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Forex and CFD broker

Admirals

Website: admiralmarkets.com (opens in a new tab) Headquarters: Estonia Regulatory status: Verified licence Profile updated

Admirals, formerly Admiral Markets, is an Estonian-founded forex and CFD group led by co-founder Alexander Tsikhilov. EU clients deal with Admirals Europe Ltd (CySEC), UK clients with Admiral Markets UK Ltd (FCA), international clients with Admirals SC Ltd (FSA Seychelles) and Jordanian clients with Admiral Markets AS Jordan Ltd. The Estonian company Admiral Markets AS gave up its licence in April 2026 and acts as the group’s liquidity provider.

Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works

Verified licences

Regulator Licence Legal entity Register status Source
Cyprus Securities and Exchange Commission (CySEC) 201/13 Admirals Europe Ltd Authorised Checked 4 Oct 2026 Register entry for Admirals Europe Ltd (opens in a new tab) 1
Financial Conduct Authority (FCA) 595450 Admiral Markets UK Ltd Authorised Checked 4 Oct 2026 Register entry for Admiral Markets UK Ltd (opens in a new tab) 2
Financial Services Authority Seychelles (FSA) SD073 Admirals SC Ltd Authorised Checked 4 Oct 2026 Register entry for Admirals SC Ltd (opens in a new tab) 3
Capital Markets Authority (CMA) 178 Admirals KE Limited Authorised Checked 5 Oct 2026 Register entry for Admirals KE Limited (opens in a new tab) 5

Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.

Assessment summary

Admirals publishes audited group accounts, a full list of subsidiaries and its management, and Companies House names co-founder Alexander Tsikhilov as the UK company’s controller. Admirals Europe, which serves EU clients, offers segregated client money, negative balance protection, the Investor Compensation Fund, extra insolvency insurance up to EUR 100,000 and access to the Cyprus ombudsman. The UK, Seychelles and Jordanian companies’ sites and documents were not available to us, so their protections are not determined beyond what the group states. The group has shrunk since 2024: it paused EU onboarding for about a year after CySEC supervisory engagement, sold its Australian and South African companies, gave up its Estonian licence and lost EUR 18.5 million in 2025. Its regulatory record is light: a EUR 20,000 Estonian fine in 2022 for late derivatives reporting, a 2021 fine that the courts cancelled, and Indian and Malaysian alert-list entries. The ombudsman upheld half of eight decisions on the UK company, and the group’s regulation page is out of date.

Key positives

  • Clients can tell which regulated entity serves them 479

    The EU site and terms name Admirals Europe Ltd, its licence and registered office, and the group’s regulation page explains which company serves which region. We could not see the other regional sites.

  • Client money segregation is disclosed 4912

    Admirals Europe’s terms segregate client funds from its own under CySEC law, and the group says the UK company holds client money in segregation under UK rules. We could not read the Seychelles and Jordanian terms.

  • Ultimate ownership can be identified 610

    Companies House names co-founder Alexander Tsikhilov as the person with significant control of the UK company, with 75% or more of shares and votes; the UK company is wholly owned by Admirals Group AS, which he leads.

  • Authorisations are current and unrestricted 123

    The licences we checked are current. The Estonian licence of Admiral Markets AS was revoked at the company’s own request in April 2026, after EU clients were moved to Admirals Europe; it no longer serves clients.

  • Retail clients have negative balance protection 91213

    Admirals Europe’s retail clients have negative balance protection per account, and its professional clients are covered up to EUR 50,000 by policy. We could not read the UK, Seychelles and Jordanian terms.

Key concerns

  • Finantsinspektsioon fines Admiral Markets AS EUR 20,000 for late derivatives reporting 19

    Reduced the enforcement dimension by 5 points (moderate severity, 4.6 years before the review, counted at half weight).

  • Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 21

    Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).

  • Listed on the Securities Commission Malaysia Investor Alert List 22

    Reduced the enforcement dimension by 0.5 points (low severity, 6.8 years before the review, counted at a quarter of its weight).

