Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine FCA authorisation and a Mauritius Investment Dealer licence both confirmed on their own registers, but client money sits with the low-tier offshore entity and a tier-one regulator has alerted on the exact domain.
Identity & transparency
5/10 · ModerateEntity disclosure is unusually clear and registry addresses match, yet the SFC records client deposits reaching bank accounts unconnected to the company, which is opacity at the point that matters most.
Withdrawals & conduct
7/10 · HighA fund-integrity pattern meeting all four tests across two platforms, profits voided and balances withheld after terms allegations, set against credible reports of normal payouts and a broker that answers almost every complaint.
Reputation
6/10 · HighNet positive at 4.2 from 975 Trustpilot reviews, but 20% are one star, the positives are largely company-invited, and a tier-one regulator alert now sits against the brand.
Website claims
6/10 · HighLicence numbers are stated accurately, but trust since 2016 is unevidenced against a 2021 domain, and an FCA-authorised UK entity is displayed on a site whose clients it does not serve.
Operational history
6/10 · HighAbout five years of verifiable presence from a May 2021 domain and 2023 licences, with the 2007 UK incorporation and its FCA authorisation acquired only in July 2025.
Who they are
A quick desk file on the company behind the brand.
- Brand: Ultima Markets
- Legal entity holding client money: Ultima Markets (Mauritius) Ltd
- Registered: Suite 201, 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius
- Website: ultimamarkets.com, plus regional sites including ultimamarkets.asia, umultima.hk, ultimamarkets-id.com and ultima-markets.co.uk
- Licences: FSC Mauritius Investment Dealer (Full Service, excluding underwriting), licensed 6 April 2023; FCA reference 470325 held by Ultima Markets UK Limited; FSCA FSP 52497 in South Africa, which the broker itself describes as an intermediary only
- Other group entities: Ultima Markets EU OU in Estonia, which the broker states is unregulated and handles payments; Ultima Markets Pty Ltd in Australia, deregistered on 30 July 2025
- Offers: CFDs on forex, gold, indices, commodities and shares, on MT4, MT5 and an in-house app, with STP and ECN accounts
- Not accepted: residents of the United States, the United Kingdom and Singapore, and sanctioned jurisdictions
- Age claim: trusted since 2016, against an earliest evidenced presence of May 2021
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (FSC) of Mauritius
Financial Conduct Authority (FCA), United Kingdom
Financial Sector Conduct Authority (FSCA), South Africa
Found by our investigation (1) — the broker does not list these on its own site
Cyprus Securities and Exchange Commission (CySEC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
This is not a fake broker. The licences it advertises are real and we confirmed them at the issuing regulators. The verdict rests on what a tier-one regulator has published about this exact website, and on what clients consistently describe happening to profitable accounts.
- A Hong Kong regulator has flagged the exact site and company. The SFC Alert List entry of 25 September 2026 names the website https://www.ultimamarkets.com/, the company Ultima Markets (Mauritius) Ltd, the two Ultima Markets mobile apps, and the Ebene Cybercity address that appears on the Mauritius licence. It records that investors' funds deposited through the apps went directly into bank accounts with no apparent connection to the company, and that those account holders claim no knowledge of or connection with it. Client money moving through unrelated third-party accounts is the most serious finding in this report.
- Clients report a single, repeated failure. One reviewer in Belgium had a withdrawal rejected and trading blocked after making profits, with the broker alleging risk-free arbitrage and saying it would deduct funds. A Malaysian client was barred after a second 500 USD deposit and refused withdrawal of the balance. Clients in Morocco and Spain describe profits cancelled and accounts suspended once they became profitable. A Turkish client paid to an IBAN supplied by the company and the funds were never credited. On a separate complaint portal, a Norwegian client reported depositing 3,000 USD, doubling it, and having the withdrawal rejected. Different users, different countries, two platforms, specific amounts and dates: four of the four pattern tests are met.
- The company's own replies describe the mechanism. In public answers to these reviews the broker states that the account is under review due to trading activity that may suggest a potential violation of its terms. That confirms accounts holding client balances are being frozen on that basis, which is the clients' complaint rather than an answer to it.
- The advertised history is not supported. The homepage advertises trust since 2016. The main domain was registered on 27 May 2021, the Australian company on 18 May 2021, the Cyprus licence was granted in March 2023 and the Mauritius licence in April 2023. We found no registry or domain record of an Ultima Markets operation in 2016, so the track record we can evidence is about five years, not ten.
