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Armada Markets Armada Forex Review

Armada Markets review and comparison

RATING: 3 / 49 REVIEWS Armada Markets
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Country: Estonia (EU)

Regulated by: Ministry of Economics (Estonia). 

Foreign exchange license no: VVT000289

Precious metals brokerage license no: KHK010800 & KJK043569

Armada Classic Account:

minimum deposit: $100

minimum lot size: 1k (micro lot)

maximum leverage: 1:500

EURUSD spread range: 0.6-1.2

 

Armada Exchange Account:

minimum deposit: $300

minimum lot size: 1k

maximum leverage: 1:500 

EURUSD typical spread: 0.2 pips

Commission: $4 per roundturn lot traded

 

Armada Execution:

STP / NDD - Armada Markets is partner of LMAX - multilateral trading facility that matches buyers to sellers, within an anonymous trading venue

 

Armada Markets Spread:

Variable spread, from 0 pip on EUR/USD 

 

Armada Deposit/Withdrawal methods

Bank Wire, Credit card,  Skrill (MoneyBookers)

 

Armada Trading Platforms:

MT4 - desktop, iPhone, Android and Smartphone versions


What we think about Armada Markets

Armada Markets is an Estonian forex broker that offers super tight spreads and extremely fast execution. We know that from first hand – we signed up for the broker's Welcome account and got a free starting capital of 15 Euro to trade with. 

 
The Welcome account is not the only way to get some free money off Armada – you can also do that by being a super-duper-good trader: every month the broker picks a trader with high profits and great money & risk management skills, and awards them with $500. If you don't get picked as “Trader of the Month”, you can always refer some friends and get $15 for every one of them who signs up. 
 
Even though you can start practically for free, Armada Markets is not targeting absolute beginners, hence the lack of an educational resources section on the site. Truth to be told, more experienced traders won't find any training wheels either – at least not on the broker's site. However, the platform that Armada offers is MT4 and there you have all the technical and fundamental analysis tools that you need, including one-click trading. 
 
Armada Markets is a true ECN broker, and it offers both positive and negative price corrections (e.g. positive and negative slippage). It is a preferred member of LMAX Exchange, and offers access to liquidity from Citi Bank, NatWest, Swedbank, etc. 
 
The one thing that is tricky about Armada Markets is its regulation. The broker is registered in Estonia – one of the countries that recently voted yes on a financial transaction tax (known also as Tobin tax), which may force the broker to widen its spreads – but until that happens, Armada remains a pretty good choice for a trading partner. 
 
Latest news about Armada Markets
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Cyprus CySEC MT4, Web $25 Review Website

Traders` reviews for Armada Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Armada Markets today announced that its September trading volume was a record 20.5 billion and it also had record net profit for H1 of 2014.
http://www.armadamarkets.com/2014/10/record-trading-volume-in-september-2014/

Suttam 10/08/2014

Scottish Independence Referendum

Citibank lowered yesterday margins on GBP pairs, so did Interactive Brokers on expectations of Scottish Independence Referendum.

Today Armada Markets alerted their clients that GBP/USD could crash as much as 500-1500 pips should the Scots vote to leave UK. Blog post here: http://armadamarkets.blogspot.com/20...te-really.html

What do you guys think about puting buy stop and sell stop orders 200 pips from current prize? The price should really move once the news will be released.

Suttam 09/18/2014

Armada Markets for professional traders

I like Armada because my EA has been able to profit more than with other brokers. I hope they become even better.

Bradley 06/06/2014

Fast and low cost

Traded with several brokers before, after testing Armada found my old strategy (15 min timeframe) suddenly becomes profitable with Armada's spread+comissions, because my trading cost is much lower here. Happy with that) Skrill withdrawals OK, did it 2 times and got within 1 hour (on fridays).

Georgi 05/22/2014

Armada Markets Discount on Commissions (Without spreads change by IB)

SAVE 5% ON THE ALREADY LOW COMMISSIONS OF ARMADA MARKETS FOR FOREX TRADES (WITHOUT ANY CHANGE IN SPREADS BY THIS IB)

I am a registered Individual Broker (IB) with Armada Markets. You can save %5 on the ALREADY LOW commissions paid for your trades by registering your account with the following link:
https://client.armadamarkets.com/ib170/

PLEASE HAVE IN MIND THAT SOME OF THE IBs INCREASE THE SPREADS TO MAKE MORE MONEY FROM YOU TRADES. I DO NOT ADD ANY SPREADS TO ARMADA MARKETS QUOTES.

