Admiral Markets was established in the year 2001. It is one of the oldest brokerage firms but still lacks some basic features and charges a relatively higher amount. Admiral Markets have three different websites. Thus, it creates huge confusion when it comes to choosing between these sites. Moreover, these websites’ user interface is complex and contains many technical words that are hard to understand, especially by novice traders.
Some of the broker’s trading features are good. Still, there are many areas where the broker should pay heed and improve to sustain in the competition.
Is the broker safe or not?
Admiral Markets have three different websites: Admiral Markets UK limited, Admiral Markets Cyprus Limited and Admiral Markets Private Limited all these are regulated by different regulatory authorities. The risk disclaimer provides a clear idea that the broker does not take any responsibility for the massive losses. It says that they only provide a platform for trading, and the rest is up to you, and before getting started, you should take advice from an independent financial advisor.
It has been 19 operating since years still the broker has not taken any initiative to merge its three branches and work under a single brand name Admiral Markets. It is sad, but the broker is not efficient in handling things from its single branch and under a single legitimated regulation.
Account Types 
There is no proper information related to account types on the website of the broker. They have mentioned just two accounts: demo and Islamic trading account. After opening the account types, the information which appears on the screen seems to be irrelevant and difficult to understand. All brokerage firms mention gold, silver, platinum and VIP accounts in this section, their features, and charges.
The number of trading options available with each account is also limited compared to other renowned and advanced firms such as HFTrading, Global TradeATF, and several others.
Minimum Deposit
The minimum deposit to enter the trade with the broker is $200, which is very high looking at the services rendered. It is twice concerning the firms likes 101investing and ROinvesting. This high fee does not do justice to the trading features the broker offers.
Fees
In addition to the high minimum deposit, the broker charges some additional fees. It includes:
- The fee is charged on the accounts with different base currencies: 1% of the total amount.
- A high inactivity fee is charged on trades: 10 EUR per month.
- Only ten free transfers are allowed on the cryptocurrency wallets and accounts and wallets with different base currencies. After these ten transfers, an additional fee of 1% of the total amount is charged.
Market and products
The number of assets available helps in enhancing the trading portfolio of traders and their trading experience. But, Admiral fails here. The number of assets available for trading with the broker is restricted for each account type. Hence, it eliminates the broker from the best forex brokers list because of the limited range of other advanced online brokerage firms.
Moreover, you will find a vast difference between the products available on MetaTrader 5 trading accounts and MetaTrader 4 trading accounts. Suppose if you wish to pursue trade in Agricultural products but at the same time do not wish to opt for MetaTrader 5, because of its numerous confusing features. In this case, you will find yourself trapped with Admiral Markets due to the lack of agricultural products on their Meta Trader 4. It is important to note that the following instruments are not available on MetaTrader 4 platforms with Admiral markets.
- Commodity futures CFDs
- Agriculture CFDs
- ETF CFDs
Looking further into available assets Admiral Markets offers less than 50 currency pairs for trading. This number is comparatively lower than other brokerage firms. You should be aware of such things before opting for the broker because there are no chances to regret once you have paid the amount to open an account. Also, for those traders who wish to pursue trading in certain pairs, this information plays a vital role.
We can conclude by saying that the range of instruments available with the broker restricts investors’ flexibility and places more attention on choosing the most suitable trading account.
Trading platforms
The offering of the trading platform seems pretty confusing and ambiguous. There is no description related to the platforms (MT4 and MT5). Nothing is mentioned about the installation and usage of features. These platforms are advanced and have numerous confusing features that traders should be aware of. But, the broker has not taken any initiative to convey and explain these features to its clients. It is not feasible to call customer support service every time to explain to you these minute things. moreover, the whole interface seems pretty chaotic and messy; one can see numerous tans stacked after one another without any structure.
Charting and social tools
Lack of free charting and social tools with Admiral Markets.
1) No social trading
Social trading platforms and similar kinds are gaining widespread popularity among investors. Admiral Markets do not support social trading via the Meta Trader trading platforms- signals by proficient advisors through MQL5 and MetaQuotes. There is nothing specified on the official website about copy trading or automated trading such as MyFxBook, Mirror Trader or DupliTrade. Such important social instruments are available for investors to search for themself. However, the brokerage firm does not offer them.
Under their Education tab, the broker offers a comprehensive summary of the concept of copy trading benefits, forex trading signals and several other educational resources. Thus, the broker itself emphasizes on social tools and their benefits for traders. However, being one of the oldest and mature firms, it fails in providing these essential tools.
2) Charting tools
After the lack of social tools, the firm’s sad fact is lack of advanced charting tools. The charts and graphs play a vital role in your decision making. The broker provides these tools only though MetaTrader Supreme Edition. Thus, these charts lack in its basic MetaTrader 4 and MetaTrader 5 version. Not all can afford MetaTrader Supreme Edition. The broker should try to make its platform user-friendly and affordable for novice traders, not just experienced and high-class investors.
Customer Support Service
The customer support service is the backbone of every brokerage firm. Customer support hours should be flexible. However, with Admiral Markets these hours are Europe-centric. It simply means that investors outside the European zone may struggle using their service, such as online live chat option. There may be a delay in repose time of query because of offline support personnel.
Moreover, the customer support service is not up to the mark and the users have to wait long to get solutions to their queries.
Cons of Admiral Markets
Here are some cons and pros related to the brokerage firm.
Cons
- Limited asset range
- Poor customer support service
- Complex user interface
- A high minimum deposit of $200
- High inactivity and additional charges
- No fixed spread accounts
The Bottom Line
It has been 19 long years of operation; still, the broker lacks some basic features and tools. It is high time the broker should pay heed to improve certain areas to remain in this competition. Moreover, it should also reduce its additional charges and high minimum deposit and make its platforms, website, and educational course more user friendly and accessible to novice traders. 101investing, IGM FX, PrimeFin and Brokereo are some top brokers in the financial market.
Thus, before selecting Admiral Markets and other such firms go through various reviews and comparisons because a financial service provider is the backbone of any trade. Your decision directly reflects your profit size.
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Frequently asked questions
Does Admiral Markets provide educational material?
Yes, the broker provides educational material, but it is designed keeping experienced traders in mind.
What is the minimum deposit for Admiral Markets?
The broker’s minimum deposit is as high as $200 with additional commission charges that vary with account types.
What are the cons of Admiral Markets?
- Limited asset range
- Poor customer support service
- Complex user interface
- A high minimum deposit of $200
- High inactivity and additional charges
- No fixed spread accounts
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