  • Client-facing entities appear on the regulator’s register 12345

    Partly met We matched Admirals Europe on CySEC’s register, Admiral Markets UK on the FCA’s list, Admirals SC on the Seychelles FSA’s list and Admirals KE on the Kenyan Capital Markets Authority’s list. We did not check the Jordanian company’s licence.

  • Complaint data is disclosed 26

    Not met We found no complaint statistics published by Admirals, and its UK company is below the thresholds for the FCA’s and the ombudsman’s firm-level tables.

Breakdown by dimension

Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.

Regulatory status and licence verification 26% of score 84 out of 100

Whether the firm’s licences exist, are current and cover what it offers.
  • Partly met

    Client-facing entities appear on the regulator’s register 12345

    We matched Admirals Europe on CySEC’s register, Admiral Markets UK on the FCA’s list, Admirals SC on the Seychelles FSA’s list and Admirals KE on the Kenyan Capital Markets Authority’s list. We did not check the Jordanian company’s licence.

  • Met

    Authorisations are current and unrestricted 123

    The licences we checked are current. The Estonian licence of Admiral Markets AS was revoked at the company’s own request in April 2026, after EU clients were moved to Admirals Europe; it no longer serves clients.

  • Partly met

    Permissions cover the services offered 123

    CySEC lists dealing on own account and execution of orders in all instrument classes, with safekeeping, for Admirals Europe, and the FSA lists Admirals SC as a securities dealer. The FCA’s published list does not show the UK company’s permissions.

  • Partly met

    Regulatory claims on the website are accurate 1234678

    The CySEC, FCA and FSA licences match the registers, but the group’s regulation page still lists Admirals SA (Pty) Ltd, sold in 2025, among its regulated companies, quotes FSCS cover of GBP 50,000 rather than the current GBP 85,000, and gives a Seychelles address that differs from the FSA’s register. The Jordanian licence could not be checked.

  • Met

    Clients can tell which regulated entity serves them 479

    The EU site and terms name Admirals Europe Ltd, its licence and registered office, and the group’s regulation page explains which company serves which region. We could not see the other regional sites.

Criteria and their weighting are explained in the methodology.

Corporate transparency and ownership 13% of score 94 out of 100

Whether you can find out who owns and runs the firm.
  • Partly met

    Legal entity details are published 134910

    Admirals Europe and the Jordanian company publish their names, registration numbers and addresses. For the UK and Seychelles companies the group’s regulation page gives only licence numbers, and its Seychelles address differs from the FSA’s register.

  • Met

    Ultimate ownership can be identified 610

    Companies House names co-founder Alexander Tsikhilov as the person with significant control of the UK company, with 75% or more of shares and votes; the UK company is wholly owned by Admirals Group AS, which he leads.

  • Met

    Group structure is explained 46

    The group’s annual report lists every subsidiary, its country, ownership and business, and explains that Admiral Markets AS is the group’s liquidity provider.

  • Met

    Directors or senior managers are identified 61011

    The annual report names the group’s management and supervisory boards, Admirals Europe’s disclosures name its board, and Companies House lists the UK company’s directors.

  • Met

    Financial statements are available 61011

    Admirals Group AS publishes consolidated accounts for 2025 audited by Ernst & Young Baltic, Admirals Europe publishes annual prudential disclosures, and the UK company files accounts at Companies House.

Criteria and their weighting are explained in the methodology.

Client fund protections and disclosed safeguards 13% of score 91 out of 100

What protects client money if something goes wrong.
  • Met

    Client money segregation is disclosed 4912

    Admirals Europe’s terms segregate client funds from its own under CySEC law, and the group says the UK company holds client money in segregation under UK rules. We could not read the Seychelles and Jordanian terms.

  • Met

    Retail clients have negative balance protection 91213

    Admirals Europe’s retail clients have negative balance protection per account, and its professional clients are covered up to EUR 50,000 by policy. We could not read the UK, Seychelles and Jordanian terms.

