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Researching Admiral Markets Ltd

  • #1
  • First Post: Mar 29, 2010 10:11pm Mar 29, 2010 10:11pm
Hi guys,

I need some help researching a broker. I have searched NFA and FSA.
-not registered with NFA.
-Could not find in FSA site because of some maintenance error.

It is not a US/UK broker. It is Estonian. As far as I know. they do not have any offices in UK/US which probably makes sites like NFA and FSA useless. However they did say that they are part of the "FSA Estonia".

My concern here is the integrity of the "Estonian FSA". I've never heard of one and I do not know if it is trustworthy or not. I tried navigating their website but was unable to find a link to search out their members. The link I found is this:
http://www.fi.ee/index.php

I'm doing this research because a friend of mine approached me to join his brokerage. Apparently this broker is doing a sort of ponzi scheme where you get 20% from your downlines' spread.
Eg:
-A has downline X
-Downline X trades 1 lot of EURUSD and the spread is 4pips at that time. Assuming 1 pip is 1USD, you will make 20% of 4USD.

I personally don't think it is a scam. It is the broker's choice to introduce incentives. In a way they are making 80% off spreads and giving 20% away. Many other huge legitimate brokers offer money incentives to drive their agenda so I am not surprised that something like this exists.

However, what I am very worried about is the legitimacy of the broker. Hence this thread. The broker in question is Admiral Markets Ltd.

If you have anything constructive to aid my research, please post here. I am not particularly interested in any form of bashing or glorifying. I prefer sound evidence and not just a comment about "how I felt cheated/how awesome they are". Things such as regulatory numbers or websites that I can call on would be the best choice.

Regards
  • #2
  • Nov 11, 2011 8:39am Nov 11, 2011 8:39am
Admiral Markets is regulated by the Estonian FSA, which as a part of Europe has to enforce the EU’s laws on financial regulation. Their information on their license number (4.1-1/46) can be found here: http://www.fi.ee/index.php?id=2233&a...tity&eid=47470
I’d say that all in all, considering the fact that Estonia has managed to eliminate their budget deficit and adopt the Euro during a time of crisis, that they are pretty well run. Because they’re part of the common market, they have to operate under overall EU rules. The Estonian FSA talks about this here: http://www.fi.ee/index.php?id=12223
Additionally, they have a Facebook page with several thousand followers in most of their countries, we could consider this a crowdsourced confirmation of their legitimacy: http://www.facebook.com/AdmiralMarkets
This is just some of the basic things I discovered while looking into them.
  • #3
  • Nov 13, 2011 9:36am Nov 13, 2011 9:36am
I am currently trading live with Admiral Markets, I live in Estonia and I have been in their offices etc. I personally know their lawyer and so far the impression of the company has been good from my side.
I'm still learning! George
  • #4
  • Nov 24, 2011 2:42pm Nov 24, 2011 2:42pm
admiral markets as
dax30 is open 8:00 and close 22:00 but in this broker he make motion , he don't close! why don't close?
  • #5
  • Dec 5, 2011 4:01am Dec 5, 2011 4:01am
Hmm... could you be more explicit, please?
  • #6
  • Dec 5, 2011 12:32pm Dec 5, 2011 12:32pm
Been regulated doesn't mean that broker won't send requotes and Admiral is having fun with that. Also slippage follow. So the broker is trading against you. I don't trust them at all. If they have a good financial assets getting FSA/ UK regulation is not so hard! & even with that doesn't mean they will not try to send requotes/ slippage & broker old tricks.

Regards
13
Brokers are angels
  • #7
  • Dec 8, 2011 2:16am Dec 8, 2011 2:16am
Quoting fx13
Been regulated doesn't mean that broker won't send requotes and Admiral is having fun with that. Also slippage follow. So the broker is trading against you. I don't trust them at all. If they have a good financial assets getting FSA/ UK regulation is not so hard! & even with that doesn't mean they will not try to send requotes/ slippage & broker old tricks.

