Watch Out for This: Ultima Markets Illegally Used Other's ASIC License

Common illegal trading platforms that we often meet may avoid regulatory-related issues or simply make up a fake regulatory number falsely claiming they are regulated. However, some swindlers will boldly steal regulatory information from legitimate companies or even well-known ones. Ultima Markets is a good example of this.

Ultima Markets Misusing ASIC's AR License

The website of Ultima Markets shows that this company promotes financial derivatives investment trading services such as forex, indices, commodities, and stocks. It claims to be an Appointed Representative regulated by ASIC in Australia, with AR license number No. 001249894.

Upon inquiry, the company name corresponding to this license number is ULTIMA MANAGEMENT PTY LTD, registered since November 2016. The address given on the official website of ASIC is 69 Munro Ave Ashburton VIC 3147.

At first glance, there seems to be nothing wrong with this information, but after double-checking, we found that things are not right. Ultima Markets' webpage (https://www.ultimarkets.com/) was created on June 3, 2021, a far cry from 2016. And the company's address does not match the one certified by ASIC.

The broker also states that Ultima Markets Ltd is registered with Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) under number 26330. A search shows that there is indeed a registered company in the SVG FSA called ULTIMA MARKETS LTD, but we have repeatedly reminded our users that the SVG FSA does not regulate or authorize forex companies.

BrokersView Reminds You

There are not a few illegal brokers like Ultima Markets that use the regulatory information of legitimate companies. Investors are becoming more and more aware of the need to check a company's license before investing. However, there are countless schemes of licensed brokers. Without careful checking of information, many people fall for Ultima Markets and even become more trustful of the scammer after checking.

If you would like to know the regulatory or other information about a broker, please ask questions in the BrokersView "Q&A" section.