Ultima Markets

Founded in 2016 and headquartered in Mauritius, Ultima Markets operates under licenses from the Mauritius FSC and CySEC (Cyprus) for its EU arm, while also serving clients in South Africa through an FSCA entity. This range of regulation offers decent oversight, with fund segregation and negative balance protection across most regions.

Traders can access more than 250 instruments—including forex, commodities, indices, stocks, bonds, and crypto CFDs. Ultima Markets offers two platforms: MT4 and MT5. That puts them squarely in the "standard broker" category. Nothing unique or custom-built here–just the usual platforms most traders will already be familiar with.

Ultima Markets stands out for its fast execution, low-cost trading infrastructure, and smooth overall experience. In our testing, spreads on major pairs like EUR/USD and GBP/USD were consistently competitive—especially on ECN accounts, where pricing gets even tighter. The broker keeps commissions low, and we found no unpleasant surprises in terms of slippage or fees.

Ultima offers access to both MetaTrader 4 and MetaTrader 5, and also provides a browser-based WebTrader platform. While it’s not a full proprietary system built in-house from the ground up, the WebTrader is sleek, responsive, and a great option if you prefer not to install software. It handles all the essentials: charting, order placement, and position tracking—making it a practical pick for those who value convenience.

We also like that Ultima caters to a wide range of traders with flexible account types, from Standard to ECN and Pro ECN. Add in solid educational resources—like webinars, daily analysis, and trading guides—and it’s clear they’re putting effort into supporting clients at different skill levels.

Their support team responded promptly during our tests, and we found multilingual live chat and email service to be helpful and informed.

There is nothing that raises major red flags for us about Ultima Markets, but there are a few things worth keeping an eye on.

Firstly, their regulatory framework is offshore. While this isn’t inherently bad, it doesn't inspire the same confidence as regulation from the FCA, ASIC, or similar top-tier bodies.

Secondly, their Bid-Ask spreads are variable, meaning your cost of trading can change depending on market conditions. While this is fairly standard across most brokers, it still means you won’t always know your exact cost of execution up front. Their FX spreads are, on average, a little higher than some of the better brokers we have evaluated–not egregiously so, but worth noting if you're a high-frequency trader or spread-sensitive.

In terms of platform variety, Ultima offers MT4, MT5, and WebTrader only—no proprietary desktop platform with advanced analytics or charting, which might disappoint traders seeking polished in-house features .

Ultima Markets offers a well-rounded experience that hits the key points: solid execution, competitive pricing, and a platform that just works. Their ECN account structure delivers tight spreads and low commissions, which makes them a strong contender for cost-focused traders—especially if you trade major pairs or indices.

We also like the flexibility across account types and platforms. Whether you prefer MetaTrader 4, MetaTrader 5, or the clean, responsive WebTrader interface, the tools here are more than capable for most strategies.

That said, Ultima doesn’t hold top-tier licences like FCA or ASIC, which is something to keep in mind if strict regulatory oversight is high on your list. And while their trading conditions are strong, traders who rely heavily on copy trading or advanced analytics may find the platform a bit limited in those areas.

All in all, Ultima Markets delivers a smooth, low-cost trading setup backed by quick support and a focus on essentials. If you care about fast execution and keeping your trading costs in check, Ultima is worth a closer look.