- The tier-one licence does not cover the people reading this. FCA reference 470325 is genuine, but it belongs to a company incorporated in 2007 that traded as Panoramic Investment Management, then Electronic and Voice Foreign Exchange, then Tiger Brokers (UK) Ltd, and was renamed Ultima Markets UK Limited only on 21 July 2025. The global site excludes UK residents, so its clients are customers of the Mauritius company and have no access to the Financial Ombudsman Service or the FSCS.
- The regulated perimeter is shrinking while marketing continues. The Australian company was voluntarily deregistered on 30 July 2025. The Cyprus licence 426/23 is now held by Huaprime EU Ltd, whose only CySEC-approved domain is huaprime.eu, so it no longer covers any Ultima Markets site. To the broker's credit, the current site no longer claims either.
- How the number is built. The six scored dimensions give a weighted average of 6.0, which is 60%. A single hard item of this class, a regulator alert naming the exact domain, sets a floor of 70, so 70% is what we publish. We did not find two independent hard items, and the confirmed FCA and Mauritius licences stand against the worst reading, which is why this is not rated higher.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Hong Kong's Securities and Futures Commission added https://www.ultimamarkets.com/, Ultima Markets (Mauritius) Ltd and the two Ultima Markets mobile apps to its Alert List on 25 September 2026 under the category of suspicious websites, at the Ebene Cybercity address the company publishes. The remark states that investors' funds deposited through the apps went directly into bank accounts with no apparent connection to the company, and that those account holders claim no knowledge of or connection with it, and that the company is not licensed in Hong Kong and may not market there.
Hard proofSFC Hong Kong Alert List, entry 3518E2Trustpilot one-star reviews for ultimamarkets.com show a repeated mechanism between mid-September and mid-October 2026: a client in Belgium had a withdrawal rejected and trading blocked after profits, with the broker alleging risk-free arbitrage and saying it would deduct funds; a Malaysian client was barred after a second 500 USD deposit and refused withdrawal of the balance; clients in Morocco and Spain report profits cancelled and accounts suspended after becoming profitable; a Turkish client paid to an IBAN supplied by the company and the funds were never credited; a Dutch client reports four weeks without payment.
E3A separate complaint portal carries a filed complaint from a client in Norway dated 30 November 2023 reporting a 3,000 USD deposit, profits that doubled the account, and a withdrawal that was then rejected, alongside a related August 2023 complaint from Indonesia titled on the same theme of profits not being paid. This places the same failure on a second platform and two years earlier.
E4The broker's own public replies to these reviews state that the account is currently under review due to trading activity that may suggest a potential violation of its terms and conditions. This confirms that accounts holding client balances are frozen on that basis, which is the substance of the complaints rather than a rebuttal of them.
E5The homepage advertises trust since 2016, while the main domain ultimamarkets.com was registered on 27 May 2021, the Australian company on 18 May 2021, the Cyprus licence was granted on 13 March 2023 and the Mauritius licence on 6 April 2023. No registry or domain record supporting a 2016 start could be found, so the advertised history exceeds the evidenced track record by about five years.
E6The FCA register shows ULTIMA MARKETS UK LIMITED, reference number 470325, authorised since 16 October 2007, with retail permissions to arrange deals and to deal as agent and as principal in contracts for differences and rolling spot forex, subject to a matched principal broker limitation. The website on record is https://www.ultima-markets.co.uk/, which is one of the broker's own domains, so the licence is genuinely this operation's and no clone mismatch exists.
E7The Financial Services Commission of Mauritius public register lists Ultima Markets (Mauritius) Ltd with a SEC-2.1B Investment Dealer licence, Full Service Dealer excluding underwriting, dated 6 April 2023, management company Legacy Capital Co Ltd, at 40 Silicon Avenue, The Catalyst, Level 2, Suite 201, Ebene. The entity name and address match the broker's own disclosure and the licence carries no adverse annotation.
E8Trustpilot shows 4.2 out of 5 from 975 reviews with 73% at five stars and 5% at four stars, 703 of them in the preceding twelve months, including reviewers who specifically report quick withdrawals. The profile is company-claimed with a paid subscription, the company invites customers to review, and it has replied to 98% of negative reviews, typically within 24 hours. Most clients therefore appear to be served and paid normally.
