Admiral Markets Cryptocurrency Broker Review
A leading online brokerage firm, Admiral Markets UK Ltd. has a long history that can be traced back as far as 2001. It is part of the Admiral Markets Group, which includes a number of other subsidiaries that manage the Admiral Markets brand. Some of them are Admiral Markets Cyprus, Admiral Markets PTY and Admiral Markets AS. Each of these subsidiaries are responsible for managing operations in their respective jurisdictions and the local regulatory authorities oversee their operations. For instance, Admiral Markets AS is established in Estonia and is subject to regulations outlined by the Estonian Financial Supervision Authority (EFSA).
However, Admiral Markets UK Ltd. is based in London, United Kingdom, is MiFID compliant and also regulated by the Financial Conduct Authority (FCA). It is renowned as a global cryptocurrency and CFD broker that offers online trading services to cryptocurrency traders all around the world. Other than offering its clientele access to a huge selection of cryptocurrency pairs, Admiral Markets also paves way for CFD trading on market indices, commodities, precious metals and now cryptocurrencies as well. Over the years, Admiral Markets has earned itself a reputation of being a reliable and transparent broker.
The achievements of the company can be judged by taking note of the numerous recognition awards that have been given to Admiral Markets by leading industry reviewers. It earned the title of Best MT4 broker in 2015 at the UK Forex awards. These awards were organized by Shares Magazine, a renowned online financial publication that covers news relevant to private investors. Apart from that, Admiral Markets was also termed ‘Best of the Best’ by the New Europe Magazine. In took second place in the category of FX broker of the year by Broker Wahl. In 2015, Admiral Markets also participated in FX Cuffs, which is Poland’s largest Forex conference and earned the title of the ‘Best Foreign Broker in Poland 2015’.
The reliability of Admiral Markets is further enhanced by the fact that it is regulated under the FCA. This means that UK customers are able to enjoy additional protection by virtue of the fact that the broker is a participant in the Financial Services Compensation Scheme (FSCS). As per the rules of this scheme, if Admiral Markets is unable to fulfill its contractual obligations, the traders’ funds are covered up to a maximum of £50,000.
When it comes to trading platforms, Admiral Markets provides traders with a selection of MetaTrader trading platforms like the MetaTrader 4 (MT4) platform and also the MetaTrader 5 (MT5) platform. If you are going with the MT4 platform, it is available as WebTrader or as a desktop client. You can also find a mobile trading app for both iOS and Android devices. This is considered a major benefit because the MT4 platform is the most widely used in the whole of the trading industry and is tried and tested, which has contributed to its popularity.
The MT4 is known for its reliability and more than 50 technical indicators are integrated in it. Other than that, MT4 also has a comprehensive charting package that helps traders in analyzing the market in great detail. Furthermore, the trading platform also supports automated trading via the use of Expert Advisors (EAs). Admiral Markets aimed to enhance the capability of the MT4 platform even further so they introduced the MT4 Supreme Edition. This is a plugin that boosts the performance of the platform by launching new features such as the ‘Mini Trader terminal’ and ‘Mini Trader’. An Alarm manager can also be found for warning you about upcoming important market events. However, the spread indicator is the most useful feature of this plugin because it helps you to see spreads all the time.
There are also traders out there who don’t wish to just stick to one trading platform and want to keep up with the evolving trends in the industry. To cater to these traders, Admiral Markets have introduced the MT5 trading platform. This is developed by the same company that introduced the MT4 and it boasts a number of improved features. As for traders who enjoy trading on the move, a special version of the MT4 platform is provided by Admiral Markets. Designed for both Android and iOS devices, the mobile trader is available free of cost and can be used for checking account status and trading the markets when you are on the go.
When it comes to markets and trade types, Admiral Markets covers six major markets such as forex, indices, bonds, stocks, commodities and now cryptocurrencies as well. Altogether, the broker is offering a total of 36 forex currency pairs, which also include major and minor pairs and even exotic currencies. Other than that, there are 266 stock CFDs, 16 cash index CFDs, 3 Index Futures CFDs, 8 cryptocurrencies CFDs, 2 Bond CFDs, 3 Spot Energy CFDs and 4 Spot Metal CFDs.
When it comes to signing up at Admiral Markets, traders will find three account types at their disposal. The most popular account type available is called Classic and it has a minimum deposit amount of 200 GBP, EUR, USD or CHF. The leverage available through this account is 1:500 and traders can choose to trade from 59 currencies and also stocks, indices, spot energies and spot metals. The platform available through this account is MT4 and you can enjoy commission-free trading and also leverage on indices.
