etc. Minimum deposit: $100 in the EU ($25 in global entities).
2. Zero.MT4 — an MT4 account with RAW spreads. You get interbank‑style spreads from 0.0 pips and pay a commission per volume — about $3 per lot per side (~$6 round turn). Suits scalpers and active traders who prioritise tight spreads. Minimum deposit typically $100 (sometimes $200–$250 depending on region).
3. Trade.MT5 — the MT5 version of Trade. Floating spreads from ~0.6–0.8 pips on EUR/USD, no FX/index commissions, small fees on share CFDs. Minimum deposit $100 (or $25 outside the EU). Supports a broader range of instruments, including shares/ETFs.
4. Zero.MT5 — a zero‑spread MT5 account. Spreads from 0.0; commission similar to Zero.MT4 ($1.8–$3 per lot depending on instrument). Minimum deposit $100–$200. Zero accounts usually offer a slightly narrower instrument list than Trade.
5. Invest.MT5 — for real stocks and ETFs. You buy actual securities (with ownership) without leverage. Minimum deposit: just $1. Commissions: from $0.02 per US share ($1 minimum). Prices are exchange‑driven; there are no spreads in the CFD sense.

In addition, Admirals provides demo and Islamic options.

• Admirals demo account. Anyone can open a free MT4/MT5 demo for 30 days (with a virtual balance, typically $10,000) to practise. Support can extend the demo or let you open a new one, so you can train as long as you like. Demo mirrors live conditions — spreads and quotes — making it ideal for learning the platform and testing strategies.
• Islamic (Swap‑Free) accounts. For clients observing Islamic finance, Admirals offers swap‑free accounts. The swap‑free mode is available on Trade.MT5 (by request after opening an account). There are no overnight swaps; instead a fixed administration fee may apply for prolonged holding. Most major instruments (FX, indices, commodities, crypto) are available. Note: not available on Invest or Zero accounts.
• Professional status. Qualified traders (meeting experience and capital criteria) can obtain Professional status on any Admirals account. This unlocks higher leverage (up to 1:500) and certain privileges, but retail protections (e.g., negative balance protection, compensation schemes) no longer apply. Suitable only for experienced traders.

Choosing an account. If you’re new, Trade.MT5 is a sensible start — versatile, low minimums, and a wide instrument set. For scalpers/day traders, Zero accounts are attractive thanks to minimal spreads — total costs can be lower at high volumes. Long‑term investors should consider Invest.MT5 (low commissions, no leverage). You can hold multiple accounts in parallel (e.g., one MT5 for FX and another Invest for stocks) and transfer funds between them — a practical flexibility.

The difference between Trade and Zero boils down to cost structure: Trade = ~0.5–1.5 pips spread, no commission; Zero = 0.0–0.3 pips spread + ~$6 per‑lot round‑turn commission. Which is cheaper depends on your style. Fewer, longer‑held trades? Trade may be simpler. High‑frequency or scalping? Zero’s tight spreads can save more despite the commission. Admirals gives you the choice.

Note that all accounts except Invest trade via CFDs. Even shares or bonds are traded as CFDs with leverage, not as the underlying asset. The exception is Invest.MT5, where you buy real shares/ETFs. That’s standard for many FX brokers — Admirals stands out by offering real stock investing at all.

Bottom line: Admirals has options for beginners with $100, seasoned scalpers, and long‑term investors alike. Minimum deposits are approachable (especially $1 on Invest). Next, let’s quantify the trading costs — spreads, commissions, swaps, and more.

Trading conditions: spreads, fees, and swaps

One of Admirals’ biggest advantages is competitive trading costs. Here’s what you will — and won’t — pay.

Spreads.

On Trade.MT4/MT5, spreads are floating and typically tight in normal conditions. For example, average EUR/USD around 0.8 pips; GBP/USD ~1.0–1.3 pips; USD/JPY ~1.0 pip. Gold (XAU/USD) ~$0.25–0.30; Brent oil ~$0.03. Benchmarked against competitors: Tickmill and IC Markets are similar on standard accounts (~1 pip on EUR/USD), while Instaforex is notably wider (~2–3 pips). Zero.MT4/MT5 spreads are near‑raw: EUR/USD often 0.0–0.1 pips; gold ~$0.10; oil ~$0.01.

