Admiral Markets

Admiral Markets

A brokerage company with the group's headquarters in Tallinn, founded in 2001, holding an investment firm licence since 2009. It offers CFD trading and, on investment accounts, the purchase of stocks and funds with real ownership. The group has authorised entities in several jurisdictions and publishes audited financial reports, because it has bonds listed on the Tallinn stock exchange.

  • CFD trading
  • Options trading
  • Futures trading
  • Stock market investing (spot)

The chips also show what the company does NOT offer — useful information if those are exactly the directions you are looking for. For each ticked direction you will find a separate chapter below, with its accounts and its conditions.

TIER 1 — TOP-LEVEL REGULATION

5
jurisdictions with authorised entities
2001
the year the company was founded
7
trading platforms and tools
Audited reports
published as a bond issuer

Open an account with Admiral Markets

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Retrieved on 2026-08-24

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With us you get assisted onboarding, help choosing the right account and technical support in Romanian and Russian — at no additional cost.

For trading — CFDs on all asset classes:

Open a real account

For investing — shares and ETFs with real ownership:

Open a real account — Stock market investing (spot)

Test the conditions and your strategies free of charge:

Demo account

Not sure where to start? The consultation is free — together we go through opening the account, verifying the documents and the first settings of the platform. Book a free consultation

Chapter 01

Introducing the company

Admirals is a brokerage company — a firm that intermediates access to the financial markets — with the group's headquarters in Tallinn, Estonia. It operated for many years under the name Admiral Markets, and both names are still in circulation today. The group works through separate firms, each authorised in its own jurisdiction, and the client ends up with one of them depending on the country they live in.

Between 2012 and 2015 the group had a representative office in Chisinau. It closed it in the wave of office cutbacks of 2015, a year for which the company also records, on its own history page, significant losses from an extreme market event.

Through 2024–2026 the group's structure changed visibly: the Australian firm was sold, and in April 2026 the licence of the Estonian investment firm was revoked, at the company's own request, as part of moving all European Union services onto a single firm, the one in Cyprus. It was not a sanction, and Estonian clients continue to be served cross-border. We mention the change because it is visible from the outside and deserves to be understood correctly.

The company's business card

Legal nameAdmirals — marcă a grupului Admirals Group AS. Entitatea pe care se deschide contul poate diferi de societatea-mamă.
Year founded2001
Group structureSocietate-mamă în Estonia, cu firme afiliate autorizate separat în Regatul Unit, Cipru, Iordania, Kenya și Seychelles
Head officeMaakri 19/1, etajul 11, 10145 Tallinn, Estonia
Official websiteadmiralmarkets.com
LeadershipAlexander Tsikhilov, fondator, conduce compania și în prezent
OfficesRețea transfrontalieră cu birouri în mai multe țări, coordonate de la Tallinn
AuditErnst & Young Baltic AS. Ca emitent cu obligațiuni listate, compania publică rapoarte financiare auditate.
Directions offeredCFD trading · Stock market investing (spot)
Governing law of the contractLegea Republicii Seychelles; competență exclusivă a instanțelor din Seychelles

How the company earns

Market maker model (with a dealing desk)

A market maker model, with the company as the contractual counterparty. The client agreement says the company enters into transactions as principal, unless expressly agreed otherwise, and that on the currency market and in CFDs it may act as a market maker — that is, it itself quotes the price at which you buy and the price at which you sell.

That is where the main revenue comes from: the quoted price includes a markup over the price at which the company can cover its contract, and that markup is its remuneration and does not appear separately in the trade confirmation. On raw-spread accounts a per-lot commission is added.

The remaining sources, in the order the client encounters them: the interest on positions held overnight, the company's own markup on the exchange rate for any currency conversion, the inactivity fee and, in investing, the per-share commission.

The model is legal and supervised by the authorities that granted the licences.

What sets it apart

Real investing alongside CFDs. On investment accounts you buy stocks and funds with real ownership, including fractional shares. It means the same account covers both short-term trading and long-term buying. It matters for anyone who wants to start with small amounts and hold, not just trade.

Its own educational materials, in large quantity. An academy, webinars, guides and e-books — seven of them are already in our library. It matters for anyone learning in parallel with their first trades.

