After the spread of online trading, Forex trading has become everyone’s business offering each individual the opportunity to make money from currency and commodities trading. It is no surprise that the market counts millions of customers who enjoy the thrill, the risk, and the potential wins. In order to be a successful trader, a person should first know who their broker is and check the broker from head to toe in order to feel safe. Trust between traders and their broker is very important for success in the business. Today, we will review a UK-based broker to see whether they fall in the category of trustworthy and professional brokers. This Admiral Markets review examines the broker for all those who would like to join the market but do not know a thing about trading or the service. This review identifies all characteristics which a decent broker should have in order to be called a top broker.
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The History of Admiral Markets
This broker has been around for a solid number of years and has established a reputation as one of the top brokers by now. The Admiral Markets opened its first London office in 2001. The year-long experience definitely earns some extra points for this broker since it indicates continuity and trustworthiness. As every broker who is doing well, Admiral Markets also opened additional offices in Cyprus and Australia, two very important strategic locations for Forex companies. The broker is also registered in Estonia opening its doors to the Eastern part of Europe. The broker is proud of its three Forex brokerage licenses granted only by the very best in the industry. The Australian ASIC, UK FCA, and Cypriot CySEC have been enjoying an excellent reputation in the last several years. These top regulators make sure that market integrity is in place, that traders and investors are safe, and that the Forex companies respect the laws and regulations related to the financial market and trading. Even if the three regulators work under similar conditions and impose similar regulations, the brokers have to individually apply for each of the licenses. Based on this, the Admiral Markets seems to be very well secured, and their traders enjoy triple protection. Now let us see what else is in for traders and potential traders if they register with Admiral Markets.
The Admiral Markets Trading Platform
When it comes to platforms, this broker does not lag behind the biggest industry trend. As every broker, the Admiral Markets also offers the MT4 trading platform. This platform revolutionized the market with simple and extraordinary features. Admiral Markets also offers the MT5 which is the new version of MT4, and the platform is not available with every broker. The MT5 does not offer hedging, unlike MT4, but it has some more sophisticated features than the MT4. Still, many users still prefer the MT4. This broker also offers a special add-on tool, the Admiral Markets MetaTrader 4 Supreme Edition which enables one-click executions and certain other advantages.
Account Types with Admiral Markets
If you register with this broker, you have three account types at your disposal. They are conveniently named the Admiral.Markets, Admiral.Premium, and Admiral.MT5 accounts. The Admiral.Markets account is for dealing desk trades and can be accessed with a $250 minimum deposit. The Admiral.Prime account is for ECN investors and traders who want to trade big but also have the needed cash to participate in such trades. The minimum deposit for this account is $1600. The leverage for both accounts is 1:500 and 1:200. The regular market maker account offers convenient spreads staring from 0.8, while with an ECN account they start from 0. The ECN account requires an additional fee to maintain the account. The third account is only for the MT5 platform, and the minimum deposit is also $1600. The leverage is 1:1002 and the pips start from 0.2. This account also requires a commission in the amount of 0.003% of the volume traded. Finally, if you are just about to start your trading career with the Admiral Markets, you can open a demo account to acquire the needed trading skills and to get an idea of how the market looks like. The accounts are accompanied by the Admiral markets mobile apps downloadable to all smartphone devices.
Admiral Markets Bonus
The long-lasting bonus tradition in the Forex business seems to fade away a little bit. More and more brokers appear to abandon the classic bonus rewards. Admiral Markets also does not offer the classic bonus, but they have the so-called customized bonus. If you are interested to apply for the bonus, you can contact your account manager to find out more. There is also an online form on the broker’s website which can be filled out and you will get the answer for what kind of bonus you qualify. Also, another tricky thing is that the Admiral Markets bonus is only available to traders who deposit at least 15,000 GDP.
Deposits and Withdrawals
Like every other top broker, the Admiral Markets also offer both payment methods; the traditional bank transfer and credit card payments, and the trendy e-wallets like Neteller, Skrill, and Sofort. Still, traders are limited to withdraw funds only to their local bank accounts (including payment of bank fees), which usually takes 2-5 days. This is not convenient for traders at all, and Admiral Markets should immediately start to work on this issue.
Customer Support
Admiral Markets customer support is available around the clock, and it is great that the customer support is multilingual (22 languages). The standard form of e-mail, phone, and live chat can be found with this broker too. The waiting time is not that long, especially when you contact the support team via live chat.