A Client Reports a Dispute with Ultima Markets Regarding Withdrawal Delay

Recently, an investor trading with Ultima Markets was encountered with a withdrawal issue with the broker.

In April this year, this client registered a trading account with Ultima Markets and started trading. He stated that he had chosen this broker because of its reputation, but he did not know that it would be difficult to withdraw his funds.

On May 1, he submitted his first withdrawal request for $120. After waiting for about an hour, he received the money.

Such a smooth withdrawal process made him satisfied with Ultima Markets and he continued to trade on the platform.

On May 16, the client submitted a withdrawal request for the second time with the amount of  $1,100, but the situation went to the opposite of the first time.

After waiting for a day without the fund being credited, the user asked the support team of Ultima Markets via email on May 17 (Monday) about the reason for the expiration of the pending withdrawal. The team replied and explained that it took two business days for USDT to withdraw.

However, the $1,100 was not received by the client even the two business days have passed. Again, he consulted the support team for the second time.

Ultima Markets explained: "We are conducting a spot check, which results in a temporary restriction of transactions." 

The investor was not happy with the reply and believed that the firm was making excuses to obstruct withdrawals.

In addition, the investor is not the only one who suffers from withdrawal issues with Ultima Markets.

In Sep 2023, another investor was trading XAU/USD on Ultima Markets. According to the investor, he had $4735.3 on the balance before trading and gained $422.1 as profit, contributing to the balance rising to $5157.4.

However, his withdrawal of $2000 was rejected the next day after he submitted the request. The reason for rejection provided by Ultima Markets was “short position trader”.

What’s worse? After the withdrawal was denied, the balance was completely wiped out for no reason.

Though the client attempted to address the concern by contacting Ultima Markets via email, he was left with no response.

About Ultima Markets

Ultima Markets is a registered and regulated financial services provider licensed by the Cyprus Securities and Exchange Commission (CySEC) with license No.426/23.

Additionally, the broker claims to be licensed by the Mauritius Financial Services Commission (Mauritius FSC), while the portal of the regulator does not present details for verification.