Admirals Broker Review

Is Admirals Safe?

Admirals boasts regulation from some of the world’s top regulators, and on 20 June 2022 added a licence from the South African FSCA.

FSCA Regulation: Admirals is regulated by the FCA of the UK, CySEC of Cyprus, ASIC of Australia, and has obtained a licence from the Financial Sector Conduct Authority (FSCA) in South Africa, quite an achievement considering the complex regulatory environment. 

Safety Features: The FSCA regulatory requirements are not as strict as regulators from the EU or Australia.  It does, however, require that all trading brokers operating in South Africa 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 to compensate for the negative balances.  

Company Details:

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Admirals’ Financial Instruments

The choice of financial assets offered by Admirals is wider than other similar brokers, with over 3200 share CFDs, 375 ETFs, and 42 cryptocurrencies. 

See below for Admirals’ range of instruments and corresponding leverage:

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• Forex: Admirals has over 50 currency pairs available for trading which is around the industry average.  These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics. 
• Share CFDs: Admirals offers 3204 share CFDs, which is more numerous than other large international brokers.  The selection available includes some of the major US, UK, and European Exchanges. 
• Indices: There are 43 indices available for trading at Admirals, which is more than is available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.  
• Commodities: Admirals offers trading on 28 commodities, which is a much broader range than is commonly available at other brokers.  Most other brokers offer between 5 and 10 commodities.  Commodities include metals such as gold and silver, energies such as oil, and softs such as sugar, cocoa, and cotton. 
• Bonds: Like other brokers, Admirals offers trading on two bonds, namely the 10-year Germany Bund Futures CFD and the 10-year US Treasury Note Futures CFD.  
• ETFs: Admirals offers trading on 375 ETFs, which is a wider range than is offered by other similar brokers.  
• Cryptocurrencies: Admirals offers 42 cryptocurrencies for trading, a huge selection compared to other similar brokers.  Spreads are wider than for Forex, but this in line with industry norms. 

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

Admirals’ Accounts and Trading Fees

Admirals is unusual amongst brokers in that it offers four different account types, with trading conditions that vary depending on the platform chosen. 

Trading Costs: All Admirals’ accounts have a minimum deposit of 500 ZAR, which most traders will be able to afford. The trading costs on the Trade MT4/MT5 accounts are around 8 USD per lot traded, while the trading costs on the MT4/MT5 Zero Accounts are around 7 USD per lot traded. These trading costs are some of the lowest in the industry.  See below for more details:

Admirals Account Trading Costs:

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Trade.MT5

The Trade.MT5 Account has a minimum deposit requirement of 500 ZAR, 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.  

Zero.MT5

With a minimum deposit requirement of 500 ZAR, 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). 

Trade.MT4

The minimum deposit on this account is also 500 ZAR. 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.  

Zero.MT4

The minimum deposit is 500 ZAR 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.  

Commission Structure

A commission is charged per lot on Zero.MT4 & Zero.MT5 accounts. This is a commission for a single side trade. Commission for a round turn trade (opening and closing) is doubled and is fully charged at the opening of the order. The following table shows the commission structure in USD:

Overall, Admirals’ trading costs and minimum deposit requirements are lower than other similar brokers, and it offers trading on a wide range of assets, making it appealing to both beginners and experienced traders alike.

Deposits and Withdrawals

Admirals offers a limited number of funding options compared to most other brokers.  Additionally, deposit and withdrawal fees are high for currencies other than those supported by Admirals, and its processing times are slow.  

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. 

Trading Account Currencies: Deposits to trading accounts can be made in most national currencies, which are subsequently converted into EUR, USD, ZAR, or other applicable currencies. Having accounts denominated in ZAR means that South Africans will be able to avoid paying currency conversion fees on deposits and withdrawals. However, if during an internal transfer between a client’s accounts there are different base currencies, a fee of 1% will apply. 

Deposits and Withdrawals: Deposits can only be made via bank transfer and credit or debit cards. Withdrawals can only be made via bank transfers.

See below for more details:

• Bank transfer:  Available in ZAR, deposits take 3 days to be processed but are free.  There is no maximum deposit amount. Withdrawals take up to 3 – 5 days to be processed, and there is one free withdrawal request a month. Thereafter a fee of up to R160 applies, which is fairly expensive. 
• Credit card/Debit card: Available in ZAR, deposits are instant and free.  Withdrawals cannot be made via credit/debit cards.

Overall, the non-trading fees associated with deposits and withdrawals at Admirals, especially when trading in currencies other than those supported by the company are high.  Additionally, Admirals’ processing times are slower than other similar online brokers, and it offers a limited number of funding methods.  

Admirals’ Mobile Apps

Admirals’ mobile trading platforms are above average when compared to other similar brokers.

Admiral Markets’ Trading App

Developed entirely in-house, the Admirals app is available on both Android and iOS. 

Features: We found that the Admiral Markets’ trading app has a clean interface and is easy to use.  It has a sophisticated dashboard and intuitive home screen that allows you to add instruments to your watchlists,  view market analysis materials, and contact customer support from within the app.  It also has excellent search functionality and it’s simple to place orders, set price alerts, and view live prices and charts. Admirals has also updated its charts, and traders can tap with one finger to check the price for a selected period or tap with two fingers to check the price difference for a selected range.

Conveniently, we were also able to deposit and withdraw funds and upload and scan our documents.  

