Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOnly a near-worthless Mwali (Comoros) licence, verified on the register; the Saint Vincent and Cook Islands entries are company registrations, and it appears on the SC Malaysia alert list.
Identity & transparency
4/10 · ModerateOpenly discloses its offshore entities and is a real, staffed operation, but uses a multi-jurisdiction structure, undisclosed ownership, and does not clearly evidence segregated client funds.
Withdrawals & conduct
3/10 · LowWithdrawals generally work; complaints centre on verification delays and fees rather than withheld funds, with no systematic denial pattern found.
Reputation
4/10 · ModerateLarge, mostly positive footprint (Trustpilot 4.8 over 3,742 reviews), though the 91 percent five-star skew on a paid profile suggests some incentivised reviews.
Website claims
4/10 · ModerateHonest that it is offshore and does not fake tier-1 licences, but presents company registrations as regulation and advertises a licence whose certificate term has passed.
Operational history
6/10 · HighGenuinely long-established: the same company has traded since 2007 under earlier names, with the AMarkets brand since 2015.
Who they are
A quick desk file on the company behind the brand.
- Brand: AMarkets (formerly Adrenalin Forex, then AForex)
- Legal entities: AMarkets ltd (Comoros/Mwali, company no. HY00523405, the licensed entity), AMarkets LTD (Saint Vincent, 22567 BC 2015), AMarkets LLC (Cook Islands, LLC14486/2023)
- Registered: Comoros (Mwali) for the current licensed entity; operational roots in Moscow, Russia
- Website: amarkets.com, plus regional sites and my.amarkets.org
- Only real licence: Mwali International Services Authority (MISA), Comoros, licence T2023284
- Offers: Forex, metals, commodities, indices and CFDs on MT4, MT5 and copy trading
- Extra protection: member of the private Financial Commission, compensation fund up to EUR 20,000 per claim
- Age claim: operating since 2007 under earlier names; the AMarkets brand dates to 2015
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA), Comoros
Financial Services Commission, Cook Islands (company registration)
Financial Services Authority, Saint Vincent and the Grenadines (company registration)
The Financial Commission
Why we reached this verdict
How the evidence adds up.
We rate AMarkets high risk because it is a genuine operation with almost no real regulation behind it.
- The one real licence sits near the bottom of the scale. AMarkets holds licence T2023284 from the Mwali International Services Authority in the Comoros, which we confirmed on that authority own register against the exact website amarkets.com. Mwali is an autonomous-island registrar, not a functioning supervisor, so the licence gives clients little practical protection.
- The other two entries are not trading licences. The Saint Vincent (22567 BC 2015) and Cook Islands (LLC14486/2023) entries are company registrations. Saint Vincent regulator has repeatedly said it does not license or supervise forex.
- A regulator has flagged it. The Securities Commission Malaysia lists amarkets.com on its Investor Alert List for carrying on unlicensed capital-market activity. It is not tagged as a clone, and many mainstream brokers appear on that list for the same not-licensed-here reason, but it still means AMarkets solicits clients where it is not authorised.
- The licence term is unclear. The Mwali register still shows the licence as active, but the certificate on record ran from 29 May 2023 to 29 May 2025, so whether it was renewed is not clear from the register.
- What pulls the other way. This is not a scam and not a clone. AMarkets has traded since 2007, has thousands of largely positive reviews, generally pays withdrawals, and carries private Financial Commission cover. Those are real mitigating points, and they are why this is high risk rather than a scam verdict.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Mwali (Comoros) register lists AMarkets ltd holding licence T2023284, status Active, tied to the exact website amarkets.com, confirming a genuine but weak offshore licence and that this is not a clone.
E2The Mwali licence certificate on record shows a term from 29 May 2023 to 29 May 2025, so it is unclear from the register whether the licence has since been renewed.
E3The Securities Commission Malaysia Investor Alert List names amarkets.com for carrying on unlicensed capital-market activity; it is not tagged as a clone, and the same list carries many mainstream brokers.
E4AMarkets Saint Vincent (22567 BC 2015) and Cook Islands (LLC14486/2023) entries are company registrations rather than trading licences, and the Saint Vincent regulator does not license forex.
E5The Financial Commission confirms AMarkets as an active member since 1 September 2013 with a compensation fund of up to EUR 20,000 per claim and third-party execution auditing.
ModerateThe Financial CommissionE6AMarkets Trustpilot profile shows 3,742 reviews at 4.8 out of 5, with 91 percent five-star and 3 percent one-star; withdrawal feedback is mostly positive, though the skew on a paid profile suggests some incentivised reviews.
ModerateTrustpilotE7The domain amarkets.com was first registered in 1999, and the company has traded since 2007 (as Adrenalin Forex, then AForex, then AMarkets from 2015), evidencing a long operating history.
E8Independent reviews and forum searches surface no systematic pattern of withheld withdrawals or fund-theft complaints against AMarkets; the dominant negatives are verification delays and fees.
The other side
The strongest case in this broker’s favour.
Here is the honest case that AMarkets is safer than its offshore paperwork suggests.
- It is genuinely long-established: the same company has traded since 2007 as Adrenalin Forex, AForex and then AMarkets, on a domain first registered in 1999.
- Its Trustpilot page carries 3,742 reviews at 4.8 out of 5, and independent reviewers report that withdrawals are usually processed within about a day.