E9ASIC records ULTIMA MARKETS PTY LTD, ACN 650 301 241, registered on 18 May 2021 as an Australian proprietary company and deregistered on 30 July 2025 following a voluntary deregistration application lodged on 23 May 2025. The register shows no Australian financial services licence, and the broker's current site makes no ASIC claim.
E10CySEC lists licence 426/23, dated 13 March 2023, as held by Huaprime EU Ltd, ex Ultima Markets Cyprus Limited, company HE 423188 in Limassol, with http://www.huaprime.eu/ as the sole approved domain and permissions limited to reception and transmission and execution of orders. No Ultima Markets website is approved under this licence, so it no longer provides European cover for this brand.
E11UK Companies House shows company 06249714 incorporated on 16 May 2007 and active, registered at 1 Blossom Yard, Fourth Floor, London E1 6RS, with former names PANORAMIC INVESTMENT MANAGEMENT LIMITED to January 2012, ELECTRONIC AND VOICE FOREIGN EXCHANGE LIMITED to September 2022, and TIGER BROKERS (UK) LTD to 21 July 2025. The FCA authorisation dating from 2007 was therefore acquired with an existing company rather than earned by this brand.
E12A search of the FCA's unauthorised firms register for Ultima Markets returns no entry, so there is no FCA warning list hit against this broker, contrary to claims made on some review aggregators. The only notices attached to the firm's own FCA record are clone alerts from June 2018 and October 2020 concerning third parties impersonating the firm under its earlier EVFX identity.
E13The broker's own footer states that Ultima Markets (Pty) Ltd, FSP 52497, acts solely as an intermediary under the South African FAIS Act between clients and Ultima Markets (Mauritius) Ltd as product provider, and is not the principal, issuer, market maker or counterparty, and that Ultima Markets EU OU in Estonia offers no regulated financial products and no trading services. The South African licence therefore does not protect client deposits.
E14The site advertises client insurance of up to 1,000,000 US dollars arranged through broker Willis Towers Watson, states the brand is a trading name used by several companies, and restricts its services from residents of the United States, the United Kingdom and Singapore. The UK exclusion sits alongside the display of an FCA-authorised UK entity in the same footer, so clients of the global site cannot be covered by the tier-one licence shown to them.
The other side
The strongest case in this broker’s favour.
The case for Ultima Markets deserves a fair hearing, and parts of it are strong.
- The licences are real and correctly held. The FCA register shows Ultima Markets UK Limited, reference 470325, authorised with retail permissions to arrange and to deal as agent and as principal in contracts for differences and rolling spot forex, and it records ultima-markets.co.uk as the firm's website. The Mauritius register shows Ultima Markets (Mauritius) Ltd holding a Full Service Investment Dealer licence since 6 April 2023 at the same address the company publishes, with no adverse annotation. This is not a clone and no licence number belongs to anyone else.
- No regulator has accused it of fraud. We searched the FCA's unauthorised firms register and found no warning naming Ultima Markets. We found no enforcement action and no court record. The SFC entry is an alert about unlicensed activity and a payment route, not a finding of criminal conduct.
- Most clients appear to be paid. Trustpilot shows 4.2 out of 5 from 975 reviews, with 78% at four or five stars, including reviewers who specifically praise fast withdrawals. The company replies to 98% of negative reviews, usually within a day, and in some cases resolves them.
- Disclosure is better than most. The footer names every entity with its registration number and address, states plainly that the Estonian company is unregulated and handles payments only, and states that the South African company acts solely as an intermediary and is not the issuer or counterparty. Operations that intend to deceive rarely volunteer that.
- The complaints have an innocent reading. Arbitrage, latency abuse and bonus abuse are real problems for brokers, and a firm is entitled to investigate and to void trades that breach its terms. Several complainants describe copy trading or Martingale strategies. Traders who lose money also sometimes describe ordinary enforcement as theft, and the broker says it cannot locate some of these cases from the details given.
- The Hong Kong alert may be narrower than it looks. The SFC's core legal point is that the company is not licensed in Hong Kong and may not market there. Many offshore brokers appear on that list for that reason alone. What lifts this entry above routine is the separate factual remark about where client deposits landed.
What would change this
What we would need to see to revise the verdict.
We will revise this assessment on any of the following.