  • Real investing with fractional shares
  • Trade and Zero on MT4 and MT5
  • In-house education academy
  • Islamic account available

Banking services and additional services

These are not protections for your money, but commercial services, with their own rules and their own risk.

Analysis included

An analysis terminal, an economic calendar, a market map, market sentiment and a trading calculator — all in the client area, at no separate cost.

Education

Its own academy, webinars, articles, a glossary and e-books. If you want a structured path, with a mentor and in Romanian, we have our courses ›

Chapter 02

Regulation and the safety of your money

The Admirals group operates authorised entities in several jurisdictions. Clients from the Republic of Moldova register on the group's global licences — the ones serving clients outside the European Union.

The company itself points out, on its corporate website, that the companies offering services under the Admirals brand are separate legal entities and that the company in your country of residence may not be regulated by the authorities on the list. This is exactly why the table below shows the entity, not just the authority: the regulation belongs to a specific company, not to the brand on the website.

Regulatory authorityCountryLegal entityLicence no.Check in the register
TIER 1 — TOP-LEVEL REGULATION
FCA — Financial Conduct AuthorityUnited KingdomAdmiral Markets UK Ltd595450register.fca.org.uk
CySEC — Cyprus Securities and Exchange CommissionCyprusAdmirals Europe Ltd (fost Admiral Markets Cyprus Ltd)201/13cysec.gov.cy
TIER 2 — MID-LEVEL REGULATION
JSC — Jordan Securities CommissionJordanAdmiral Markets AS Jordan Ltd1/3/01970/21jsc.gov.jo
CMA — Capital Markets AuthorityThe group states on its own website that it has not yet begun operating in Kenya — if this row is published, that clarification goes with it.KenyaAdmirals KE Limited178cma.or.ke
TIER 3 — OFFSHORE (GLOBAL) LICENCES
FSA — Financial Services AuthoritySeychellesAdmirals SC LtdSD073fsaseychelles.sc

How client money is protected

The protections below depend on the rules of each entity and we explain them at length, for all our partners, in the guides of the Brokers section; here — briefly, for orientation:

  • Segregation of fundsSegregation of funds — client money sits in bank accounts separate from the company's money. The company cannot use it for its own expenses, and the bank where it is held cannot set it off against the company's debts. The investment agreement expressly provides for deposit into a segregated client account; the interest accrued there goes to the company, unless otherwise agreed in writing.

  • Negative balance protectionNegative balance protection — the account does not stay below zero: if a sudden price move pushes it into the negative, the company covers the difference. On the group's global licences this is not a regulatory obligation but the company's own policy, with two conditions: you must report it by e-mail within two business days at most, and the coverage applies only to a negative balance arising from normal trading, not one coming from fees or commissions.

  • Compensation schemeCompensation scheme — on the group's global licences, where clients from the Republic of Moldova register, no such fund exists — which is why the reputation and regulation of the whole group matter so much. We explain what a compensation fund is in the Glossary › We have explained what a compensation fund is in the Glossary.

The official documents, straight from the source

  • Document and policy centreThe client agreement, the order execution policy, the commission schedule, the negative balance policy and the conflicts of interest policy.
  • Risk disclosure statementOpen

Chapter 03

CFD trading

CFDs are contracts for difference: you speculate on the price movement without buying the asset. The offering covers the currency market, indices, commodities, stocks, exchange-traded funds, bonds and cryptocurrencies. All are traded over the counter (OTC) — that is, directly with the company, not on an exchange.

The tables below show the main conditions. The button adds the detailed rows — technical specifications, useful if you already know what you are looking for.

