WikiFX Broker Assessment Series | Ultima Markets: Is It Trustworthy?

In this article, we will conduct a comprehensive examination of Ultima Markets, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

In this article, we will conduct a comprehensive examination of Ultima Markets, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

Background:

Founded in 2016, Ultima Markets operates as an online brokerage specializing in the trading of exchanged CFDs, and prides itself as a global multi-asset platform with trading clients from over 172 countries and regions.

Ultima Markets provides a diverse range of over 250 tradable assets, covering currency pairs, commodities, global indices, and shares.

Additionally, Ultima Markets offers a social trading service named UM Social. This service facilitates master traders and traders to enhance efficiency, profitability, and generate passive income via copy-trading.

Meanwhile, Ultima Markets features an introducing broker (IB) program. This program enables individuals and businesses to earn rebates by referring new clients to the company, based on the trading volume of ones referrals.

It is important to note that, at present, Ultima Markets does not offer its services to individuals residing in the United States, North Korea, etc.

Types of Accounts:

Ultima Markets offers five account options: the Standard Account, the ECN Account, the Pro ECN Account, the Standard Cent Account, and the ECN Cent Account. Please refer to the attached image below for more detailed information on each corresponding account.

Deposits and Withdrawals:

Ultima Markets offers a range of payment options, including bank transfers, Mastercard, Visa, cryptocurrencies, and additional methods. While Ultima Markets asserts a policy of not imposing any commissions or fees for deposits, it is important to note that any fees levied by third-party providers shall be the responsibility of the trading client. However, there is an exception to this rule: clients making their first monthly withdrawal via International Bank Transfer/Wire Transfer are not subject to any additional handling fees. Subsequent wire withdrawal requests will incur a fixed fee of $20 each.

The specifications for each deposit and withdrawal method can be referred to from the images below:

Trading Platforms:

Ultima Markets provides two trading platforms:

- The MetaTrader 4 (MT4) trading platform, available on PC, mobile, and web (MT4 WebTrader), is widely used in the industry. MT4 offers traders a versatile and convenient platform, featuring mobile-friendly software with built-in indicators and interactive charts for thorough market analysis. It ensures fast executions and risk management with guaranteed stops, alongside real-time pricing and an extensive library of “Expert Advisors” and signals. MT4 is free to download, supports multiple accounts, and seamlessly connects platforms to brokers' servers via its API.

- The Ultima Markets mobile app, available on Google Play and the App Store, offers a comprehensive trading experience with spreads starting from 0 pips, leverage up to 1:2000, and a minimum deposit of $50. Trade forex, shares, metals, energies, indices, and cryptocurrencies conveniently in one platform. The user-friendly interface allows for easy deposits and withdrawals, with 24/7 support. Access an economic calendar and analysis by Trading Central for market trends. Utilize technical charting tools for informed decision-making.

Research and Education:

Unlike its industry peers, Ultima Markets does not offer a variety of educational resources to support traders. However, it does provide a “Market Outlook” session that includes news and analysis, along with an economic calendar, trading calculator, and VPS.

The “Market Outlook” program serves as a valuable resource for traders, delivering real-time financial market news to help traders stay informed and make well-informed decisions. Additionally, Ultima Markets offers expert analysis, including technical analysis of various financial instruments such as major currencies, indices, and commodities, aiding traders in understanding market movements and identifying trading opportunities.

Additionally, Ultima Markets offers essential tools like an economic calendar and trading calculator for risk management and precise trade calculations. Clear contract specifications ensure traders understand trading conditions, while the VPS service enhances trading with faster execution speeds.

Customer Service:

Ultima Markets provides 24/7 customer service support in multiple languages, including English, French, Thai, Vietnamese, Bahasa Indonesia, Italian, Chinese, and more. Clients can reach out to Ultima Markets via email at info@ultimamarkets.com or by submitting an inquiry through the broker's question form. Direct phone numbers are not available on the broker's 'Contact Us' page.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned Ultima Markets a WikiScore of 6.73 out of 10.

Upon examining Ultima Markets' licenses, WikiFX found that the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC). WikiFX has also validated the legitimacy of the said license.

Overall, Ultima Markets emerges as a seemingly dependable broker. However, it is worth noting that the company holds an offshore regulatory license, which may be perceived by some as less stringent and potentially compromised. As a result, users might consider selecting a broker with a Tier-1 regulatory license to ensure a higher level of protection, as indicated by WikiFXs comprehensive database.