- The SFC removes ultimamarkets.com and Ultima Markets (Mauritius) Ltd from its Alert List, or the company publishes a documented account of the third-party bank accounts the SFC identified and the payment route is verifiably changed.
- The pattern of profitable accounts being frozen stops. Three to six months with no new credible report of profits cancelled or a balance withheld after a terms allegation would materially lower the withdrawal and reputation scores.
- The broker publishes the evidence standard it applies before voiding profits, and an independent record shows frozen balances being released, for example an ombudsman or regulator-handled resolution.
- Client funds are moved to an entity with real protection, such as the FCA-authorised UK company serving retail clients with client-money segregation and FSCS cover, rather than the Mauritius entity.
- The 2016 founding claim is substantiated with a registry record for a predecessor entity, or the site corrects it to the period it can evidence.
- Conversely, the verdict would harden to a confirmed rating if a second tier-one regulator issued a warning naming these domains, if an enforcement action or court filing alleged misuse of client funds, or if credible reports emerged of a payment being demanded before funds are released.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
SFC Hong Kong Alert List entry for ultimamarkets.com
The Hong Kong regulator's alert naming the website, the Mauritius company and the apps.
FCA Register: Ultima Markets UK Limited, reference 470325
UK status, permissions and the website the regulator has on record.
FSC Mauritius Online Public Register
Enter Ultima in the Name box to see the Investment Dealer licence and its date.
CySEC: Huaprime EU Ltd, ex Ultima Markets Cyprus Limited, licence 426/23
Shows the only approved domain is huaprime.eu, not an Ultima Markets site.
UK Companies House: company 06249714
Incorporation date and the three former names of the UK entity.
ASIC: Ultima Markets Pty Ltd, ACN 650 301 241
Australian company record showing deregistration on 30 July 2025.
Trustpilot reviews for ultimamarkets.com
Rating, review distribution and the recent withdrawal complaints.
Frequently asked questions
Quick answers about this broker’s safety.
Is Ultima Markets a scam?
We rate it high risk at 70%, and we would not deposit with it at present. It is not a fake or cloned broker: it holds a genuine FCA authorisation in the UK and a genuine Investment Dealer licence in Mauritius. The concern is conduct. Hong Kong's Securities and Futures Commission listed the site as a suspicious website on 25 September 2026, and clients in several countries report profitable accounts being frozen and withdrawals refused.
Is Ultima Markets a fraud?
No regulator or court has made a finding of fraud against Ultima Markets, and we found no enforcement action and no fraud-related court record naming the company. What exists is a Hong Kong SFC alert stating that client deposits went into bank accounts with no apparent connection to the company, plus a consistent pattern of profits being cancelled. On that evidence we assess the risk to client funds as high, but we do not assert that a crime has been committed.
Is Ultima Markets regulated?
Yes, in part. Ultima Markets (Mauritius) Ltd has held a Full Service Investment Dealer licence from the Financial Services Commission of Mauritius since 6 April 2023, which we confirmed on the FSC register. Ultima Markets UK Limited holds FCA reference 470325. A South African entity holds FSCA FSP 52497 but acts only as an intermediary. The key point is which entity holds your money: that is the Mauritius company.
Can I withdraw my money from Ultima Markets?
Many clients can and do, including reviewers who praise fast withdrawals. The problem is concentrated on accounts that become profitable. Multiple clients describe withdrawals being rejected and accounts blocked after profits, with the broker alleging a breach of its trading terms. If you hold a balance, withdraw it now rather than letting it grow.
Is my money safe with Ultima Markets?
It is less protected than the licence list suggests. Your counterparty is the Mauritius entity, and a Mauritius Investment Dealer licence carries no deposit compensation scheme. The Hong Kong regulator has also stated that funds deposited through the apps went to bank accounts unconnected to the company. That is a direct question mark over the payment route, so we would not keep a meaningful balance there.
Who owns Ultima Markets and where is it based?
The contracting company is Ultima Markets (Mauritius) Ltd, registered at Suite 201, 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, Mauritius, with Legacy Capital Co Ltd shown as its management company on the FSC register. The group also uses a UK company in London, an Estonian company that handles payments, and a South African intermediary. Beneficial ownership is not disclosed on the site.
How old is Ultima Markets really?
About five years on the record we can verify. The main domain ultimamarkets.com was registered on 27 May 2021 and the Australian company on 18 May 2021, with the Cyprus and Mauritius licences granted in 2023. The site advertises trust since 2016, and we found no registry or domain record supporting a 2016 start.