General conditions

Asset classesCurrency pairs, indices, commodities, energies, metals, stocks, exchange-traded funds, bonds and cryptocurrencies — all as CFDs
Number of assetsThousands of assets on the full accounts; a few dozen on the raw-spread accounts
Order executionThe company enters into contracts as principal and may act as a market maker on the currency market and in CFDs. Detailed below, under "Who is on the other side".
Order typesFULL SPEC SHEETMarket, limit and stop orders. No guaranteed execution: when triggered, an order is executed at the next available price. The company is not obliged to cancel an order on request.
Margin call / stop-outFULL SPEC SHEETThe client is obliged to maintain margin at all times. If the margin no longer covers the requirement, the company may close one, several or all positions, at its own discretion, and may transfer money between your accounts even if that forces some positions to close. Margin requirements can change without notice.
SwapApplies to positions held overnight, is calculated per instrument and can work in your favour or against you. From 05.08.2026, on commodities it is displayed as a percentage, not in pips.
Inactivity fee10 dollars per month, or the equivalent in the account currency, if in the last six months the account has not been used for any trade and has held no open positions. It is charged only if the balance is above zero. Worth knowing about, although, if you come to trade rather than just park money, you will never encounter it: a single trade before the deadline cancels it.
Demo accountYes, with the same instruments as on the real account
Account without overnight interest (Islamic)Yes, on request and subject to approval. Instead of the overnight interest, a fixed administrative fee applies to positions held for more than three days.
Prohibited trading practicesFULL SPEC SHEETThe client agreement explicitly prohibits strategies that exploit pricing errors or off-market prices, as well as the use of manipulative programs or modules. The countermeasures provided range from widening spreads for that client and manual-only quoting to clawing back profits obtained this way and ending the relationship. Nor is the company bound by a trade concluded at a manifestly incorrect price: it can cancel or amend it. If you run robots, read this part of the agreement first.
WithdrawalsOne free withdrawal per calendar month, for each payment method. Additional withdrawals within the same month carry a fee, depending on the method chosen.
Currency conversion0.3% on trades in instruments quoted in a currency other than your account currency, with a minimum of 0.01 units of the account currency. It also applies when profit or loss is settled. Holding balances in several currencies can reduce this cost.
Withdrawal without trading activityThe agreement gives the company the right to raise the withdrawal fee to up to 4.5% if there was no sufficient trading activity between the last deposit and the withdrawal request. It is a clause against using the account as a mere money-transfer channel, but it concerns you directly if you deposit and then change your mind. If you are in that situation, talk to us first.
Markup on the exchange rateFor any currency conversion, the company uses a rate of its own choosing and is entitled to add its own markup. Its size is published in the fee schedule.
Inactive account, then archivedAn account with no activity for at least 90 days and a balance of at most 10 dollars can be archived or deactivated without prior notice. From the archive only a statement can be generated. The balance can be transferred to a new account.
Multiple accountsA retail client can open up to three trading accounts and three investment accounts, in different currencies. Holding balances in several currencies can reduce the conversion cost.

Accounts for cfd trading

SpecificationTrade.MT4Trade.MT5Zero.MT4Zero.MT5
Available asset classesCurrencies, crypto, metals, energies, indices, stocks, bondsThose of Trade.MT4, plus commodities and exchange-traded fundsCurrencies, metals, indices, energiesCurrencies, metals, indices, energies
Minimum volume0.01 lots0.01 lots0.01 lots0.01 lots
Cost modelSpread included, no commissionSpread included, no commissionRaw spread plus commissionRaw spread plus commission
Commission per lotNo commission, except for CFDs on shares and fundsNo commission, except for CFDs on shares and funds
The commission applies toFULL SPEC SHEETOne direction only, charged in full at opening; the rate decreases with monthly volumeOne direction only, charged in full at opening; the rate decreases with monthly volume
PlatformsMetaTrader 4MetaTrader 5MetaTrader 4MetaTrader 5
Opposite positions on the same instrumentFULL SPEC SHEETOn the same account positions are offset automatically (netting), on a first-in, first-out basis, if the position has no associated orders. On different accounts they can be held simultaneously (hedging), but you pay the rollover cost for each one.On the same account positions are offset automatically (netting), on a first-in, first-out basis, if the position has no associated orders. On different accounts they can be held simultaneously (hedging), but you pay the rollover cost for each one.On the same account positions are offset automatically (netting), on a first-in, first-out basis, if the position has no associated orders. On different accounts they can be held simultaneously (hedging), but you pay the rollover cost for each one.On the same account positions are offset automatically (netting), on a first-in, first-out basis, if the position has no associated orders. On different accounts they can be held simultaneously (hedging), but you pay the rollover cost for each one.
Robots and algorithmsFULL SPEC SHEETAllowed, with hosting on a virtual private server. Strategies that exploit pricing errors are prohibited by the agreement, and the countermeasures range from widening the spreads for that client to ending the relationship.Allowed, with hosting on a virtual private server. Strategies that exploit pricing errors are prohibited by the agreement, and the countermeasures range from widening the spreads for that client to ending the relationship.Allowed, with hosting on a virtual private server. Strategies that exploit pricing errors are prohibited by the agreement, and the countermeasures range from widening the spreads for that client to ending the relationship.Allowed, with hosting on a virtual private server. Strategies that exploit pricing errors are prohibited by the agreement, and the countermeasures range from widening the spreads for that client to ending the relationship.
Who it is forFor beginners who want a single cost, included in the priceThe same conditions, with a wider offering and the newer platformFor frequent traders who prefer raw spread plus commissionThe same cost structure, on the newer platform

