Ultima Markets review 2026: is Ultima Markets trustworthy?

In this article7

1. Ultima Markets review: company overview
2. Is Ultima Markets regulated? Four licences, but which covers you?Show subsections
3. Checking Ultima Markets licences: a three-minute starting pointShow subsections
4. Ultima Markets rebate: three markup tiers, a three-and-a-half-fold differenceShow subsections
5. Who Ultima Markets suits, and whose requirements it may not meet
6. Ultima Markets review: frequently asked questionsShow subsections
7. Conclusion

Last updated: 29/09/2026. Written by backcomvn.com.

This Ultima Markets review examines the legal entities, licences and actual trading costs to check before depositing. Less familiar in Vietnam than Exness or XM, the broker often prompts questions about its reliability and regulatory standing. The brand lists licences in four jurisdictions, but the number of regulators does not determine your protection. The question that matters is which licence applies to the company holding your account.

Backcom VN is an introducing partner of the broker and earns commission from referrals. This article distinguishes published information from matters requiring your own verification. It does not replace a current register search when opening an account, and our commercial relationship should be considered when reading the assessment.

Contents: 1. Company overview; 2. What the licences cover; 3. How to check; 4. Rebates and markup; 5. Who it suits; 6. Frequently asked questions; 7. Conclusion.

Ultima Markets review: company overview

Ultima Markets is a forex and CFD brokerage brand founded in 2016. Its international entity, Ultima Markets Ltd, is registered in Mauritius. The broker offers MetaTrader 4 and MetaTrader 5, making it an option to examine if you trade gold or foreign exchange and already use these platforms.

Category	Details
Founded	2016
International entity	Ultima Markets Ltd, registered in Mauritius
Platforms	MetaTrader 4, MetaTrader 5
Strengths identified by this site	Competitive spreads, low fees
Limitations identified by this site	No direct crypto trading; better suited to experienced traders

In this Ultima Markets review, “competitive spreads, low fees” reflects Backcom VN’s assessment, rather than measurements across every account. Spreads depend on the instrument, market conditions and registration route. Commission, overnight charges and any markup also belong in the calculation. A favourable spread alone cannot establish the total cost of a trade.

MT4/MT5 familiarity can make the platform easier to use, but it proves neither withdrawal reliability nor capital protection. The founding year describes the brand’s stated history. Likewise, the absence of direct crypto trading concerns access to the underlying assets; do not assume that every legal entity offers an identical CFD product range.

Is Ultima Markets regulated? Four licences, but which covers you?

A useful Ultima Markets review must connect the brand, the company signing your agreement and that company’s regulator. The table lists publicly presented regulatory references and their associated markets. It is not independent confirmation that every authorisation remains active, or that every service offered under the brand falls within those permissions.

Entity / Authority	Licence number	Scope
FCA (United Kingdom)	470325	Clients in the United Kingdom
CySEC (Cyprus)	426/23	Clients in the EU
FSCA (South Africa)	—	Clients in South Africa
FSC (Mauritius) — Ultima Markets Ltd	GB 23201593	Most international clients, including Vietnam

The listed registered office for the Mauritius entity is 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. No licence number is listed in the FSCA row. The “—” neither confirms a registration nor means that the authority has issued no authorisation; that detail needs separate checking.

Ultima Markets FCA coverage: four licences do not mean four layers of protection

FCA and CySEC frameworks include requirements concerning client money segregation, retail leverage limits and conditional compensation arrangements. Ultima Markets FCA protection depends on the relevant entity, client classification and eligibility rules. These arrangements do not automatically extend to every account carrying the same brand, even when the website displays all its regulatory registrations together.

The FSC Mauritius framework has different requirements and should not be treated as providing compensation equivalent to the United Kingdom or Cyprus. Most Vietnamese clients registering through the international website are generally routed to Mauritius. Nevertheless, the actual agreement determines your contractual entity; nationality and website language cannot settle that question by themselves.

To answer “is Ultima Markets regulated” meaningfully, start with the protection attached to your account. Check the entity’s status and permission to provide the relevant services. An Ultima Markets FCA reference on a website is not enough to establish that the FCA supervises your particular account or that you qualify for its associated protections.

Two concerns raised by third parties, and how to check them

Some independent reviewers have questioned whether the website recorded on the FCA register matches Ultima’s operating domain. For your own Ultima Markets FCA check, search reference 470325, open the website field and compare the domain character by character. If they differ, request a written explanation before depositing rather than assuming the discrepancy is harmless or conclusive.

Other comments suggest that the FSC Mauritius record lacks an address, email, telephone number or website. Search for Ultima Markets Ltd on the FSC register, open the detailed entry and inspect each field. Distinguish genuinely missing information from information held on a linked page or elsewhere within the register.

These are verification points, not findings against the broker. Sparse records may reflect administrative updates or require further explanation; the current register entry matters. This Ultima Markets review applies the same approach discussed in our guide to assessing forex brokers for Vietnamese traders: establish the facts before drawing conclusions.

Checking Ultima Markets licences: a three-minute starting point

Three minutes is enough to begin investigating “is Ultima Markets regulated”, but not necessarily to resolve every discrepancy. Record the date, legal entity and displayed status. Screenshots from an introducer can help orient your search, but opening the register yourself gives you the current entry and its surrounding details.

