Admirals (company)

Admirals (formerly known as Admiral Markets) is a Tallinn based regulated forex and CFD trading platform.[1][2] It is known for providing forex trading options from different countries.[3]

History

Admirals was founded in 2001 in Kesklinn, Estonia.[4][5] In 2017, Admiral Markets underwent a change in its management as Jens Chrzanowski, Victor Gherbovet and Mindaugas Deksnys was appointed on the board along with Sergei Bogatenkov and James Chernikov, who had been serving on the board previously.[6] In the same year Simon Roberts was appointed in the company in the position of general manager, who later took charge as executive director but resigned from his post in 2018, since when Stephen Ayme took charge as the executive director.[7][8] In 2019, Admiral Markets started collaborating with Trading Central, Acuity and Dow Jones & Company to provide a analytical portal for its clients.[9][10] In 2019, Admiral Markets received Global Banking & Finance Awards as the Best Forex Company Estonia 2019.[11] It was awarded ADVFN International Financial Awards in 2021.[12] In 2021, the company changed its brand name from Admiral Markets to Admirals.[13][14][15][16]

    Controversies

    Admiral Market reported fake, clone websites offering unrealistic promises using the brand of Admiral Market and this happened several times, specifically in the year 2017, 2018 and 2020.[17][18][19][20][21]

    In March 2020, the mass media reported that Admiral Markets allegedly exited from the Poland Market, though the company stated denying such a report that, its polish branch was scheduled for a "switch of affiliations" as previously the branch had been working under the Estonian arm whereas it had been switched to be worked under its subsidiary Admiral Markets Cyprus Ltd, which is a CySEC regulated firm.[22][23]

    In February 2021, Estonian financial watchdog Finantsinspektsioon fined Admiral Markets a sum of €32,000 for allegedly not complying its legal obligations toward providing investment services.[24][25] Consequently, the company moved to the Harju County Court, challenging the imposition of fine by Finantsinspektsioon. On April 1, 2021, The Harju County Court annulled the decision of the fine by Finantsinspektsioon.[26] On May 26, The second-tier Tallinn Circuit Court endorsed the decision of Harju County Court.[27][28]

    Footnotes
    • Williams, B. M., Gregory-Williams, J. (2004). Trading Chaos: Maximize Profits with Proven Technical Techniques. United Kingdom: Wiley. ISBN 9780471463085 [29]
    • Lownsbrough, R. (2020). Scalp the Forex Markets - Bank 50 Pips a Day. (n.p.): ISBN 9781716936937.
    • Financial Behavior: Players, Services, Products, and Markets. (2017). United States: Oxford University Press. ISBN 9780190269999. [30]

    References
    1. "Coinbase трябва да влезе в портфолиото на почти всеки инвеститор". Bloomberg (in Bulgarian). Retrieved 2021-05-17.
    2. Breznik, Ziga (2021-03-14). "Best CFD Trading Platforms UK 2021". www.publicfinanceinternational.org. Retrieved 2021-05-17.
    3. "Best Broker For Scalping: Here's How To Find It [2021]". The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com. 2021-04-03. Retrieved 2021-05-17.
    4. "Admiral Markets launches ASIC licensed office in Australia | Finance Magnates". Finance Magnates | Financial and business news. 2012-01-25. Retrieved 2021-05-11.
    5. "CySEC "Cypriot Investment Firm" - Admiral Markets Cyprus Ltd".
    6. "Admiral Markets Adds to its Board with Three New Appointments | Finance Magnates". Finance Magnates | Financial and business news. 2017-05-08. Retrieved 2021-05-17.
    7. "Admiral Markets Appoints New General Manager and Compliance Officer | Finance Magnates". Finance Magnates | Financial and business news. 2017-06-08. Retrieved 2021-05-17.
    8. "Admiral Markets UK Parts Ways with General Manager Simon Roberts | Finance Magnates". Finance Magnates | Financial and business news. 2018-07-26. Retrieved 2021-05-17.
    9. "Admiral Markets Launches Premium Analytics Portal for Clients". Finance Magnates | Financial and business news. 2019-08-22. Retrieved 2021-05-17.
    10. "Admiral Markets teams up with Trading Central, Acuity and Dow Jones Newswires".
    11. "GLOBAL BANKING & FINANCE AWARDS® – 2019 – Award Winners - Global Banking & Finance Review". www.globalbankingandfinance.com. Retrieved 2021-05-17.
    12. "ADVFN 2021 International Financial Awards". uk.advfn.com. Retrieved 2021-05-17.
    13. "Admiral Markets rebrands as Admirals". FX News Group. 2021-03-04. Retrieved 2021-05-17.
    14. "Admiral Markets are rebranding to Admirals". Admirals. Retrieved 2021-05-17.
    15. "Admiral Markets rebrands to Admirals".
    16. "Interview: Jens Chrzanowski talks about Admiral Markets rebranding and 20 year anniversary".
    17. "Admiral Markets Warns Clients of Fake AdmiralFxMarkets Website". Finance Magnates | Financial and business news. 2020-11-09. Retrieved 2021-05-17.
    18. "Admiral Markets Warns of Clone Website | Finance Magnates". Finance Magnates | Financial and business news. 2018-11-29. Retrieved 2021-05-17.
    19. "Malaysian Watchdog Warns of Admiral Markets Clone | Finance Magnates". Finance Magnates | Financial and business news. 2020-12-30. Retrieved 2021-05-17.
    20. "Admiral Markets Ltd (Clone of FCA Authorised firm)". FCA. 2017-08-02. Retrieved 2021-05-17.
    21. "Admiral Markets Warns Clients Against Fraudulent Clone Website". Admirals. Retrieved 2021-05-17.
    22. Raza, Ali (2020-03-12). "Admiral Markets Denies Allegations By Media Over Poland Exit". FXDailyReport.Com. Retrieved 2021-05-17.
    23. "Admiral Markets Denies Media Reports on Poland Exit | Finance Magnates". Finance Magnates | Financial and business news. 2020-03-11. Retrieved 2021-05-17.
    24. "ALL EYES ON ESTONIA'S REGULATOR AFTER FINING ADMIRAL MARKETS AS".
    25. ERR, BNS, ERR News | (2021-02-09). "Financial authority fines online traders Admiral Markets €32,000". ERR. Retrieved 2021-05-17.
    26. admin (2021-04-01). "Harju County Court annulled the decision of the Finantsinspektsioon (FSA) from 08.02.2021 regarding Admiral Markets AS". RIZDEX. Retrieved 2021-05-17.
    27. ERR, BNS, ERR News | (2021-05-26). "Court rejects regulator complaint over Admiral Markets fine annulment". ERR. Retrieved 2021-05-29.
    28. "The Tallinn Circuit Court rejected the appeal of the Financial Supervision Authority and agreed with the order of the Harju County Court to revoke the fine of the Financial Supervision Authority against Admiral Markets AS". uk.finance.yahoo.com. Retrieved 2021-05-29.
    29. Gregory-Williams, Justine; Williams, Bill M. (2004-02-27). Trading Chaos: Maximize Profits with Proven Technical Techniques. John Wiley & Sons. ISBN 978-0-471-46308-5.
    30. Baker, Harold Kent; Filbeck, Greg; Ricciardi, Victor (2017). Financial Behavior: Players, Services, Products, and Markets. Oxford University Press. ISBN 978-0-19-026999-9.
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