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Written by Angelo Martins
Edited by David Johnson
Fact checked by Evelina Laurinaityte
Human moderated by Jason Peterson
Last updated September, 2024

Ultima Markets Review (Updated for 2024)

We tested Ultima Markets using real-money live accounts. Our reviews are unbiased and driven purely by data collected from live account testing, regulatory data, and feedback from actual customers. No fees were charged for the review, and we maintain editorial independence in our evaluations. Learn more on our About Us page.

Ultima Markets Overall rating

4.1
Ranked 67 out of 827 (Forex Brokers)
Overall rating is derived from an aggregate of ratings in multiple categories.
Rating Weight
User Rating 3
Popularity
3.5
3
Regulation
5.0
2
Pricing rating
4.4
1
Features
Not rated
1
Customer Support
Not rated
1

Pros

  • Solid popularity with a rating of 3.5 out of 5
  • Offers a broad range of tradable instruments including Forex, commodities, indices, and crypto CFDs
  • Access to MT4 platform for Desktop, Web, and Mobile
  • High leverage options up to 1:2000 for clients under Mauritius regulation

Cons

  • Limited user reviews available
  • Not licensed as a bank, and no public disclosure of financial statements
  • Leverage limits depending on regulatory jurisdiction
* As of September 5, 2024

Trustworthiness & Regulation

* As of September 5, 2024

Founded in 2016, Ultima Markets operates under the Mauritius Financial Services Commission (MU FSC) and Cyprus Securities and Exchange Commission (CY CySEC), providing clients with regulatory oversight. It ranks 67th out of 815 brokers, further solidifying its reputation in the market.

Deposit Insurance

Ultima Markets offers deposit compensation under CySEC regulation, ensuring protection for traders’ funds up to a certain limit in case of insolvency. Unfortunately, this protection is not available under the MU FSC regulation, although client funds remain segregated from company capital.

Ultima Markets Profile

Company Name Ultima Markets Ltd
Categories Forex Brokers, Forex Rebates, Cryptocurrency Rebates
Primary Category Forex Brokers
Year Founded 2016
Headquarters Cyprus
Office Locations Australia, Cyprus, Mauritius, Malaysia, Singapore, Taiwan
Account Currency AUD, CAD, EUR, GBP, JPY, NZD, SGD, USD, HKD
Support Languages Arabic, Chinese, English, French, German, Indonesian, Italian, Japanese, Malay, Spanish, Thai, Vietnamese, Chinese (Traditional)
Funding Methods Bank Wire, Bitcoin, China Union Pay, Credit Card, Alipay, Tether (USDT)
Financial Instruments Futures, Forex, Indices, Bonds, Oil/Energies, Cryptocurrencies, Metals, ETFs, Soft Commodities (coffee, sugar...)
Prohibited Countries Afghanistan, Albania, American Samoa, Australia, Bosnia and Herzegovina, Burundi, Bermuda, Belarus, Central African Republic, Congo, Ivory Coast, Cuba, Cyprus, Eritrea, Guam, Guinea Bissau, Haiti, Iraq, Iran, North Korea, Lebanon, Macedonia, Mali, Puerto Rico, Russia, Sudan, Singapore, Sierra Leone, Somalia, Syria, United States, Virgin Islands, U.s., Yemen, Yugoslavia, Zimbabwe, Montenegro
24 hour support
Segregated Accounts
Islamic Accounts
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo
Trading API
Cent accounts
Negative balance protection
Social trading
Regulatory deposit insurance
Trailing stops
Bonuses
Interest on margin
Fixed spread
Variable spread

Promotions

* As of September 5, 2024

Ultima Markets offers a variety of promotions for traders, including:

  • 50% Deposit Bonus: Get a bonus of up to $10,000 with deposits starting from $500.
  • 20% Deposit Bonus: Available for deposits over $5,000, with a bonus cap of $5,000.
  • Extra 1% Profit Bonus: An ongoing promotion that offers an additional 1% on every profit made.