  • Partly met

    An investor compensation scheme applies 49141516

    EU clients are covered by the Investor Compensation Fund up to EUR 20,000 and by insurance with Lloyd’s Insurance Company S.A. up to EUR 100,000, and UK clients by the FSCS. We found no compensation scheme for clients of the Seychelles and Jordanian companies, whose terms we could not read.

  • Partly met

    Banking and custody arrangements are disclosed 1217

    Admirals names the banks that process client wires (Bank Pekao, LHV Bank and Barclays Bank Ireland) and says client money is held at large banks outside Cyprus, but does not name the banks holding the segregated accounts.

  • Met

    Withdrawal terms are disclosed 91718

    Admirals Europe publishes withdrawal methods and fees (one free withdrawal a month per method), same-day processing for requests before 18:00 EET, and the payment conditions.

Criteria and their weighting are explained in the methodology.

Enforcement and substantiated adverse findings 13% of score 93 out of 100

Regulator warnings, enforcement actions and final legal findings on record.

Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 7.5 points.

  • Met

    Warning lists and enforcement records have been searched 1920212223

    We searched CySEC, FCA, Finantsinspektsioon and CVM records and the Indian and Malaysian alert lists, read the group’s reports, and ran web searches for other actions. The searches are listed in the source note.

  • Enforcement action

    Finantsinspektsioon fines Admiral Markets AS EUR 20,000 for late derivatives reporting 19

    7 Mar 2022. Reduced the enforcement dimension by 5 points (moderate severity, 4.6 years before the review, counted at half weight).

  • Enforcement action

    Finantsinspektsioon’s EUR 32,000 fine over unilateral changes in April 2020 was cancelled by the courts 2032

    10 Feb 2021. Not counted: the matter is not concluded, or was removed or overturned.

  • Regulator warning

    Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 21

    19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).

  • Regulator warning

    Listed on the Securities Commission Malaysia Investor Alert List 22

    1 Jan 2020. Reduced the enforcement dimension by 0.5 points (low severity, 6.8 years before the review, counted at a quarter of its weight).

Criteria and their weighting are explained in the methodology.

Complaint handling and documented resolutions 8% of score 66 out of 100

How the firm handles complaints, and what independent records show.
  • Met

    A complaints procedure is published 924

    Admirals Europe publishes a complaints procedure: complaints go by email to compliance and are answered within two months, or at most three.

  • Partly met

    Independent dispute resolution is available 4925

    EU clients can go to the Financial Ombudsman of Cyprus and UK clients to the Financial Ombudsman Service, which has published decisions on the UK company. We found no independent dispute body for the Seychelles and Jordanian companies, whose terms we could not read.

  • Partly met

    Independent complaint outcomes show no adverse pattern 25

    The ombudsman upheld 4 of the 8 decisions it published on Admiral Markets UK Ltd in three years (50%).

  • Not met

    Complaint data is disclosed 26

    We found no complaint statistics published by Admirals, and its UK company is below the thresholds for the FCA’s and the ombudsman’s firm-level tables.

Criteria and their weighting are explained in the methodology.

Trading terms and operational transparency 8% of score 95 out of 100

Whether costs, execution and risks are disclosed before you sign up.
  • Met

    Costs are disclosed before account opening 1727

    Admirals publishes spreads, commissions, swap rates, a 0.3% currency conversion fee and a EUR 10 monthly inactivity fee after 24 months without trading.

  • Met

    An order execution policy is published 28

    Admirals Europe publishes an order execution policy explaining the execution venues and factors and how quality is monitored.

  • Met

    The client agreement is available before sign-up 918

    Admirals Europe’s terms and policies can be read without an account. The other companies’ documents were not available to us from our location.

  • Partly met

    Leverage and margin terms are disclosed 929

    Admirals Europe publishes retail leverage limits by instrument, from 30:1 to 2:1, but we did not find its margin call and stop-out levels in the documents reviewed, or the other companies’ leverage.

  • Met

    Risk warnings are clear and current 7

    The EU site shows that 74% of retail investor accounts lose money trading CFDs with Admirals Europe. We could not see the other regional sites.