If you have any question, you can send me an email to [email protected]
Thanks!
Mike

Toronto Trader 05/18/2014

My review about Armada Markets

Everything is like they advertise so far, if something change I let you now. I like competition between brokers, armadamarkets has so far best trading conditions that are suitable for me.

Joffrey Woodson 05/02/2014

Great broker

My friend recommended them. Trade execution speed is very fast and spreads + commissions are one of the lowest I have seen.

Andrew Johnson 05/02/2014

Armada Markets; Great

I have been trading with Armada Markets for about 8 months now, I have to say I am very pleased with their conditions, they have a very low spreads and fast executions. they have become my main broker, i recommend them.

Marco 05/02/2014

Slow and uneducated broker

Small and unprofessional broker based in Estonia. I dont like them because of their unprofessional nature when dealing with my questions, they are slow and responses are poor. Small eastern european brokers are known for being slow and not professional. This is another one, trading conditions are also poor.

John 03/29/2014

Good broker with good terms

Armada Markets is better than other brokers that I used in the past. I lost so much money in the past. But I will take it all back now with Armada.

Elsayed 03/22/2014

Is Myfxbook right with Armada Markets spreads

I came across Armada Markets Forex broker through myfxbook spreads comparion site and also Forexbrokerz.com reviews. Initially I was sceptical about their spreads but now trading with them 3 months and it is correct. Forex Factory seems to also be pretty objective about Armada Markets

Occasionally I get some slippage with Armada Markets but since I trade only news then the slippage figures are better than with other brokers. It is strange that I get also positive slippage with Armada which would indicate that they are really STP. Will test them more in the coming months.

Ivone Siolen 03/11/2014

Broker I like because of low spreads and fast execution

I read through some negative comments on this site and they are complete crap. I have traded with Armada Markets almost 6 months now, have done 3 withdrawals and multiple deposits and everything works well. They have no restrictions on trading as I can place take profit and stop loss orders even at the spread. Last month they gave me a 50 USD gift card to Amazon to buy trading books. Thank you Armada.

Tomi Stopler 03/10/2014

Armada Markets Review

My news trading strategy has been successful with Armada Markets. I don't trade with other brokers anymore.

Teemu 02/08/2014

Armada Markets review

I opened account with Armada Markets 6 months ago. So far I am happy with their service. Fastest way to deposit/withdraw with them is to use moneybookers. I use 2 strategies - long term and scalping with Expert Advisors.

Steve Green 11/13/2013

Armada Markets review

So far my trading systems are profitable with Armada Markets. I am using EA what opens trades when there are no big movements.That`s why I need low spreads 24h and at least so far Armada Markets can offer it.

William Snowden 11/13/2013

Armada Forex Review Scam pickpocket

trust to armada and later don't be surprised when you will not have nothing on your account

collecting money 1 year and later ????

nothing pickpocket pickpocket pickpocket pickpocket pickpocket

df 10/19/2013

Armada Markets Review

EverReady

before invest money to armada market go at this link and personally by your self will realize that what kind of risks you can meet with armada market haw he is wiped out your account


http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/28246-armadamarkets-scam-regular-execution-issues-account-wiped-out-2.html


help 10/19/2013

Armada market technical error


Quote Originally Posted by Armada Markets Representative View Post
Orders are executed at market rates and during the news releases market rates change a great number of times within a single second.

Our liquidity pool consists of 18 liquidity providers currently, so the liquidity provider that you were referring to is not our only liquidity provider.

We have already provided you the execution reports as proofs.

Trading the news is one of the riskiest strategies and during extreme news-driven market volatility slippage figures are often higher or much higher than usual. This is common knowledge among traders and one of the reasons why most traders avoid news-trading.

This is our final message on this matter and we kindly ask to consider the risks that are associated with news-trading strategy. Thank you.
Are you using VDP? """

Maybe the issue is that your anti- scalping system is too harsh? did you provide the trader the quotes history report by tick?

dfs 10/19/2013

Armada Forex Review Scam

Hi all,

Thank you for your posts on Armada. It is very helpful.

I am just about to open their Exchange Account, minimum deposit 300USD.

Spent the last 2 months reading whatever I could on brokers and it is a time consuming and confusing exercise, with still no clear answers. The search for a true ECN almost becomes a project in itself.

I eventually shortlisted LMAX, which led me to Armada. I am still learning to trade and prefer lower capital ECN account for now before I move to LMAX. I am aware of HFT Group offer.

Armada now has a long list of additional LP's so LMAX is just one of their LPs. Don't think LMAX has liquidity issues, so not sure why Armada requires additional liquidity. Can this create a market maker environment?

