Admirals

Under FCA regulation, all client money is kept fully segregated from Admirals’ own assets in an EEA-regulated credit institution. This ensures that clients’ funds are identifiable and available at all times and cannot be used by Admirals for any purpose.  Furthermore, the Financial Services Compensation Scheme (FSCS) exists to protect customers of financial services firms that have failed. The FSCS can pay compensation up to 85,000 EUR if a firm ceases trading with a deficit in their segregated client money.  Furthermore, under the UK subsidiary, traders are afforded negative balance protection.  However, the FCA restricts leverage to 30:1, prohibits Admirals from offering bonuses and promotions, and has banned all cryptocurrency CFD trading.   

Note that Indian traders can choose to trade under the subsidiary, Admirals AS Jordan Ltd, which is regulated by the Jordan Securities Commission (JSC). This requires manually switching from the FCA subsidiary to the JSC subsidiary (a button found on the top lefthand corner of the webpage).  As such, they are offered higher leverage (up to 500:1) and lower minimum deposits (100 USD). 

The JSC regulatory requirements are not as strict as regulators from the EU or Australia.  It does, however, require that all trading brokers operating in or out of Jordan must hold client funds in segregated accounts and submit periodic reports of their finances and operations.  Brokers must also be audited yearly by a trusted third-party auditing company.  However, under this subsidiary, traders are not offered automatic negative balance protection.  If a negative balance occurs, the trader must inform the company’s customer support services by email no later than two business days after its occurrence.  Admirals will then evaluate the inquiry and at its discretion may credit the accounts fully or partially compensate the negative balances.  

This review is written according to the trading conditions offered under the JSC subsidiary. 

Overall, with a long track record of responsible behavior, strict internal processes, and strong international regulation, we consider Admirals a safe broker to trade with. 

The account opening process at Admirals is as per the industry standard.  

All Indian traders are eligible to open an account at Admirals, as long as they meet the minimum deposit requirements.  

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. Admirals offers accounts for individuals and legal entities, but we will focus on opening an individual account:

How to open an account at Admirals:

1. New traders will have to click on the “Start Trading” button at the top of the page where they will be directed to register an account.    
2. Admirals’ intake form requires clients to fill in their personal details (including name, country of residence, email address, birth date). 
3. Admirals requires at least two documents to accept you as an individual client:
   1. Proof of Identification – Admirals accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. The document must be valid and must contain a trader’s full name, date of birth, a clear photograph, issue date, and if it has to have an expiry date, that should be visible as well. If the document has two sides, then scans of the front and back sides must be uploaded.
   2. Proof of Address – Proof of residence/address document must be issued in the name of the Admirals account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
4. Once this step is complete, clients are required to fill out a questionnaire that helps Admirals assess the trader’s investment knowledge, experience, and expertise to deem the suitability and relevance of the services on offer. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
5. After the application is approved, traders can log in and fund their accounts
6. We advise you to read Admirals’ risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, Admirals’ account-opening process is quick, efficient, and accounts are generally ready for trading within one business day.  

Admirals offers a much broader range of tradable instruments than other brokers and really outshines its competitors in its commodity, share CFD, and cryptocurrency offerings.

Admirals’ fee structure is transparent, and it publishes all the spread and commission costs associated with either account. 

On the whole, Admirals’ trading costs are lower average on the commission-free Trade MT4/MT5 accounts- most good brokers will have a cost of around 9 USD per lot of EUR/USD.  While the costs are lower than the overall average on the MT4/MT5 Zero accounts, they are average when compared to other ECN brokers. 

Additionally, while the minimum deposit requirement on all accounts is only 100 USD, Admirals recommends a minimum starting balance of 200 USD. This is because when trading with leverage, brokers will always require a margin to cover the money borrowed from the broker to hold your trading position. With less than 200 USD in your account, it makes it difficult to hold a substantial trading position without getting stopped out (Stop-Out levels are at 30%) and losing the money held in your trading account as a result.

Swap Fees

Admirals charges swap fees for positions that are held overnight.  Interest is paid (or received) for each night a position is held.  In the case of Forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded.  Admirals’ swap rates are published on its website for each financial instrument. 

In combination, the low minimum deposit requirements and low overall trading costs, Admirals is a good choice for both beginners and experienced traders alike.

Admirals’ Non-Trading Fees

Admirals charges high non-trading fees compared to other STP brokers.

Admirals charges 1% for deposits for currencies that are different to those supported by the broker, and only allows five free ewallet deposits per 24 hours.  It also only allows one free withdrawal per month.  In addition, Admirals charges a currency conversion fee of 0.3%, which is higher than other similar brokers.

Like most other brokers, Admirals charges an inactivity fee on dormant accounts.  The fee is 10 USD per month after 24 months of account dormancy, which is around the industry average.

