Admirals United (https://admiralsunited.com/) is promising impressive opportunities in forex, indices and commodities. While Admirals United claims to offer robust account types and various trading options, there are several red flags that potential clients should consider. Most notably, the Italian regulatory body CONSOB has flagged this broker as unregistered, raising serious concerns about the safety of client funds.
Regulation Concerns: A False Sense of Security
Admirals United presents itself as a regulated broker, claiming oversight from the Cyprus Securities and Exchange Commission (CySEC).
However, this claim does not hold up under scrutiny. Admirals United is not listed on CySEC’s official registry, meaning it lacks the legal authorization to provide financial services. The false claim of regulation is a common tactic among unregulated brokers who attempt to lure clients into a false sense of security.
Without legitimate regulatory oversight, Admirals United is not bound by the same rules as regulated brokers. This lack of regulation leaves clients vulnerable, as there is no external authority to ensure fair trading practices, safeguard client funds, or prevent unethical practices.
Trading Platform: Uncertain and Untrustworthy
Admirals United fails to clearly identify the trading platform it offers. Legitimate brokers usually use popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5) because these platforms provide advanced tools, stability, and reliable security. The absence of platform details from Admirals United is a major concern. Unregulated brokers often use proprietary software that they can manipulate, allowing them to control the trading experience in ways that can harm the client.
Without knowing the trading platform’s name and functionality, it’s impossible for clients to assess the reliability of the platform. This uncertainty creates an environment where Admirals United has an edge, potentially placing clients’ investments at risk.
Admirals United Account Types: High Deposits, Limited Security
Admirals United offers four account types, each requiring a substantial initial deposit:
- Standard Account: Minimum deposit of €2,500, spread of 2.2 pips, leverage of up to 1:500.
- Premium Account: Minimum deposit of €25,000, spread of 1.5 pips, leverage of up to 1:400.
- Gold Account: Minimum deposit of €100,000, spread of 0.8 pips, leverage of up to 1:200.
- VIP Account: Minimum deposit of €250,000, no spread, leverage of up to 1:100.
The high minimum deposits are a red flag, particularly given that Admirals United is unregistered. Most reputable brokers offer accounts with more accessible entry points. Here, Admirals United appears to target clients who are willing to invest significant amounts, increasing the risk of larger losses if clients face difficulties withdrawing their funds.
Spreads and Leverage: Attractive Yet Risky
Admirals United advertises spreads as low as 0 pips and leverage of up to 1:500, which might attract traders seeking tight spreads and high leverage. However, these terms come with risks. In the absence of regulatory oversight, these conditions are potentially dangerous. High leverage magnifies both profits and losses and without the regulatory limits that legitimate brokers impose, Admirals United is free to offer high leverage to draw in more clients.
With no external regulation, clients have no guarantee that spreads and leverage are applied fairly. In some cases, unregulated brokers manipulate spreads and leverage levels to work against clients’ positions.
Deposit and Withdrawal Methods: Crypto Options Raise Concerns
Admirals United accepts payments through Visa, Binance, Kraken and Young Platform. While card payments are standard, the option to deposit funds through cryptocurrency exchanges such as Binance and Kraken is concerning. Crypto payments are difficult to trace and irreversible, making them a preferred method for fraudulent brokers who want to retain client funds without a trace.
Once a client deposits via cryptocurrency, they lose the security of potential refunds or chargebacks, which are typically available through bank transfers or credit cards. This payment structure benefits the broker and introduces additional risks for the trader.
Pros and Cons of Admirals United
Pros
- Wide Range of Claimed Instruments: Forex, cryptocurrency, indices, and commodities could appeal to traders interested in a variety of assets.
- Tight Spreads (Allegedly): Advertised spreads as low as 0 pips for VIP accounts.
Cons
- Unregulated: Lack of regulation from CySEC or any other reputable authority, which exposes clients to risks.
- Anonymous Operations: No clear company background, headquarters, or ownership information.
- High Minimum Deposits: Large initial deposits, particularly with the unregulated status, create higher risk.
- Questionable Payment Methods: Acceptance of cryptocurrency adds an element of risk due to the irreversible nature of crypto transactions.
- No Clear Trading Platform: Lack of platform information raises transparency concerns.
- Potential Manipulation of Trading Conditions: High leverage and spread claims could be unfairly applied.
Fraud Tactics and Warning Signs
Admirals United shows many red flags typically associated with fraudulent brokers:
- False Regulation Claims: Claims of CySEC regulation that cannot be verified, which misleads clients.
- Unclear Ownership: No information about the company behind the broker, which limits accountability.
- High Minimum Deposits: Large entry requirements that make it risky for average traders.
- Unusual Payment Methods: Acceptance of crypto payments, which are hard to trace and recover.
- Limited Platform Transparency: No details on trading software or platform, raising concerns of manipulation.
Conclusion: Approach Admirals United with Caution
Admirals United markets itself as a professional and sophisticated trading platform, but its lack of transparency, high deposit requirements and lack of regulation suggest otherwise. The broker’s operations are questionable and its unregistered status with CONSOB adds further risks for anyone considering investing. The combination of high leverage, crypto deposits, and obscure platform details could indicate potential risks for clients.
Investors should be cautious and seek brokers that are clearly regulated by trusted authorities like CySEC, FCA or ASIC. A truly secure and trustworthy broker will offer transparency, regulated practices, and safe withdrawal policies. Avoid platforms like Admirals United, where the risks are simply too high.
“All I can say to justify this is that it’s wickedness; how else could you knowingly deceive me and steal my money under the pretence of a fair trade or investment, taking everything I owned for nothing.
This ( Broker) is a big scam broker, I paid a huge amount of $90,000, They persuaded me, into putting more of my hard earned money with all hope to get profits in return, they won’t allow me to withdrawal my investment. All because all they wanted is to steal my money.