MT4/MT5 Mobile Applications

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 mov

Overall, Admirals’ mobile trading support is better than that of other brokers, with support for the MT4/MT5 apps in addition to its own mobile app.

Other Trading Platforms

The MT4 and MT5 trading platforms are available as downloads for your computer and as a Webtrader in your browser. 

MT4 and MT5

The benefit of Admirals offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.  Additionally, thousands of plugins and tools are available for both the MetaTrader platforms.   

While MT4 has great customizability, the platform feels outdated, and some of the features can be hard to find.  MT5 is more powerful and faster than MT4 when it comes to back-testing functionality for automated trading algorithms.  It also has a built-in news feed, market depth indicator, economic calendar, and trades can be made on the charts. 

Trading Platforms Comparison:

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Broker

Platform Choice

Copy Trading

Platforms

Admirals

4.5/ 5

Yes

MT4

MT5

Axi

4/ 5

Yes

MT4

Pepperstone

5/ 5

Yes

MT4

MT5

cTrader

TradingView

Trading Tools

Admirals’ trading tools are average compared to other brokers. It offers Trading Central in a number of excellent analytics tools, which will be covered in the market analysis section

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.  Trading Central is considered one of the best trading tools in the industry, and Admirals does well to offer this tool to its clients.

Trading Tools Comparison:

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Admirals

Yes

No

Yes

No

No

Axi

Yes

Yes

No

No

Yes

Pepperstone

Yes

Yes

No

Yes

Yes

Admirals for Beginners

Admirals has invested heavily in helping new traders find their feet, offering an extensive library of educational articles, tutorials, and webinars. Trading Central provides chart analysis and analyst recommendations for clients looking for active support.  

Educational Material

Admirals offers an excellent educational repository that is suited to traders of all experience levels.

The educational material available through Admirals is extensive and varied. Split into different sections, Admirals offers a structured course, a knowledge base, an overview of risk management, and frequent webinars.

Admirals also provides a free, structured Forex and CFD trading course called Forex 101, designed to help beginners learn how to trade. It is a collection of nine online lessons split into beginner, intermediate and advanced stages, and all lessons are taught by professional traders. The course covers everything from setting up MT4 to managing risk and is an excellent resource for new traders.

The articles and tutorials section covers Forex Basics, Forex Analysis, Forex Strategy, Forex Indicators, Trading Psychology, Trading Software, Automated Trading, and Cryptocurrencies. This section is best used as a knowledge base or as an additional resource once the Forex 101 course has been completed. A separate glossary is on hand to help beginners with new terminology.

The risk management section covers best practices, an introduction to leverage and leverage effect, and how rapidly moving markets can create gaps in charts.

Admirals 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.  

Education Comparison:

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Admirals

Yes

Yes

Yes

High

Yes

Axi

Yes

No

Yes

Medium

Yes

Pepperstone

Yes

Yes

Yes

Medium

Yes

Analysis Material

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.

• 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.

Customer Support

Admirals’ customer support team is available during business hours, five days a week, via live chat, email, and phone in 23 different languages.  Drop-in appointments are also available at any of their office locations.

Furthermore, remote support for technical issues related to MetaTrader 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 FSCA subsidiary.  

Safety and Industry Recognition

Recognition: Founded in 2001 and headquartered in the UK and Estonia, Admirals is regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Jordan Securities Commission (JSC).  See below for a list of Admirals registered companies:

• Admirals UK Ltd is registered in the United Kingdom under Companies House – registration number 08171762. Admirals UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA) – registration number 595450.
• Admirals Cyprus Ltd is registered in Cyprus – with company registration number 310328 at the Department of the Registrar of Companies and Official Receiver. Admirals Cyprus Ltd authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), license number 201/13.
• Admirals Pty Ltd registered Office: Level 10,17 Castlereagh Street Sydney NSW 2000. Admirals Pty Ltd (ABN 63 151 613 839) holds an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL – 410681. 
• Admirals AS Jordan Ltd is authorised and regulated to conduct investment business by the Jordan Securities Commission (JSC) in the Hashemite Kingdom of Jordan, registration number 57026.
• Admirals SA (Pty) Ltd is registered in South Africa with the Companies and Intellectual Property Commission (CIPC) – registration number – 2019 / 620981 / 07. Admirals SA (Pty) Ltd is an authorised financial services provider (FSP51311) registered at the Financial Sector Conduct Authority. The registered office for Admirals SA (Pty) Ltd is: Unit OG/N1, 33 Scott Street, Waverley, Johannesburg, Gauteng, 2090.

Awards

Admirals have won many industry awards over the years, the most recent being Best Forex Platform 2019 (ADVFN International Financial Awards), and Best CFD Broker 2019 (DKI’s 2019 CFD Broker Customer Survey). While awards in recent years have focused on the broad strength of Admirals as a brokerage, it is often recognised for its commitment to trading technology, user experience, and customer service.

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. 

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Admirals’ Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about the complexity of financial products and also disclose the extent to which traders can lose their money.  Admirals wants you to know that:  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

Admirals is a leading global online broker.  It boasts excellent trading conditions, including tight spreads, low minimum deposits, and low commissions on both the MT4 and MT5 platforms.  With excellent regulation, comprehensive trading tools, and world-class educational and market analysis materials, Admirals has developed a reputation for being one of the top Forex and CFD brokers for good reason.  The only drawback of an otherwise excellent all-round offering is the high non-trading fees charged by Admirals.