Regards
13
I see your point, however i have to dissagree on that, if u'v seen there offer you know that they offer no dealing desk, thus direct entrance to the market( they call it pro account). Throwing accusations is typical for this industry, and there is no wonder why- it is very risky indeed. However i seriously doubt that they will risk there reputation in the industry where it is extremely important, enough people loose money without "help" of broker. Dont see any urgent need to get FSA/UK when they already have European license, which allows them to operate in Europe?
  • #8
  • Dec 8, 2011 2:51am Dec 8, 2011 2:51am
hi

i have live account with this broker, but now i'm in process of finding another broker, because Admiral started to refuse to open my orders. I was trading news events, and everything was working fine for a few months, but for a last month they dont fill my orders, instead of open order i have a comment "canceled by dealer". So if you intend to lose your money testing your strategies, then you can open account there, and i'm 100% sure everything will work fine, but if you intend to earn money then better look for another broker

regards
  • #9
  • Dec 8, 2011 8:32am Dec 8, 2011 8:32am
Quoting oromek
hi

i have live account with this broker, but now i'm in process of finding another broker, because Admiral started to refuse to open my orders. I was trading news events, and everything was working fine for a few months, but for a last month they dont fill my orders, instead of open order i have a comment "canceled by dealer". So if you intend to lose your money testing your strategies, then you can open account there, and i'm 100% sure everything will work fine, but if you intend to earn money then better look for another broker

regards
Trading based on news events with market execution type accounts, carries the inherent risk of not having the order fulfilled due to volatile market conditions. For traders that base their strategy on news events Admiral.Pro accounts are recommended, as they use market execution rather than the instant execution( where broker is a market maker) used on Admiral.Standard accounts.
  • #10
  • Dec 13, 2011 10:30am Dec 13, 2011 10:30am
Admiral Markets is a Limited company? This already should be red signal, imo.

From what I know, they are a casino / slot machines business in Baltics. And suddenly decide to offer FOREX.

I liked the small minimum, so tried their demo. Even there, slippage, some disconnects/crashes and poor support.
  • #11
  • Edited 7:11am Dec 14, 2011 6:53am | Edited 7:11am
Quoting Vlad.M
Admiral Markets is a Limited company? This already should be red signal, imo.

From what I know, they are a casino / slot machines business in Baltics. And suddenly decide to offer FOREX.

I liked the small minimum, so tried their demo. Even there, slippage, some disconnects/crashes and poor support.
I leave in Tallinn, and we do have a Casino - "Admiral" which has nothing to do with the Broker "Admiral Markets"

About poor demo support, it might be due to the growth of broker and thus dedication of substantial part of resources to real account support. Slippage in demo account is much less painful than in case of real trade situation, although it is off course a aspect that could be improved and i am sure it will be
  • #12
  • Dec 22, 2011 8:36am Dec 22, 2011 8:36am
Quoting risktaker
we do have a Casino - "Admiral"
So they re not one company/firm? Checked with them recently. Still not so well-performing, IMHO.
  • #13
  • Dec 28, 2011 10:52am Dec 28, 2011 10:52am
Greetings.

Last week I opened a real account because the spread Admiral Markets were competitive, service is in Spanish, with Metatrader 4 and regulation as to say they have registered with the CNMV in Spain and the European Union MiFID since according to the website based in Estonia. So far so good.

At the time of requesting the data to send the funds, lo and behold, I went to the bank that would send the money itself is in Estonia, but the headquarters of Admiral Markets is in the British Virgin Islands.

Given these inconsistencies, I sent an email which I have not been answered and which I asked:

"The service will deliver me from Spain or what venue?
Why the website says that the seat is in Spain and in the instructions to record the money says that the address is in the Virgin Islands and the bank in Estonia?
Being based in the Virgin Islands is nestled under the supervision of the CNMV and MiFID?
What venue is in charge of managing my account: Estonia, Spain or the Virgin Islands and will be supervised entities why? ".

Here I leave this case for consideration.

