IC Markets vs Ultima Markets Comparison: Which Is Better for Traders?
We test brokers on real accounts using our own methodology, evaluating the quality of order execution, trading conditions, platforms and customer support.
Who is better - IC Markets or Ultima Markets?
Our pick: IC Markets
Based on multiple factors - spreads and fees, available assets and instruments, execution quality, platform usability, support level, and educational resources - IC Markets looks preferable to Ultima Markets.
IC Markets scored 4.7/5 and ranks 4 in our all Forex brokers list, whereas Ultima Markets has 4.4/5 and ranks 19.
This is not financial advice. See the full comparison below.
Who is IC Markets suitable for?
IC Markets is suitable for traders looking for low spreads and ECN accounts and the ability to scalp and use expert advisors.
Who is Ultima Markets suitable for?
Ultima Markets is suitable for experienced traders and those who use automated strategies. It is less suitable for beginners due to a lack of educational materials.
Comparison Table of IC Markets and Ultima Markets
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 4.7/5 | 4.4/5 |
| Foundation Year | 2007 | 2016 |
| Regulated in Countries | Seychelles, Australia, Cyprus, Kenya | Mauritius, Cyprus |
| Minimum Deposit |
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| Spread | from 0 points | from 0 points |
| Max Leverage | 1:500 | 1:2000 |
| Trading Assets (CFDs) |
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| Trading Platforms |
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| Review | IC Markets Review | Ultima Markets Review |
IC Markets Review
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
IC Markets is in the top 10 of the following ratings:
Ultima Markets Review
Ultima Markets is a broker offering a wide range of trading instruments and platforms, making it attractive to various categories of traders. With low trading commissions, user-friendly platforms, and extensive analytical materials, the broker is suitable for experienced traders and those who use automated strategies. However, due to the lack of educational materials, Ultima Markets is less suitable for beginner traders, but it is an excellent choice for anyone who does not require training.
Pros and Cons of Ultima Markets
Pros
- Low trading commissions.
- Coverage of all major trading asset markets.
- Extensive analytical materials and tools.
- Efficient technical support.
Cons
- Lack of educational materials.
- No phone support.
Ultima Markets is in the top 10 of the following ratings:
Reliability
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Reliability | 5/5 | 4.4/5 |
| Foundation Year | 2007 | 2016 |
| Regulated in Countries | Seychelles, Australia, Cyprus, Kenya | Mauritius, Cyprus |
| Regulators |
IC Markets
IC Markets operates under the regulation of several jurisdictions, including ASIC in Australia, CySEC in Cyprus, and SFSA in the Seychelles, indicating a high degree of regulation.
Ultima Markets
Ultima Markets demonstrates high reliability due to multi-tier regulation and client protection through insurance coverage. This makes the broker a safe and trusted partner for traders.
Pros
- Regulation by FSC and CySEC.
- Membership in The Financial Commission.
- Insurance coverage up to $1,000,000 USD.
Cons
- Lack of licenses from stricter regulators such as the FCA or ASIC.
Account Opening
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Account Opening | 4.5/5 | 5/5 |
| Minimum Deposit |
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IC Markets
The account opening process at IC Markets is well-thought-out, transparent, and detailed, ensuring convenience and ease for clients. However, the high minimum deposit may deter many beginners.
Ultima Markets
The account opening process at Ultima Markets is easy, convenient, and quick, making it attractive for new clients.
Pros
- Simple and fast registration.
- Accessible minimum deposit.
- Verification using standard documents.
Account Types
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Account Types | 3.8/5 | 4.7/5 |
| Trading Accounts |
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| Minimum Deposit |
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| Spread | from 0 points | from 0 points |
| Max Leverage | 1:500 | 1:2000 |
| Trading Assets (CFDs) |
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| Trading Platforms |
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| Demo Account | ||
| Swap-free Account |
IC Markets
IC Markets' accounts are mainly aimed at experienced and professional traders.
Pros
- ECN accounts
- Ability to copy trades
- Access to VPS
Cons
- No cent accounts
- No fixed spread accounts
Ultima Markets
Ultima Markets offers a variety of accounts that meet the needs of different traders, including standard, ECN, cent, and Islamic accounts. However, additional services could make their offering even better.
Pros
- A variety of accounts for different categories of traders.
- Islamic accounts available.
- Own copy trading platform.
Cons
- Lack of fixed spread accounts.
Commissions
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Commissions | 4.5/5 | 5/5 |
| Spread | from 0 points | from 0 points |
| Average Spread (EURUSD) | 0.62 | 1 |
| Commission per Lot | $3.5 | $2.5 |
IC Markets
IC Markets has low commissions. Fees for transactions on ECN accounts and spreads are acceptable to most traders, and the absence of charges for deposits/withdrawals and account inactivity is a significant advantage.
Ultima Markets
Ultima Markets has low trading commissions, making it attractive for traders. The absence of inactivity fees and withdrawal fees adds to the advantages.
Pros
- Low commissions on ECN account ($5 per lot).
- Tight spreads on standard account.
- No inactivity fees and withdrawal fees.
Deposit and Withdrawal
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 4.5/5 | 4.5/5 |
| Account Funding Methods |
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IC Markets
IC Markets offers multiple options for depositing and withdrawing funds, but possible fees from banks and payment systems should be considered, along with some restrictions on withdrawal methods.
Ultima Markets
Ultima Markets offers convenient deposit and withdrawal methods with minimal costs and fast processing time, making the broker attractive for traders.
Pros
- Wide range of deposit and withdrawal methods.
- No withdrawal fees.
Cons
- Withdrawal time up to 5 business days.
