Ultima Markets review 2026: real costs, deposits and withdrawals, and who it suits

The CySEC register on 19/08/2026 lists licence CIF 426/23 in the name of Huaprime EU Ltd, with the note (ex Ultima Markets Cyprus Limited).

This means the legal entity that used to carry the Ultima Markets name in Cyprus now carries a different name. Searching for "Ultima Markets" in the CySEC register returns an entirely different company, The Ultima Investments Cyprus Limited (CIF 048/04), which shares the first word but is not the same business. This is a very easy mistake to make if you search by name.

The safe way to check: take the licence number from your account terms and search by number, not by brand name.

My conclusion on Ultima Markets fits in one sentence: the trading conditions are fine for small capital and the FCA licence is real and can be looked up, but this is a new brand (2016) with mixed user reports in its past, so if you choose it, choose it as someone who is verifying, not as someone who is handing over capital.

This 2026 Ultima Markets review starts with the most confusing part of the broker: the name in the register.

This is a rare case where I have to advise against the usual habit. The CySEC register lists licence CIF 426/23 in the name of Huaprime EU Ltd, with the note (ex Ultima Markets Cyprus Limited), meaning the legal entity that used to carry the Ultima Markets name in Cyprus has now changed to a different name.

The confusion does not stop there. Typing “Ultima Markets” into the CySEC register returns an entirely different company: The Ultima Investments Cyprus Limited (CIF 048/04), which shares the first word but is not the same business. Searching by name in this case can mislead you in both directions: you may think the broker has lost its licence, or you may think that unrelated company is the broker.

The safe way to check: take the licence number stated in your account terms and search by number. Do not search by brand name.

Ultima Markets was founded in 2016, is headquartered in Mauritius, and declares two main licences: FCA (UK) and FSCA (South Africa). Ultima Markets UK Limited is in the official FCA register, reference number 470325, status Authorised since 16/10/2007. You can look it up yourself at register.fca.org.uk.

But, and this “but” comes up with almost every broker I review, a licence applies to a legal entity, not to a brand.

Vietnamese clients are usually placed under the offshore legal entity in Mauritius: higher leverage, in exchange for sitting outside the FCA's protection. The legal entity name in your account terms is what decides it.

Ultima Markets splits its accounts fairly clearly by budget:

Standard, deposit from 50 USD, no commission.

ECN, spread from 0.0 pip + commission ~5 USD/lot.

ECN Pro, deposit from 20,000 USD, lower commission.

Cent, for people testing with very small capital.

Note the 5 USD/lot figure on the ECN account: it is higher than the 3–3.5 USD typical of IC Markets or Tickmill. A 0.0 pip spread sounds attractive, but add the commission before comparing total costs, and do not let the zero do the arithmetic for you.

The Vietnamese homepage of Ultima Markets (viewed on 27/10/2026) puts four figures side by side: leverage up to 1:2000, orders executed in under 20ms, spread from 0.0 pip and commission 0.0. The two zeros do not belong to the same account type: the 0.0 pip spread is the ECN account, which charges commission; the no-commission account is Standard, with a wider spread. The 20ms figure is the broker's own claim, not measured by any independent party.

Leverage of 1:2000 means roughly 50 to 60 USD of margin opens 1 lot of EUR/USD. On 1 lot each pip against you costs 10 USD, so a move of about 5 pips wipes out that margin.

Deposit and withdrawal channels include bank transfer, card, e-wallet and crypto; withdrawal time depends on the method and your KYC status, and e-wallets and crypto are usually faster than bank transfers.

The only platforms are MT4 and MT5. Familiar and able to run EAs, but there is no cTrader, no TradingView and no proprietary platform, so people who need more modern tools will find it lacking. Leverage is flexible depending on the legal entity.

Pros

FCA (UK) licence that can be looked up: FRN 470325, Authorised since 16/10/2007

Declares FSCA (South Africa) authorisation

Low minimum deposit (from 50 USD)

Several account types, including Cent for small capital

Flexible leverage

Cons

The brand is still fairly new (2016), with a shorter history than Exness/XM

Has had mixed user reports and doubts about its licence claims in the past

Vietnamese clients are usually placed under the offshore legal entity (Mauritius)

Not licensed in Vietnam

With FCA/FSCA licences and 10 years of operation since 2016, Ultima Markets is not a scam operation.

But I write that sentence with two caveats that reviews of long-established brokers do not need: one, a 10-year history is short in this industry, not long enough to say how the broker behaves through a crisis; two, in the past there have been mixed user reports and doubts around the broker's licence claims.

The change of legal entity name in Cyprus described at the start of this review is not a violation, but it does not make verification any easier either.

The usual negative reports still fall into three familiar groups: misunderstanding account conditions, blowing accounts because of high leverage, and being asked for additional verification when withdrawing large amounts; the last group is a compliance procedure. Ultima Markets is not licensed in Vietnam; you are responsible for your own choice.

Should try it: people with small capital who want low costs, see the broker's new FCA licence as a plus, and are willing to follow the verification process properly: small capital first, KYC early, a test withdrawal right away.

Should wait: people who want a long track record and a large user community to compare notes with. Ultima Markets does not yet have either of those in the Vietnamese market. The profile and early user reports are compiled in the Ultima Markets review on DCuptrend.