I read the Ultima Markets schedule from the footer upward, because a spread column is useless until the company that printed it is named. The pages that opened on 3 November 2026 sit on ultimamarkets.trade, and the copyright line is Ultima Markets (Mauritius) Ltd. The footer gives that firm Financial Services Commission licence GB 23201593, as a Full-Service Investment Dealer excluding underwriting, at 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. It also names Ultima Markets UK Limited, Financial Conduct Authority reference 470325, at 1 Blossom Yard, Fourth Floor, London, E1 6RS, and Ultima Markets (Pty) Ltd, FSP 52497, as a South African intermediary whose product provider is the Mauritius company.
A banner assigns this website to the international entities and withholds UK FCA regulation from them. It directs UK clients to ultima-markets.co.uk and says Ultima Markets UK expects to begin onboarding under FCA rules in 2026. I requested https://www.ultima-markets.co.uk/fees/ in the same session. Cloudflare returned a verification page and an empty file, so the FCA firm's fee table stays outside the bill below.
The spread column is easy to mis-scale. The ECN guide, 47 pages created in WPS Presentation at 11:21 MSK on 14 August 2025 and downloaded that morning from the broker's host, puts 0.76 beside digits 5, a point value of 1.0 USD and a contract of 100,000 EUR. One point on a five-digit price is 0.00001, and 100,000 times that point is one dollar, so 0.76 is 76 cents on a standard lot, or 0.076 of a pip. Read as pips, the same cell would be $7.60. The Standard guide, created at 11:25 MSK the same morning, puts 11.19 on bare EURUSD: $11.19, or 1.119 pips, just above the account page's 1.0 pip Standard minimum. The guides agree with that minimum only when the column is in points.
Updated 3 November 2026, from the pages opened that morning.
Key facts from the pages opened on 3 November 2026.
- ECN row: minimum spread 0.0 pips, commission 5 USD, minimum deposit 50 USD, leverage up to 2000:1, ultimamarkets.trade/account-types and /ecn-account, retrieved 3 November 2026.
- MT5 footnote: commission per side on a 0.01 lot is $0.025, shown as $0.03, and the round turn printed is $0.06, retrieved 3 November 2026.
- EURUSD+ in the ECN guide: contract 100,000 EUR, digits 5, point value 1.0 USD, reference spread 0.76, file-dated 14 August 2025, retrieved 3 November 2026 from ultimamarkets.trade/pdf/Product_Guide_ECN.pdf.
- Standard EURUSD in the STP guide: same contract and point value, reference spread 11.19, account-page commission 0 USD, minimum spread 1.0 pips, retrieved 3 November 2026.
- Footer: Ultima Markets (Mauritius) Ltd, FSC licence GB 23201593, and Ultima Markets UK Limited, FCA reference 470325, retrieved 3 November 2026.
- International wires: first withdrawal of the month at zero extra handling fee from the broker, each later wire that month $20, ultimamarkets.trade/deposits-withdrawals, retrieved 3 November 2026.
Which company printed the schedule that loaded?
The product guides leave the company name off the header I could read. During this session the hyphenated PDF address redirected to the trade-site file at ultimamarkets.trade/pdf/Product_Guide_ECN.pdf, and the Standard file came from the same host as Product_Guide_STP.pdf. The account pages sit on that host, whose footer claims the 2026 copyright for Ultima Markets (Mauritius) Ltd. The about page, the legal-documentation page and the /forex/ path returned HTTP 403, so the licence text in use is the footer that loaded.
That footer describes Ultima Markets (Pty) Ltd as an intermediary under the FAIS Act and names the Mauritius company as the firm that issues the derivatives, with a Sandton office at Norwich Place West. On a ticket opened through the international site, the copyright line and the product-provider line are the same firm. The London company appears as reference 470325 and the Blossom Yard address. The banner lists four protections a client of this website forgoes: the FCA leverage cap, the Financial Ombudsman Service, the Financial Services Compensation Scheme, and the Client Assets Sourcebook. The fee schedule behind 470325 stayed on the Cloudflare page.