Criteria and their weighting are explained in the methodology.

Public disclosures and communication 4% of score 75 out of 100

Whether public claims hold up and the firm communicates openly.
  • Partly met

    Marketing claims are accurate and attributable 468

    The group’s regulation page is out of date: it lists the South African company sold in 2025, quotes FSCS cover of GBP 50,000 instead of GBP 85,000 and refers to 28 EU member states.

  • Partly met

    An address and working contact channels are published 1347

    Admirals Europe’s address and contacts match CySEC’s register, but the Seychelles address on the group’s page differs from the FSA’s register.

  • Partly met

    Material changes are communicated 93031

    Documents are dated, and the group announced the Estonian licence surrender and the EU onboarding pause, but Admirals Europe’s terms can be changed by posting on the website with immediate effect, without advance notice.

Criteria and their weighting are explained in the methodology.

On-site office verification 5% of score 0 out of 100

What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.

We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.

  • Not met

    Real office at the stated address, not a ghost address

  • Not met

    Office of the assessed entity

  • Not met

    Staffed and operating

Criteria and their weighting are explained in the methodology.

On-site assessment and platform testing 10% of score Not assessed: no on-site assessment yet

What our on-site checks and 30-day platform testing found.

We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.

  • Not determined

    Company identity

  • Not determined

    Regulatory claims

  • Not determined

    Office visit

  • Not determined

    Account opening

  • Not determined

    Platform usability

  • Not determined

    Costs and disclosures

  • Not determined

    Customer support

  • Not determined

    Deposits and withdrawals

  • Not determined

    Trading functions

  • Not determined

    Complaints process

Criteria and their weighting are explained in the methodology.

Regulation and legal entities

A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.

Admirals Europe Ltd

Client-facing entity · Incorporated in Cyprus · Company number HE 310328 · Clients in the EU and EEA, including Estonia since April 2026

Cyprus Securities and Exchange Commission (CySEC) · Reference 201/13 1

Check the register entry yourself (opens in a new tab)

Authorised Verified on register, 4 Oct 2026

Admirals SC Ltd

Client-facing entity · Incorporated in Seychelles · International clients (admiralmarkets.com/sc)

Financial Services Authority Seychelles (FSA) · Reference SD073 3

Listed on the FSA’s register of securities dealers; the licence number is the group’s own (the register shows none).

Check the register entry yourself (opens in a new tab)

Authorised Verified on register, 4 Oct 2026

Admiral Markets AS Jordan Ltd

Client-facing entity · Incorporated in Jordan · Company number 57026 · Clients in Jordan

Jordan Securities Commission (JSC) · Reference 1/3/01970/21 4

Financial advisory services locally; financial broker and dealer in foreign markets

Licensed on 20 October 2021, according to the group. We did not check the Jordan Securities Commission’s register.

Claimed by the firm, not yet verified

Admirals KE Limited

Affiliate · Incorporated in Kenya · Company number PVT-JZUG57PL · Kenyan non-dealing online forex broker; the group says no business has yet been conducted in Kenya

Capital Markets Authority (CMA) · Reference 178 5

Non-dealing online foreign exchange broker

Listed by the Capital Markets Authority among licensed non-dealing online foreign exchange brokers.

Check the register entry yourself (opens in a new tab)

Authorised Verified on register, 5 Oct 2026

Admiral Markets AS

Other · Incorporated in Estonia · Company number 10932555 · The group’s liquidity provider; its Estonian investment firm licence was revoked at its own request in April 2026

Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) · Reference 4.1-1/46 31

Revoked on 27 April 2026, effective 28 April, on the company’s voluntary application, according to its announcement.

Claimed by the firm, not yet verified

Admirals Group AS

Holding or parent company · Incorporated in Estonia · Company number 11838516 · Parent of the Admirals companies; co-founder Alexander Tsikhilov chairs its management board

No licence recorded for this entity.

Dated findings

Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.

Regulator warning Active

Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 21

· Reserve Bank of India · India · Last checked 6 Oct 2026

The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes Admiral Market (admiralmarkets.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.

