Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOnly licence is MISA T2023284, held by a different company from the one that holds client money; MISA is not a recognised supervisor, and regulators in four countries flag AMarkets for unauthorised activity.
Identity & transparency
4/10 · ModerateNot a clone and company names are consistent, but the licence holder and the contracting company differ, owners are undisclosed and the island registries are not publicly searchable.
Withdrawals & conduct
5/10 · ModerateAbout ten specific money complaints across Trustpilot and Forex Peace Army, mostly payment-provider delays and held funds, all answered by the company; no confirmed pattern.
Reputation
6/10 · HighTrustpilot 4.8 from 3,730 reviews, many of them invited one-line praise; Forex Peace Army 3.2 out of 5; warnings from regulators in Italy, Russia, Malaysia and Ukraine.
Website claims
6/10 · HighPresents its MISA licence as supervision of an international brokerage, overstating a weak licence; its 2024 terms allow balances in blocked accounts to be written off after 30 days.
Operational history
6/10 · HighHistory verified back to 2007 through the AForex site and its 2015 redirect to amarkets.org; current companies date from 2015 and 2023.
Who they are
A quick desk file on the company behind the brand.
- Brand: AMarkets (earlier Adrenalin Forex, then AForex)
- Legal entity: AMarkets LLC, Cook Islands, registration LLC14486/2023, named in the customer agreement as the company that holds client accounts. Related companies: AMarkets ltd (Mwali, Comoros, company HY00523405), which holds the MISA licence, and AMarkets LTD (Saint Vincent and the Grenadines, 22567 BC 2015).
- Registered: T&F Chambers, Nikao, Avarua, Rarotonga, Cook Islands (contact page). Its Trustpilot profile gives P.B. 1257 Bonovo Road, Fomboni, Comoros.
- Website: amarkets.com, client area my.amarkets.org, regional sites es, pt, fr, id, ms and ua.amarkets.com, and amarketsturkey.com
- Only licence: MISA (Mwali International Services Authority) licence T2023284, issued 29 May 2023, on record to 29 May 2027, held by AMarkets ltd
- Offers: forex, metals, indices, stocks, ETFs, commodities and crypto CFDs on MT4 and MT5; Standard, ECN and Zero accounts from $100; leverage up to 1:3000; copy trading, cashback and deposit bonuses
- Not accepted: says it does not target EU, EEA, UK or US clients, and turns away visitors from the United States
- Age claim: 'since 2007' and '18 years of trust'. Supported: the Adrenalin Forex site at aforex.ru is archived from October 2007 and redirected to amarkets.org in March 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
Financial Supervisory Commission, Cook Islands (company registry)
Found by our investigation (3) — the broker does not list these on its own site
Mwali International Services Authority (MISA), Comoros
Found by us — not listed by the broker
Financial Services Authority, Saint Vincent and the Grenadines (company registry)
Found by us — not listed by the broker
The Financial Commission
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
The verdict rests on regulators' own records. Three national regulators name AMarkets' own websites for offering financial services without authorisation, a fourth has warned under its name, and its only licence gives clients almost no protection.
- Warnings that name its domains: a CONSOB blackout order published in December 2021 covers AMarkets Ltd at www.amarkets.com and my.amarkets.org. The Bank of Russia has listed A-MARKETS since 17 November 2021 as showing signs of an illegal securities market participant, naming amarkets.com, amarkets.org and amarkets.biz among more than 200 addresses, last updated 24 July 2026. Malaysia's Securities Commission lists Amarkets at www.amarkets.com for unlicensed dealing in securities (2024), and Ukraine's NSSMC warned in March 2024 that AMarkets holds no Ukrainian licence.
- The licence does not cover the company you pay: MISA licence T2023284 belongs to AMarkets ltd, a Mwali company (HY00523405). The customer agreement puts client accounts with AMarkets LLC in the Cook Islands, which appears on none of the Cook Islands Financial Supervisory Commission's licensee lists.
- MISA is not a recognised supervisor: the Central Bank of the Comoros said in June 2022, and again in December 2025, that island bodies such as MISA have no power to issue financial licences (reported by Finance Magnates). MISA's own register is not openly reachable, and its last public copies, from early 2025, print the original 29 May 2025 end date; the renewal to 29 May 2027 is confirmed on record.
- Account terms: clause 3.12 of the customer agreement (2024 version) lets the company write off all funds in an account that stays blocked for more than 30 days, returning them only at its discretion.
