Ultima Markets

Ultima Markets is (probably) a Russian FX and CFD broker, primarily managed from Hong Kong, and is a subsidiary of Ultima Markets Ltd, a Mauritius-domiciled entity.

The exact ownership details are not explicitly disclosed on their website. However, Ultima Markets is believed to be a sister brand of BCS-Forex, a Russian-licensed forex dealer, and part of the broader Russian financial conglomerate BrokerCreditService.

Ultima Markets Ltd is licensed and regulated by the Financial Services Commission (FSC) of Mauritius. While Mauritius is not considered a top-tier jurisdiction, it does provide a degree of regulatory oversight.

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.

The product range is quite broad. They offer 62 FX pairs, 19 stock indices, 9 cryptocurrencies, and 16 commodities. Additionally, they provide access to a selection of US shares and ETFs, making them a viable option for those looking for a one-stop-shop CFD broker.

Ultima Markets appears to have a decent reputation among traders. While their platform offering is nothing special, they do provide several incentives that may appeal to newcomers. For example, they offer an "extra 1% profit" feature–a bit of a gimmick, to be fair, as it has little real impact on overall P&L–but it's still a nice touch.

They also offer deposit bonuses, though these are capped at $500 on the first deposit, meaning there's little incentive for larger or institutional traders. That said, for casual or entry-level traders, the bonus may serve as a useful boost to starting capital.

Execution speeds are reported to be decent, and the spreads–while variable–are competitive for an MT4/MT5 broker. We particularly liked that the onboarding process is quick and relatively hassle-free, with no unnecessary frills.

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.

Ultima Markets ranks comfortably in the middle of TraderGuide’s ranking list. If you open an account with them, you’ll be trading with a company that appears to have a decent reputation, a broad product offering, and no major operational red flags.

While they don’t offer anything particularly unique, they do provide a solid, if unremarkable, trading environment–especially for those who prefer the MT4/MT5 experience.

Overall, Ultima Markets is a decent choice for newer traders or those looking for a straightforward, no-frills broker with a global footprint. Just don’t expect cutting-edge technology or the tightest spreads in the industry.