The demo account is available for all the types above, with the same conditions and virtual money.

The account without overnight interest is obtained by converting an existing account, on request.

Chapter 04

Stock market investing (spot)

Spot exchange investing means stocks and funds bought with real ownership — unlike CFDs, where you own nothing. This direction has its own agreement, and the difference from the trading side matters: here the company acts as an agent, that is, it executes the order on your behalf, not as the contractual counterparty on the other side of the trade.

General conditions

What you can buyShares, exchange-traded funds, listed units and depositary receipts for shares of foreign companies. Fractional shares can be bought as well.
Account typeA cash account, not a margin one. No leverage, so no interest on positions held overnight. Short selling is not allowed: you can only sell securities you own.
What happens to the securitiesOnce bought, they can only be transferred by selling. They cannot be moved as securities to another broker.
Where they are heldThey may be held in an omnibus account with a brokerage firm or a custodian in another country, possibly registered in the intermediary's name. The agreement explicitly acknowledges the risks: the assets may be pooled with those of other clients and might not be separable, and in the event of the custodian's insolvency the rights might not be recognised in that jurisdiction.
Recurring purchasesYou can set up an automatic purchase plan with a fixed amount and frequency, managed from the mobile app. After two consecutive failures the plan stops on its own.
US sharesThe company may require you to sign the US tax form. If you do not return it within the stated deadline, it reserves the right to sell your US shares. The withholding tax on US shares is 15%.
Currency conversion0.3% on trades in instruments quoted in a currency other than your account currency, with a minimum of 0.01 units of the account currency.
A limitation worth reading twiceFrom the moment the company accepts your buy order, the amount needed for settlement ceases to be treated as client money and no longer benefits from the protections that apply to it. It is a particularity of settlement, not a sign of irregularity — but it means the protection does not cover the whole interval.
Invest.MT5Stock market investing (spot)
Platforms
MetaTrader 5

Chapter 05

Platforms and tools

PlatformWhat forWhere it runs
MetaTrader 4The market standard for trading CFDs and currency pairsCalculator, browser, iOS, Android
MetaTrader 5The newer version; it also supports the investment accountsCalculator, browser, iOS, Android
Platforma AdmiralsThe company's own platform, for anyone who wants a simpler interface than MetaTraderBrowser
Aplicația AdmiralsTrading and account management from your phoneiOS, Android
MetaTrader Supreme EditionA package of extra tools on top of MetaTrader: indicators, a simulator, panelsCalculator
StereoTraderA fast-trading panel on top of MetaTraderCalculator
Server privat virtual (VPS)Hosting for automated strategies that need to run non-stopServiciu

Analysis included

The company provides analysis tools inside the client area — calendars, calculators and market commentary. These are information tools, not trading recommendations.

Education

The company publishes its own learning material in its support languages. In Romanian and Russian, the teaching side is ours. See our courses

Chapter 06

Customer support

Trading.md supportIn Romanian and Russian, at the office in Chișinău, str. Pușkin 26, or online, free of charge for clients who opened their account through the links on the Trading.md pages · 078 080 840

The complaints procedure

If you have a problem, tell us first. Most of the time the trouble comes from some services and procedures not being known well enough, and things get cleared up in a conversation. If it isn't resolved, we help you draft the complaint.

