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Contract reading

What Ultima Markets legally published, but does not want you to read

Every clause below is published by Ultima Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Ultima Markets (Mauritius) Ltd

marketing gapwithdrawalssole discretiondisclosureaccount closurecomplaint windowdeemed acceptancedisputehidden feemissing document

Ultima Markets advertises a system that resets any negative balance to zero. Clause 11 of its client agreement makes that a favour you email in, and shuts it off in exactly the volatile conditions that create a negative balance. Every page footer says all clients are insured up to US$1,000,000: the certificate pays only if the firm fails, after a US$20,000 retention you carry yourself. Clause 10(d) says the money you pay in is not a debt owed to you, and clause 2.7(h) says it is not client money.

Back to Ultima Markets

Contract risk

Money at risk
7.4/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
18
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 18 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning11
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical50%In the contract. Jump to the clause this comes from.Negative balance protection is discretionary, not automaticCritical5 working daysWithdrawal limit. Jump to the clause this comes from.Your deposit is not a debt Ultima Markets owes youCritical2 daysTime to complain. Jump to the clause this comes from.You get 48 hours to challenge a trade confirmation$20Fee you were not shown. Jump to the clause this comes from.A $20 fee on every wire withdrawal after the first

What the documents say

18 clauses worth knowing about, worst first, each quoted from Ultima Markets's own files

01

Ultima Markets advertises a system that resets any negative balance to zero for all clients. Clause 11 of the client agreement makes it a request you email in, which Ultima Markets then grants at its own discretion. Positions close automatically at a 50% margin level.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Clause 11 shuts the protection off in abnormal market conditions and exceptional volatility. That is exactly when a balance goes negative. The clause also limits the write-off to Private Clients, a term the agreement never defines.

Exhibit 1CriticalHarder than usual50%

Ultima Markets will evaluate the inquiry and at its discretion, may credit the client's account with the amount of the negative balance where the debit was during normal trading activity.
Clause 11, p.34Read the source
Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection automatically, as a floor they cannot trade through. This contract makes the write-off a discretion and removes it in volatile markets.

Ultima Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6A loss the firm need not write off sits on money the same contract says is not client money.
02

Every page footer tells you all clients are insured, with claims eligibility up to US$1,000,000 per account. The certificate Ultima Markets publishes pays only if the firm becomes insolvent, and it carries a retention of USD 20,000 per claimant.

Why this matters

The first $20,000 of your loss stays with you, not the insurer. If you hold $15,000, you sit inside the retention and the policy pays nothing at all.

Exhibit 2CriticalRarely seen$20000

In respect of each Claimant the sum of all Distributions and Deemed Distributions pertaining to that Claimant, subject to a minimum of USD 20,000 each claimant.
Clause RETENTION, p.1Read the source

What it costsOn a $25,000 balance the retention absorbs the first $20,000. The insurance would respond to $5,000, and only on an insolvency event.

Our readingFew retail brokers carry third-party insolvency insurance at all, so the cover itself is better than the market. The mechanism that decides what you receive is the retention, which hands the first slice of any loss back to you.

03

The money you pay in is not repayable until every obligation on every account you hold is settled in full. Clause 10(d) also says you have no right to receive those funds until then.

Why this matters

Ultima Markets can hold back any withdrawal at its own discretion under clause 2.6(b). The contract sets no deadline for paying you. The published window of 2 to 5 working days appears nowhere in the agreement.

Exhibit 3CriticalHarder than usual5 working days

Deposits or Margin Calls deposited by the Client will not fall due for repayment until the Client's obligations under this Agreement and under or in respect of any other account between Ultima Markets and the Client are satisfied in full.
Clause 10(d), p.33Read the source
  • Worse together with Exhibit 14A withdrawal with no deadline can also trigger a fresh identity check, and the clock on that check belongs to Ultima Markets too.
  • Worse together with Exhibit 10No deadline on payment and no published complaints policy leaves you with nothing to measure a delay against.
04

Ultima Markets can suspend your account, recover its losses from you and cancel your profits where it suspects Suspicious Trading Activity. The agreement defines that as any belief of Ultima Markets, whether or not it tells you.