PD: Excuse my English.
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  • #14
  • Dec 28, 2011 6:10pm Dec 28, 2011 6:10pm
Quoting thelws
Hi guys,


I'm doing this research because a friend of mine approached me to join his brokerage. Apparently this broker is doing a sort of ponzi scheme where you get 20% from your downlines' spread.
Eg:
-A has downline X
-Downline X trades 1 lot of EURUSD and the spread is 4pips at that time. Assuming 1 pip is 1USD, you will make 20% of 4USD.
Regards

Hi,

20% is a rebate that most broker will apply to their "AGENTS" referring customers to them. Dukascopy can offer up to 50% of the commission they charge. FXCM offer 1 PIP commission for it's agents ( on EU it's over 33% usually!).

So there is no ponzi scheme around here about commission & that's why you see so many website pushing up crapy brokers as they offer good commission.

hope it helps
13
Brokers are angels
  • #15
  • Dec 28, 2011 6:15pm Dec 28, 2011 6:15pm
Quoting risktaker
I see your point, however i have to dissagree on that, if u'v seen there offer you know that they offer no dealing desk, thus direct entrance to the market( they call it pro account). Throwing accusations is typical for this industry, and there is no wonder why- it is very risky indeed. However i seriously doubt that they will risk there reputation in the industry where it is extremely important, enough people loose money without "help" of broker. Dont see any urgent need to get FSA/UK when they already have European license, which allows them...
99.99% of brokers claim they don't have dealing desk even market makers. Not having a dealing desk doesn't mean they will not requote you! Or slippage your order or manipulate price feed to squeeze you out! It's they way how they make more money & they can be greedy.

For the PRO account may be it's as they promise but just watch their standard account. IF you want serious brokers to trade ECN I think you should check other broker.

We might be speculating here. But it's like trading taking the best odds for a trade & over Admiral Market I short them .

13
Brokers are angels
  • #16
  • Jan 9, 2012 9:39am Jan 9, 2012 9:39am
Quoting fx13
99.99% of brokers claim they don't have dealing desk even market makers. Not having a dealing desk doesn't mean they will not requote you! Or slippage your order or manipulate price feed to squeeze you out! It's they way how they make more money & they can be greedy.

For the PRO account may be it's as they promise but just watch their standard account. IF you want serious brokers to trade ECN I think you should check other broker.

We might be speculating here. But it's like trading taking the best odds for a trade & over Admiral Market I short...
I see your point and i have to agree that many brokers do overstate their direct access to the market, however availability of standard account at admiral markets is first of all meant for the market niche, which consists of traders who wants to trade with high leverage and a small amount of deposit and trade(doesn't seem like a successful strategy to me, but still ). What also has to be considered is customer support and i think the guys are doing a good job, providing decent support in all countries they are present.
  • #17
  • Jan 9, 2012 11:57am Jan 9, 2012 11:57am
Quoting risktaker
I see your point, however i have to dissagree on that, if u'v seen there offer you know that they offer no dealing desk, thus direct entrance to the market( they call it pro account). Throwing accusations is typical for this industry, and there is no wonder why- it is very risky indeed. However i seriously doubt that they will risk there reputation in the industry where it is extremely important, enough people loose money without "help" of broker. Dont see any urgent need to get FSA/UK when they already have European license, which allows them...
I was talking about their standard feed I tested in demo SIR not the pro account.

13
Brokers are angels
  • #18
  • Jan 17, 2012 2:33pm Jan 17, 2012 2:33pm
I am planning to open an live account with Admirals within next two weeks.

Their PRO account is ECN mimimum deposit 1.2 kE.

Their Standard account is Dealing Desk - so you know what to expect....

I will post my experience with them after some time with going liiiive.

cheers
“The harder you work, the harder it is to surrender.” - Vincent Lombardi
  • #19
  • Jul 15, 2012 9:48am Jul 15, 2012 9:48am
Quoting Jacob-
I am planning to open an live account with Admirals within next two weeks.

Their PRO account is ECN mimimum deposit 1.2 kE.

Their Standard account is Dealing Desk - so you know what to expect....

I will post my experience with them after some time with going liiiive.

cheers
Since you wrote your post last Jan 18, 2012, you must already have opened the live account now.
So, please post your experience with them, thanks
  • #20
  • Last Post: Jul 20, 2012 1:59am Jul 20, 2012 1:59am
I was thinking about opening an account them in the past

but after some researchI believe they are untrustworthy
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