Does Ultima Markets really have an FCA licence?
Yes, but read it carefully. FCA reference 470325 is real and belongs to Ultima Markets UK Limited, with permissions covering contracts for differences and rolling spot forex for retail clients. That company is a 2007 incorporation that previously traded as Panoramic Investment Management, then Electronic and Voice Foreign Exchange, then Tiger Brokers (UK) Ltd, and was renamed on 21 July 2025. The global site excludes UK residents, so its clients are not covered by that authorisation, the Financial Ombudsman Service or the FSCS.
Why is Ultima Markets on the Hong Kong SFC Alert List?
The SFC added it on 25 September 2026 under the category of suspicious websites. It states that Ultima Markets (Mauritius) Ltd is not licensed in Hong Kong and may not market there, and separately that investors' funds deposited through the Ultima Markets apps went directly into bank accounts with no apparent connection to the company, whose holders claim no knowledge of it. That second point is what makes this more than a routine licensing notice.
Is Ultima Markets a clone of another broker?
No. We checked every licence number it advertises against the issuing register and each one resolves to a correctly named Ultima Markets entity, with the FCA even recording ultima-markets.co.uk as the firm's website. No other company's licence, name or address is being used. Note that the FCA record does carry clone warnings from 2018 and 2020, but those concern impersonators of the firm under its earlier EVFX identity, not Ultima Markets itself.
Does Ultima Markets still have a CySEC licence?
Not for its own websites. CySEC licence 426/23, granted on 13 March 2023, is now held by Huaprime EU Ltd, formerly Ultima Markets Cyprus Limited, and the only domain CySEC approves for it is huaprime.eu. Any older marketing describing Ultima Markets as CySEC regulated no longer reflects the register. The current site does not claim it.
What are the complaints about Ultima Markets?
The dominant pattern is that a client becomes profitable, the account is frozen or closed over an alleged breach of trading terms such as risk-free arbitrage, profits are removed or adjusted away, and the remaining balance cannot be withdrawn. Reported amounts include 3,000 USD, 500 USD and 211 USD. A smaller set concerns deposits paid to a supplied IBAN that were never credited. Service complaints about documentation and processing speed also appear.
What should I do if Ultima Markets will not release my money?
Request the withdrawal in writing and ask for the specific trades and contract clause relied on if profits were voided. Keep statements, ticket numbers and all correspondence. Complain to the Financial Services Commission of Mauritius, which licenses the entity holding your funds, and to the SFC if you were solicited in Hong Kong. If you paid by card or bank transfer, especially to a third-party account, contact your bank quickly about a chargeback or recall. Never pay a fee to anyone promising to recover the funds.
What should I check before depositing with any broker?
Confirm which legal entity will hold your money and which regulator licenses that specific entity, not the group. Check the licence number on the regulator's own register and read the status, dates and permitted activities. Test a small withdrawal early. Check whether deposits go to the company's own named bank account rather than a third party, and search the regulator alert lists in your own country.
What we recommend
The practical takeaway from everything above.
Treat this as a broker where deposits are easy and getting profits out may not be.
- Do not deposit new money while the SFC alert stands. The specific concern, client funds landing in accounts unconnected to the company, goes to whether your money is where you think it is.
- If you hold a balance, withdraw it now and do so in normal amounts to the same method you deposited from. Do not wait for a larger profit to build up.
- Never pay anything to release a withdrawal. No legitimate broker requires a fee, tax or insurance payment before returning your own funds. If anyone asks, stop and keep the message.
- Keep your own records. Save statements, trade history, ticket numbers, the deposit destination details and all correspondence. If profits are voided, ask in writing for the specific trades and the contractual clause relied on.
- Escalate to the right body. Clients of the Mauritius entity can complain to the Financial Services Commission of Mauritius. If you were solicited in Hong Kong, report it to the SFC. If you dealt with the UK entity, the Financial Ombudsman Service may be able to help. If you paid by card or bank transfer to a third party, raise it with your bank promptly.
- Internal note: this case meets the escalation criteria for active harm in progress and for a negative verdict against a firm holding a verified tier-one authorisation. The recommended status is provisional and should be confirmed by a human reviewer, who should note that the FCA and Mauritius licences are genuine and that the broker is not a clone. The broker page also needs three factual corrections set out in the discrepancies.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 16, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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