Overall, Admirals’ non-trading fees are significantly higher than most other brokers.

Demo Account

The demo account is a live market experience available for 30 days.  The demo account will become unlimited in time for those that open a live account.  Included is a balance of 10,000 USD, offering a real trading experience.  Additionally, demo accounts can mirror any of the live accounts on offer.

Trade.MT5

The Trade.MT5 Account has a minimum deposit requirement of 100 USD, leverage up to 500:1, and no commissions are charged for Forex trading.  Spreads start at 0.80 pips for the EUR/USD, and it is available as an Islamic swap-free account.  See below for a list of trading instruments:

• Currency pairs – 39
• Metal CFDs – 5
• Energy CFDs – 3
• Agriculture CFDs – 7
• Index Futures CFDs – 24
• Commodity Futures – 11
• Cash Index CFDs – 19
• Stock CFDs – over 3350
• ETF CFDs – over 300
• Bonds CFDs – 2

Zero.MT5

With a minimum deposit requirement of 25 USD, the Zero.MT5 account has spreads starting at 0.0pips on the EUR/USD, and a commission of between 1.8 and 3 USD is charged per lot per side (see below for commission structure). It also offers trading on the following  trading instruments:

• Currency pairs – 45
• Metal CFDs – 3
• Cash Index CFDs – 10
• Energy CFDs – 3

Trade.MT4

The minimum deposit on this account is also  100 USD. Spreads start at 0.5 pips (EUR/USD) on this account, and no commissions are charged.  Note that there are no Islamic swap-free options on this account.  See below for a list of trading instruments:

• Currency pairs – 37
• Metal CFDs – 4
• Energy CFDs – 3
• Index Futures CFDs – 3
• Cash Index CFDs – 16
• Stock CFDs – 78
• Bonds CFDs – 2

Zero.MT4

The minimum deposit is 100 USD on this account, leverage is up to 500:1, and spreads start at 0.0 pips on the EUR/USD.  A commission of between 1.8 and 3 USD is charged per side per lot traded, dependent on the trading volume (see below for commission structure). This account does not offer Islamic swap-free options.  See below for a list of trading instruments:

• Currency pairs – 45
• Metal CFDs – 3
• Cash Index CFDs – 10
• Energy CFDs – 3

Both trading platforms are available on both Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options.  In addition, spotty connections can reduce the overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.

The Admirals MT4 and MT5 apps allow traders to work from anywhere, with functionality to close and modify existing orders, calculate profit/loss in real-time and tick chart trading to further assists traders while on the move.

Overall, Admirals’ mobile trading support is about average when compared to other brokers, with no additional support or apps apart from the trading platform’s own mobile applications.

Admirals offer full support for Metatrader 4 and Metatrder 5 in addition to its own customised plugin – the Metatrader Supreme Edition (which will be discussed in detail under trading tools). 

The advantage of brokers offering third-party platforms such as MT4 and MT5 is that traders can take their own customised versions with them should they decide to migrate to another broker.  Additionally, Admirals offers the Metatrader Supreme Edition which plugs into both platforms.   However, these platforms are not as beginner-friendly as the proprietary platforms on offer at other brokers.  See below for more details.  

MetaTrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability. MT4 is available in over 31 languages.

 Features of MT4 include: 

• A built-in library of more than 50 indicators and tools to streamline the analysis process
• An impressive array of 24 analytical tools, available in nine timeframes for each financial instrument.
• Three chart types
• One-click Trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community. 

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.  MT4 is available on PC and Mac.

MetaTrader 5

The MT5 trading platform is being adopted by more Forex brokers all the time.  It has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. The MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4. 

Features include:

• 38+ preinstalled technical indicators
• 44 analytical charting tools
• 21 timeframes
• Additional pending order types
• Detachable charts

MT5 is also available on PC and Mac.

As a well-regulated broker, Admirals does not process payments to third parties. All withdrawal requests from a trading account must go to a bank account or a source in the trader’s name. 

Deposits can be made via credit cards/debit cards, e-wallets (Skrill and Neteller), and bank transfers. Note that Indian traders can only deposit funds via bank transfer and credit cards or debit cards.  Credit cards/debit cards are processed instantly, but deposits via wire transfer can take 3 bank days to reflect. No commissions are charged on deposits or withdrawals, but should the base currency of a client’s trading account differ from the base currency of the transferred funds, the amount transferred will be converted to the base currency of the client’s trading account, and a 0.3% fee will be charged.   

Withdrawals are only available via wire transfer, with a processing time of 1-3 business days. A fee of 3 USD (or equivalent) is charged for domestic transfers and up to 20 USD for international transfers. 