The official route: if the answer you receive from your contact person does not satisfy you, you can file a written complaint with the company's compliance department, which has seven business days to respond. If its verdict does not satisfy you either, the case can be escalated to the authority supervising the licence your account was opened under.

Chapter 07

How to open the account, step by step

Six steps, in their natural order — and if you get stuck somewhere, ask us for help, it is free.

  1. Open the registration form

    Through the button on this page, so that the registration is linked to us and you receive the support and the conditions of Trading.md clients.

  2. Fill in your personal details

    Name, country, e-mail, phone — exactly as they appear in your identity document. One different letter delays the verification.

  3. Answer the experience questionnaire

    Questions about income, savings and your experience with leveraged instruments. Answer honestly: the questionnaire establishes what can be offered to you.

  4. Upload the documents

    The identity document and the proof of address, in the Client Cabinet. Clear photographs, the corners visible, the document within its validity period.

  5. Create the trading account

    You choose the platform, the account type, the currency and the leverage. You can change them later by opening a new account — you are not locked into your first choice.

  6. Fund the account and get started

    You deposit through one of the accepted methods, in your name. Our recommendation: start on a demo, in parallel, until you understand the platform.

Open a real account

Account verification

In principle, all brokers ask for the same thing: that you prove who you are and where you live. The details differ — which documents they accept, from which institutions, in what format and how long it takes.

Which documents and how many

Two, as a rule: one that confirms your identity and one that confirms your address. They must be within their validity period and legible in full.

Who issues the accepted document

Not every piece of paper with your address on it is accepted. The accepted issuing institutions differ from one company to another, and for Moldova not all the variants work the same way.

Selfie, video or just an upload

At some companies it is enough to upload the files. At others a photograph with the document in your hand or a short video verification is needed.

How long it takes and what a refusal means

From a few minutes to a few weeks, depending on how clear the documents are. A refusal does not close the door: it usually means that additional or clearer documents are required.

You don't have to remember all of this. We go through verification together, free of charge, including if you have been refused before. Most of the time it works out, and the final decision rests with the broker.

Documents and account types

Identity documentIdentity card or passport, valid, with all the corners visible in the photograph.
Proof of addressA recent document that contains your name and your address.
Additional checks for large amountsThe company may ask for documents about the origin of the funds — it is an anti-money-laundering requirement, not a suspicion directed at you.
Multiple accountsYou can have several trading accounts under the same client profile, with different platforms and currencies.
Company accountThe agreement expressly provides for opening accounts for legal entities and for trusts, with proof of the representative's authority.

Chapter 08

Frequently asked questions

Chapter 09

Conclusion: who it suits

It suits

For anyone who wants both to trade and to buy stocks with real ownership, from the same place. For anyone starting out who needs learning materials in abundance. For anyone who values the fact that a company publishes its audited financial results.

To weigh up

Three things written right in the agreement. The company remains the contractual counterparty and may hold positions opposite to its clients', and the providers it takes its price from are not publicly named. The inactivity fee applies after six months, not after two years. In investing, securities may be held in an omnibus account, with a custodian in another country, with risks the agreement openly acknowledges.

Add to this that the price aggregator also belongs to the group, not to an independent third party, and that in 2015 the company suffered significant losses from an extreme market event — which, to its credit, it records publicly on its own history page.

And the group's structural changes between 2024 and 2026: the Australian firm sold, the Estonian licence revoked at its own request, European Union registrations voluntarily suspended for almost a year in 2024. Each episode has an explanation and none was a sanction, but together they show a company that rearranges its map often.

Disclaimer

CFDs and options are complex instruments, with leverage, and involve a high risk of losing money rapidly. Before you trade, make sure you understand how they work and that you can afford the risk of losing the amount invested. Past performance, of an instrument or of a copied trader, does not guarantee future results. This page is for informational purposes and does not constitute personalised investment advice or a recommendation to buy or sell a financial instrument. Royal Consulting S.R.L., which operates the Trading.md platform, is a consulting, financial education and intermediation company. It is not a brokerage company, it does not execute orders, it does not hold client funds and it is not an investment adviser. The data on this page was verified on 2026-08-24 from the company's official documents and pages. The conditions may change without prior notice; the official version is always the one published by Admiral Markets.

Admiral Markets — conditions, regulation and costs - TRADING.md