Why this matters

Holding a long and a short position in the same market at similar times is the first example the definition gives. An unnumbered paragraph at the end of clause 3.7 extends the reversal to any account linked to the practice.

Exhibit 4CriticalRarely seen

If Ultima Markets has reasonable ground to suspect that the Client engages in Suspicious Trading Activity, Ultima Markets reserves the right to temporarily or permanently suspend the Client’s trading account, recover any losses incurred in connection with the Suspicious Trading from the Client and/or void the Client’s Orders and cancel any associated profits, with immediate effect.
Clause 1.4(b)(v), p.10Read the source

Our readingMost agreements oblige the firm to tell a client it is treating their trading as a breach. This definition rests on a belief that the contract says need not be communicated to you, and clause 3.7 expressly permits the hedged positions the definition treats as suspicious.

  • Worse together with Exhibit 12A shared IP address makes two accounts look linked, and linked accounts are what the reversal paragraph reaches.
05

Ultima Markets may treat every confirmation and statement as correct unless you report an error within 48 hours. Clause 3.4(f) starts that clock when the statement becomes available, not when you read it.

Why this matters

A trade priced wrongly at 09:00 on Monday is settled against you by 09:00 on Wednesday. The agreement offers no way to extend the window.

Exhibit 5CriticalRarely seen2 days

Ultima Markets is entitled to assume that the Confirmations and Statements are correct unless the Client notifies Ultima Markets of any error within 48 hours
Clause 3.4(f), p.17Read the source

What it costsA statement available at 09:00 on Monday must be challenged by 09:00 on Wednesday. After that Ultima Markets is entitled to assume it is correct.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must let a retail client refer a complaint to the Financial Ombudsman Service for six months after the firm's final answer. This contract closes the point after 48 hours.

Ultima Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingRetail agreements normally count a confirmation window in working days. A window counted in hours runs through the weekend, so a Friday statement can expire before the next working day.

06

Ultima Markets tells you on its fund safety page that its measures are there to remove any worry about your funds. Clause 2.7(h) says your payment is not client money, but the purchase of a Reciprocal Obligation from Ultima Markets.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

That wording turns you from a client whose money is held for you into a counterparty owed a contract. Clause 2.7(b) lets Ultima Markets pool your money with other clients' money and use it.

Exhibit 6CriticalRarely seen

The payment is not “client money”, but rather has purchased that Reciprocal Obligation from Ultima Markets.
Clause 2.7(h), p.15Read the source
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must hold retail client money in segregated accounts under client money rules, and may not use it for their own account. This contract says segregation happens when required by law, and that segregation does not fully protect you.

Ultima Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingRecharacterising a deposit as the purchase of an obligation is a wholesale derivatives device. Pointed at a retail account, it changes what you own if the firm fails.

The two biggest safety promises are both narrowed by the contract

Ultima Markets offers up to 2000:1 leverage and promises a system that resets any negative balance to zero. Clause 11 of its client agreement makes that write-off a discretion, excludes it in abnormal volatility, and limits it to Private Clients, a term the agreement never defines. The footer on every page says all clients are insured up to US$1,000,000: the certificate pays only on insolvency, after a US$20,000 retention. Clause 2.7(h) says what you pay in is not client money.

Safety claims1 clause flagged

Ultima Markets markets this website in 19 languages. Clause 1.4(d)(iv) says any version of the agreement that is not in English is for information only, and the English text prevails.

Why this matters

The German pages are machine translated. That page renames the FCA firm Ultima Markets UK GmbH, and describes the Mauritius licence as ohne Versicherung, which reads as without insurance. The same footer advertises insurance of US$1,000,000 per account.

Exhibit 16WarningHarder than usual

If this Agreement is provided to you in a language other than English, it is provided for information purpose only. The governing language of this Agreement is English.
Clause 1.4(d)(iv), p.11

A $20 wire fee and a 10% markup on overnight financing

Ultima Markets charges $20 for every wire withdrawal after your first each month, in a footnote under a table whose fee column reads free. Its help centre adds $1 to each USDT withdrawal. Clause 5.1(d) takes up to 10% of the value of every overnight swap, including swaps that should pay you, and the definitions list adds 3.5% a year to the rate used for CFD financing. The key facts summary says the firm does not charge for deposits or withdrawals.