Commissions on Zero accounts.

For market‑level spreads you pay a fixed commission. At Admirals: $3.0 per lot per side on FX and metals (~$6 per round turn). In some entities it ranges from $1.8 to $3 depending on instrument/jurisdiction (e.g., ~€2.6 per lot in Europe). Indices, energies, and crypto on Zero often carry no commission (spread only). Overall: Trade = no commission; Zero = tight spread + commission. For reference, IC Markets charges ~$7/lot; Amarkets ~$5 — Admirals is competitive.

Stock and ETF commissions.

For CFDs on stocks/ETFs (on Trade or Zero), a small per‑trade fee applies — typically $0.02 per US share (minimum $1). For European shares it’s around 0.1% of notional (minimum ~€1). Trading real shares on Invest.MT5 is priced similarly: $0.02 per US share, €0.15 per EU share (minimum $/€1). These are low fees for investing — e.g., buying 10 Apple shares costs $0.20 commission.

Swaps (overnight financing).

On Trade/Zero accounts, overnight swaps apply (positive or negative) based on interest differentials. Swaps vary by instrument. Major FX pairs are moderate (e.g., roughly -$6/‑$7 per lot per day on EUR/USD sell/buy, indicative). Indices and commodities also incur financing. Swaps on crypto are typically high everywhere. Admirals’ swap‑free mode (on request for Trade.MT5) replaces swaps with a fixed administration fee after several days. Overall, swap levels are in line with European peers.

Non‑trading fees.

Deposits: no broker fee (payment‑system fees may apply). Withdrawals: the first one each month is free; subsequent ones have small fees (e.g., ~€1 for SEPA, ~0.9% on Visa with €1 minimum, or ~1% for e‑wallets). The key charge is inactivity: with no trading or payment activity for 24 months, a $10 monthly fee applies until activity resumes. To avoid it, place any trade or make a small transfer from time to time.

Sample spreads vs. competitors.

Below is a quick comparison of core instruments across Admirals and two peers — Amarkets (offshore) and IC Markets (Australian ECN):

Note: averages under typical market conditions. Admirals’ spreads are comparable to or better than peers on most symbols. EUR/USD stands out at ~0.8 pips vs. 1+ pips at Amarkets. IC Markets is very sharp too; differences are small. On crypto, IC Markets can be a touch lower, but Admirals has been narrowing spreads on top crypto‑CFDs. Admirals also offers volume‑based rebates for active traders (in professional programs) — details are arranged with an account manager.

Takeaway: Admirals’ trading costs are highly competitive. Scalpers get Zero accounts with ~$6 per‑lot round‑turn and raw‑style spreads — essentially ECN‑like conditions. Position traders can use standard accounts with tight, commission‑free spreads. Swaps and other fees are market‑level and transparent, letting you focus on trading rather than overhead.

Leverage and Admirals’ risk policy

Leverage is powerful — and risky. Admirals follows a balanced approach aligned with regulations and client interests.

Maximum leverage for Retail status in the EU/UK is 1:30 on major FX pairs. Other classes: 1:20 for non‑majors, gold and major indices; 1:10 for commodities (oil, silver, etc.) and minor indices; 1:5 for share/ETF CFDs; 1:2 for cryptocurrencies. These limits were set by ESMA to protect inexperienced investors. Back when 1:500 was common for everyone, many beginners blew accounts quickly — the post‑2018 rules help reduce that.

Higher leverage for professionals. Experienced traders meeting criteria (capital, trading record, qualifications) can obtain Professional status. ESMA caps don’t apply, so leverage up to 1:500 is available on FX (and in some global entities up to 1:500 for all clients). Note: professional status removes certain retail protections. Higher leverage expands possibilities — and risks — so it’s meant for seasoned traders.

Margin call/stop‑out policy. On EU retail accounts, stop‑out is typically at 50% margin: when equity falls to 50% of required margin, positions start closing from the most unprofitable. Margin Call warnings generally appear at 100%. In some jurisdictions a 30% threshold is used; in the EU, 50% applies. This mechanism helps prevent balances from going negative; where a negative appears, retail negative balance protection covers it.

