Ultima Markets Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- MT4
- WebTrader
- SVGFSA
- 2021
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- MT4
- WebTrader
- SVGFSA
- 2021
Our Evaluation of Ultima Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Ultima Markets is a broker with higher-than-average risk and the TU Overall Score of 3.06 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Ultima Markets clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Ultima Markets offers generally favorable collaboration conditions. This broker boasts narrow spreads and reasonable trading fees while providing a sufficient range of assets to enable traders to diversify their trading styles and methods. The high-leverage option enhances profit potential. However, educational resources are basic and text-based, and there are few specialized tools or current analytics. The main drawback is the lack of transparency regarding certain fees. Nonetheless, new clients can start with a free demo account and receive attractive bonuses on user accounts. Additionally, the platform offers two types of partnership programs: IB and CPA (Cost per Action).
Brief Look at Ultima Markets
Ultima Markets is a Forex and CFD broker offering a pool of over 250 trading instruments, including currency pairs, precious metals, energy and other commodities, indices, cryptocurrencies, and stock contracts. It provides a free demo account for platform exploration and practice, along with three live account types: Standard, ECN, and ECN Pro. Spreads start from 1 pip on the Standard account and 0 pips on ECN accounts. There is no commission on Standard accounts, while on other accounts, it is $5 or $3 per full lot. This broker offers flexible leverage up to 1:2,000. Ultima Markets claims that all trades are routed through the Equinix NY4 data center, ensuring execution speeds as fast as 20 milliseconds.
- No minimum deposit required for the demo account, with live accounts starting from $50;
- A diverse asset pool spanning seven different groups, allows clients flexibility in trading strategies;
- Three types of live accounts for highly customized options;
- Low spreads starting from 0 pips and reasonable commissions minimize trading costs;
- Accessibility across various devices, including desktops, tablets, and smartphones;
- Basic educational materials, an economic calendar, and a trading calculator facilitate market interaction;
- Round-the-clock technical support via call center, email, and live chat, including weekends.
- The absence of traditional passive income options like copy trading and MAM and PAMM accounts;
- Limited transparency, as this company does not address withdrawal fees;
- Restrictions on residents of certain countries, including China, Romania, Singapore, Malaysia, Iran, and others.
TU Expert Advice
Financial expert and analyst at Traders Union
This broker has been in the market for several years, but many experts note a lack of transparency. You won't find any registration and regulation information on the website. However, registered users have access to this information. This broker is officially registered in Saint Vincent and the Grenadines, and the FSA regulates its activities.
Ultima Markets may not offer outstanding conditions, but in many aspects, this company can compete with the top players in the industry. For instance, it offers spreads on ECN accounts directly from liquidity providers without additional markups, starting at 0 pips. On Standard accounts, the spreads are also quite low, and there's no trading fee. On other accounts, it's within the range of $3-5, which is quite advantageous.
In total, this broker offers more than 250 assets. This is an impressive number, especially considering that assets are divided into seven groups, which are currency pairs, precious metals, energy and other commodities, indices, cryptocurrencies, and CFDs on stocks. The leverage varies depending on the chosen asset, with the highest leverage available for currency pairs at 1:2,000. Few companies provide such substantial leverage, which significantly increases risks along with profit potential.
There is a free demo account, but that's hardly surprising. However, the low starting deposit of just $50 on a Standard account is a competitive advantage. The presence of two partner programs, IB and CPA, is also noteworthy. Both programs offer attractive benefits. With CPA, you can earn up to $1,200 for each referred client. Unfortunately, copy trading and MAM and PAMM accounts are not available. Additionally, the platform lacks news and analytics, and there are very few tools for independent analysis, forecasting, and process automation.
Like any other broker, Ultima Markets has its pros and cons. However, in this case, the drawbacks are not critical. Therefore, after considering the cumulative factors, the platform can be recommended for exploration.
- You appreciate low spreads starting from 0 pips and reasonable commissions that help minimize trading costs, allowing for more cost-effective trading.
- You are looking for a diverse asset pool spanning seven different groups. This diversity provides clients with flexibility in trading strategies by offering a wide range of tradable instruments.
- Limited transparency is a concern for you. Ultima Markets does not address withdrawal fees, and if transparency on fees is crucial for your decision-making, the lack of information on withdrawal fees may pose a drawback.
- You are a resident of certain countries with restrictions. Ultima Markets imposes restrictions on residents of specific countries, including China, Romania, Singapore, Malaysia, Iran, and others.
