IC Markets vs Ultima Markets: Which Broker Is Better?

IC Markets operates through regulated entities that include International Capital Markets Pty Ltd, authorised by ASIC under licence number 335692, and IC Markets (EU) Ltd, regulated by CySEC under licence number 362/18. International services are also provided through Raw Trading Ltd, regulated by the Seychelles FSA under licence number SD018, and IC Markets Global Ltd, regulated in the Bahamas.

The level of protection at IC Markets depends on the entity serving the client. An ASIC or CySEC account does not necessarily provide the same conditions and rights as an account opened with an international entity, and leverage, complaint procedures, negative-balance protection and available products may differ even when the client uses the same Raw Spread account or platform.

Before choosing IC Markets for scalping or algorithmic trading, traders should verify the legal company name and licence number shown during registration. Low spreads, liquidity and execution are important, but they do not determine which entity is responsible for client funds or what legal protection applies if a dispute or account problem occurs.

Regulated IC Markets entities hold eligible client funds in segregated accounts, separate from the capital used for the company’s operations, under the requirements of the relevant regulator. The broker also states that negative balance protection may apply to certain clients and entities under the conditions of the applicable account agreement.

Client-fund protection is not identical across the IC Markets group and may differ between the ASIC-regulated Australian entity, the CySEC-regulated European entity and international entities in Seychelles or the Bahamas. Traders should identify the legal company that will hold their funds before choosing a Raw Spread account or making a deposit.

Ultima Markets appears in the available regulatory data through Ultima Markets ZA (Pty) Ltd, registered with the FSCA in South Africa under number 52497, and Ultima Markets Ltd, supervised by the financial regulator in Mauritius under number GB23201593. This structure is less diverse than that of brokers with entities authorised by the FCA, ASIC or CySEC.

Two regulated entities provide a legal framework for delivering services, but they do not automatically offer the same protection as brokers supervised by leading regulators. Leverage, account conditions, complaint procedures and legal protection may vary according to the entity assigned to the client during registration.

Before opening an Ultima Markets account, traders should verify the legal company name, licence number and permitted activities in the official register. This is particularly important for traders attracted by flexible accounts or promotional conditions, as it helps assess regulatory strength independently from the broker’s trading offer.

Ultima Markets states that client funds are separated from the company’s operating money under the requirements of the entity responsible for the account. Negative balance protection may also apply according to the relevant trading conditions, helping eligible clients limit liability arising from a negative account balance.

The current regulatory structure in our data includes entities supervised by FSCA in South Africa and FSC in Mauritius, without an FCA, ASIC or CySEC-regulated entity. Traders should carefully review the client agreement, withdrawal policy, complaint process and protection limits before depositing or maintaining a large balance with Ultima Markets.