- Complaints are a concern but not a proven pattern: about ten specific money complaints on Trustpilot and Forex Peace Army describe withdrawals delayed through local payment providers, funds held for checks, bank freezes in India after payouts and one disputed $70,000 profit deduction. They involve different mechanisms, are spread over several years, and AMarkets answers them.
- Track record: the brand traces to Adrenalin Forex in Moscow in 2007. The current companies' exact incorporation dates are not public; their registration numbers date them to 2015 (Saint Vincent) and 2023 (Cook Islands), giving a verified track record of about 11 years.
- How the figure is built: the six scorecard dimensions average 5.4 out of 10 (54%), with regulation and identity counted twice. A regulator warning that names the broker's own website is the strongest class of evidence in our method, so the figure is raised to the 70% floor for that class. It is an assessment of risk, not a finding that client money was taken.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CONSOB, Italy's securities regulator, ordered the blackout of sites offering financial services illegally, including AMarkets Ltd at www.amarkets.com and its page my.amarkets.org (published December 2021).
E2The Bank of Russia lists A-MARKETS among companies with signs of illegal activity (an illegal professional securities market participant), added 17 November 2021 and updated 24 July 2026. The entry names www.amarkets.com, www.amarkets.org, my.amarkets.org and www.amarkets.biz among more than 200 addresses, many of them AMarkets-branded mirrors.
Hard proofBank of Russia warning listE3Securities Commission Malaysia's Investor Alert List includes Amarkets, website http://www.amarkets.com/, added in 2024, for carrying on unlicensed capital market activities of dealing in securities.
E4Ukraine's NSSMC warned on 21 March 2024 that AMarkets is likely offering financial services to Ukrainian consumers without a Ukrainian licence. The warning names the brand only; AMarkets runs a Ukrainian-language site at ua.amarkets.com.
E5MISA's licence verification page, in its January 2025 copy, shows AMarkets ltd, company number HY00523405, licence T2023284 issued 29 May 2023 with an end date of 29 May 2025 at that time, status Active, website https://www.amarkets.com/. The website matches, so this is not a clone.
E6The Central Bank of the Comoros stated in June 2022, and repeated in December 2025, that island bodies such as MISA have no authority to issue banking or financial licences.
ModerateFinance Magnates, 19 March 2026E7AMarkets' regulation page (May 2026 copy) says AMarkets LTD is registered and licensed as an international brokerage and clearing company supervised by MISA, links a MISA certificate valid until 29.05.2026, and lists the Cook Islands LLC and Saint Vincent BC as registrations. It overstates what a MISA licence provides.
E8The customer agreement (September 2024 copy) governs accounts at AMarkets LLC, registered in the Cook Islands (LLC14486/2023), not the MISA licence holder. Clause 3.12 allows the company to write off all of a client's funds if a blocked account is not cleared within 30 days.
E9The AMarkets client sign-in page names only AMarkets LLC, registered in the Cook Islands with registration number LLC14486/2023, and says AMarkets LLC and its affiliate do not target EU, EEA or UK clients.
E10The Cook Islands Financial Supervisory Commission's licensee list for money-changing and remittance businesses does not include AMarkets LLC, and its registry confirms entities only on written request.
E11The SVG Financial Services Authority states that it neither regulates nor licenses business companies or LLCs involved in forex trading or brokerage, so 22567 BC 2015 is a company registration only.
E12aforex.ru carried the Moscow broker Adrenalin Forex from October 2007 and redirected to www.amarkets.org on 4 March 2015. amarkets.com was a parked for-sale page until at least December 2014 and by August 2015 showed AMarkets LTD (22567 IBC 2015) with copyright 2007 to 2015. The 'since 2007' claim is supported.
E13Registry records: amarkets.com registered 26 August 1999 and taken over by AMarkets in 2015; amarkets.org and amarkets.biz registered 29 August 2014; amarketsturkey.com registered 27 July 2020; all use the same nameservers.
E14The Financial Commission confirms AMarkets as an active member since 1 September 2013, with clients covered by its compensation fund up to €20,000 per client.
ModerateFinancial Commission member pageE15Trustpilot shows 3,730 reviews for amarkets.com with a TrustScore of 4.8: 91% five-star and 3% one-star, with a thin middle. Many recent reviews are invited one-line praise from one-review accounts, so the score is weak evidence either way. The company replied to all negative reviews.