Although Armada's spreads are low, there are instances on myfxbook when it is 2 or 3 x LMAX's spreads. I find that strange. If orders are sent straight through to LMAX that should not be the case. Their list of additional LPs should make the spreads even tighter.

Before I open account, I would appreciate some feedback from anyone trading a live account at Armada.

Are the price and chart freezing issues in this thread still occurring?

There is a pic showing an abnormal price spike floating around, was that a once off incident, has it repeated over time?

Are you still experiencing good customer service?

I am also not sure about how their data feed works. Is it LMAX combined with all additional LP's prices that feed into the traders chart.

I would really appreciate any info, additional issues or concerns you may have to assist my decision.

Have a good day.

nino 10/19/2013

Armada Forex Review not cvalify

Hi all,

Thank you for your posts on Armada. It is very helpful.

I am just about to open their Exchange Account, minimum deposit 300USD.

Spent the last 2 months reading whatever I could on brokers and it is a time consuming and confusing exercise, with still no clear answers. The search for a true ECN almost becomes a project in itself.

I eventually shortlisted LMAX, which led me to Armada. I am still learning to trade and prefer lower capital ECN account for now before I move to LMAX. I am aware of HFT Group offer.

Armada now has a long list of additional LP's so LMAX is just one of their LPs. Don't think LMAX has liquidity issues, so not sure why Armada requires additional liquidity. Can this create a market maker environment?

Although Armada's spreads are low, there are instances on myfxbook when it is 2 or 3 x LMAX's spreads. I find that strange. If orders are sent straight through to LMAX that should not be the case. Their list of additional LPs should make the spreads even tighter.

Before I open account, I would appreciate some feedback from anyone trading a live account at Armada.

Are the price and chart freezing issues in this thread still occurring?

There is a pic showing an abnormal price spike floating around, was that a once off incident, has it repeated over time?

Are you still experiencing good customer service?

I am also not sure about how their data feed works. Is it LMAX combined with all additional LP's prices that feed into the traders chart.

I would really appreciate any info, additional issues or concerns you may have to assist my decision.

Have a good day.

MIlomer 10/19/2013

Armada market Forex play no fair game

Armada market mot returning money ,

problem with withdrawal of money

MIlomer 10/19/2013

Armada Markets Review Scam

please

everybody take attention when you have business with armada market .
There are possibility that they cannot return your money back .

you need to know when you will invest money on that brokerage company .

and don't say that nobody inform you all

beso 10/19/2013

Armada Forex Review not cvalify

Hello

I cannot understand why you cannot proceed? it are same bank account number where was send also at previous time .
please see attached files. my account numbers and bank numbers

1) today request
2) last month request
3) and my bank account number
please check it .

Best regards

From: Armada Markets Support [mailto:[email protected]]
Sent: Tuesday, September 24, 2013 11:03 AM
To:
Cc: [email protected]
Subject: Re: Armada Markets withdrawal request


Hi,
We cannot process withdrawal to this bank account number. We send money only to the same bank account number from where your initial deposit was made. This is an additional layer of security that we use to protect our clients.
Please fill a new withdrawal request and send it to us.

Best regards,

Jelizaveta
Client Support
Armada Markets
www.armadamarkets.com

Giorgi 10/19/2013

Armada Forex Review Scam

Please Help me

go on this forum and try to help return stolen money form armada market

http://www.forexfactory.com/showthread.php?t=348453&page=6

Please help me ...

fgdg 10/19/2013

armada market is Robber

http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/28246-armadamarkets-scam-regular-execution-issues-account-wiped-out.html

go here and you will see have they will stile your money

DATo 10/19/2013

Armada market play no fair game

2.3???

they need to have rank -2.3

company who is stole money ..

trust them your money and you will see

asd 10/19/2013

Armada Forex Review Scam

i never saw that brokers could be so unattractive.

i am taking all my money back .

close with armada . Finish

Malkolm 10/19/2013

Armada Markets Review

Armada Markets Scam
I have recorded all of the unfair and illegal practices of Armada Markets, so that traders know here is my summary:

no calcify brokers

they will take all your money
no taking take about trading .
if something they will blame you and will take all money
be carefully

KATE 10/19/2013

Armada Forex Review Scam

i have all prof documentations that armada is stole money form accounts.

they are not taking responsibility to return money back .

they stile all money ...

now trust them and give more money for investing

later dont said that nobody inform me :(

g 10/19/2013

Armada market play no fair game

Broker chaining condition of play haw he like .

he is not play according to roles .

i am not trusting them any more .

closing account

Paul kofler 10/19/2013

Armada Forex Review Scam

HEllP

Armada stole money from account , they are later say that it was not their fault and you are losing all Invested money .