A Hantec Markets review had to separate a London figure from the Mauritius book that held the contract, and here the FCA reference and the banner share a screen with the 5 USD line. An oEmbed check on @UltimaMarkets returned an empty response for a September 2026 post about the FCA licence, so that account stays off this page. The ECN page also claims Financial Commission membership and Willis Towers Watson cover up to US$1,000,000 per account. The policy and the membership list stayed unopened.
What does the ECN line charge on one standard lot?
The named ticket is the ECN account at Ultima Markets (Mauritius) Ltd, symbol EURUSD+, one standard lot, round turn, same session, so the overnight charge stays outside the sum. The ECN account page lists MT4, WebTrader and mobile, market execution, 250+ currency pairs, indices, commodities and share CFDs, leverage up to 2000:1, minimum spread 0.0 pips, commission 5 USD and minimum deposit 50 USD. The main server is Equinix NY4, on a OneZero bridge. The account-types comparison repeats 0.0 pips, 5 USD and 50 USD, and it widens the product line to 1000+ instruments. The cell says "5 USD" and leaves per lot, per side and round turn off the label.
On MT5 the footnote prices commission per side on a 0.01 lot at $0.025, rounded to $0.03, with a printed round turn of $0.06. Dividing $0.025 by 0.01 gives $2.50 a side and $5.00 round turn on a 1.00 lot, the only reading in which that footnote and the "5 USD" cell are the same charge. A $5-per-side reading would put the 0.01-lot side at $0.05. The cent row is 5 USC, so the dollar footnote belongs with the USD ECN row, while Standard and Ultimate both print 0 USD. On a full lot the $2.50 already has two decimals, so the rounding leaves it alone, whereas multiplying the rounded six-cent micro ticket by 100 overstates the standard-lot commission by a dollar. The arithmetic names MT5, and the ECN marketing line names MT4, WebTrader and mobile.
The spread half comes from the ECN guide, separate from the 0.0 pip minimum. EURUSD+ prints point value 1.0 USD, digits 5, contract 100,000 EUR, profit mode Forex, leverage 2000, volume from 0.01 to 100 in steps of 0.01, margin call 50, stop-out 20, and a spread for reference only of 0.76. Hours beside the row run Monday to Thursday from 00:01 to 23:58 and Friday from 00:01 to 23:57. The header is silent on whether 0.76 was an average, a London print or a minimum, and the cell carries a sample window on zero of the pages.
| Account | Symbol | Spread print | Spread in USD | Commission, round turn | Round turn at the reference spread |
|---|---|---|---|---|---|
| ECN | EURUSD+ | 0.76 points, reference only | $0.76 | $5.00 | $5.76 |
| Standard STP | EURUSD | 11.19 points, reference only | $11.19 | $0.00 | $11.19 |
Added, the reference ticket is $5.76: 0.76 times the $1 point value, plus the $5 round turn from the footnote. At the advertised minimum of 0.0 pips the same lot would be the $5.00 commission alone. The guide's 0.76 and the marketing line's 0.0 answer different questions, a reference print last saved on 14 August 2025 on one side and a floor the marketing line allows on the other.
Why is 0.76 seventy-six cents rather than $7.60?
On EUR/USD a pip is 0.0001 and worth $10 on a 100,000 euro contract, so a 0.76 pip spread would cost $7.60 on the way in. Digits of 5 make the last place 0.00001, a MetaTrader point, and 100,000 times 0.00001 equals the printed point value of 1.0 USD. The spread cell is in that unit, or the guide contradicts its own columns. Bare EURUSD in the Standard file, same digits and point value, shows 11.19, which is 1.119 pips and $11.19, just over the 1.0 pip minimum. Were 11.19 already in pips, the minimum and the reference would be an order of magnitude apart.
The gap between $5.76 and $11.19 is $5.43, or 0.543 pips. Widen the ECN reference by that much and the ranking of the two accounts reverses, since each extra pip is $10, and the guides are silent on percentile and session average. Averaging EURUSD+ with bare EURUSD produces a spread absent from both files. The INFINOX piece on this desk separates an STP spread from an ECN commission for the same reason, and those figures stay on INFINOX's page.
