Desk file · 2026 edition · record confidence: low
Ultima Markets
We opened the file on Ultima Markets the way we open every file: register first, marketing never. Trading since 2016, run out of Mauritius, and carrying 4 licence entries on the public record, 1 of them tier-1.
What the two desk scores say
Both are out of 10 and both are computed, not felt.
| Cost score | Priced off the spread basis below, not off a headline rate card. | not verified |
|---|---|---|
| Safety score | Weighted on licence tier and on how many of the entries we could re-read at source. | not verified |
| Cost per 10 lots | Ten round-turn EUR/USD lots priced at the spread basis, commission excluded. | $not verified |
Spread basis. . Nothing on this page is a live quote; a spread printed on a Tuesday afternoon is not the spread you get thirty seconds after a non-farm payroll release.
Licence entries, one row per entity
Every row links to the document we read it from.
| Regulator | Licence no. | Jurisdiction | Tier | Licensed entity | Source |
|---|---|---|---|---|---|
| FSC Mauritius | GB 23201593 | Mauritius | T3 | Ultima Markets (Mauritius) Ltd | ultimamarkets.com |
| FSCA | FSP 52497 | South Africa | T2 | Ultima Markets (Pty) Ltd | ultimamarkets.com |
| FCA | 470325 | United Kingdom | T1 | Ultima Markets UK Ltd | register.fca.org.uk |
| None — Estonian company registration (payment facilitation only) | Estonia | T3 | Ultima Markets EU OU (registry code 17134727) | ultimamarkets.com |
Which entity actually holds your money is decided at signup, by the country on your application — not by the strongest licence in this table. Read the client agreement you are handed, then match the entity name against the row above.
What we were able to confirm
Confirmed at source
- Ultima Markets states it was established in 2016 and offers over 250 CFD instruments across forex, commodities, indices and stocks.
- Ultima Markets Ltd is stated by the company to be authorised and regulated by the Financial Services Commission of Mauritius as a Full-Service Investment Dealer (excluding underwriting).
- The company announced in August 2025 that it had secured FCA authorisation through Ultima Markets UK Ltd, and its site states UK onboarding is expected to begin in 2026.
- Ultima Markets' own disclosure states that its international entities are not based in the UK and are not licensed by the FCA, so clients of those entities do not have FCA protections.
- A South African entity, Ultima Markets (Pty) Ltd, is described as an FSCA Financial Services Provider under FSP number 52497.
- Ultima Markets' site-wide regulatory footer states Ultima Markets UK Limited is authorised and regulated by the FCA under reference number 470325, with registered address 1 Blossom Yard, Fourth Floor, London E1 6RS (https://www.ultimamarkets.com/company-news/ultima-markets-secures-fca-licence/).
- Companies House records that ULTIMA MARKETS UK LIMITED (company 06249714) was renamed from TIGER BROKERS (UK) LTD on 21 July 2025, and previously traded as Electronic and Voice Foreign Exchange Limited (2012-2022) (https://find-and-update.company-information.service.gov.uk/company/06249714).
- The broker's regulatory footer states Ultima Markets (Mauritius) Ltd holds FSC Mauritius Full-Service Investment Dealer (excluding Underwriting) licence GB 23201593, with registered address 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity (https://www.ultimamarkets.com/company-news/ultima-markets-secures-fca-licence/).
Not verified
The following could not be traced to a primary source at the time of filing. We publish the gap rather than a number that would look tidier:
- hq
- minDeposit
- maxLeverage
- spreadEurusd
- segregatedFunds
- negativeBalanceProtection
- publiclyListed
- accountTypes
- FSCA FSP 52497 not confirmed on the FSCA register
- negative balance protection
- FSC Mauritius licence GB 23201593 and FCA reference 470325 come from the broker's own regulatory footer; neither has yet been independently confirmed on the respective regulator's register
| Founded | 2016 |
| Head office | Mauritius |
| Minimum deposit | not verified |
| Leverage cap | |
| EUR/USD | not verified pips |
| Tier-1 entries | 1 |
| Record confidence | low |
Platforms and account types on file
Platforms
Account types
Markets
Other records open on the desk
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A desk file is a record of what the public register said on the day we read it, not a recommendation to open an account.