See below for Admiral Markets’ deposit and withdrawal options:

Admirals offers a limited number of trading account currencies through its JSC subsidiary, including JOD, AED, USD, and EUR. Indian traders will be disappointed that it does not offer accounts denominated in INR.  

Deposits to trading accounts can be made in most national currencies, which are subsequently converted into JOD, USD, EUR, AED, or other applicable currencies. However, Admirals does not support accounts denominated in INR, which means that Indian traders will have to pay a 0.3% conversion fee on all deposits and withdrawals.  Conversion fees can make trading expensive, and affect profitability.

In order to protect your capital from currency fluctuation, you can have multiple trading accounts in different currencies at the same time. This gives traders an opportunity to transfer funds from one account to another through a convenient internal transfer straight from the Trader’s Room (available on Admirals’ mobile app).

Overall, Admirals offers a limited number of trading currencies compared to most other brokers through the JSC subsidiary, but it allows multiple trading accounts in different currencies.  

Admirals has partnered with Trading Central to integrate its indicators (Forex Featured Ideas and Technical Insight) into the MetaTrader Supreme Edition. These two highly customisable tools provide pattern recognition and technical analysis for almost all financial instruments.  A VPS service is also offered to clients who maintain an equity amount of 5000 EUR (or equivalent) in their trading accounts. 

Metatrader Supreme Edition

Trading Central

A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to gather the most comprehensive and in-depth market information. This tool essentially supports traders without the technical know-how in making trading decisions. This dynamic product suite is available to traders through the MetaTrader Supreme Edition.  Trading Central is considered one of the best trading tools in the industry, and Admirals does well to offer this tool to its clients.

Global Opinion Toolset

Also included in the MetaTrader Supreme Edition is the Global Opinion toolset. These tools scan and contextualise millions of financial news stories and social media posts daily, giving traders a dynamic view of market sentiment. They can drastically reduce the length of time traders need to spend on daily research by flagging-up the best assets to trade and warning of changes in the market that may impact trade success.

Mini-Terminal

Additionally, a new mini-terminal facilitates trade management by making commonly-used trading features more accessible than in the native version of the software. A mini-chart feature also lets traders see multiple time frames and chart types in a single chart.

An additional Trade Terminal feature helps traders manage multiple orders concurrently, using the same advanced trade management features of the mini-terminal.

Tick Chart Trader

Tick Chart Trader allows clients to trade tick charts fast and accurately. An additional Indicator Package with the latest indicator technology delivers more chart information and trading signals within the trading tool.

Trading Simulator

Finally, a trading simulator is available to backtest strategies on historical price data. Until this feature was conceived, traders were limited to testing strategies with a demo account in real-time. The trading simulator enables traders to test multiple strategies on the same data set to find the optimal strategy for different market situations.

VPS

Admirals offers a VPS (Virtual Private Server) service for traders who deposit more than 5000 EUR in their trading accounts. VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

Trading tools comparison:

Admirals market research materials are comprehensive and well-structured, and compare well to other large international brokers.  

• Trading News: The Trader`s Blog, which is open to all clients, provides daily economic news and context or analysis to help traders find new opportunities through insightful and practical market information. Other articles include a more in-depth analysis of a specific subject. 
• Market Heat Map: The Market Heat Map is a real-time visual method of following asset price movements and obtaining daily trading data from the FX and CFD markets. This tool highlights the most volatile assets, and thus presents various trading opportunities.

Admiral Markets Market Heat Map

• Market Sentiment: The Market Sentiment tool is a visual interpretation of aggregated data from multiple service providers showing the relationship between open long and short positions. Market sentiment data is useful to help understand macro trends and the mood of the trading collective. This information is especially useful for traders holding positions for long periods.
• Premium Analytics: Launched in September 2019, Premium analytics was launched with free access for demo and live accounts.  With it, premium data feeds are used to deliver the best information to traders.  This video (33 minutes) is a full tour of the product.
• Weekly Podcast: Admirals delivers a weekly podcast that covers the most engaging and informative trading news and analysis possible. New podcasts will be available every Monday, covering the economic news and events of the past and coming week, as well as offering market analysis and trading strategies. 
• Forex calendar, or economic calendar: A list of scheduled events that could affect the currency markets.

Admiral Markets also provide expert-led webinars. Webinar topics include commentary on the upcoming week or educational webinars like Mastering the 4Ms of Trading, which help traders develop trading skills and build confidence.

Overall, Admirals’ education section is comprehensive, in-depth, and caters to both beginners and more advanced traders.  

Educational material comparison:

Remote support for technical issues related to MetaTrader or the MetaTrader Supreme Edition is available to clients during business hours.

For the purposes of this review, we found the customer service responsive, knowledgeable, and polite, but the live chat function does not seem to work under the JSC subsidiary.