Ultima Markets Summary
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. Ultima Markets Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MT4, WebTrader |
|---|---|
| 📊 Accounts: | Demo, Standard, ECN, ECN Pro |
| 💰 Account currency: | USD, GBP, CAD, AUD, EUR, SGD, NZD, HKD, JPY |
| 💵 Replenishment / Withdrawal: | Bank transfers, bank cards, electronic payment systems, cryptocurrency wallets |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:2000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0 pips |
| 🔧 Instruments: | Currency pairs, precious metals, energy resources, commodities, indices, cryptocurrencies, CFDs on stocks |
| 💹 Margin Call / Stop Out: | N/A |
| 🏛 Liquidity provider: | N/A |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market |
| ⭐ Trading features: |
Free demo account and three user accounts, low entry threshold and tight spreads, reasonable commissions, two broker platforms and a mobile app, multiple funding and withdrawal options |
| 🎁 Contests and bonuses: | Yes, including the rebates from Traders Union |
Usually, when a broker provides various live accounts, they vary not just in trading terms but also in the minimum deposit needed. Ultima Markets adheres to this concept. So, for a Standard account, a minimum of $50 is mandatory, while for ECN and ECN Pro accounts, you must deposit at least $500 and $20,000, respectively. Leverage, on the other hand, is adaptable, allowing the trader to select their preferred level. Nevertheless, it's important to note that leverage differs depending on the asset type. The highest trading leverage is typically offered for currency pairs, reaching up to 1:2,000. This broker's technical support boasts two clear advantages: it's available 24/7, and you can reach out to their staff via phone, email, or live chat.
Ultima Markets Key Parameters Evaluation
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Trading Account Opening
To initiate collaboration with Ultima Markets, register on their official website and complete the verification process. Following that, you can open a user account, fund it, download the trading platform, and begin making trades. TU experts have compiled the below step-by-step guide on the registration process to assist you. Additionally, the TU team will provide a brief overview of additional features in the user account.
Visit this broker's website. Choose your preferred language from the top of the screen. In the upper right corner, click the "Register" button.
Enter your first and last name. Select your country of residence. Provide your phone number and email address. Choose the account type — individual or corporate. Click "Open a user account”.
For the initial registration step, input additional details such as your salutation, birthdate, birthplace, and nationality. Choose a document from the provided list for identity verification and enter its number. If you possess dual citizenship, mark the appropriate checkbox. Proceed by clicking “Next”.
Specify your residence and complete address. Check the corresponding option if you are a U.S. citizen. Click “Next".
Answer a few questions about your financial capabilities and trading experience. This broker requires these answers for statistical purposes, and they will not affect anything. Click “Next".
Select the trading platform (only MT4) and the account type — standard or ECN. Then specify the account currency, which is available in USD, GBP, CAD, AUD, EUR, SGD, NZD, HKD, and JPY. Agree to the terms of cooperation by checking the box at the bottom. Click “Next".
Upload scans/photos of the documents confirming your identity and residency. Pay attention to the comments. Click “Next".
Wait for the verification process to complete. Once specialists confirm the authenticity of the documents you provided, you will receive a notification by email, and you will be able to access all the platform's functions.
Click "Deposit funds now". Choose the deposit method. Please note that deposit methods may vary depending on your region. Then, follow the on-screen instructions.
Visit the "Downloads" section, where you can download the suitable version of the trading platform and install it on your device. For convenient account management, you also have the option to download this broker's mobile application. Once you've done this, launch the trading platform, input your registration details, and begin trading.
Functions of the Ultima Markets user account:
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Home Page. This section allows traders to access summarized information regarding their active accounts and ongoing trades;
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Accounts. Within this segment, users can initiate or terminate both user and demo accounts;
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Funds. In this area, traders can conduct financial transactions, including deposits, withdrawals, and internal transfers;
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Profile. This block is dedicated to personal information updates and security settings;
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Downloads. Traders are provided with the option to download the MT4 trading platform and this broker's proprietary mobile application.
Regulation and safety
A broker must be officially registered as a financial institution, which confirms the legality of its actions. Furthermore, being regulated by an official monitoring agency ensures clients that the platform is transparent and reliable. That also provides clients the ability to seek protection from a competent and independent organization in the event of a dispute. Ultima Markets is registered in St. Vincent and the Grenadines and is regulated there. While the FSA is an offshore regulator, it is considered quite authoritative. Potential traders can be confident in the safety of their funds and personal data, as this broker guarantees the fulfillment of its obligations to clients.
Advantages
- This broker has been in the market for a long time and has many clients
- There is an official registration and regulation
- Contact Traders Union’s legal department for a consultation and representation. It protects its members’ rights without charge.