Enforcement action Concluded

Finantsinspektsioon fines Admiral Markets AS EUR 20,000 for late derivatives reporting 19

· Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) · Estonia · Last checked 6 Oct 2026

On 7 March 2022 Estonia’s Finantsinspektsioon fined Admiral Markets AS EUR 20,000 for a misdemeanour because it breached its obligation to report derivative contracts to the trade repository within one working day under EU rules on OTC derivatives. The maximum fine for the breach was EUR 32,000.

Enforcement action Overturned

Finantsinspektsioon’s EUR 32,000 fine over unilateral changes in April 2020 was cancelled by the courts 2032

· Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) · Estonia · Last checked 6 Oct 2026

On 10 February 2021 Finantsinspektsioon fined Admiral Markets AS EUR 32,000, finding that in April 2020 it changed the conditions of its instruments significantly, unilaterally and without warning, including the crude oil spot price methodology and overnight fees on certain securities, without making every effort to act in clients’ best interests. Harju County Court cancelled the fine on 31 March 2021, and the Tallinn Circuit Court dismissed the regulator’s appeal on 24 May 2021. The fine does not count towards the score.

Regulator warning Active

Listed on the Securities Commission Malaysia Investor Alert List 22

· Securities Commission Malaysia · Malaysia · Last checked 6 Oct 2026

The Securities Commission Malaysia’s Investor Alert List includes “Admiral Markets / Admiral Markets Malaysia” (admiralmarkets.com) for carrying on unregulated activities. The list records the entry under the year 2020 without a specific date; we use 1 January 2020. The entry was still on the list when we checked on 4 October 2026.

Company response

Firms can respond to their profile and to any finding. No response has been published for Admirals. How firms can respond.

Assessment history

Review date Result Methodology Status
6 Oct 2026 Trust score 82 out of 100 Strong 1.2 Current

Corrections and updates

No corrections have been made to this profile.

Sources

  1. 1
    CySEC register: Admirals Europe Ltd (opens in a new tab)

    Cyprus Securities and Exchange Commission Regulator record Checked 4 Oct 2026 Cyprus

    Licence 201/13 granted on 14 June 2013, company registration 310328, Agias Zonis 63, Limassol; previous name Admiralex Ltd; approved trade name Admirals. Approved domains www.admiralmarkets.com.cy and www.admirals.com. Services include reception, transmission and execution of orders, dealing on own account and portfolio management in all instrument classes, with safekeeping as an ancillary service.

  2. 2
    Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)

    Financial Conduct Authority Regulator record Checked 4 Oct 2026 United Kingdom

    Shows Admiral Markets UK Ltd (FRN 595450), first authorised 12 June 2013, with status Authorised.

  3. 3
    FSA Seychelles capital markets register: securities dealers (opens in a new tab)

    Financial Services Authority Seychelles Regulator record Checked 4 Oct 2026 Seychelles

    Lists Admirals SC Ltd among licensed securities dealers at Suite 202, Second Floor, Waterside Property, Eden Island, Mahe, with the website www.admiralmarkets.com/sc. The register does not show licence numbers.

  4. 4
    Admirals Group: regulation page (opens in a new tab)

    Admirals Group AS Company statement Checked 4 Oct 2026

    Lists the group’s licensed companies with their regulators: Admiral Markets AS (Estonia), Admiral Markets UK Ltd (FCA 595450, said to be covered by the FSCS up to GBP 50,000), Admiral Markets Cyprus Ltd (CySEC 201/13), Admiral Markets AS Jordan Ltd (Jordan Securities Commission, registration 57026, licence 1/3/01970/21), Admirals SA (Pty) Ltd (FSCA, FSP 51311), Admirals KE Limited (Kenya CMA licence 178, no business yet) and Admirals SC Ltd (FSA licence SD073, Suite 3, Global Village, Jivan’s Complex, Mont Fleuri). The page still lists the South African company, sold in 2025, and gives a Seychelles address different from the FSA’s register.