What does the zero-commission Standard ticket contain?
Standard on the account page is a 1.0 pip minimum, commission 0 USD, a 50 USD minimum deposit, leverage up to 2000:1, market execution, and MT4, WebTrader and mobile. The phrase on the dedicated Standard page is "No commissions in any transaction." Ultimate is a different product in the same comparison: minimum spread 0.8 pips, commission 0 USD, swap-free trading, a 0% stop-out, and a cumulative deposit of $1,000 USD to activate it on top of a $50 figure. The ticket here leaves Ultimate aside. Its spread is a minimum, and the PDFs that opened were the ECN file and the STP file only.
The Standard reference round turn is the spread alone, $11.19 on one lot, paid once as the entry fills on the ask and the exit fills on the bid. One pip is $10 here, so the advertised Standard floor is $10 and zero commission, still wider than the ECN reference all-in of $5.76, while the guide ticket remains $11.19. Leverage of 2000:1 is margin on the international site, and carrying it onto an FCA retail account is the move the banner exists to stop. The margin-call and stop-out cells are 50 and 20, with a percent sign attached to zero of those titles in the extraction.
How does the round-turn commission sit against three raw books?
Peers appear only where I opened the broker's own pricing page on 3 November 2026. Spread units differ across the four books, so the bars count round-turn commission on one standard lot and every spread print stays in the table beside them.
Pepperstone's FX pairs page, pepperstone.com/en-gb/markets/forex/pairs-and-spreads, prints EURUSD as Razor minimum 0, Razor average 0.1, Standard minimum 1 and Standard average 1.1. The footnote draws those spreads from 01/08/2026 to 31/08/2026, all sessions including rollover, which on an en-gb page is 1 August to 31 August 2026. Commission per standard FX lot per side is £2.25, $3.50, €2.60 and CHF 3.30, and an account in another currency converts $3.5 at the spot rate. The introduction calls the Razor floor "0.0 points", the cells leave the word pip off, and commission stays off the Standard CFD account.
The costs page, pepperstone.com/en-gb/trading/costs-and-fees, says a spread is usually measured in pips and that Standard accounts carry a 1-point FX mark-up while Razor carries the commission. The Standard average sits exactly 1.0 above the Razor average. Read as a pip, August's 0.1 is $1 on a lot defined there as 100,000 of base currency, so two sides of $3.50 make an August round turn of about $8 before swap. If "point" means a tenth of a pip, the spread is about ten cents and the all-in about $7.10, and a worked bid and ask that would settle the word is missing from both pages. The chart therefore uses only the pairs-page rate doubled to $7. Terminals then diverge: cTrader 6 USD round trip on FX, TradingView 7 USD round trip, the Pepperstone platform 3.5 USD per side, and a table printing "USD 7 when position opened". The legal entity stays unnamed in that text.
RelatedWhich legal entity stands behind an Axiory EUR/USD ticket?
IC's raw-spread address on icmarkets.com resolved to https://www.ic.com/en/trading-accounts/raw-spread-account. IC and IC Markets Global are trading names of Raw Trading Ltd, Seychelles FSA licence SD018, registration 8419879-1. The page puts the average EUR/USD spread at 0.1 pips, commission at $3.50 per lot per side, spreads from 0.0 on MetaTrader 4 and 5, the average at 0.1 pips 24/5, and the servers in Equinix NY4, with a 1:5000 leverage bullet the risk text calls dynamic. The average is undated and the contract size is off the lines I could read, so the 0.1 stays in pips and the bar is two sides, $7.00.