Cost disclosure2 clauses flagged

The withdrawal table on the payments page shows every method as free. A footnote under it charges $20 for each wire withdrawal after your first one in a month, and the help centre adds $1 to every USDT withdrawal.

Why this matters

Taking your money out twice by wire in one month costs you $20. The key facts summary tells you the opposite, that Ultima Markets as a firm does not charge for these actions.

Exhibit 7WarningHarder than usual$20

Clients making their first monthly withdrawal via International Bank Transfer/WireTransfer are not subject to any additional handling fees. However, a fixed fee of $20 will be applied for each subsequent wire withdrawal request.
Quoted in Deposits and Withdrawals
Read from the broker's site on Open the reference

What it costsTwo wire withdrawals in one month cost $20. Doing that every month for a year costs $240.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade, in one place they can find. Here the fee sits in a footnote under a column that reads free, and the key facts summary denies it.

Ultima Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Ultima Markets adds a transaction fee of up to 10% of the swap value to every currency position you hold overnight, under clause 5.1(d). The fee applies when the swap is a credit to you as well as when it is a charge.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

The markup lands on the side of the trade that pays you, not only the side that costs you. The definitions list adds a further 3.5% a year to the rate used for CFD financing, and futures rollovers carry 2.5 basis points.

Exhibit 8WarningHarder than usual10%

Where an Order for a Margin FX contract is held overnight, the Client agrees to pay Ultima Markets a transaction fee of up to 10% of the value of the Swap Charge or Swap Credit.
Clause 5.1(d), p.26

What it costsA $100 swap charge becomes $110 once the 10% transaction fee is added.

The deposit bonus can refuse your withdrawal outright

Ultima Markets promotes a 50% and a 150% deposit bonus from its main menu, and publishes no bonus terms among its legal documents. Its help centre says the credit cannot be withdrawn, that a withdrawal claws back part of it, and that the request is rejected if your margin level would fall below 100% afterwards. The credit is also removed without notice once your equity falls below the bonus amount.

Bonus lock1 clause flagged

The deposit bonus is credit you cannot withdraw or convert to cash. Taking your own money out claws back part of that credit, and Ultima Markets rejects the withdrawal if your margin level would fall below 100% afterwards.

Why this matters

A bonus you accepted can stop you reaching your own deposit. Ultima Markets also removes the credit without notice once your equity drops below the bonus amount, which is the moment you are losing.

Exhibit 9WarningHarder than usual100%

The credit bonus cannot be converted into cash or withdrawn
Quoted in What is the Deposit Bonus and how does it work?
Read from the broker's site on Open the reference
  • Worse together with Exhibit 10The bonus rules bite through help centre articles, because the promotion terms they cite are not among the published legal documents.

One trade is enough to accept terms you have not read

Clause 9.1(a) lets Ultima Markets amend the agreement at any time, binding you 10 days after notice or on your next order, whichever is earlier. The privacy policy treats continued use of the website as agreement with no notice at all. The list of Default Events in clause 1.3 includes using the same IP address as another client, a chargeback, and use of excessive leverage, and a Default Event lets Ultima Markets close your positions.

Unilateral change2 clauses flagged

Ultima Markets can amend the agreement at any time. Clause 9.1(a) binds you 10 days after it sends notice, or on the date you place your next order, whichever comes first.

Why this matters

One trade the day after a change counts as accepting it, before the 10 days have run. The privacy policy goes further and treats continued use of the website as your agreement, with no notice sent to you.

Exhibit 11WarningHarder than usual10 days

The terms of this Agreement and any transactions under it may be amended by Ultima Markets at any time.
Clause 9.1(a), p.32

The list of Default Events in the client agreement includes using the same IP address as another client. A chargeback and use of excessive leverage sit on the same list.

Why this matters

Two people trading from one home or office connection can trigger it. A Default Event lets Ultima Markets close your open positions and end the agreement, while the obligations you already owe survive.