Disadvantages
- Regional financial authorities located outside St. Vincent and the Grenadines will not assist traders
Commissions and fees
With Ultima Markets, each type of live account has its distinct parameters. On the Standard account, there is a standard spread that starts at 1 pip, and no fee is applied. On the ECN account, a raw spread commences from 0 pips, but there is a $5 commission per full lot. ECN Pro also offers a spread starting from 0 pips, with a reduced fee of $3 per lot. In essence, all Ultima Markets accounts can be considered advantageous concerning the main expenses; the distinction lies in how these expenses are structured. It is also crucial to consider the minimum deposit, as there are no discrepancies in other indicators.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | From $10 | Yes |
| ECN | From $0 | Yes |
| ECN Pro | From $0 | Yes |
When it comes to withdrawal charges, Ultima Markets does not offer clear information. User feedback suggests that these fees do exist and can vary based on the withdrawal method and region. This implies that withdrawing funds through PayPal in a European country might incur different costs compared to withdrawing to a bank card in Asia. Traders should also take into account additional fees charged by intermediaries involved in the transaction, such as banks and electronic transfer systems. This broker has no control over these additional fees.
The table below presents the average trading fees for Ultima Markets and two other platforms, providing a straightforward comparison of the cost advantages of working with this broker.
| Broker | Average commission | Level |
|---|---|---|
|
$3.3 | |
|
$1 | |
|
$8.5 |
Account types
Typically, when a broker provides various account types, traders need to take time to select the one that suits them best. In the case of Ultima Markets, the Standard account is the most versatile option. It comes with no trading fee, and the variable spread starts from 1 pip. To open a Standard account, you only need $50. For the ECN account, a $500 deposit is required, offering raw spreads starting from 0 pips but with a fee of $5 per full lot, which is in line with industry standards. The ECN Pro account offers a lower fee of $3 per lot and also has raw spreads starting from 0 pips, but it necessitates a substantial initial deposit of $20,000. Therefore, when choosing an account, traders should consider their preferred trading strategies, goals, and financial capacity.
Account types:
For traders new to this broker, it is advisable to begin with a demo account. This allows for an exploration of the platform's capabilities and the refinement of trading strategies without any financial risks. Afterward, users can opt for one of the live accounts, deposit funds, and engage in full-fledged trading.
Deposit and Withdrawal
When a trader uses a demo account, they work with virtual currency and cannot generate real profits or conduct withdrawals;
Upon transitioning to a live account, this broker's client engages in full-fledged trading, potentially allowing them to top up their account balance with successful trades;
Traders have the flexibility to withdraw their earnings, either in full or partially, at any time, and these withdrawals can be processed through the user account on the website;
Additionally, the Ultima Markets mobile application offers the option to withdraw funds;
Withdrawal methods encompass bank transfers, card transactions, electronic payment systems, and cryptocurrency wallets, with a specific list of options or restrictions depending on the region;
This broker charges withdrawal fees, with all associated fees clearly communicated at the time of the request and submission and before the actual withdrawal from the platform.
Investment Options
Some brokers offer their clients additional ways to earn money. While traders primarily come to brokerage platforms to trade independently, cryptocurrency staking or dividend stocks might interest some. Traditional options today include copy trading services and joint accounts. However, partner programs like IB and CPA are equally popular and are the partnership types offered by Ultima Markets.
IB
The task of a trader acting as an Introducing Broker is to attract new clients to the platform using ready-made marketing materials provided by Ultima Markets. This broker pays fees for each user who registers, makes a deposit, and starts trading. The advantage of the IB partnership is that the referral status is indefinite, meaning the invited trader generates income for the one who invited them for as long as they trade on the platform. The number of referrals is unlimited.
CPA
While the main goal is the same as with the IB program, the mechanisms differ. In other words, an individual or legal entity partner of the platform invites new clients to this broker and, in return, receives bonus payments. This is the optimal option for socially active users who have a website, a popular blog, or a well-established profile on a social network. For a single CPA referral, a partner can earn up to $1,200. This is more than in the IB program, but it also comes with higher requirements for partners.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Customer support
Can you deposit funds from a Visa card while in Europe? What are the withdrawal costs for a U.S. resident with a bank account? Are there any trading restrictions? Traders often have various inquiries. Sometimes, they encounter genuine issues or unique situations, but more frequently, it's a simple misunderstanding stemming from a lack of transparency on the platform and minimal information regarding the terms of collaboration. In any event, users often reach out to technical support. Their ongoing relationship with the broker hinges on receiving prompt solutions to their queries. However, if technical support is slow to respond or lacks competence, traders might grow disheartened and consider switching to a competitor. To prevent this, Ultima Markets provides three communication channels, which are phone, email, and live chat. All are operational around the clock, seven days a week.