Volatility Protection. Admirals offers optional execution controls you can enable in your dashboard: maximum slippage limits; rules for pending orders (execute at specified price or cancel if the gap is too large); splitting large orders when liquidity is thin; blocking new orders during extreme spreads; and more. These features reduce surprises during gaps or news — especially helpful if you trade events or hold over weekends.

Risk management. Admirals promotes prudent risk practices. Disclosures emphasise that ~75% of retail CFD accounts lose money — risks aren’t sugar‑coated. You’ll find margin/profit calculators and a full suite of order types (stops, limits, trailing stops) in MT4/MT5. Admirals imposes no artificial minimum stop distances (0‑pip stop levels), which is useful for scalping.

My take: beginners’ common mistakes are oversized leverage and no stop‑loss. Admirals’ 1:30 cap and education help avoid both. If you want more, prove your proficiency and access 1:500 — but understand the trade‑offs.

Bottom line: Admirals’ leverage and risk approach is sensible. The broker complies with safety standards, provides protective mechanisms (stop‑outs, negative balance protection, Volatility Protection), and leaves risk control in your hands.

Trading platforms and programs from Admirals

Admirals equips clients with modern tools — from classic MetaTrader terminals to in‑house solutions. Here’s what’s available.

MetaTrader 4 (MT4).

The veteran favourite for Forex traders. Admirals supports MT4 on Trade.MT4 and Zero.MT4. Download for desktop (Windows/Mac) or use mobile. You get one‑click trading, 30+ built‑in indicators (plus hundreds of custom ones), market/stop/limit orders, and Expert Advisors (EAs) for automated trading. Admirals provides clean market execution with no requotes.

MetaTrader 5 (MT5).

The newer platform for most accounts (Trade.MT5, Zero.MT5, Invest.MT5). MT5 adds more timeframes (21 vs. 9), a built‑in depth of market (Level 2), 80+ indicators, an integrated econ calendar, and both hedging and netting modes. Crucially, it supports exchange trading — which powers Invest.MT5. Available on desktop, web, and mobile.

MetaTrader Supreme Edition.

An Admirals‑exclusive add‑on for MT4/MT5 (Windows desktop) that bundles extra indicators (market sentiment, volatility tools), Trading Central widgets, advanced scalping panels (Mini‑Terminal), a strategy tester, econ calendar, and more. StereoTrader functionality has also been offered, turning MT into a pro‑grade workflow for fast order management. Free for Admirals clients.

Admirals WebTrader.

For those who prefer the browser, Admirals provides a proprietary web platform with TradingView charts. No installation required. You can analyse with rich TradingView tools and place orders directly through Admirals. Real‑time quotes, advanced charting, all order types, and account management (funding/withdrawals) are available. Positions sync across platforms — trade MT5 at home and switch to web on the go.

Admirals mobile app.

The Admirals: Trade & Invest app on iOS/Android is a standalone platform, not just a MetaTrader wrapper. It features 75+ indicators, a modern interface, fast order entry, account management, TradingView chart integration, and a news section. Ratings hover around ~4.8 in the App Store and ~4.4 in Google Play. If you prefer the classics, MT4/MT5 mobile also work with your Admirals login. Two‑factor authentication (2FA) is supported.

Additional integrations.

While cTrader isn’t offered, API trading is possible — advanced clients can request FIX API (usually for higher volumes). Social features include copy trading and MQL5 Signals directly in MT5. TradingView is used for analysis; direct TradingView order routing isn’t available yet — use the web trader instead.

Unique extras.

Premium Analytics unifies real‑time Dow Jones news, Trading Central signals, and Acuity AI sentiment in your dashboard. VPS is available for 24/7 algo trading (often on preferential terms for active clients). StereoTrader has been provided in past offers, giving pro‑level scalping controls without extra subscription costs.

In short: MT4 for traditionalists, MT5 for modern multi‑asset trading, Supreme Edition for power users, WebTrader with TradingView for the browser, and a capable mobile app for trading on the move — a lineup that covers 99% of needs. Admirals is packed with advanced MetaTrader upgrades and add‑ons — and it shows in day‑to‑day use.

Igor Lementov - Financial Expert and Analyst at Trading-Today.net