Exhibit 12WarningRarely seen

same electronic identification point (i.e., IP address) as other client or communication with other clients.
Clause 1.3, p.4

Our readingMost agreements treat a shared connection as a reason to review an account. Here it sits among the events that let the firm close your positions, alongside insolvency and money laundering.

48 hours to object, and no published complaints policy

Clause 3.4(f) gives you 48 hours to report an error in a confirmation or statement, after which Ultima Markets may treat it as correct. The clock starts when the statement becomes available, not when you read it. The key facts summary sends you to a Complaints Handling Policy that is not among the seven legal documents Ultima Markets publishes, and clause 15 of the agreement points at nothing at all.

Complaint window1 clause flagged

The key facts summary tells you to read the Complaints Handling Policy on the website. Ultima Markets lists seven legal documents and that policy is not one of them. Clause 15 of the client agreement points to nothing at all.

Why this matters

You cannot find out how long you have to complain or who answers you. The same gap covers the deposits and withdrawals policy and the bonus terms, which the contract and the help centre both rely on.

Exhibit 10WarningHarder than usual

Please refer to our Complaints Handling Policy on the website for how we deal with your complaint.
Clause 14, p.9

The defined term names a company that holds no licence

Clause 1.1(a) names Ultima Markets (Mauritius) Ltd, licence GB 23201593, as the company you contract with. Clause 1.3 then defines Ultima Markets, the term carrying every discretion in the document, as Ultima Markets LLC. The insurance certificate names Ultima Markets Ltd and the site's entry notice names Ultima Markets Limited. Clause 9.2(a) lets Ultima Markets transfer its obligations to another party without your consent, under the law of Mauritius.

Who you contract with1 clause flagged

You contract with Ultima Markets (Mauritius) Ltd under clause 1.1(a). The definitions list in the same agreement says Ultima Markets means Ultima Markets LLC. The insurance certificate names Ultima Markets Ltd.

Why this matters

Every discretion in the contract belongs to that defined term, which names a company holding no Mauritius licence. Clause 9.2(a) also lets Ultima Markets hand its obligations to another party without asking you.

Exhibit 17WarningHarder than usual

a company registered and authorized by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593).
Clause 1.1(a), p.2

The identity check arrives when you ask for your money

Ultima Markets can require Proof of Face verification when you submit a withdrawal, and names large withdrawal amounts among the triggers. Miss a written request for information by 10 days and clause 1.3 treats that as a Default Event. The privacy policy also reserves a nominal fee for giving you a copy of the data Ultima Markets holds on you.

Checks at the exit1 clause flagged

Ultima Markets can ask you to complete Proof of Face verification when you submit a withdrawal. Its own guidance lists large withdrawal amounts and device changes as the reasons.

Why this matters

The check arrives when you want your money, not when you opened the account. Miss a written request for information by 10 days and the contract treats that as a Default Event.

Exhibit 14WarningHarder than usual10 days

Proof of Face (POF) is a security verification that may be required when you submit a withdrawal.
Quoted in Why do I need to complete Proof of Face verification again for a withdrawal?
Read from the broker's site on Open the reference

The conflicts policy discloses $100 gifts, not the dealing conflict

Ultima Markets' conflicts of interest policy runs to seven pages on staff gifts above $100, pay structures and internal registers. It never says that Ultima Markets is the counterparty to your trades. That admission sits in the key facts summary, which says the firm acts as a market maker and sets the prices it deals with you at, and clause 5.4(e) lets it share your fees with others without telling you.

Disclosure gap1 clause flagged

The conflicts of interest policy records staff gifts above $100 and lists internal registers. It never tells you that Ultima Markets is the counterparty to your trades.

Why this matters

The admission sits elsewhere. The key facts summary says Ultima Markets acts as a market maker and sets the prices it deals with you at. Clause 5.4(e) lets it share your fees with other people without telling you.

Exhibit 15WarningHarder than usual$100

A Gifts and Entertainment register is maintained for recording any gifts or inducements given or received which are in excess of $100 market value.
Clause 4, p.4
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose the nature and sources of a conflict, including dealing as principal against a client, before they act. This policy discloses a gift register instead.

