Side-by-side regulation, cost, platforms, and score -- generated from the same disclosed data and methodology behind our rankings.
| Ultima Markets | Trade Nation | |
|---|---|---|
| Overall score | 3.56 / 5 | 3.33 / 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. |
EU-regulated (MiFID passporting) + FCA No. 525164 + FSA Seychelles-licensed (licence number unconfirmed) Regulated directly in the EU via Portugal's CMVM (not CySEC/Cyprus), alongside the FCA (UK), ASIC (Australia), and the FSCA (South Africa). Also holds a Bahamas SCB registration, not Tier-1 and excluded here. FSA Seychelles-licensed, per the official FSA Capital Markets register; licence number not independently confirmed. |
| Entity | Ultima Markets UK Limited | Trade Nation Financial Markets Limited |
| Founded | 2016 | 2014 |
| Headquarters | Not independently confirmed | London, UK |
| Minimum deposit | Not independently confirmed | Not independently confirmed |
| Avg. spread (EUR/USD) | Not independently confirmed | Not independently confirmed |
| Platforms | MT4, MT5, Proprietary (UM Terminal) | MT4, TradingView, Proprietary (TN Trader) |
| Other Tier-1 regulators | FSCA | ASIC, FSCA |
| 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. | 1,000+ instruments (a marketing claim; count not independently verified) across forex (30-35+ pairs), indices (20-40+), a small commodities range (mainly metals/energy), and shares (hundreds, across UK/Europe/Asia/US); crypto CFDs are offered only via its Bahamas/Seychelles entities, not on the UK consumer site. |
| Visit | Visit Ultima Markets | Visit Trade Nation |
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