Ultima Markets Account types

  Standard ECN
Commission-$5.00 Per Lot
Maximum leverage2000:1
Mobile PlatformMT4 Mobile, Proprietary
Trading platformMT4, WebTrader, Proprietary
Spread TypeVariable Spread
Minimum Deposit50
Minimum Trade Size0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts
  Standard
Maximum leverage 2000:1
Trading platform MT4WebTraderProprietary
Mobile platform MT4 MobileProprietary
Spread type Variable Spread
Minimum deposit 50
Minimum Trade Size 0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts
  ECN
Commission $5.00 Per Lot
Maximum leverage 2000:1
Trading platform MT4WebTraderProprietary
Mobile platform MT4 MobileProprietary
Spread type Variable Spread
Minimum deposit 50
Minimum Trade Size 0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

Spreads and Costs

* As of September 5, 2024

Ultima Markets offers competitive spreads, particularly on its ECN accounts. The average Forex spread is 2.09 pips, comparable to the market but slightly higher than leading brokers like IC Markets.

Combined Spread/Commission Costs by Asset Class Compared to Market-Leading Brokers

Broker - Account Type Crypto Average Forex Average Indices Average Commodities Average
Ultima Markets – Standard 7.60 2.09 - 0.11
IC Markets – Standard 9.10 1.54 1.12 0.10
Exness – Standard 22.64 2.22 7.07 0.12

Swap Rates/Financing Fees

Ultima Markets offers competitive swap rates, particularly on long-term trades. For instance, its swap rates for USDJPY are better than many leading brokers.

Broker Best Average NZDUSD Swap Short NZDUSD Swap Long USDJPY Swap Short USDJPY Swap Long XAUUSD Swap Short XAUUSD Swap Long
Ultima Markets Best -2.16 -0.22 -0.22 -2.80 1.07 20.00 -30.80
Exness - -6.71 -0.09 -0.07 -2.89 0.00 0.00 -37.21
IC Markets - -2.27 -0.10 -0.14 -2.59 1.25 20.78 -32.84
ThinkMarkets - -3.27 -0.14 -0.14 -2.61 1.08 19.57 -37.37
Admirals - -5.93 - - - - 1.43 -31.59
Oanda - - 0.00 0.00 15.00 0.09 0.00 0.00
Forex.com - - 0.00 0.00 0.00 0.00 - -

Education

Ultima Markets falls short in providing educational resources for traders. While basic tools such as economic calendars and trading calculators are available, the broker lacks comprehensive learning materials and tutorials, making it less attractive for beginners compared to brokers like eToro.

Trading Platforms - Mobile, Desktop, Automated

Ultima Markets supports the widely used MetaTrader 4 platform across Desktop, Web, and Mobile. Traders can automate strategies using Expert Advisors (EAs) via the MQL4 programming language, and the Ultima Markets mobile app offers a streamlined experience for trading on the go.

What Can you Trade?

Ultima Markets offers a diverse range of trading instruments across multiple asset classes, including Forex, Crypto, Stocks, Indices, Commodities, ETFs, Bonds, and Futures. This variety allows traders to diversify their portfolios and explore different markets.

Asset Class Number of Instruments
Forex CFD 60+
Crypto CFD 25+
Stock CFD 120+
Stock Index CFD 19
Commodities CFD 10
ETFs 6
Bond CFD 7
Futures CFD 21

Leverage

Under Mauritius regulation, Ultima Markets offers leverage up to 1:2000, one of the highest in the industry. Clients trading under CySEC regulation are limited to leverage of 30:1, in line with European standards.

Conclusion

Ultima Markets is a strong contender for traders looking for high leverage, competitive spreads, and a diverse range of instruments. However, the lack of robust educational resources and limited user feedback could deter beginners. Overall, it’s well-suited for experienced traders seeking a comprehensive platform with attractive promotions.

Ultima Markets User Rating

4.0

Ultima Markets reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.

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Ultima Markets Cashback rebates

Cash back rebates are paid per round turn lot unless otherwise specified. 1 Lot = 100,000 base currency units traded.
  Standard ECN
Forex0.48 Pips$1.2 Per Lot
Oil / Energies$4.8 Per Lot$1.2 Per Lot
MetalsGold $4.8 Per LotGold $1.2 Per Lot
Shares / Equities$30 Per 1 Million USD Traded$9.0 Per 1 Million USD Traded
Indices$30 Per 1 Million USD Traded$9.0 Per 1 Million USD Traded
Soft commodities (coffee,sugar...)$30 Per 1 Million USD Traded$9.0 Per 1 Million USD Traded
Cryptocurrencies$48 Per 1 Million USD Traded$18 Per 1 Million USD Traded
Payment Options
Monthly Cash Back
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month.
  Standard
Forex 0.48 Pips
Oil / Energies $4.8 Per Lot
Metals Gold $4.8 Per Lot
Shares / Equities $30 Per 1 Million USD Traded
Indices $30 Per 1 Million USD Traded
Soft commodities (coffee,sugar...) $30 Per 1 Million USD Traded
Cryptocurrencies $48 Per 1 Million USD Traded
Payment Options
Monthly Cash Back
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month.
  ECN
Forex $1.2 Per Lot
Oil / Energies $1.2 Per Lot
Metals Gold $1.2 Per Lot
Shares / Equities $9.0 Per 1 Million USD Traded
Indices $9.0 Per 1 Million USD Traded
Soft commodities (coffee,sugar...) $9.0 Per 1 Million USD Traded
Cryptocurrencies $18 Per 1 Million USD Traded
Payment Options
Monthly Cash Back
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month.

