Admiral Capital Trade Review
The financial markets have always been known for their lucrative opportunities, but it wasn’t until online trading was introduced that people were able to explore this space properly. Today, it is one of the biggest trends, particularly in light of the COVID-19 pandemic that forced people to stay indoors. People have turned towards the financial markets for making profits and this means that the demand for brokers has also surged. One of the names you will find in the market is that of Admiral Capital Trade, but should you use their services? You need to check out this Admiral Capital Trade review before you do so.
Doing your homework is of the utmost importance, especially when you are trading online. Scam brokers have become rampant, so caution should be exercised to avoid any disastrous consequences. Such brokers are good at fooling people and Admiral Capital Trade has done exactly that. Check out this review below to know more:
Regulation and Licensing
The best way to determine whether a broker is legitimate or not is by looking at their regulatory and licensing status. Any decent company wouldn’t operate in the financial markets without proper authorization. You will notice that Admiral Capital Trade claims to be licensed in Malta and the United States. As a matter of fact, you will also find licenses uploaded on its website for showing clients that it is authorized to operate in the US. However, these licenses are actually forged because the broker is not regulated or authorized anywhere.
In fact, the Malta Financial Services Authority (MFSA) has actually issued a warning against Admiral Capital Trade. They have clarified that the brokerage is not registered and neither is it licensed in the country. They have gone further and advised people to refrain from conducting any transactions with Admiral Capital Trade. As Malta is a member of the European Union, it is a strictly regulated market, as is the US. Being licensed in this region is helpful in attracting people to the platform and this is exactly what this broker has done.
One of the most crucial features that brokerages offer to their clients is the trading platform, which is the software used for connecting to the markets. In order to lure in traders, Admiral Capital Trade has advertised the MetaTrader5 (MT5) trading platform, which is considered one of the best solutions in the market and is known for its technology and tools. This would have been really good, if it were true. Unfortunately, this is also a lie because there is no MT5 available. Rather, you will find a disarrayed user area that boasts quotes from third parties and is similar to what you find on a binary options platform. The fact is that it is not really a trading platform, but only a dashboard added to create the illusion of a platform.
Spreads and Leverage
It is not recommended that anyone choose a broker without knowing what trading conditions they offer. This means checking what spreads and commission you will be charged and the leverage you will be provided because it affects your performance and profits. A look at Admiral Capital Trade shows that they offer a leverage of 1:30, which is in line with the restrictions imposed by European and American financial regulators.
Likewise, the spreads at Admiral Capital Trade start from 0.3 pips and the commission stands at $8, which seems reasonable. However, you shouldn’t forget that there isn’t really a trading platform, so these conditions are just for show.
The safest payment option when signing up with a broker is that of debit and credit cards because you can file for a chargeback. But, you will find that Admiral Capital Trade only supports cryptocurrencies, which are virtually untraceable, and Neteller and Skrill, which don’t give you the option of chargeback.
Put all of these details together and you will realize that you shouldn’t choose Admiral Capital Trade as your broker.