Ultima Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

90 days and a balance under $10 ends the account for good

Ultima Markets charges no dormancy or inactivity fee anywhere in its document set, which is better than most of its competitors. It does archive an account automatically after 90 days with no login, deposit or withdrawal, where the balance is under $10, and says this happens without prior notice. Access is then permanently disabled, and a balance under $40 could not have been withdrawn in any case.

In plain words

Dormancy means an account left unused.

Dormant accounts1 clause flagged

Ultima Markets archives a trading account automatically after 90 days with no login, deposit or withdrawal, where the balance is under $10 and nothing is open. It states that this happens without prior notice.

Why this matters

Once an account is archived, access is permanently disabled. A balance under $40 cannot be withdrawn either, because $40 is the minimum on every method Ultima Markets publishes.

Exhibit 13WarningStandard wording90 days

No login activity or deposit/withdrawal transactions within the past 90 days.
Quoted in Why does my trading account status show inactive?
Read from the broker's site on Open the reference

What it costsA $35 balance cannot be withdrawn, because the published minimum is $40. Leave it 90 days and the account is archived instead.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90Ultima Markets archives the account automatically where the balance is under $10 and nothing is open.
Once archivedAccount access is permanently disabled and the account cannot be reopened.
  • Worse together with Exhibit 3A balance too small to withdraw is also a balance that qualifies for silent archiving.

Two of the seven published policies cannot be read as text

Ultima Markets publishes seven legal documents for its Mauritius entity, each carrying a version label, which is more than many offshore brokers manage. Two of them, the anti money laundering policy and the best execution policy, hold no text that can be selected, searched or copied, and the key facts summary directs clients to the second of those for how their price is set. The client agreement also cites clauses that do not exist and gives two different margin call levels, 80% in clause 4.3 and 100% in clause 11.

The document set1 clause flagged

Ultima Markets publishes its anti money laundering policy and its best execution policy as pages whose text you cannot select, search or copy. The key facts summary sends you to the best execution policy to learn how your price is set.

Why this matters

You cannot search either document for the part that affects you, and a screen reader cannot read them aloud. The client agreement also points at the wrong clauses in places, and states two different margin call levels.

Exhibit 18NoticeHarder than usual

We are committed to ensuring that our clients are treated fairly and receive the best possible price when executing a trade, whatever the product.
Clause 9, p.8

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page promises a system that resets the balance; the contract makes it a discretion exercised after you email support.

Said in public, in English

With Negative Balance Protection, our system ensures you will not lose more than what you have invested by resetting the negative balance to zero.

Negative Balance Protection page, opening section

In the contract · clause 11

Ultima Markets will evaluate the inquiry and at its discretion, may credit the client's account with the amount of the negative balance where the debit was during normal trading activity.

02

The page sells the protection for high volatility; the contract lists abnormal volatility as a case the policy does not cover.

Said in public, in English

At times, clients’ account may incur negative balance as their trade goes against the market during high volatility.

Negative Balance Protection page, under the heading Why do I need it?

In the contract · clause 11

in abnormal market conditions or exceptional market movements/volatility.

03

The page tells all clients the balance resets to zero; the key facts summary tells you to pay the negative balance off yourself.

Said in public, in English

Negative Balance Protection is offered to all clients of Ultima Markets with no additional cost.

Negative Balance Protection page, under the heading Do I have to pay?

In the contract · clause 6

If your account has a negative balance, you are required to fund it to return it to a zero or positive balance.

04

The footer promises all clients cover up to US$1,000,000; the certificate carries a US$20,000 retention and responds only to insolvency.

Said in public, in English

All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.

site-wide footer, on every page

In the contract · clause RETENTION

In respect of each Claimant the sum of all Distributions and Deemed Distributions pertaining to that Claimant, subject to a minimum of USD 20,000 each claimant.

05

The fund safety page is written to remove any worry; the contract says segregation does not fully protect your money.

Said in public, in English

All such approaches are adopted to eliminate your worries about the safety of your funds when trading with Ultima Markets.

Fund Safety page, opening section

In the contract · clause 2.7(a)(v)

Such segregation of the Client’s money does not fully protect the Client’s money from the risk of loss.

06

The payments page advertises e-wallets and crypto wallets; the contract recognises only three kinds of bank transfer.

