Ultima Markets — where it wins, where it loses
Ultima Markets does not currently take a column outright against this field. It loses on published spread. Its cost per ten lots is not confirmed, so it is left out of the cost ordering rather than estimated.
Column by column
The split
Two lists, no averaging. A broker that takes a column outright appears on the left of it; one that gets beaten on a column appears on the right. Nothing is scored into a single number, because a single number hides which side you actually care about.
Wins on
No column where Ultima Markets takes the field outright.
Loses on
- published spread
Cost per 10 lots is the EUR/USD spread cost of ten round-turn standard lots at the figure above, commission excluded. Where a broker publishes a "from" spread rather than an average, the comparison inherits that limitation — see the unconfirmed list further down.
Licensing
Which entity, which regulator, which number
Tier decides how much weight a licence carries in any safety column. Each row links to the page it was read from.
| Regulator | Number | Jurisdiction | Tier | Entity | Read from |
|---|---|---|---|---|---|
| FSC Mauritius | GB 23201593 | Mauritius | Tier 3 | Ultima Markets (Mauritius) Ltd | ultimamarkets.com |
| FSCA | FSP 52497 | South Africa | Tier 2 | Ultima Markets (Pty) Ltd | ultimamarkets.com |
| FCA | 470325 | United Kingdom | Tier 1 | Ultima Markets UK Ltd | register.fca.org.uk |
| None — Estonian company registration (payment facilitation only) | Estonia | Tier 3 | Ultima Markets EU OU (registry code 17134727) | ultimamarkets.com |
Checkable
Facts the comparison runs on
On the record
- Ultima Markets states it was established in 2016 and offers over 250 CFD instruments across forex, commodities, indices and stocks.
- Ultima Markets Ltd is stated by the company to be authorised and regulated by the Financial Services Commission of Mauritius as a Full-Service Investment Dealer (excluding underwriting).
- The company announced in August 2025 that it had secured FCA authorisation through Ultima Markets UK Ltd, and its site states UK onboarding is expected to begin in 2026.
- Ultima Markets' own disclosure states that its international entities are not based in the UK and are not licensed by the FCA, so clients of those entities do not have FCA protections.
- A South African entity, Ultima Markets (Pty) Ltd, is described as an FSCA Financial Services Provider under FSP number 52497.
- Ultima Markets' site-wide regulatory footer states Ultima Markets UK Limited is authorised and regulated by the FCA under reference number 470325, with registered address 1 Blossom Yard, Fourth Floor, London E1 6RS (https://www.ultimamarkets.com/company-news/ultima-markets-secures-fca-licence/).
- Companies House records that ULTIMA MARKETS UK LIMITED (company 06249714) was renamed from TIGER BROKERS (UK) LTD on 21 July 2025, and previously traded as Electronic and Voice Foreign Exchange Limited (2012-2022) (https://find-and-update.company-information.service.gov.uk/company/06249714).
- The broker's regulatory footer states Ultima Markets (Mauritius) Ltd holds FSC Mauritius Full-Service Investment Dealer (excluding Underwriting) licence GB 23201593, with registered address 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity (https://www.ultimamarkets.com/company-news/ultima-markets-secures-fca-licence/).
| Trading since | 2016 |
|---|---|
| Base | Mauritius |
| Minimum to open | not verified |
| Leverage cap | |
| EUR/USD | not verified |
| Terminals | MT4, MT5 |
| Account tiers | Standard, ECN |
| Markets | Forex, Commodities, Indices, Stocks |
| Record confidence | low |
| Matchup-ready | no — too many gaps to run a fair head-to-head |
Excluded from the maths
Not verified
Not verified
These fields are not confirmed. They are shown as gaps, not filled in, and they do not feed any column of the matrix:
- hq
- minDeposit
- maxLeverage
- spreadEurusd
- segregatedFunds
- negativeBalanceProtection
- publiclyListed
- accountTypes
- FSCA FSP 52497 not confirmed on the FSCA register
- negative balance protection
- FSC Mauritius licence GB 23201593 and FCA reference 470325 come from the broker's own regulatory footer; neither has yet been independently confirmed on the respective regulator's register
Costs less
Who beats Ultima Markets on price
Tickmill
$10.00 per 10 lots · wins on headline spread, platform choice
Eightcap
$10.00 per 10 lots · wins on regulatory reach
JustMarkets
$30.00 per 10 lots · wins on headline spread
CMC Markets
$50.00 per 10 lots · wins on headline spread, no minimum deposit, regulatory reach, platform choice
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money. Verify every figure with the broker before opening an account.