DO NOT Trust armada

Dato Miasuradze 10/19/2013

Armada Markets Review

Armada Markets Review 1 star . Brokers don not know haw to trade.

losing money form account,

i don't trust them any more , taking all my money form their account

Malkolm smith 10/19/2013

Armada Markets Review Scam

Armada market Stole my money . take all my money from account .

1 star . there are not 0 otherwise i will put 0 . need to take out license from them .

Mike Donovan 10/19/2013

Market Maker Broker in Disguise

No professional traders should ever deal with them, they will change the prices when you make money. The dont hedge your trades but trade against you. This is a proven fact.

Steve 10/18/2013

Help Me !!!!! Armadamarkets is SCAM account wiped out

Hello, I had execution issues with Armadamarkets, they refunded once a very little amount but when it happened again with much bigger amount they refused to pay.

Armadamarkets is SCAM, account wiped out and they took all my money from account ,

Please Help me .

Giorgi Merabishvili 10/18/2013

Armadamarkets is a SCAM, changing trading conditions for some accounts: Detailed PROOFS!!!

There's a live discussion with every file attached:
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/28246-armadamarkets-scam-regular-execution-issues-account-wiped-out.html

tobeone 10/18/2013

Armadamarkets is a SCAM, changing trading conditions for some accounts: Detailed PROOFS!!!

I had regular order execution issues since the begining. When I first wrote about these issues they said it was their Liquidity Provider's error and as a problem was from their side, they have refunded me losses 2 times - a few hundreds of dollars in total.
I thought they were honest at least and I continued trading avoiding the most sensible pairs however (GBPUSD and USDJPY).
The main problem was that positions were closing in loss when price was moving towards Take Profit and/or BUYSTOP/SELLSTOP orders were opening well above/below the high/low of the day. Me and my investors had classic accounts with fixed spreads.

I was trading AUDUSD (usually a stable pair) with 10% risk per position and I lost two positions: 20% loss on investors' accounts.
So did (ALFA) investor's account with 15000 EURO balance also.
It was a relatively newly opened account compared to another (BETA) investor's account with 4343 USD Balance.
On both (ALFA and BETA) accounts there were exatcly the same pending orders with same parameters.
As I mentioned, ALFA account lost 20% of it's balance and had no slippage at all, orders were filled at avaiable market prices.
on BETA account there were huge slippages on both orders. BUYSTOP order filled 5 pips above the high of the day (BID).
Both SL triggered with 9 (BUYSTOP) and 28 (SELLSTOP) pips slippage and we're talking about the same trades
with the same broker just on DIFFERENT accounts.
BETA account's loss exceeded it's balance.

Despite Armadamarkets chat operator wrote this:
"[18:32:24] Armada Markets Support : First order gets executed first, then the second if they both have the same price."
And so did LMAX chat operator:
"(11:31:47) Balazs: The orders are always get filled at the best available price.
(11:32:04) Balazs: that mens that the first order in your example gets filled at the price.
(11:33:00) Balazs: and then the second one ( if there is not enough volumes) gets filled at the next best price available."

I think that Armadamarkets deliberately or by some kind of mistake changed trading conditions for BETA and my accounts,
because only BETA and my accounts suffered severe losses during these trades. And it's not only worse trading conditions but it's
a trade execution outside avaiable market prices and outside any rules.

Here are the orders on ALFA and BETA accounts to compare:

Metatrader A/N: 2088532598
Account owner: BETA
Order: 15414985 * (CAME FIRST!)
Lotsize: 6.52
Open Price: 0.9426 (Slippage is 16 pips compared to order below)
Stop Loss at: 0.9451 (-25 pips (9+16))
Stopped at: 0.9478 (-52 pips) (Slippage is 26 pips compared to order below) --- This price was outside avaiable market prices
Total loss is 42 pips bigger compared to order below

Metatrader A/N: 2088529284
Account owner: ALFA
Order: 15414987 *
Lotsize: 18.23
Open Price: 0.9442
Stop Loss at: 0.9451 (-9 pips)
Stopped at: 0.9452 (-10 pips) (No slippage at all)

For this to happen this way LMAX ASK price had to jump from somewhere below 0.9452 to 0.9478 (making minimum 27 pips gap) to fill first order's SL
and than jump back 26 pips at exactly 0.9452 to fill the next SL order with zero slippage.
The problem is it didn't reach nor 0.9478 and didn't came back to 0.9452 for quite some time neither as shown on LMAX ASK tick by tick chart provided by Armadamarkets.