What are Ultima Markets rebates?

Forex rebates reduce the spread or transaction cost paid by a trader on every trade, whether it’s a win or a loss. Rebate payment are offered in 3 forms including spread and commission reductions, daily trading account deposits, and monthly cash payments via bank wire, Paypal, Skrill and others.

How do Ultima Markets rebates work?

When a trader links their new or existing forex trading account to us, the broker pays us a volume based commission for every trade that's placed. We then pay most of this back to our clients. Unlike a few of our competitors your spreads will never increase as a result of using our service. Instead, you'll pay lower transaction costs and increase your win ratio. Ultimately, you get a better deal working with us than working only with the broker.

How much Ultima Markets rebates can I earn?

Use our forex rebate calculator to estimate your Ultima Markets rebate earnings:

 
You must enter a valid number

Which Ultima Markets rebate program is the best?

Our business model and theme is offering the highest rebate rates at every popular forex broker. We do this by adjusting our rates whenever we find a competitor offering more. Our clients can rest assured they are getting the highest rebates possible combined with the best possible customer support and consistent, timely and accurate rebates.

Will my Ultima Markets spreads increase?

There may be a few scammy forex rebate providers out there that do this but we do not. It would be deceptive, unethical, and totally against our business model, not to mention customers would quickly catch on and write horrible reviews! The easiest way to alleviate such a concern is just ask customer support at Ultima Markets.

How can it be better to work through a 'middle-man' than just working directly with Ultima Markets?

Ultima Markets rebates are similar in nature to a credit card rewards program. Let’s take a Visa credit card for example. When a consumer purchases something using a credit card the vendor incurs a fee of between 1.5% – 3% which they pay to Visa. Many consumers are enrolled in a credit card rewards program and receive approximately 1% cashback reward on any credit card purchase they make. Is it free money? Yes and no. It’s money the consumer would not have received if they were not signed up with the rewards program, however it’s paid for out of fees charged to the vendor who will naturally build such fees into the cost of their products.

A forex rebate provider typically has a contractual relationship with a number of different forex brokers and earns a commission for each trade placed by a trader they refer to the forex broker. The marketing benefits afforded to forex brokers by such a system are substantial, from actual referred clients to branding, added search engine visibility, etc. The rebate provider then pays the client a cash rebate from the commission they earn from the forex broker.

Are Ultima Markets rebates worth the effort?

The biggest obstacle to any forex trader is the cost of the transaction. It may seem small, but in fact it’s the biggest factor that gives the trader less than a 50% chance of winning any particular trade. This seemingly small cost can be devastating when compounded, and in the long term if the trader relies on luck alone they are sure to continually lose on their investment. Ultima Markets rebates reduce the cost of the transaction and increases a trader’s probability of winning. Still, a trader must rely on their trading skill to close the remainder of the gap.

Why don't you offer more forex rebate brokers?

We have chosen to focus on the more reliable, competitive and trustworthy brokers. If we were to add every forex broker that approached us we would have at least several hundred. Currently we have a relationship with all of the most popular broker’s across the globe. As a customer-focused company our paramount concern is that we send clients to broker’s where they will be able to withdraw their funds easily when the time comes; and experience fair trading conditions and good customer service.

Ultima Markets Regulation / Money Protection

5.0
Company Licenses & Regulations Segregated Client Money Deposit Compensation Scheme Negative Balance Protection Rebates Max. Leverage Retail Clients
Ultima Markets Cyprus Ltd up to €20,000 30 : 1
Ultima Markets 2000 : 1

Ultima Markets Symbols

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