ModerateTrustpilotE16Trustpilot one and two-star reviews from September 2025 to September 2026 include about nine money complaints with specifics: withdrawals through local payment providers delayed or returned to the wallet (India, Tajikistan), Indian bank accounts frozen after payouts, a $50,000 deposit held for source-of-funds checks that the client says was released after a Financial Commission complaint less a $400 fee, a $500 withdrawal reported unpaid, and a claimed $70,000 profit deduction from 2022. AMarkets replied to each.
E17Forex Peace Army (June 2024 copy) rates AMarkets 3.2 out of 5 from 12 reviews, including a 2021 complaint of repeatedly declined withdrawals over bonus trading-volume terms, and carries an editorial caution about a marketing executive hired from a collapsed broker.
E18AMarkets' homepage (August 2026 copy) advertises leverage up to 1:3000, service since 2007, more than 3,000,000 clients, an APK app download and Financial Commission protection, and says AMarkets LLC and its affiliates do not target EU, EEA, UK or US clients.
E19IOSCO's I-SCAN alert database returns no warning for the earlier brand AForex.
The other side
The strongest case in this broker’s favour.
There is a fair case that AMarkets is a functioning offshore broker rather than a scheme built to take deposits.
- Its history is long and traceable: Adrenalin Forex in Moscow from 2007, then AForex, and AMarkets since 2015, with Financial Commission membership active since 1 September 2013.
- It is not a clone. MISA's register listed AMarkets ltd with amarkets.com as its website, and the same company names appear on its site and in its client agreement.
- None of the regulator warnings says clients lost money. They say AMarkets served residents without a local licence, a step many offshore brokers take.
- Most reviewers describe working deposits and withdrawals, and AMarkets answers negative reviews, usually blaming payment providers or pending verification. One client who complained to the Financial Commission reports getting the funds back.
- Clients have a free complaints route through the Financial Commission and its compensation fund of up to €20,000 per client, and AMarkets says it publishes monthly execution audits by Verify My Trade.
What would change this
What we would need to see to revise the verdict.
The verdict would improve if AMarkets came under real supervision, and would worsen if clients were shown to be unable to get their money out.
- A licence for AMarkets LLC, the company that holds client accounts, from a recognised regulator such as CySEC, the FCA or ASIC, or at minimum the FSA Seychelles or FSC Mauritius.
- Removal from the CONSOB, Bank of Russia, Securities Commission Malaysia and NSSMC lists, or a regulator statement that a listing was made in error.
- MISA's own register openly showing the current licence term, plus audited accounts or proof that client money is held separately.
- Removal of the clause that lets balances be written off after a 30-day account block.
- In the other direction: a cluster of refused withdrawals in one period, any demand for a fee or tax before funds are released, or a lapse of the MISA licence would push the rating higher.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Bank of Russia warning list: A-MARKETS
Russian central bank entry naming amarkets.com, amarkets.org and mirror sites
CONSOB blackout order (IOSCO I-SCAN)
Italian regulator order covering www.amarkets.com and my.amarkets.org
Securities Commission Malaysia Investor Alert List
Search Amarkets: listed in 2024 for unlicensed dealing in securities
NSSMC Ukraine warning (IOSCO I-SCAN)
Ukrainian regulator warning on AMarkets as an unlicensed entity
Financial Commission member page
Confirms membership since 2013 and the free complaints route
Trustpilot reviews of amarkets.com
Client reviews, including one and two-star complaints
Cook Islands FSC registry
Registrar of Cook Islands LLCs; confirms entities on written request
Frequently asked questions
Quick answers about this broker’s safety.
Is AMarkets a scam?
We rate AMarkets a likely scam with a 70% risk score, mainly because regulators in Italy, Russia and Malaysia name its websites for offering financial services without authorisation, and Ukraine's regulator has also warned against it. It is a real broker with roots in 2007, not a clone. The core risk is that you would be trading with an offshore company that almost no regulator supervises.
Is AMarkets a fraud?
We found no regulator, enforcement or court record that accuses AMarkets of fraud. The warnings against it concern serving residents without a licence in those countries. That is a serious legal and practical risk, but it is not a finding that client money was stolen.
Is AMarkets regulated?
Not by any recognised regulator. Its only licence is MISA licence T2023284 from the island of Mwali in the Comoros, held by AMarkets ltd and on record to 29 May 2027. The company that holds client accounts, AMarkets LLC in the Cook Islands, has no financial licence.
What is MISA and what is its licence worth?
MISA is the Mwali International Services Authority, the company registrar of an autonomous island in the Comoros. It runs no compensation scheme or meaningful supervision, and the Central Bank of the Comoros says island bodies have no power to issue financial licences. Treat a MISA licence as a sign that a broker wants to look regulated, not as protection.