Tickmill's raw page, tickmill.com/trading/raw-account, says spreads from 0.0 pips and $3 per lot per side. The example is one EURUSD lot of 100,000 EUR at $3 per side and $6 round turn, on FX and precious-metals CFDs. The row also prints a starting deposit of 100 with a currency sign on zero of those digits, and it leaves the platform name off. The spreads page points clients to MT4 or MT5 for hours. Its footer names Tickmill UK Ltd, Tickmill Europe Ltd, Tickmill South Africa (Pty) Ltd FSP 49464 and Tickmill Ltd in Seychelles, and it leaves the $6 example unassigned. The typical-spread table returned headers and zero rows, so the bar is the example's $6.
| Book | Entity the page names | Tier | EUR/USD spread printed | Round-turn commission |
|---|---|---|---|---|
| Ultima Markets | Ultima Markets (Mauritius) Ltd, FSC GB 23201593 | ECN; MT4, WebTrader, mobile; MT5 in the footnote | 0.76 points reference, 14 Aug 2025 guide; minimum 0.0 pips | $5.00, from 5 USD and the $0.025 footnote |
| Pepperstone | Unnamed in the text returned | Razor, en-gb pairs page | Average 0.1, minimum 0, August 2026, read as pips | $7.00 from $3.50 per side; cTrader line is 6 USD round trip |
| IC | Raw Trading Ltd, FSA SD018 | Raw Spread, MT4 and MT5 | Average 0.1 pips from 0.0, called 24/5, contract size absent | $7.00 from $3.50 per side |
| Tickmill | Four firms in the footer, example unassigned | Raw; hours checked on MT4 or MT5 | From 0.0 pips; typical-spread rows came back empty | $6.00 on 1 lot EURUSD, 100,000 EUR |
On commission alone the Mauritius ECN line is a dollar under Tickmill's example and two dollars under the Pepperstone pairs-page rate and the IC rate. Ultima's documented all-in at the reference spread is $5.76, Pepperstone's August average is about $8 before swap if 0.1 is a pip, IC's 0.1 pip figure stays in pips, and Tickmill still adds whatever spread the empty table left blank. The Tradeview ticket note makes the same demand of another schedule, which is to separate the lines before adding them. Here those lines are an August 2025 reference spread and a November 2026 commission footnote.
What holds up on this schedule, and where does a 3.2 come from?
The pros are columns a client can price: a named Mauritius firm kept distinct from the London reference, a guide that gives contract size, digits, point value and a reference spread, a footnote that turns "5 USD" into a round turn, and a Standard file on the same ruler. The only cash figure taken from the deposits page is the $20 on each later international wire in a month, and that charge sits off the EUR/USD ticket.
The reference spread has a file date and lacks a sample window, unlike Pepperstone's August 2026 average, and the UK fees URL returned a Cloudflare wall, so an FCA-entity EUR/USD cell is missing beside the 0.76. The footnote names MT5 while the ECN page names MT4. The guide is silent on the EURUSD+ swap, so a hold through midnight or a Wednesday is a different bill, and leverage of 2000:1 sits on pages whose banner places the FCA cap somewhere else.
I am scoring the schedule 3.2 out of 5 for pricing one same-session EUR/USD lot. The entity, the contract columns and the commission footnote build the $5.76 reference ticket, which is why the score sits above the middle. The undated spread, the closed UK page and the missing swap keep it short of 4. A higher score would need a dated average, on the symbol a client will see, from the entity that will hold the account.
What does the public schedule still leave off the ticket?
The Mauritius pages price a same-session ECN lot only if you accept a reference spread from a file saved on 14 August 2025 and a commission footnote read on 3 November 2026. They leave two things unshown: whether 0.76 was a quiet-hour tick or something closer to a month's average, and the EUR/USD cell on the FCA firm's fee page, which came back as a Cloudflare wall. Until one of those gaps closes, the open question is the bill itself. Is $5.76 what a client of Ultima Markets (Mauritius) Ltd should expect on EURUSD+, or only the figure produced by pairing an undated point-spread with a round-turn commission the short label states once the footnote sits beside it?
Trading leveraged CFDs can wipe out the money in the account. These figures are the schedules retrieved on 3 November 2026, and they are a reading of those pages rather than a suggestion to open, fund, or close a position.