The second account type that you can go for is Prime and this carries a minimum deposit of 1,000 USD, EUR, CHF or GBP. Commission is available and the leverage is 1:500. Again, the trading platform is MT4 and there is no leverage on indices. The third account type you can find is called the MT5 account and this also has the same minimum deposit requirement and leverage as that of the Prime account. No matter what account you choose, there is a minimum order size of 0.01 lots and market execution is also used for all three accounts.
Hedging is permitted by Admiral Markets on the Classic and Prime accounts and most mobile devices like iPads, iPhones and Androids can be used by traders. You can use any of the three accounts for opening a demo account and this practice account has received extra attention by Admiral Markets. Anyone who is new to the world of trading or wishes to understand the ins and outs of the cryptocurrency market or wants to try out a new strategy can go for this account. A demo account gives you access to $10,000 virtual funds that can be used for trading in a live market from any device. This account is available for a period of 30 days and a quick start guide is also available to help traders in getting started.
Admiral Markets provides its traders with access to seminars, webinars, knowledge bases and books and they can be viewed in any format as you prefer. There are informative articles offered and there are also trading examples that use a wide array of trading tools in various hypothetical conditions. The London location of the Admiral Markets is where the seminars are given and all members can access the webinars on almost a daily basis. Moreover, educational brochures and books are also published by Admiral Markets in several languages aimed at international distribution.
Traders can easily find answers to questions asked frequently about financial trading and available services from the General Questions FAQ section whereas a full glossary of financial terms is provided under the MetaTrader4 FAQ sections. Both fundamental and technical analyses are posted on a regular basis and Wave analysis can also be obtained every day. The website also displays an economic calendar and the Central Bank rates of the world’s notable currencies.
One of the most appealing features of the Admiral Markets’ website is that it is quite user-friendly as all necessary information is provided to you in an easy and clear format. There are a number of important features provided such as Autochartist and this is the most advanced tool in the world for automatically identifying Fibonacci patterns and chart patterns. Traders can use the technology for monitoring thousands of financial instruments automatically 24 hours a day and highlighting trading opportunities as they occur. Within minutes, traders can come to know of any pattern formations as pattern recognition engines are constantly scanning different financial markets like cryptocurrency, indices, equities and commodity markets.
Another feature that’s available to traders is called PowerStats. This tool provides cryptocurrency traders with important statistical information about the financial instruments they are trading. This can be helpful when setting take-profit and stop-loss levels and gives a better idea of volatility and risk. A custom plug-in can be used for downloading all features of Autochartist to the MT4 application and this will only take half a minute to be installed. The feature can be used for free for approximately 30 days.
All deposits that are made into the accounts offer a 30 percent bonus. This deposit bonus is temporary. There is also a loyalty program available by the name of ‘Admiral Club’ and this program allows traders to earn points on their trades. Later on, these points can be used for converting into trading funds. In addition to that, Admiral Markets gives traders the opportunity of opting for the ‘Request a Personal Offer’ promotion in which trading conditions are customized by the broker for anyone who is ready to deposit a minimum of $15,000 thereby making them as competitive as possible. A personal offer can be requested by filling out a short form and the trader will be contacted by a personal account manager with an offer that has been especially designed for meeting their trading needs.
Spreads and Commission
Depending on the type of trading account you choose when you sign up on Admiral Markets, the broker will charge you a combination of spreads and commission. When it comes to Prime account, raw spreads are involved with all transactions and a commission of $3 for a lot is applicable. As far as the Classic and MT5 accounts are concerned, the typical spreads of frequently traded assets such as EUR/USD, GBP/USD and USD/JPY are 1.2 pips, 1.7 pips and 1.4 pips.
Deposits and Withdrawals
There are a variety of methods available for making deposits on Admiral Markets, which include bank wire transfer, online payment systems like Neteller and Skrill and credit cards. As far as withdrawals are concerned, you can only use the bank wire transfer (SEPA) and Neteller and Skrill for this purpose. Traders should note that a 1 percent fee is applicable when you are withdrawing through Skrill and Neteller. As far as bank wire transfers are concerned, an appropriate fee will be applicable, depending on the country to which the withdrawal is remitted.
The Admiral Markets Group provides its customers with support through live chat and phone for assisting clients in all organizational and technical matters. During Australian and European office hours, live chat and phone support is available in more than two dozen languages. As far as support in English is concerned, it is available 24 hours on a business day. Moreover, remote support is also offered by Admiral Markets for its clients. If a trader has a software question or technical issue pertaining to the basic or Supreme Edition of MetaTrader 4, the broker can assist quickly with remote support.
In a nutshell, Admiral Markets is a rather impressive broker because it offers everything that new as well as experienced traders would need for a profitable and enjoyable experience in the cryptocurrency market. There are choices of platforms and accounts and the website is also easy to navigate and user-friendly. Also, since the broker is a regulated one, there is no need to worry about any scams or other security hassles. The spreads are also competitive and the diversity of assets also makes it an excellent option for trading successfully.