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
Retrieved on 2026-08-24
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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structure changed visibly: the Australian firm was sold, and in April 2026 the licence of the Estonian investment firm was revoked, at the company's own request, as part of moving all European Union services onto a single firm, the one in Cyprus.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 name | Admirals — marcă a grupului Admirals Group AS. Entitatea pe care se deschide contul poate diferi de societatea-mamă. |
|---|---|
| Year founded | 2001 |
| Group structure | Societate-mamă în Estonia, cu firme afiliate autorizate separat în Regatul Unit, Cipru, Iordania, Kenya și Seychelles |
| Head office | Maakri 19/1, etajul 11, 10145 Tallinn, Estonia |
| Official website | admiralmarkets.com |
| Leadership | Alexander Tsikhilov, fondator, conduce compania și în prezent |
| Offices | Rețea transfrontalieră cu birouri în mai multe țări, coordonate de la Tallinn |
| Audit | Ernst & Young Baltic AS. Ca emitent cu obligațiuni listate, compania publică rapoarte financiare auditate. |
| Directions offered | CFD trading · Stock market investing (spot) |
| Governing law of the contract | Legea 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 authority | Country | Legal entity | Licence no. | Check in the register |
|---|---|---|---|---|
| TIER 1 — TOP-LEVEL REGULATION | ||||
| FCA — Financial Conduct Authority | United Kingdom | Admiral Markets UK Ltd | 595450 | register.fca.org.uk |
| CySEC — Cyprus Securities and Exchange Commission | Cyprus | Admirals Europe Ltd (fost Admiral Markets Cyprus Ltd) | 201/13 | cysec.gov.cy |
| TIER 2 — MID-LEVEL REGULATION | ||||
| JSC — Jordan Securities Commission | Jordan | Admiral Markets AS Jordan Ltd | 1/3/01970/21 | jsc.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. | Kenya | Admirals KE Limited | 178 | cma.or.ke |
| TIER 3 — OFFSHORE (GLOBAL) LICENCES | ||||
| FSA — Financial Services Authority | Seychelles | Admirals SC Ltd | SD073 | fsaseychelles.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 funds — Segregation 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 protection — Negative 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 scheme — Compensation 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.
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 buy | Shares, exchange-traded funds, listed units and depositary receipts for shares of foreign companies. Fractional shares can be bought as well. |
|---|---|
| Account type | A 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 securities | Once bought, they can only be transferred by selling. They cannot be moved as securities to another broker. |
| Where they are held | They 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 purchases | You 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 shares | The 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 conversion | 0.3% 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 twice | From 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. |
- Platforms
- MetaTrader 5
Chapter 05
Platforms and tools
| Platform | What for | Where it runs |
|---|---|---|
| MetaTrader 4 | The market standard for trading CFDs and currency pairs | Calculator, browser, iOS, Android |
| MetaTrader 5 | The newer version; it also supports the investment accounts | Calculator, browser, iOS, Android |
| Platforma Admirals | The company's own platform, for anyone who wants a simpler interface than MetaTrader | Browser |
| Aplicația Admirals | Trading and account management from your phone | iOS, Android |
| MetaTrader Supreme Edition | A package of extra tools on top of MetaTrader: indicators, a simulator, panels | Calculator |
| StereoTrader | A fast-trading panel on top of MetaTrader | Calculator |
| Server privat virtual (VPS) | Hosting for automated strategies that need to run non-stop | Serviciu |
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 support | In 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.
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.
Fill in your personal details
Name, country, e-mail, phone — exactly as they appear in your identity document. One different letter delays the verification.
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.
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.
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.
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.
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 document | Identity card or passport, valid, with all the corners visible in the photograph. |
|---|---|
| Proof of address | A recent document that contains your name and your address. |
| Additional checks for large amounts | The 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 accounts | You can have several trading accounts under the same client profile, with different platforms and currencies. |
| Company account | The 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.
Other partners in the same directions
FxPro
A regulated brokerage company founded in 2006, headquartered in London. Offers trading exclusively through contracts for difference (CFDs), with five platforms under a single client agreement.
AvaTrade
A brokerage founded in 2006, headquartered in Dublin, Ireland. It works with a fixed spread and a single trading account type on the contracts-for-difference side, and from the same profile you can also open accounts for FX options and for real futures contracts.
Tickmill
A brokerage company founded in 2014, with its operational headquarters in London and authorised entities in four jurisdictions. It offers a single direction: CFD trading — contracts for difference on the currency market, indices, commodities, bonds, cryptocurrencies, stocks and ETFs.
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.