What We Tested
- Account type: Standard Account ($200 starting balance for test)
- Platform: MT5 on local machine (no VPS for this test)
- Trading period: 3 months, 89 trades executed
- Pairs tested: EURUSD, GBPUSD, USDJPY, XAUUSD
- Withdrawal tests: 2 successful (card, bank wire)
- Support tests: 6 inquiries via live chat and email
All testing conducted with real capital. Execution, spreads, slippage, and support quality documented across London/NY sessions.
Regulation & Safety
UltimaMarkets operates under tier-2 regulatory licenses:
- FSC (Mauritius) – License #GB21026295: offshore regulation with basic oversight and investor protection measures
- VFSC (Vanuatu) – License #700368: light-touch regulation, primarily serves international retail clients
Spreads & Execution
| Pair | Standard Avg Spread | ECN Avg Spread | Commission (ECN) |
|---|---|---|---|
| EUR/USD | 0.6 pips | 0.3 pips | $3.00/lot RT |
| GBP/USD | 0.9 pips | 0.5 pips | $3.00/lot RT |
| USD/JPY | 0.7 pips | 0.4 pips | $3.00/lot RT |
| XAU/USD | 18 pips | 14 pips | $3.00/lot RT |
Spreads measured during London/NY overlap. Standard account includes markup; ECN charges raw spread + commission.
Execution Quality (Tested)
- Median fill time: ~45ms (local machine, no VPS)
- Slippage (majors): +0.8 pips average, occasionally negative on fast markets
- Requotes: 2.3% of orders, mostly during high-volatility news
- Order rejection rate: ~1.1% (higher than tier-1 brokers, but acceptable)
Execution is solid for a mid-tier broker. Slippage is present but not excessive. Requotes happen more often than with tier-1 brokers, but trades generally execute. No evidence of stop-hunting or manipulation in our 89-trade sample.
Account Types & Fees
Standard Account
- Min deposit: $10
- Spreads: From 0.6 pips (markup included)
- Commission: $0
- Leverage: Up to 1:1000
- Best for: Beginners, small accounts, swing traders
ECN Account
- Min deposit: $200
- Spreads: From 0.0 pips (raw)
- Commission: $3.00/lot RT
- Leverage: Up to 1:500
- Best for: Active traders, scalpers, EAs
Other Fees
- Deposit fees: $0 (card, wire, crypto, e-wallet)
- Withdrawal fees: $0 for e-wallets/crypto; wire may incur bank fees
- Inactivity fee: $15/month after 3 months of no trading
- Swap rates: Standard; Islamic accounts available (swap-free)
Deposits & Withdrawals (Tested)
We tested 2 withdrawal methods over 3 months:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card | $100 | 2 business days | $0 | Required KYC verification |
| Bank Wire | $200 | 3 business days | Bank fee (~$15) | Slower but reliable |
Platforms & Tools
- MetaTrader 4 & 5: Full desktop, mobile, web versions. Standard MT4/MT5 with EA support
- VPS Hosting: Available for qualifying accounts (varies by tier)
- Tools: Economic calendar, market news, basic trading signals, copy trading (limited)
- Educational Resources: Webinars, video tutorials, beginner guides, market analysis articles
Our Take: Platform selection is standard MT4/MT5—no proprietary bells and whistles, but that's not a negative. Educational content is stronger than many competitors; good for beginners learning the ropes.
Customer Support (Tested)
We contacted UltimaMarkets support 6 times over 3 months:
- Live Chat: 24/5, average response time ~3-5 minutes, generally helpful
- Email: Responses within 8-24 hours, sometimes generic but adequate
- Quality: Support handled basic questions well (deposits, withdrawals, account setup). Technical questions (execution, slippage) received less detailed answers.
Support is functional but not exceptional. Good enough for beginner/intermediate needs. Don't expect deep technical expertise like you'd get from Vantage or IC Markets.
PROS
- Very low minimum deposit ($10 Standard)
- No hidden fees; transparent pricing
- Competitive spreads for mid-tier broker
- High leverage available (up to 1:1000)
- Strong educational resources for beginners
- MT4/MT5 with EA support
- Islamic accounts available
- Withdrawals processed on time
CONS
- Tier-2 regulation (FSC/VFSC) vs tier-1 (ASIC/FCA)
- No investor compensation scheme
- Execution speed slower than top-tier brokers
- Requotes more frequent (~2.3% of orders)
- Inactivity fee kicks in after only 3 months ($15/mo)
- Support quality average vs tier-1 competitors
Who Should Use UltimaMarkets?
- Great fit: Beginners starting with $10-200, learning traders who need educational resources, swing traders with smaller accounts.
- Good fit: Intermediate traders comfortable with tier-2 regulation who want straightforward pricing and high leverage options.
- Maybe: Scalpers and high-frequency traders (execution speed is adequate but not exceptional).
- Not ideal: Large accounts needing tier-1 regulation and investor protection, traders requiring institutional-grade execution speed.
Final Verdict
UltimaMarkets is a solid mid-tier broker that delivers on its core promise: low barriers to entry, competitive spreads, no hidden fees, and transparent operations. The $10 minimum makes it accessible for beginners, and the educational resources add value for those learning to trade.
Execution is adequate—not lightning-fast like tier-1 brokers, but reliable enough for swing trading and position trading. Requotes and slippage are present but not excessive. Withdrawals are processed on time without delays.
The main trade-off is regulation. FSC (Mauritius) and VFSC (Vanuatu) are functional but not robust. There's no investor compensation scheme, and regulatory oversight is lighter than ASIC/FCA. For small accounts ($10-2000), this is acceptable risk. For larger capital, consider tier-1 regulated alternatives.