  5. 5
    Capital Markets Authority licensees: non-dealing online foreign exchange brokers (opens in a new tab)

    Capital Markets Authority (Kenya) Regulator record Checked 5 Oct 2026 Kenya

    Lists Admirals KE Limited, P.O. Box 39258-00623, Nairobi, with licence number 178 and the website admiralmarkets.com.

  6. 6
    Admirals Group AS consolidated annual report 2025 (opens in a new tab)

    Admirals Group AS Company document Published 30 Apr 2026 Checked 4 Oct 2026 Estonia

    Audited by Ernst & Young Baltic AS. Admirals Group AS (registry 11838516, Maakri 19/1, Tallinn) is led by management board chair Alexander Tsikhilov with Eduard Kelvet and Liudmila Bataeva; Anatolie Mihalcenco chairs the supervisory board. The licensed companies are Admiral Markets AS, Admiral Markets UK Ltd, Admirals Europe Ltd, Admiral Markets AS/Jordan LLC, Admirals KE Limited and Admirals SC Ltd; Admiral Markets AS acts as the group’s liquidity provider. In 2024 and 2025 the group sold its Australian, South African and Indonesian companies, closed Admiral Markets Canada and gave up its UAE licence. Net loss for 2025 was EUR 18.5 million, with 29,455 active clients.

  7. 7
    Admirals website (EU) (opens in a new tab)

    Admirals Europe Ltd Company statement Checked 4 Oct 2026 Cyprus

    From our location the site is served by Admirals Europe Ltd (previously Admiral Markets Cyprus Ltd), company 310328, CySEC licence 201/13, Agias Zonis 63, Limassol, and warns that 74% of retail investor accounts lose money when trading CFDs with this provider. The UK, Seychelles, Jordan and other regional sections and their documents were not available to us (the document server returned HTTP 403).

  8. 8
    FSCS: investments (opens in a new tab)

    Financial Services Compensation Scheme Regulator record Checked 4 Oct 2026 United Kingdom

    For investment firms that failed after 1 April 2019, the FSCS pays up to £85,000 per eligible person, per firm. The £120,000 limit, from December 2025, is for deposits.

  9. 9
    Admirals Europe Ltd terms and conditions (valid as of 19 December 2025) (opens in a new tab)

    Admirals Europe Ltd Company document Published 19 Dec 2025 Checked 4 Oct 2026 Cyprus

    Client funds are held with the company or approved banks and segregated from its own funds under CySEC law. Retail clients have negative balance protection under CySEC’s directive. The company is covered by the Investor Compensation Fund, and complaints can go to the Financial Ombudsman of Cyprus within four months of a final response. An inactivity fee applies after 24 months without trading. The company may amend the terms at any time by posting them on its website, with effect from posting.

  10. 10
    Companies House: Admiral Markets UK Ltd (08171762) (opens in a new tab)

    Companies House Official filing Checked 4 Oct 2026 United Kingdom

    Registered office Tower 42, 25 Old Broad Street, London EC2N 1HN. Directors: Aleksandr Ljubovski, Robert Tindale Shadforth, Alexander Tsikhilov and Svetlana Zolotco. Alexander Tsikhilov is the person with significant control, holding 75% or more of shares and votes. Accounts are filed up to 31 December 2025.

  11. 11
    Admirals Europe Ltd disclosures and market discipline report for 2025 (opens in a new tab)

    Admirals Europe Ltd Company document Checked 4 Oct 2026 Cyprus

    Prudential disclosures reconciled to audited financial statements. Names the board: executive directors Ioanna Leptou, Agathoclis Agathocleous and Serguei Grigoriev, and non-executive directors Marinos Haralambous, Agamemnon Ioannides and Alexander Tsikhilov.

  12. 12
    Admirals financial security page (opens in a new tab)

    Admirals Europe Ltd Company statement Checked 4 Oct 2026 Cyprus

    Describes Investor Compensation Fund cover up to EUR 20,000, negative balance protection for retail clients without limit and for professional clients up to EUR 50,000, segregated client money at large banks outside Cyprus (not named), and an insurance policy covering eligible clients’ cash and securities up to EUR 100,000 on insolvency.

