Red Flags at Ultima Markets: Wave of Negative Reviews and CySEC Licensing Changes

BrokersView recently discovered that Ultima Markets has faced increased negative client reviews over the past three months. The negative feedback triggered a re-examination and a cautionary tale about Ultima Markets.

Clients have voiced their frustration over denied withdrawal payments and persistent demands for documentation.

Clients have reported unexplained or “suspicious trading activity”-based deductions from their trading accounts, leading to confusion and financial loss for the traders.

A client experienced a sudden account closure for Ultima Markets’ accusation of unethical trading, with no evidence provided. This happened after the client had made a profit of $1.8k.

In June, BrokersView reported an incident where an Ultima Markets client was blocked from withdrawing funds. In July, a client left a comment alleging that Ultima Markets is a scam broker. The client reported that $817 was deducted from his trading account after submitting a withdrawal request for $325, causing confusion and frustration. 

Concerns over Ultima Markets' Mauritius license and regulatory risks

Ultima Markets Ltd is authorized and regulated by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer. However, the firm’s details in the regulator’s licensee registry do not include essential information such as address, email, telephone, and website, making it difficult to verify and raising uncertainty about its license ownership.

The Mauritius FSC’s regulatory framework is often viewed as more lenient compared to major onshore regulators, which can pose additional risks for traders. Therefore, client accounts under the jurisdiction of the Mauritius FSC may be at higher risk and minimal protection.

Concerns over changed CySEC licensing details of Ultima Markets 

Our investigation uncovered a disturbing issue: Ultima Markets Cyprus Ltd’s domain (https://www.ultimamarkets.eu/) is now inaccessible. Upon reviewing its CySEC license, we discovered that the licensing details have been updated. The entity's name is now Huaprime EU Ltd and the approved domain has been changed to https://huaprime.eu/. This raises a red flag.

The timeline for when the company changed its CySEC license information and when its website became inaccessible remains unclear. The company has not appeared to disclose anything about this significant change, and with the previous website no longer working, the exact circumstances are uncertain. Regardless of whether this move was due to operational issues, regulatory concerns, or a rebranding effort, the company has failed to maintain transparency. 

https://huaprime.eu/ does not mention that Ultima Markets Cyprus Ltd has undergone this change, although Ultima Markets Cyprus Ltd is listed as the former name in the license disclosure on the new website. The website of Ultima Markets’ Mauritius entity also does not mention this new Cyprus entity either, yet the website page used by the entity for promotion does refer to Huaprime EU Ltd as the new name of its Cyprus entity. This ambiguity raises concerns and suspicion.