It means that SL(set at: 0.9451) of SELLSTOP#15414987 on ALFA account triggered at 0.9452 before SL(set at: 0.9451) of SELLSTOP#15414985 (FIRST ORDER) on BETA account triggered at 0.9478 (without ASK price hitting the level).
For some reason on some accounts orders get filled on prices where there are no trading activities, abrogate trade execution order,
while at the same time other accounts trade inside market prices with same orders.

tobeone 10/18/2013

The same message on different forums. Looks like competitors are pissed off and without really knowing what to do with Armada's success started to attack them. Very unprofessional and unethical.

Kavros 10/15/2013

They are a real life bucketshop. Their management has a dark their CEO was convicted for trade fixing by US regulators and they are closely linked to another bucketshop Admiral markets. Trading with the is just as bad, I have had up to 32 pips slippage.

I also know from reliable contact that they are maketmakers taking the other side of your trade, this is also why they give bonuses and don't charge you for deposits. This is the scent all marketmarker bucketshops leave behind.

If your silly enough to fall for a deposit bonus then maybe this is the right bucketshop broker for you.

Stew 10/12/2013

Armada Markets Amazing Results

I'm trading with this Forex broker for almost 5 months now. Their spreads are the lowest in the industry, at least based on MyFXBook (http://www.myfxbook.com/forex-broker-quotes/armada-markets/1139) data.

I trade mostly news and am amazed by the small slippage I'm getting on relative terms. I am trading news with many brokers including IC Markets, Pepperone, AXI, etc but on average my slippage with Armada is much smaller which means that my profits are much bigger.

I have made couple of withdrawals so far, with Skrill, and they all are processed very fast.

Seems to be a broker I wanna stick to.

Suttam 09/25/2013

Armada Markets Review

I opened account with them in September last year.
They have a very low spreads and low slippage.
It would be nice if they would have a traders cabinet or free VPS service.
Overall decent broker I would recommend them

William Snowden 07/15/2013

Armada Markets Scam

I have recorded all of the unfair and illegal practices of Armada Markets, so that traders know here is my summary:

1. Huge Slippage

2. Platform freezes just when you want to cancel an order that is near of your price

3. Delays of up to 1 minute when you want to close a position that is in profit

4. No respect for regulation, managers been fined by the CFTC for trade fixing

5. Ongoing server crashes over big news events

6. Not a real ECN broker, making money off client losses

There is much, much more.

Csfx 06/22/2013

My second broker

Armada Markets is my second broker. I also use IG Markets. I was referred to Armada by my friend who has been trading with them almost a year. So far I like their services and trading terms.

Enri 06/20/2013

Armada Markets is great for active traders

I have traded with many brokers and Armada Markets seems to be the best so far. One of the lowest spreads in the market and very fast execution. Customer support has replied to me professionally and quickly. I wonder why other brokers don't have as good trading conditions.

Kallu 06/19/2013

Armada Markets Slippage

Armada are going downhill very quickly. I was slipped 7 pips in EURUSD the other day. I am hearing the same story from other traders, it looks like their LMAX liquidity has gone bad. Customer support is also poor, they have not responded to my compliant for 4 days.

Knock knock Estonia are you still on the map?

Elso 06/06/2013

Armada

I`m testing this broker`s demo account and it seems ok.
Graig do you have any proof that you did not get your money.I see that you have posted same review on multiple broker rating sites so I think your review is fake.
Anyway I would like to hear from people who have real account with them. Any feedback would be appreciated

Julius Morovedin 05/15/2013

Armada Markets Review

This is another classic example of another Eastern European Bucketshop. Any positive review you see are from countries other brokers wont touch like Nigeria. FPA have also busted for Posting their own fake positive reviews from Estonia.

This is the broker to use if you are silly enough to send your money to Estonia and never get it back.

I should also add that the support is pathetic they cant even speak proper English.

Craig 04/29/2013

Armada Markets discount

The HFT Group now has a website with information on Armada Markets and the discount offered.

http://www.hftgroupfx.com

Jonathan Pearce 02/08/2013

Armada Markets discount

Armada Markets are a great broker with tight ECN spreads, extremely low slippage and fast execution times from a London based vps provider. I use Beeks London with excellent results.

The HFT Group provide a 5% discount on the already low commissions on the Armada Markets Exchange ecn account.

https://client.armadamarkets.com/hft/

Existing accounts are eligible for the discount by emailing [email protected] with your current account number and a request to have it placed under the 'HFT Group' to receive the commission discount.

Jonathan Pearce 01/12/2013
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