  13. 13
    Negative account balance protection policy for retail clients (opens in a new tab)

    Admirals Europe Ltd Company document Checked 4 Oct 2026 Cyprus

    Retail clients’ losses are limited to the funds in each trading account.

  14. 14
    Investor Compensation Fund for IF clients: information (opens in a new tab)

    Cyprus Securities and Exchange Commission Regulator record Checked 4 Oct 2026 Cyprus

    Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.

  15. 15
    Excess of loss policy evidence of cover (Lloyd’s Insurance Company S.A.) (opens in a new tab)

    Admirals Europe Ltd Company document Published 1 Mar 2026 Checked 4 Oct 2026 Cyprus

    Lloyd’s Insurance Company S.A. insures Admirals Europe Ltd for the benefit of eligible clients from 1 March 2026 to 28 February 2027, up to EUR 100,000 per claimant above a EUR 20,000 retention, on an insolvency event.

  16. 16
    Investor Compensation Fund policy (valid as of 29 May 2024) (opens in a new tab)

    Admirals Europe Ltd Company document Published 29 May 2024 Checked 4 Oct 2026 Cyprus

    Explains the company’s membership of the Investor Compensation Fund and which clients are covered, up to EUR 20,000.

  17. 17
    Admirals deposits and withdrawals (EU) (opens in a new tab)

    Admirals Europe Ltd Company statement Checked 4 Oct 2026 Cyprus

    Deposits are free; each withdrawal method allows one free withdrawal a month, then a small fee. Bank wires are processed by Bank Pekao SA, LHV Bank and Barclays Bank Ireland PLC, and cards by named acquirers.

  18. 18
    Admirals Europe Ltd payments terms and conditions (valid as of 29 May 2024) (opens in a new tab)

    Admirals Europe Ltd Company document Published 29 May 2024 Checked 4 Oct 2026 Cyprus

    Withdrawal requests received before 18:00 EET are processed the same business day; sets out the payment conditions.

  19. 19
    Finantsinspektsioon has fined Admiral Markets AS (opens in a new tab)

    Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) Regulator record Published 7 Mar 2022 Checked 4 Oct 2026 Estonia

    News of 7 March 2022. Finantsinspektsioon fined Admiral Markets AS EUR 20,000 for a misdemeanour because it breached its obligation to report derivative contracts to the trade repository within one working day, as required by EU rules on OTC derivatives. The maximum fine for the breach is EUR 32,000.

  20. 20
    Admiral Markets AS has been fined 32,000 euros (opens in a new tab)

    Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) Regulator record Published 10 Feb 2021 Checked 4 Oct 2026 Estonia

    News of 10 February 2021. Finantsinspektsioon fined Admiral Markets AS EUR 32,000 for changing the conditions of its financial instruments significantly, unilaterally and without warning in April 2020, including the method for calculating the crude oil spot price and overnight fees on certain securities. The page adds that Harju County Court cancelled the fine on 31 March 2021 and that the circuit court dismissed Finantsinspektsioon’s appeal.

  21. 21
    Alert List (updated as on 19 November 2025) (opens in a new tab)

    Reserve Bank of India Regulator record Published 19 Nov 2025 Checked 4 Oct 2026 India

    Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 57 is Admiral Market, https://admiralmarkets.com.

  22. 22
    Investor Alert List (opens in a new tab)

    Securities Commission Malaysia Regulator record Checked 4 Oct 2026 Malaysia

    Includes an entry dated 2020 for “Admiral Markets / Admiral Markets Malaysia” (admiralmarkets.com) for carrying on unregulated activities. A 2024 entry for “Admiral” at wap.admiralsvip.com is a look-alike and is not treated as a finding about Admirals.

