According to CNMV, AdmiralFX is a scam. As a result, CONSOB was one of the first regulatory bodies to issue a warning against Admiral FX.
Here’s our candid admiralmarket-ecn.com review.
Our Admiral FX review helps to highlight the issues that come with trading with an unregulated broker.
QUICK READ: Find out the best and most trusted online brokers the industry has to offer. These brokers are fully regulated and offer excellent and fair trading conditions.
Those who have signed up with the broker are ruing the decision. The broker doesn’t allow members to withdraw funds.
Yes, the broker keeps your hard-earned cash even after trading and getting positive results. And that’s why we must stop this broker by every means possible.
Thanks to the warning from CONSOB and CNMV, it’s now clear even regulators don’t want you signing up with the broker.
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Before signing up with any broker, it pays to do due diligence. Therefore, you need to do some background checks on them before signing up.
That includes checking with regulators to confirm whether the broker is blacklisted or given the nod to offer trading services.
You can also contact us and inquire whether the broker you have in mind is worthy.
AdmiralFX is an online trading platform offering three primary trading activities. These include binary options, cryptocurrency, and forex trading.
Team board members consist of names unavailable on any professional trading platform.
Despite linking the names to the LinkedIn homepage, we know these are spooky or anonymous.
Some of the blogs posted on the platform are months old. We also see the broker claiming to be the Admiral Markets AS (Estonia) company’s sister company.
According to the disclaimer at the footer of their homepage, the Estonian sister company is a white-label provider.
With an enticing website, we can see why this broker is relatively attracting naïve clients.
Landing on the homepage, one would think that the broker is highly professional. Navigating through the platform is easy.
Even the testimonials seem very genuine to the naked eye. However, you must have a trained look to notice some discrepancies.
And that’s what we plan to expose in our AdmiralFX Review, the rot from the broker.
Your funds are far from safe with a broker who two regulatory bodies have already blacklisted.
The broker fails to segregate accounts and holds all funds in an illegal offshore account.
No one knows the account’s owner, and we believe the culprit behind this broker shelves the funds in an offshore bank.
That way, there’s no way of ever getting your hands on the funds, even as a collective. And that’s just the tip of the iceberg.
The broker also fails to deposit with regulators the acceptable amount to offer liquidity services.
That means no member will receive compensation even after the broker goes bankrupt or shuts down.
Some of the upsides of signing up with a legit broker is knowing your funds are safe. A legit broker already has insured your deposits from bankruptcy and insolvency.
With an unregulated broker, there’s a high chance of losing all your investment, as with admiralmarket-ecn.com.
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Admiral FX fails to mention any account types on the platform. And this has created a chance for the broker to take full advantage of investors.
There’s no distinction between newbie account features and those of expert and skilled traders.
The broker seems open to shutting the house down regarding any inquiries of these accounts.
The broker offers one account for all, and there’s also a token implementation offer.
It’s doubtful that the broker plans to roll out the token for commercial use.
We strongly believe the broker only wants to take advantage of investors and keep all the deposits.
Such scams in the broker world have been uncommon, especially with a token implementation offer.
There’s no minimum deposit set for joining the brokerage. All you need to do is deposit funds or buy the tokens.
Most users don’t know that these tokens are not used for any purpose. You won’t get to trade with the broker with the funds as collateral.
There are several depository options used to fund these accounts. These include bank and wire transfers.
Despite offering crypto trading, investors don’t get the chance to deposit funds with crypto wallets.
Withdrawing funds from the broker remains the biggest challenge yet. Unfortunately, you won’t get to withdraw funds with this platform.
No member has had the chance to withdraw funds from the brokerage. And that’s one reason regulators must step in and call out the broker.
Don’t expect any member to offer support once you sign up and later buy the tokens.
The trail goes dark after signing up with the broker sending the last thank you for signing up email.
A legit broker will move heaven and earth to ensure every member gets the attention they deserve when trading on the platform.
Despite claiming to utilize technology fully, we don’t even have a live chat option with this broker.
AdmiralFX is not a licensed or regulated trading platform.
CNMV and CONSOB have all highlighted the broker as a total scam. Therefore, you should avoid such brokers as they intend to steal from investors.
Before anything else, you must check with your local regulator and confirm whether the broker is accepted.
If not, you must avoid the broker as it’s a high investment risk.
Some of the reputable regulators in the industry who ensure everything goes smoothly include ASIC and BaFIN.
Others include CFTC, CySEC, FCA, NFA, and the SEC.
Regulators work to ensure all parties adhere to the correct trading regulations.
The broker claims to offer MT4 and MT5 trading platforms, including learning materials.
Instead, you get a cloned version of these two world-class trading platforms. And the experience is one to forget quickly.
The available platforms are unstable and offer no insights into real trading. As a result, you don’t get accurate market insights or pinpoint asset prices in real time.
There’s also no demo account to try and test the platform. That means investors are going in blind, not knowing the set trading conditions.
If you ever fall for such scams, please read our scam recovery process, where you might get lucky and recover stolen funds.
The process does take some time, but the results are impressive. For example, 90 percent of users get a chance to recover funds from rogue brokers.
With a highly skilled recovery team, you can use a professional service that updates you on the process.
From what we have gathered, AdmiralFX is not your cup of tea. Therefore, please avoid this and any other platform that offers similar trading conditions.
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Do leave a comment or email us with any queries.
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