Three registers you can check now

1. FCA (United Kingdom): open the FCA register and search reference 470325. For the Ultima Markets FCA entry, examine the company name, status, permissions and website. Compare the domain with the site you use; a matching reference number in a search result is only the beginning.
2. CySEC (Cyprus): visit CySEC’s list of Cyprus investment firms and search licence 426/23. Check the legal entity and published domains. A Cyprus registration does not mean your international account receives protection there, so retain the entity name for comparison with your agreement.
3. FSCA (South Africa): start at the official FSCA website and look for Ultima’s South African entity. Since the table does not list a number, obtain the legal name from the relevant legal documents first. Avoid selecting a similarly named firm without checking that it is the correct company.

For Mauritius, search for FSC Mauritius and confirm that you have reached the authority’s official website before using its register. Automated access can be blocked, which need not prevent an individual from checking manually. A technical access restriction says nothing by itself about the broker’s regulatory status or the completeness of its entry.

The check that matters more than a number

Open the client terms you accepted and find the company named at the beginning and in the dispute resolution provisions. If it is Ultima Markets Ltd, compare it with FSC Mauritius reference GB 23201593. Read the scope of any Investment Dealer authorisation shown in the entry, alongside the entity’s identifying details.

For a documented check, save your agreement and the register result from the same period. If names, addresses or permitted services differ, contact compliance and retain the response. This Ultima Markets review uses a process you can repeat elsewhere; our guide to checking forex broker licences explains the broader approach.

Ultima Markets rebate: three markup tiers, a three-and-a-half-fold difference

The Ultima Markets rebate schedule offered through Backcom VN has three options. Each Ultima Markets markup tier pairs a higher payout with a larger spread addition. The highest payout is three and a half times the base rate, but that comparison alone cannot show which account route costs less to trade.

Link type	Spread	Referral code	Rebate (gold & forex)
No Markup	Raw spread	yQAiI3Gi	$6.4 per lot
Markup 1	+1 pip	P8K42x9R	$14.4 per lot
Markup 2	+2 pips	BX0KiiF3	$22.4 per lot

The Ultima Markets rebate works through referral commission: Backcom VN receives commission and returns part to the client. Payments depend on eligible trading volume rather than trading results, so losing trades may still qualify. The stated payment schedule is daily, subject to the programme’s conditions for recognising eligible activity.

Cashback is distinct from profit: an account can receive payments while losing money overall. Higher payouts reflect the Ultima Markets markup added to the spread. No Markup does not mean free trading either, because the underlying spread and any applicable commission or holding charges remain part of your costs.

Compare the additional rebate with the pip value

Under the Ultima Markets rebate schedule, Markup 2 pays $22.4 per lot, while No Markup pays $6.4 per lot. The difference is $22.4 − $6.4 = $16. Compare that extra payment with the cost of +2 pips, using the same instrument, lot size and volume calculation throughout.

1. Open the instrument’s contract specifications and identify the lot size, minimum price increment and pip convention.
2. Convert the additional spread into your account currency. Do not apply one assumed pip value to every currency pair or instrument.
3. Subtract the additional cashback from the additional cost, then compare the total charges across the available choices.
4. Check commission, overnight charges and eligible lot conditions so that both sides of your comparison use the same basis.

Gold, XAUUSD, particularly requires checking the broker’s pip convention. If the cash cost of the Ultima Markets markup exceeds the extra cashback, the higher payout still leaves you paying more. Holding positions longer may make spread costs smaller relative to your target movement, but does not automatically make markup beneficial. Overnight charges may also accumulate.

Frequent traders are especially sensitive to spread costs; occasional traders still need the same calculation per lot. Check the Ultima Markets markup options on Backcom VN’s Ultima Markets rebate page before registering. Choose the link first: the markup cannot be changed after the account is opened under the stated policy.

The largest payout is not necessarily the best outcome. This Ultima Markets review therefore focuses on net costs for the volume you already intend to trade. When comparing brokers with the highest rebates, use that same basis. Increasing trading solely to collect cashback adds exposure and costs that rebates cannot necessarily offset.

Who Ultima Markets suits, and whose requirements it may not meet

The criteria in this Ultima Markets review make suitability dependent on the contractual entity and actual costs. An Ultima Markets rebate should be a secondary consideration once you understand the agreement, available products and charging method. Platform familiarity and a large cashback figure cannot resolve a mismatch in regulatory protection.

• Potentially suitable: you trade gold or forex, know MT4/MT5, do not need direct crypto trading and can calculate the total cost per lot.
• Requires clear acceptance: if your agreement is with the Mauritius entity, its protection framework applies. Do not assume you receive United Kingdom or EU arrangements.
• Markup needs consideration: you scalp or target small price movements, making wider spreads directly relevant to your break-even point. Include No Markup in your cost comparison.
• May not meet your requirements: you require direct FCA or CySEC protection but qualify only for an international account. The United Kingdom and EU entities have their own client acceptance conditions.

Asking “is Ultima Markets regulated” should therefore lead to “does this account meet my requirements?” If the contractual company or markup remains unclear, finish those checks first. Our complete guide to choosing a forex broker provides a broader set of criteria for reviewing the decision before you commit funds.

Ultima Markets review: frequently asked questions

Conclusion

This Ultima Markets review identifies a stated founding year of 2016 and regulatory information across four jurisdictions. Most Vietnamese clients are associated with Mauritius; FCA or CySEC coverage does not transfer automatically. Answering “is Ultima Markets regulated” requires matching your agreement with the current register, rather than counting the licences displayed by the brand.

Before depositing, check the three listed references: 470325, 426/23 and GB 23201593, and identify the company in your own agreement. Once the applicable protection is clear, examine the Ultima Markets rebate and calculate net trading costs before selecting a registration link.

Leveraged forex and CFD trading carries substantial risk and can result in the loss of all your capital. This article is for information only and is not investment advice. Regulatory details and fee schedules may change; check current official information before making a decision.