Admirals review
Details checked 27 Sept 2026. Always confirm current terms on the broker's site.
Our verdict
Admirals is an Estonian broker founded in 2001 with FCA and CySEC licences that offers gold on MT4 and MT5 via spread-only and commission-based accounts. It does not accept Indian residents and is named on the RBI Alert List.
Admirals, formerly Admiral Markets, was founded in 2001 and is based in Tallinn, Estonia. It holds Tier-1 licences from the UK FCA and CySEC, plus regulation in Estonia, South Africa, Kenya, Jordan and Seychelles. Gold is available as a CFD on MT4, MT5 and the broker's own platform. Traders can pick a Trade account, where costs are built into the spread, or a Zero account with raw spreads plus a commission. BrokerChooser measured the gold spread at about $0.32 in September 2026, roughly in line with the industry average, while CompareForexBrokers lists Zero-account commissions starting from $3.00 per lot per side on a tiered scale. Retail clients in the UK and EU get 1:20 leverage on gold and negative balance protection, and client money is segregated and covered by the FSCS or ICF depending on the entity. A swap-free Islamic account is offered on MT5, and deposits by card, bank transfer and e-wallets are free. On the downside, Admirals does not accept clients from India, it appears on the RBI Alert List, and some metals pricing details for the Zero account are not clearly published. It is a reasonable option for MetaTrader users in supported regions.
Pros
- FCA and CySEC regulation with over two decades of operating history
- Choice of spread-only or raw-plus-commission accounts for gold
- MT4 and MT5 with the free MetaTrader Supreme Edition add-on
- Free deposits via cards, bank transfer and e-wallets
- Swap-free Islamic account on MT5
Cons
- Listed on the RBI Alert List ('Admiral Market', entry 57)
- Does not accept clients from India
- Gold raw spread and exact Zero commission for metals not clearly published
- Inactivity fee applies to dormant accounts
- No cTrader or native TradingView trading
Key facts
| Founded | 2001 |
|---|---|
| Headquarters | Tallinn, Estonia |
| Regulators | FCA (UK) - Admiral Markets UK Ltd (Tier-1); CySEC (Cyprus) - Admiral Markets Cyprus Ltd (Tier-1); EFSA (Estonia); FSCA (South Africa); CMA (Kenya); JSC (Jordan); FSA Seychelles |
| Gold (XAUUSD) available | Yes |
| Gold spread, standard account | ~$0.32 (BrokerChooser, Sept 2026; account not specified) |
| Gold spread, raw/ECN account | not published (Zero account, raw spread + commission) |
| Commission, raw account | From $3.00 per lot per side on Zero account (tiered; per CompareForexBrokers) |
| Max gold leverage (offshore entity) | not published |
| Max gold leverage (Tier-1 entity) | 1:20 (retail, FCA/CySEC) |
| Minimum trade size | 0.01 lot |
| Platforms | MT4, MT5, Admirals Platform / app, MetaTrader Supreme Edition add-on |
| Minimum deposit | $100 |
| Account types | Trade.MT5 / Trade.MT4 (spread-only), Zero.MT5 / Zero.MT4 (raw + commission), Invest.MT5 (UK/EU), Islamic (MT5) |
| Indian deposit methods | Not applicable - does not accept Indian residents |
| Accepts clients from India | No |
| Negative balance protection | Yes (retail clients) |
| Segregated client funds | Yes |
| Investor compensation | FSCS (UK); ICF (Cyprus); Estonian Investor Protection Sectoral Fund |
| Swap-free account | Yes |
| On RBI Alert List | Yes: 2025-11-19 (latest RBI update; checked 2026-09-27) |
Member reviews
Sources used for this review
We may earn a commission if you open an account through links on this page; it never changes the score. This review is Tradedge Pulse's opinion, not investment advice.