Markets and Products
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Markets and Products | 5/5 | 4.5/5 |
| Forex | 61 | 60 |
| Precious Metals | 7 | 9 |
| Energy Carriers | 5 | 7 |
| Soft Commodities | 8 | 7 |
| Indices | 25 | 28 |
| Stocks | 2175 | 86 |
| ETF | 38 | 6 |
| Bonds | 10 | 7 |
| Cryptocurrency | 21 | 47 |
IC Markets
IC Markets offers various trading instruments, including currency pairs, CFDs on metals, energy resources, commodities, indices, stocks, bonds, and cryptocurrencies.
Ultima Markets
Ultima Markets provides a wide selection of markets and products, satisfying the needs of most traders.
Pros
- Wide assortment of CFDs.
- Coverage of all major markets.
Cons
- Average number of stock CFDs compared to competitors.
Trading Platforms
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 5/5 | 4/5 |
| Trading Platforms |
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IC Markets
IC Markets provides powerful and functional trading platforms suitable for various trader categories.
Ultima Markets
Ultima Markets' trading platforms are user-friendly and functional, making them an excellent choice for most traders.
Pros
- Support for MT4 with extensive functionality.
- Intuitive mobile application.
Cons
- Limited choice of platforms.
Analytics
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 5/5 | 4/5 |
IC Markets
IC Markets provides its clients with an extensive set of analytical tools and materials, which can assist them in successful trading in the financial markets.
Ultima Markets
Ultima Markets possesses excellent analytics and tools, aiding traders in making informed decisions. However, the lack of unique analytical tools and limited number of trading signals slightly lower the rating.
Pros
- Up-to-date market news.
- Expert analysis of popular instruments.
- Economic calendar and trading calculators.
Cons
- Lack of unique analytical tools.
- Limited number of specialized reviews.
Education
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 5/5 | 1/5 |
IC Markets
IC Markets offers a wide range of educational resources, from interactive video lessons to webinars and podcasts, demonstrating care for their clients and a commitment to providing all the necessary resources for successful trading.
Ultima Markets
Ultima Markets offers limited educational materials, which is insufficient for beginner traders. To improve the level of education, webinars, video tutorials, and articles should be added.
Pros
- Unlimited demo account.
Cons
- Absence of webinars and video tutorials.
- Lack of articles and podcasts.
Customer Support
| Broker | IC Markets | Ultima Markets |
|---|---|---|
| Rating | 4.7/5 | 4.5/5 |
| Email Support |
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| Hotline Phones |
| — |
| Social Media |
Twitter
Facebook
Instagram
LinkedIn
TelegramIC Markets
IC Markets provides a variety of communication channels, ensuring support service accessibility for clients. Numerous client reviews indicate the support team's quick response and high professionalism.
Pros
- Positive reviews about professional support
- Multiple channels for support communication
- Support is available 24/7
Cons
- Only international call option is available
Ultima Markets
Ultima Markets' customer support demonstrates high efficiency and professionalism, providing prompt assistance through various communication channels.
Pros
- 24/7 support.
- High response speed.
- Variety of communication channels (email, chat, Telegram).
Cons
- No phone support.
Comparisons of IC Markets and Ultima Markets with other brokers
IC Markets Comparisons
Conclusion
IC Markets stands out as the better overall pick, while Ultima Markets trails on aggregate criteria.
IC Markets scored 4.7/5 and ranks 4 in our rating; Ultima Markets has 4.4/5 and ranks 19.
We explain the reasons above in detail — fees, platforms, reliability, support, and more.
FAQ
Which broker is better: IC Markets or Ultima Markets?
IC Markets comes out ahead by overall rank (score 4.7/5, position 4) versus Ultima Markets (score 4.4/5, position 19).
Which broker is better for beginners: IC Markets or Ultima Markets?
IC Markets is often a smoother start thanks to simpler onboarding and stronger baseline metrics. Still, your tools and budget should drive the final choice.
Who has lower typical trading costs (spreads/commissions) — IC Markets or Ultima Markets?
It depends on the instrument and account type. Compare the live conditions in the “Commissions” section on this page — we break down the nuances category by category.
What trading platforms are available with IC Markets and Ultima Markets?
IC Markets: MetaTrader 5, MetaTrader 4, cTrader, TradingView. Ultima Markets: MetaTrader 4, WebTrader. See the “Platforms” section for details and selection tips.
What markets can you trade with IC Markets and Ultima Markets?
IC Markets: Forex, Precious Metals, Energy Carriers, Soft Commodities, Indices, Stocks, ETF, Bonds, Cryptocurrency. Ultima Markets: Forex, Precious Metals, Energy Carriers, Soft Commodities, Indices, Stocks, ETF, Bonds, Cryptocurrency. Full lists and differences are in the “Markets” section.
What account types are offered by IC Markets and Ultima Markets?
IC Markets: Standard, Raw Spread cTrader, Raw Spread. Ultima Markets: Standard, ECN, Standard Cent Account, ECN Cent Account. See “Account Types” for a side-by-side comparison.
What deposit and withdrawal methods are supported by IC Markets and Ultima Markets?
IC Markets: PayPal, Neteller, Skrill, Bpay, FasaPay, Klarna, Swift, SEPA, Visa, Mastercard, UnionPay, POLi, Rapidpay. Ultima Markets: Alipay, Bank Transfer, UnionPay, Visa, Mastercard, Online banking. Check method-specific fees/settlement times.
Which broker is safer — IC Markets or Ultima Markets — and how was this assessed?
We consider regulation, corporate transparency, fund protection, and incident history. See the “Reliability” section for our findings.