Which company holds my money at AMarkets?
The customer agreement names AMarkets LLC, registered in the Cook Islands under number LLC14486/2023, and its contact page gives an address at T&F Chambers, Nikao, Avarua, Rarotonga. The MISA licence belongs to a different company, AMarkets ltd, and a third company, AMarkets LTD, is registered in Saint Vincent and the Grenadines.
Can I withdraw my money from AMarkets?
Many reviewers report normal withdrawals. Others describe withdrawals delayed by local payment providers, funds held for source-of-funds checks, and Indian bank accounts frozen after payouts through local agents. Test a small withdrawal before you deposit more, and withdraw by the same method you used to deposit.
Is my money safe with AMarkets?
No government compensation scheme protects it. The Financial Commission, a private dispute body, offers a compensation fund of up to €20,000 per client. The customer agreement also lets AMarkets write off the balance of an account that stays blocked for 30 days, so keep your documents up to date.
How long has AMarkets been operating?
The business began in Moscow in 2007 as Adrenalin Forex, later traded as AForex, and became AMarkets in 2015, when aforex.ru started redirecting to amarkets.org. Its Saint Vincent company dates from 2015 and its Cook Islands company from 2023, and it has been a Financial Commission member since 1 September 2013.
Is AMarkets a clone?
No. MISA's register listed AMarkets ltd with amarkets.com as its website, and the same company names appear on its site and in its client agreement. Many look-alike addresses use the AMarkets name, so reach the broker only through amarkets.com and my.amarkets.org.
Why is AMarkets on regulators' warning lists?
Each regulator says AMarkets offered services to its residents without the required licence. CONSOB ordered Italian access to www.amarkets.com and my.amarkets.org blocked, the Bank of Russia lists it as showing signs of an illegal securities market participant, Malaysia's Securities Commission cites unlicensed dealing in securities, and Ukraine's NSSMC says it holds no Ukrainian licence.
Can I use AMarkets from the EU, UK or US?
AMarkets says it does not target EU, EEA, UK or US clients, and its website turns away visitors from the United States. Italy's CONSOB has ordered its site blocked. If you live in these regions, use a broker licensed where you live.
What should I check before depositing with AMarkets?
Check your national regulator's warning list, read the customer agreement including clause 3.12, and note that your contract is with AMarkets LLC in the Cook Islands. Start with a small deposit, test a withdrawal, and skip bonus and cashback offers that come with trading conditions.
What should I do if AMarkets will not release my funds?
Write to support@amarkets.com with your account number and keep copies of every message and payment record. If that fails, file a free complaint with the Financial Commission and report the case to your own country's financial regulator. Never pay anyone who promises to recover your money for an upfront fee.
What is the Financial Commission?
It is a private dispute resolution body headquartered in Hong Kong, not a government regulator. AMarkets has been a member since 1 September 2013, which gives clients a free complaints route and access to a compensation fund of up to €20,000 per client.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 21, 2026
Since the last scan, MISA licence T2023284 is on record as running to 29 May 2027, where the last scan showed a term ending 29 May 2025. AMarkets LLC (Cook Islands, LLC14486/2023) is identified as the company that holds client accounts, and it is the only entity named on the client sign-in page. The Cook Islands and Saint Vincent company registrations rest on certificates AMarkets publishes, as the Cook Islands registry confirms entities only on written request. Official Telegram, Facebook, Instagram, LinkedIn and YouTube profiles are now listed.
- November 4, 2026CurrentLikely scam70% risk
- September 21, 2026High risk (unverified)44% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
If you are considering AMarkets, treat it as an unlicensed offshore broker and limit what you put in.
- Check your own country's regulator first. If you live in Italy, Russia, Malaysia or Ukraine, regulators there have warned against it and you would have no local protection.
- Do not rely on the MISA licence. Your contract is with AMarkets LLC in the Cook Islands, which no financial regulator supervises.
- Start small and test a withdrawal before adding funds. Withdraw by the same method you used to deposit, and finish identity checks before you trade.
- Read clause 3.12 of the customer agreement and keep your documents current, because a blocked account can lead to the balance being written off after 30 days.
- Avoid bonuses, cashback schemes and high leverage. At up to 1:3000, a small price move can wipe out an account.
- Keep records of deposits, withdrawal requests, chats and emails. If funds are held, complain in writing, then file with the Financial Commission and your national regulator.
- Ignore anyone who offers to recover lost money for an upfront fee.
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 November 4, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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