Said in public, in English

Choose from a variety of flexible payment methods in local currencies, including the world’s most popular payment systems, e-wallets, and cryptocurrency wallets.

Deposits and Withdrawals page, headline text above the fee table

In the contract · clause 2.5(b)

Payments to the Account may be made using any of the following payment methods: i. by online bank transfer. ii. by same day bank transfer; or iii. by international telegraphic transfer.

07

The complaints page encourages you to raise a trading dispute and never mentions the 48 hour limit the contract sets.

Said in public, in English

For trading disputes, all clients are encouraged to address the issue with us immediately following its occurrence. We will address your inquiries promptly.

Dispute Resolution page, under the heading How do I resolve my issue?

In the contract · clause 3.4(f)

Ultima Markets is entitled to assume that the Confirmations and Statements are correct unless the Client notifies Ultima Markets of any error within 48 hours

What changed quietly

With no earlier review of Ultima Markets, there are no changes to report yet.

  • REWRITTENClause 1.1(a) · April 2023 to June 2026

    Ultima Markets renamed the company you contract with, and left the definition in clause 1.3 naming Ultima Markets LLC untouched.

    comprise the Client Agreement between Ultima Markets (Mauritius) Ltd

The documents this reading is based on

8 files, all published by Ultima Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Ultima Markets publishes.

How this reading was done

Every clause above was read out of a document Ultima Markets publishes itself

This reading was published on .

Documents
8 of 8downloaded from the broker's site, and 8 read in full
Pages opened
69pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded
Marketing pages
11public pages set against what the contract says

Who the contract is with

Ultima Markets (Mauritius) Ltd

A retail client contracts with Ultima Markets (Mauritius) Ltd, licensed by the Financial Services Commission of Mauritius as a full-service investment dealer excluding underwriting, licence GB 23201593. That is the entity named in clause 1.1(a) of the client agreement and in the key facts summary. It is not the FCA firm: the group also runs Ultima Markets UK Limited, reference 470325, and the site's own entry notice tells visitors the international entities are neither based in the UK nor licensed by the FCA. South African clients deal through Ultima Markets (Pty) Ltd, FSP 52497, which the footer says acts only as an intermediary and never as counterparty, with Ultima Markets (Mauritius) Ltd as the product provider. Three further names appear in the documents: clause 1.3 defines Ultima Markets as Ultima Markets LLC, the insurance certificate names Ultima Markets Ltd, and the entry notice names Ultima Markets Limited. No statutory compensation scheme covers the Mauritius entity. The only external cover named is Financial Commission membership, capped at 20,000 euro per client, and a Lloyd's insolvency policy with a US$20,000 retention.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The dedicated insurance page is unusually honest. It calls the cover insolvency insurance, says it is for eligible clients, and warns that a retention may apply, which most brokers advertising insurance never do. Nothing in the document set charges a dormancy or inactivity fee. Clause 3.3(e) says Ultima Markets does not charge fees on currency conversions. The help centre publishes real detail rather than slogans: it states that the swap-free administration fee is only ever a charge and accumulates every night a position is held. It also publishes the exact windows when leverage is cut around news releases and the weekly open, which is a genuine risk control stated in numbers. The risk disclosure notice is thorough on gapping and on the limits of a stop-loss order, and every legal file carries a version label.

Two of the seven policies Ultima Markets publishes could not be read. The anti money laundering policy has five pages whose text cannot be selected, searched or copied, so it is not covered. Only the cover page of the best execution policy is covered: its other ten pages hold pictures rather than text. Every quotation from the client agreement, the key facts summary, the risk disclosure notice, the conflicts of interest policy and the privacy policy comes from the files on ultimamarkets.com, covered in full. Ultima Markets publishes no bonus terms among its legal documents, so the bonus rules quoted here come from its own help centre. The German legal documents page is not covered. For earlier versions, the review covers the April 2023 client agreement in full and the entity and fee sections of the October 2022 key facts summary.

How to check any of this yourself

Every quote above links to the Ultima Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Ultima Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Ultima Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 16, 2026.

If you represent Ultima Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Ultima Markets. Whether its licence is real and current is a separate check on the broker profile.

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