  23. 23
    Searches of CySEC, FCA, Finantsinspektsioon and CVM records and the Indian and Malaysian alert lists for Admirals companies (opens in a new tab)

    Cyprus Securities and Exchange Commission; and others Regulator record Checked 4 Oct 2026

    On 4 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list, Finantsinspektsioon’s news, the CVM’s declaratory acts, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, read the group’s annual report and announcements, and ran web searches for other actions. The findings on this profile are what we found. CySEC published no decision about Admirals Europe; the 2024 pause in EU onboarding followed CySEC supervisory engagement, according to the group, and is not a recorded enforcement action.

  24. 24
    Admirals Europe Ltd procedure for resolution of client complaints (valid as of 11 December 2025) (opens in a new tab)

    Admirals Europe Ltd Company document Published 11 Dec 2025 Checked 4 Oct 2026 Cyprus

    Complaints are filed by email to the compliance department and resolved within two months, or at most three months with reasons for the delay.

  25. 25
    Ombudsman decisions: Admiral Markets UK Ltd, October 2023 to October 2026 (opens in a new tab)

    Financial Ombudsman Service Court, tribunal or ombudsman record Checked 4 Oct 2026 United Kingdom

    Between 4 October 2023 and 4 October 2026 the ombudsman published eight decisions about Admiral Markets UK Ltd and upheld four.

  26. 26
    FCA firm-level complaints data 2025 H2 and Financial Ombudsman business complaints data (July 2025 to March 2026) (opens in a new tab)

    Financial Conduct Authority; Financial Ombudsman Service Regulator record Checked 4 Oct 2026 United Kingdom

    Neither dataset includes Admiral Markets UK Ltd; both publish firm-level figures only above minimum complaint volumes.

  27. 27
    Admirals fees and charges (EU) (opens in a new tab)

    Admirals Europe Ltd Company statement Checked 4 Oct 2026 Cyprus

    Publishes spreads, commissions, swap rates, a 0.3% currency conversion fee and an inactivity fee of EUR 10 a month after 24 months without trading, charged only on a positive balance.

  28. 28
    Admirals Europe Ltd order execution policy (valid as of 11 December 2025) (opens in a new tab)

    Admirals Europe Ltd Company document Published 11 Dec 2025 Checked 4 Oct 2026 Cyprus

    Explains how the company executes client orders, the execution venues and factors, and how it monitors execution quality.

  29. 29
    Admirals Europe Ltd leverage policy (valid as of 29 May 2024) (opens in a new tab)

    Admirals Europe Ltd Company document Published 29 May 2024 Checked 4 Oct 2026 Cyprus

    Sets retail leverage limits of 30:1 on major currency pairs, 20:1 on non-major pairs, gold and major indices, 10:1 on other commodities and indices, 5:1 on shares and 2:1 on cryptocurrencies.

  30. 30
    Admirals Group AS audited annual report 2025 (announcement) (opens in a new tab)

    Admirals Group AS Company statement Published 30 Apr 2026 Checked 4 Oct 2026 Estonia

    States that in 2024 Admirals Europe Ltd voluntarily paused onboarding of new EU clients while implementing enhancements following CySEC supervisory engagement, and resumed onboarding in March 2025.

  31. 31
    Admiral Markets AS investment firm license revoked following strategic restructuring (opens in a new tab)

    Admiral Markets AS (Nasdaq Baltic announcement) Company statement Published 28 Apr 2026 Checked 4 Oct 2026 Estonia

    Published 28 April 2026. Finantsinspektsioon revoked Admiral Markets AS’s investment firm licence on 27 April 2026, effective 28 April, on the company’s voluntary application, to consolidate EU investment services in Admirals Europe Ltd, which now serves Estonian clients cross-border.

  32. 32
    The Tallinn Circuit Court rejected the appeal of the Financial Supervision Authority (announcement) (opens in a new tab)

    Admiral Markets AS (Nasdaq Baltic announcement) Company statement Published 25 May 2021 Checked 4 Oct 2026 Estonia

    Published 25 May 2021: the Tallinn Circuit Court, by order of 24 May 2021, upheld the Harju County Court order of 31 March 2021 annulling the fine in full.

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