- It belongs to the Financial Commission, which gives clients an external complaints route and a compensation fund of up to EUR 20,000 per claim, and its order execution is audited by a third party.
- We found no regulator fraud action, no enforcement case, and no court judgment naming AMarkets, and it does not impersonate any regulated firm.
- The main complaints are about verification delays and withdrawal fees, which are service issues rather than signs that client money is being taken.
What would change this
What we would need to see to revise the verdict.
Our view would move up or down on any of these.
- Toward safer: AMarkets obtaining and verifying a genuine tier-1 or tier-2 licence (for example FCA, ASIC or CySEC) covering the entity that holds client funds.
- Toward safer: clear, documented segregation of client money at a named bank, independently confirmed.
- Toward riskier: a cluster of specific, dated withdrawal-refusal reports across several platforms, especially any demand for an extra payment to release funds.
- Toward riskier: a warning from a major regulator such as the FCA, ASIC, BaFin or CONSOB naming amarkets.com for fraud rather than for being unlicensed.
- Toward riskier: confirmation that the Mwali licence has lapsed and was not renewed while the site keeps advertising it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Mwali (Comoros) MISA licence verification
The Comoros register entry for AMarkets licence T2023284
Mwali authorised brokerage list
AMarkets listed as an authorised brokerage on the Comoros register
Securities Commission Malaysia Investor Alert List
AMarkets (amarkets.com) is listed as operating without SC authorisation
The Financial Commission membership
Confirms active membership and the EUR 20,000-per-claim compensation fund
AMarkets on Trustpilot
3,742 reviews at 4.8 out of 5
Frequently asked questions
Quick answers about this broker’s safety.
Is AMarkets a scam?
No, AMarkets is not a straightforward scam. It is a real broker that has operated since 2007, has thousands of largely positive reviews, and generally processes withdrawals. We rate it high risk because it has no meaningful regulation, not because we found theft of client funds.
Is AMarkets a fraud?
We found no regulator fraud action, no enforcement case, and no court judgment naming AMarkets, and it does not impersonate a regulated firm, so we have no basis to call it fraudulent. The real concern is the lack of investor protection, because its only licence comes from a near-worthless offshore registrar.
Is AMarkets regulated?
Only lightly. Its single trading licence is from the Mwali International Services Authority in the Comoros, which we confirmed on that register but which offers almost no protection. Its Saint Vincent and Cook Islands entries are company registrations, not trading licences, and it holds no tier-1 or tier-2 licence.
Can I withdraw my money from AMarkets?
Most users report that withdrawals work, usually within about a day. The most common complaint is delays during identity verification rather than outright refusals. Test with a small amount first and keep records of every request.
Is my money safe with AMarkets?
There is no government-backed safety net. If AMarkets failed or refused to pay, your only backstop would be the private Financial Commission fund, capped at EUR 20,000 per claim. Treat any deposit as money you could lose.
Who owns AMarkets and where is it based?
AMarkets began in Russia in 2007 and its operations have roots in Moscow. Its current licensed entity, AMarkets ltd, is registered in the Comoros, and the group also uses entities in Saint Vincent and the Cook Islands. Individual ownership is not publicly disclosed.
How old is AMarkets?
The company has traded since 2007, first as Adrenalin Forex, then AForex from 2010, and as AMarkets since 2015. Its main domain was first registered back in 1999. So this is a long-established operation, not a new one.
What is the MISA (Mwali) licence worth?
Very little in practical terms. Mwali is an autonomous-island registrar in the Comoros, not a functioning financial supervisor, and its licences carry no compensation scheme or real oversight. It is better than nothing but should not be mistaken for genuine regulation.
Is AMarkets a clone of another broker?
No. The Comoros register lists the licence against the exact website amarkets.com, and AMarkets does not copy the name, licence number or branding of a regulated firm. This is its own operation, not an impersonator.
What is the Financial Commission and does it protect me?
The Financial Commission is a private industry body that mediates broker disputes and runs a compensation fund of up to EUR 20,000 per claim. AMarkets has been a member since 2013. It is a useful backstop, but it is not the same as protection from a national regulator.
Why is AMarkets on the Securities Commission Malaysia alert list?
Because it offers services to Malaysians without a licence from Malaysia regulator. The list flags unlicensed operators, and AMarkets is not tagged there as a clone or a scam. Many mainstream brokers appear on the same list for the same reason.
What should I check before depositing with AMarkets?
Confirm which legal entity your account agreement names and where it is based. Make a small deposit and test a full withdrawal before committing more. Avoid bonuses that lock your funds, and remember there is no statutory protection if something goes wrong.
Does AMarkets protect against negative balances or segregate client funds?
Reviews note that clear, documented segregation of client money is not evidenced in its legal documents, so client funds may sit alongside company capital. Without a strong regulator enforcing segregation, you should not assume your balance is ring-fenced.
What we recommend
The practical takeaway from everything above.
If you are considering AMarkets, treat it as a high-risk offshore broker.
- Assume there is no government-backed protection for your deposit, and only risk money you can afford to lose.
- Start with the smallest possible amount and test a full withdrawal before adding more.
- Keep records of deposits, chats and withdrawal requests in case you need the Financial Commission complaints route.
- Be wary of bonuses that lock your funds until you trade a set volume.
- If you want real safeguards, choose a broker licensed by a tier-1 regulator instead.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 21, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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