Markets demonstrates that this organisation offers investment trading services for financial derivatives like forex, indices, commodities, and stocks.
Commonly encountered unlawful trading platforms may choose to sidestep regulatory-related problems or merely invent a fictitious regulatory number to fraudulently claim they are licenced. However, some con artists will brazenly grab legal information from trustworthy businesses—even well-known ones. A nice illustration of this is Ultima Markets.
Ultima Markets Abusing the AR License from ASIC
The website of Ultima Markets reveals that this business promotes investment trading services for financial derivatives like FX, indices, commodities, and stocks. With the AR licence number 001249894, it claims to be an Appointed Representative authorised by ASIC in Australia.
According to a search, the business name associated with this licence number is ULTIMA MANAGEMENT PTY LTD, and it has been registered since November 2016. ASIC’s headquarters are located at 69 Munro Ave, Ashburton VIC 3147, according to their official website.
Although this information appears to be accurate at first sight, we double-checked and discovered that something is off. The website for Ultima Markets (https://www.ultimarkets.com/) was launched on June 3, 2021, a long time ago from 2016. Additionally, the company’s address differs from the one that ASIC has approved.
Ultima Markets Ltd is listed as being registered with the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) under number 26330, according to the broker. ULTIMA MARKETS LTD is a registered firm in the SVG FSA, according to a search, however we have frequently warned our readers that the SVG FSA neither authorises nor regulates forex companies.
BrokersView Brings to Mind
There are several illicit brokers, like Ultima Markets, that make advantage of the regulatory data of trustworthy businesses. Investors are more aware of the necessity of investigating a company’s licencing prior to investing. But there are innumerable licenced broker schemes. Many people fall victim to Ultima Markets without carefully verifying the information, and after verifying, they even tend to trust the con artist more.
Please post your inquiries in the BrokersView “Q&A” area if you are interested in learning more about a broker’s regulatory status or other details.
