Many people ask me what forex broker do I use or what do I think about broker X or Y. Quick answer is that I use Admiral Markets and for a longer answer I decided to make a Admiral Markets review.
Trust and Security
There are many shady and scammy brokers around. Don’t trust your money with unknown brokers. Their priority is to get your money one way or another. Always choose a broker that is regulated at least in one country.
UK Financial Conduct Authority (FCA) and Estonian Financial Supervision Authority (EFSA) have regulated Admiral Markets. Source: https://admiralmarkets.com/about-us/financial-security?regulator=fca?#c!=1
These regulations ensure that if the worst happens and broker goes bankrupt, then FCA guarantees to compensate up to £50,000 and EFSA up to 20,000 euros. This gives me a ease in mind that my money is safe.
Admiral Markets was founded in 2001 and is now international company with many offices around the world. You should not trust a new broker even if they give you a good deal. They try to trick you to deposit by offering 100% deposit bonus or some other great deal. Don’t fall for it.
I have used Admiral Markets for 5 years and never had a problem with my deposits or withdrawals. I feel that my money is safe.
Account Types and Spread
They offer accounts both for Metatrader4 (MT4) and Metatrader5 (MT5) platform. As I have only used the MT4, I will review these.
There are two accounts to choose from – Admiral.Markets and Admiral.Prime.
Markets account minimum deposit is $200 and $1000 for the Prime. I personally use Prime account as it has very low spreads. This is very beneficial for scalping forex the right way. Downside is that you will need to deposit much larger sum.
Below are pictures of both Markets and Prime accounts difference in spreads.
As you can see with Markets account you pay basically double the spreads. Prime account has lower spreads, but you have to pay additional commission. It is still much more profitable to scalp trade with Prime. It makes a huge difference in the long run.
MT4 software is available to PC, Android, iPhone, IPad. There is a special version of MT4 that Admiral Markets has developed – MetaTrader Supreme Edition. There are multiple improvements over the regular MT4. The main one is that it has 12 EAs and 20 custom indicators developed by Admiral Markets.
I find especially useful the Admiral Spread Indicator. Because spreads change constantly it is comfortable to check them directly form your chart.
Admiral Markets is the forex broker that I personally use and am not afraid to recommend. Trade execution times are good and customer support has been wonderful.For scalping forex you should get Prime account as it has lowest spreads.
Other good brokers
Here is a little list of forex brokers that I know other professional traders use, but I have no experience with. If you are looking for a broker to scalp trade forex then check which one has the lowest spreads.
- HY Markets
- MB Trading
I hope that my Admiral Markets review was helpful in your search for best forex broker.