Advantages
- Three contact options are available: phone, live chat, and email
- Managers are available 24/7
- Technical support is competent and responds quickly
Disadvantages
- During peak hours, the call center is often overloaded
Are you currently engaged with Ultima Markets or contemplating becoming its client? Regardless of your status, if you encounter a problem or have a question, don't hesitate to contact technical support. It's accessible even for those who haven't yet registered. Here are the available contact channels:
Call center;
Email;
Live chat on their website and in the user account.
Additionally, there's a chat feature in the mobile app. This broker maintains a presence on various social platforms, including LinkedIn, Facebook, X (formerly Twitter), and Instagram. You can also reach out to their technical support managers through these channels. Following this company's profiles is advisable to be apprised of their notifications.
Contacts
| Foundation date | 2021 |
|---|---|
| Registration address | 1st Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines |
| Regulation | SVGFSA |
| Official site | https://www.ultimarkets.com/ |
| Contacts |
+1 784 485 6124
|
Education
Achieving success in trading requires a balance between consistent practice and solid theoretical knowledge. Seasoned traders understand this principle and, as a result, they continually engage with e-books and participate in expert-led webinars. Furthermore, every trader begins their journey somewhere, and some users approach brokers without any prior trading experience. Hence, certain platforms provide basic or advanced training, including comprehensive educational courses. Ultima Markets recognizes that most new clients already possess some familiarity with financial markets. For beginners, it offers fundamental trading knowledge in the form of a series of concise articles.
If a broker's client has no prior knowledge of trading, the "Introduction to Forex" section helps them gain a general understanding and basic skills. However, for those with even a little prior trading experience, the platform may not offer anything valuable.
Comparison of Ultima Markets with other Brokers
| Ultima Markets | RoboForex | Exness | TeleTrade | IC Markets | XM Group | |
| Trading platform |
MT4, WebTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, cTrader, MT5, TradingView | MT4, MT5, MobileTrading, XM App |
| Min deposit | $50 | $10 | $10 | $10 | $200 | $5 |
| Leverage |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 1 point | From 0.8 points | From 0 points | From 0.6 points |
| Level of margin call / stop out |
No | 60% / 40% | 60% / No | 70% / 20% | 100% / 50% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed review of Ultima Markets
As Ultima Markets uses the Equinix NY4 data center, it's unlikely to encounter performance issues or execution speed reductions due to technical reasons. Furthermore, the platform employs a microservices architecture, providing it with flexibility and stability. This broker has its infrastructure for its IB and CPA services, which have been supported for many years and are continually modernized. Its advanced security system goes beyond SSL certificates. Ultima Markets is known for keeping its funds separate from user funds. Overall, Ultima Markets meets all the criteria of a modern brokerage company.
Ultima Markets by the numbers:
$50 is the minimum deposit;
Raw spreads start from 0 pips;
Commission on the ECN Pro account is $3 per lot;
1:2,000 is the maximum leverage;
250+ financial instruments.
Ultima Markets is a Forex and CFD broker with favorable trading conditions
For a trader, it's essential that a platform can provide them with as many assets as possible, and of varying types. This allows for the creation of a diversified investment portfolio, thereby reducing primary risks. Additionally, the greater the number of assets, the wider a trader's strategic opportunities. Ultima Markets excels in asset choices, offering currency pairs, precious metals, energy resources, commodities, indices, cryptocurrencies, and stock contracts, totaling more than 250 trading instruments. Another crucial aspect is leverage, which traders can select for themselves. With increased leverage comes not only more significant risk but also the potential for higher profits. In this case, the maximum leverage is 1:2,000, a rare find in the industry. Finally, traders can work through the MT4 and WebTrader platforms, making trading accessible from both desktop and mobile devices. This broker also provides a proprietary mobile app for complete account control.
Useful functions of Ultima Markets:
Ultima Markets App. This broker's proprietary mobile app enables users to open and close accounts, deposit and withdraw funds, and track earnings from partner programs. However, trading within the app is not available;
IB and CPA partnership programs. Every client of this company, whether an individual or a legal entity, can obtain an additional income source. No capital investment is required; only high online activity is necessary, with regular payouts;
Economic calendar and calculator. Basic tools for fundamental analysis and the automation of trade-related routines are available on this broker's website and in the user account.
Advantages:
To initiate collaboration with this broker, a mere $50 deposit is sufficient for a user account; a demo account is opened for free;
Raw spreads start from 0 pips and a regular spread from 1 pip; the $5 and $3 fees on ECN and ECN Pro accounts are average or even more favorable than average in the market;
The availability of 250 assets across 7 groups allows for the creation of diversified portfolios and the utilization of a wide range of strategic decisions;
This broker does not restrict its clients’ trading methods. They can scalp, hedge, trade on news events, and use trading advisors;
Various deposit and withdrawal options, including bank accounts and cards, electronic transfer systems, and cryptocurrency wallets, are accessible.
User Satisfaction i