Andromeda Markets

Andromeda Markets is a retail forex and CFD broker that was established in November 2023. The company is registered in Jordan, with its registered address at Jawharat Al Rabieh Complex, Kabul Street, 11118, Amman, Jordan. According to the broker's own description, it also maintains a presence in Mauritius, though the regulatory status there remains unclear.

Andromeda Markets positions itself as a provider of online trading services, offering access to forex, commodities, indices, and share CFDs. The broker promotes the popular MetaTrader 5 (MT5) platform as its primary trading interface, alongside features such as no swap fees and high leverage of up to 1:400. Three account types are available to cater to different trader preferences.

Andromeda Markets claims to have been founded in January 2023, according to its corporate description, though official records show a registration date of 2 November 2023. The company is headquartered in Jordan, with its registered office located in the Jawharat Al Rabieh Complex on Kabul Street in Amman. There is also mention of a Mauritius connection, but no specific Mauritian registration or licence has been confirmed.

The broker's exact legal structure is not fully transparent, and it does not appear to be part of any publicly listed group. The company's website, andromedamarkets.com, serves as the primary channel for client acquisition and service delivery. Given its recent establishment, Andromeda Markets has limited operational history, which may be a consideration for traders evaluating its long-term reliability.

One of the most critical aspects of any broker assessment is its regulatory status. In the case of Andromeda Markets, our records indicate that the broker holds no licences from any recognised financial regulator. The company operates from Jordan, which is not typically considered a major regulatory jurisdiction for forex brokers. The absence of oversight from bodies such as the FCA, CySEC, or ASIC means that client funds are not protected by compensation schemes or strict conduct rules.

We cross-checked the licence against public registers and found no evidence of authorisation from any regulatory authority. This lack of regulation raises significant concerns about the safety of client funds and the fairness of trading conditions. Traders considering Andromeda Markets should be aware that they are trading with an unregulated entity, which carries heightened counterparty risk. In the event of a dispute or financial difficulty, clients may have limited recourse.

Andromeda Markets offers the MetaTrader 5 (MT5) platform, which is a widely used trading platform in the forex industry. MT5 provides advanced charting tools, multiple timeframes, and support for automated trading via Expert Advisors (EAs). The platform is available for desktop, web, and mobile devices, allowing traders to access their accounts from various devices.

According to the broker's marketing, MT5 is favoured for its speed and flexibility. However, we note that the broker does not mention offering the older MetaTrader 4 (MT4) platform, which some traders may prefer. The choice of platform is standard for the industry, and the broker does not appear to offer any proprietary trading software or additional tools beyond what MT5 provides by default.

Andromeda Markets claims to offer three different account types, though specific details about each account are not fully disclosed in the known facts. The accounts are likely tailored to different levels of trading experience and capital availability. One notable feature mentioned is the absence of swap fees, which may appeal to traders who hold positions overnight, particularly those following Islamic (swap-free) trading principles.

The broker also advertises a high maximum leverage of 1:400, which allows traders to control large positions with relatively small capital. However, high leverage amplifies both potential profits and losses. The minimum deposit requirements are said to be high for certain account types, which could be a barrier for retail traders with limited funds. Additionally, the stop-out level is described as relatively high, meaning positions may be closed earlier if margin levels drop, increasing the risk of forced exits.

Andromeda Markets provides trading in forex, commodities, indices, and share CFDs. This product range covers the most commonly traded asset classes in the CFD industry. Forex trading likely includes major, minor, and exotic currency pairs.

Commodities may cover precious metals like gold and silver, energy products such as oil and natural gas, and agricultural products. Indices include global benchmarks like the S&P 500, FTSE 100, and others. Share CFDs allow trading on the price movements of individual stocks without owning the underlying asset.

The broker does not specify the number of instruments available or the liquidity providers it uses. As an unregulated broker, the pricing and execution quality are not independently verifiable. Traders should be cautious about the spreads and commissions, as these may be less competitive compared to regulated brokers.

Andromeda Markets is a newly established broker with a limited track record and no regulatory oversight. While it offers standard trading services through MT5 and a range of instruments, the absence of regulation is a major red flag. The company's registration in Jordan, a jurisdiction with minimal oversight, further compounds the risk. Traders are advised to exercise extreme caution and consider whether the potential benefits outweigh the significant risks of trading with an unregulated entity.

FXCanary's risk assessment assigns a score of 49 out of 100, categorising the broker as 'Guarded'. This reflects the substantial uncertainties and risks inherent in dealing with an unregulated broker. We recommend that only experienced traders who fully understand the risks consider opening an account with Andromeda Markets, and even then, only with capital they can afford to lose.