Ultima Markets Forex Review
On our platform Forex Trading Bonus, we constantly review brokers to find the best options for our traders. Ultima Markets is a Forex and CFDs broker which we will review today providing crucial insights into its license and regulations, fees and spreads, assets and platforms, education and support, and more. After reading this review, you will know the exact Ultima Markets opinion from our expert team.
Ultima Markets Forex Broker History
Ultima Markets is a regulated broker that was launched in 2016 giving it a decent amount of experience. However, the broker is regulated offshore by the Financial Services Commission (FSC) of Mauritius, deducting some scores from its safety. While having a license is definitely better than being unregulated, it has to be noted that Mauritius FSC is not a very strict regulator, leaving some room for scams and fraud.
The broker mainly offers CFDs for diverse assets including Forex pairs, shares, commodities, and indices. Despite this advantage, the broker offers a decent amount of educational resources such as market news highlights and expert analysis on ongoing trends in financial markets. Withdrawals are a bit slower, with the majority of methods taking between 2-5 business days, which is a serious disadvantage for experienced traders. Can you trust Ultima Markets? Let’s dive deeper and analyze the services offered by the broker.
Ultima Markets Broker Review of Accounts
Ultima Markets offers three different types of trading accounts including Standard, Pro ECN, and ECN. There is also a free demo account with 100,000 virtual balances, allowing beginners to develop trading strategies and test their FX trading skills.
The standard Ultima Markets account offers commission-free trading on diverse markets such as Currency pairs, Indices, Commodities, and Share CFDs. Despite charging no commissions, the spreads for major pairs are within the industry average of 1 pip and maximum leverage is high at the 1:2000 mark. The minimum deposit for the standard account is 50 USD.
Ultima Markets ECN account has a minimum deposit requirement of 50 USD, similar to the standard account. However, the spreads on major pairs are variable from 0.0 pips and the broker charges a small fee of 5 USD per lot round turn. The leverage is capped at 1:2000 also. The same amount of trading assets is offered for the ECN accounts. This account is targeted at scalpers who prefer small commissions for the smallest possible spreads.
Ultima Markets Pro ECN account will require traders to deposit a minimum of 20,000 USD to start trading. The commission is even lower at 3 USD per lot round turn, and spreads are also from pips on major pairs. The leverage is 1:2000 here as well.
Ultima Markets Reviews of Trading Platforms and Assets
Platforms offered by Ultima Markets include advanced MetaTrader 4, Ultima Markets App, and WebTrader powered by MT4. MT4 is super popular and the broker offers a basic version of MT4 which has a multitude of inbuilt indicators and technical analysis tools.
Ultima Markets App is designed to be compatible with both Android and iOS and offers inbuilt 24/7 support, all tradable instruments, and economic calendar and market analysis.
MT4 WebTrader is accessible through web browsers and offers limited functionality when compared to MT4 without installation.
250 plus tradable instruments are available in diverse markets of Forex pairs, shares, commodities, and indices in the form of CFDs. There are no digital currencies available.
Ultima Markets Forex Review of Extra Features
Ultima Markets is offering several promotions to attract new clients, including a 20% deposit bonus, a 50% deposit bonus, and trading competition with cash prizes. There are also economic calendars, trading calculators, and a few other tools available on the website that can be useful for traders to stay up to date about important market conditions and news events.
Ultima Markets Reviews of Customer Support
Support options of Ultima Markets include live chat, email support, and Telegram. Support is provided 24/7 for traders, which is always beneficial for traders. Both the website and support are provided in numerous languages.
There is also a FAQ section for beginners and new clients to find all the answers.
Ultima Markets Deposit and Withdrawal
Deposits and withdrawals are accepted in many payment methods including Tether, UnionPay, Alipay, and more. No fees are charged for withdrawals and deposits are also commission-less. Deposits are instant and withdrawals can take up to 5 days depending on the method used. Is Ultima Markets legit? The 5 days of waiting for withdrawals definitely makes the reliability of the broker questionable.
Ultima Markets Review Conclusion
While Ultima Markets offers decent services at one glance, the offshore regulation is its main downside. Ultima Markets scam would have a lower chance if the broker was regulated heavily by reputable and strict authorities. Account choice is diverse and assets are around 250 which is a lower number but still enough for most traders. There are no cryptos for trading, which is a downside.
We advise our traders to exercise extra caution when dealing with brokers that are regulated only offshore.