Side-by-side regulation, cost, platforms, and score -- generated from the same disclosed data and methodology behind our rankings.
| Ultima Markets | LMAX | |
|---|---|---|
| Overall score | 3.56 / 5 | 3.36 / 5 |
| Regulation | CySEC No. 426/23 + FCA No. 470325 CySEC licence 426/23 is held by a separate group entity, Ultima Markets Cyprus Ltd, serving EU clients -- a different legal entity from the UK FCA firm reviewed here. Worth knowing: Ultima Markets UK Limited is not a freshly authorised company -- it's an existing FCA shell entity (authorised since 2007) that has changed names and ownership several times, most recently as Tiger Brokers (UK) Ltd before Ultima Markets acquired it in 2025 and renamed it. The FCA register shows one enforcement event on this firm's file, a 2015 supervisory notice over systems and controls, issued under one of the earlier names (predecessor management, about a decade before Ultima's ownership) -- this predates and is unrelated to Ultima Markets' own conduct. The UK entity was still in the process of onboarding UK retail clients as of this research (2026) -- confirm current live UK status before relying on it. Non-EU/global clients are onboarded via separate Mauritius FSC and St Vincent & Grenadines SVGFSA entities, neither of which is on this site's Tier-1 list. |
CySEC No. 310/16 + FCA-licensed (FRN unconfirmed) FCA-licensed; firm reference number not independently confirmed. |
| Entity | Ultima Markets UK Limited | LMAX Broker Europe Ltd |
| Founded | 2016 | 2010 |
| Headquarters | Not independently confirmed | London, United Kingdom (LMAX Group parent, set up by Betfair/Goldman Sachs alumni); LMAX Broker Europe Ltd is the CySEC-licensed Cyprus entity serving EU retail clients |
| Minimum deposit | Not independently confirmed | $10,000 |
| Avg. spread (EUR/USD) | Not independently confirmed | 0.3 pips |
| Platforms | MT4, MT5, Proprietary (UM Terminal) | MT4, MT5, Proprietary (LMAX Trader) |
| Other Tier-1 regulators | FSCA | None confirmed |
| Instruments | 250+ CFDs across forex, commodities, indices, shares, and metals. Cryptocurrency CFD availability is disputed -- one source lists it as tradable, another only as a deposit method. | LMAX publishes a specific, independently reported range rather than a vague estimate: 100+ instruments across forex, spot metals (bullion), equity indices, commodities, and cryptocurrency CFDs, plus a "Weekend FX" product (cash-settled FX CFDs tradable over the weekend). No shares/stock CFDs were found in any source. |
| Visit | Visit Ultima Markets | Visit LMAX |
Full Ultima Markets review → · Full LMAX review → · Compare different brokers →