Flagged as a Scam Broker, Ultima Markets Back in Traders' Spotlight

Another trader has turned to BrokersView for help—this time once again pointing to Ultima Markets, a platform previously flagged as a Scam broker.

The trader from Indonesia reported that he had approximately 1455.71 USD in his trading account but had been unable to withdraw his funds for a full two weeks. Customer support repeatedly told him that his "account manager would get in touch," yet no follow-up ever came.

The screenshots he attached show a conversation with Ultima Markets' live chat—an Indonesian-language greeting from the support agent, followed by the trader's two messages: "I've been waiting for two weeks and still can't withdraw" and "You said the account manager would contact me, but they haven't."

It was a typical one-sided dialogue: an anxious trader waiting for his money, and a platform slowly fading into silence.

BrokersView responded promptly, informing the trader that his case had been passed on to Ultima Markets and requesting his account number to assist further.

Latest Development: Platform Demands Complaint Removal Before Refund, Profit Still Forfeited

After the complaint was submitted, Ultima Markets sent an email titled "Inappropriate Transactions and Business Support Termination". Moreover, the platform's account manager directly informed the trader that if he agreed to delete his complaint onBrokersView, the platform would return his initial deposit—but all profits would be removed.

According to the trader, Ultima Markets insisted that his entire profit would be wiped out, even though the earnings came from normal gold trading. Deleting the complaint was presented as a prerequisite for receiving his principal back.

The trader has refused the offer and provided further details onBrokersView, seeking guidance on how to proceed.

In response, BrokersView has left a message confirming the situation and reminding the trader that Ultima Markets claims to be regulated by the United Kingdom Financial Conduct Authority (FCA) and the Financial Services Commission (FSC) of Mauritius. The trader was advised to contact these regulators for assistance. If needed, BrokersView will help file formal complaints.

Persistent Shadow of "Fake Regulation"

This is not the first time Ultima Markets has appeared onBrokersView's complaint pages for withdrawal issues. As early as 2023, the platform was exposed for illegally using another company's ASIC license, with mismatched license numbers and entity details.

Later investigations showed that Ultima Markets repeatedly claimed to be regulated by agencies such as FSC or FSA in different regions, yet provided vague registration information and incomplete contact details—leaving its actual regulatory status close to nonexistent.

By 2024,BrokersView had already received multiple negative reports about Ultima Markets, including account closures, blocked profit withdrawals, and long-term unresponsive customer service. In our report titled "Red Flags at Ultima Markets: Wave of Negative Reviews and CySEC License Changes," we warned that the platform—despite promoting itself as a "global top-tier forex broker"—had regulatory foundations far weaker than advertised.

A year later, the red flags remain.

Southeast Asia Becoming a Hard-Hit Region

Judging from language use and complaint sources, Ultima Markets appears to focus mainly on Indonesia and nearby regions—areas with large retail-trader populations but uneven regulatory frameworks, creating fertile ground for unlicensed brokers.

This "bait-and-switch" strategy is common among forex scams: glossy websites, polished marketing language, and promises of high leverage and high returns—only to reveal their true face at the most critical moment: withdrawal.

Check Before You Trade

BrokersView has long listed Ultima Markets as a Scam broker. Had traders visitedBrokersView before opening accounts, they would have found warning signs including fake licenses, withdrawal difficulties, and cloned-company claims.

For everyday traders, avoiding such traps is not difficult:

Verify a broker's regulatory information directly on the regulator's official website.

Review complaint history onBrokersView and similar platforms.

Be cautious of exaggerated promises such as "risk-free profits," "instant withdrawals," or "ultra-high leverage."

After funding your account, try a small withdrawal first to test whether the broker fulfills its commitments.

BrokersView Reminds You

From borrowing other companies' licenses, to urging users to delete complaints in exchange for refunds, to insisting on confiscating legitimate trading profits—Ultima Markets' pattern keeps repeating.

The amount involved in this case may not be large, but it reminds every trader: spending five minutes to check before depositing could save your entire investment.

BrokersView will continue to monitor the situation and update the case as soon as any new response is received from the broker or relevant regulators.