We don’t often delve into prop-brokers, but today, one has piqued our interest – Ultimate Traders. They claim to offer fairly attractive conditions for starting your trading journey. Our goal is to verify these claims and, at the same time, assess whether there are any signs of a scam. Stay with us and read our in-depth review.
- Ultimate Traders General Information
- Registration and Client Portal Review
- Ultimate Traders Trading Conditions
- Account Types Review
- Trading Platform
- Ultimate Traders — Deposit and Withdrawal of Funds
- Is Ultimate Traders a Scam?
- Legal Information and License
- Ultimatetraders.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Ultimate Traders General Information
|Address||Covent Garden, 71-75 Shelton Street, WC2H 9JQ, London, United Kingdom|
|Leverage||Up to 1:100|
Registration and Client Portal Review
The official website of Ultimate Traders presents itself as swift and unassuming. Initially, it might not be immediately apparent that this is a prop-broker rather than a conventional one. However, you’ll notice an abundance of self-promotion throughout the site. On the brighter side, there is a comprehensive section featuring frequently-asked questions where traders can seek answers. Unfortunately, when it comes to legal information, it’s somewhat fragmented and requires piecing it together.
Signing up with Ultimate Traders is a breeze. Much like the typical registration process with other brokers, you’ll find yourself filling out a concise form. This form will require essential details, such as your full name and contact information. Additionally, you’ll need to create a password to secure your account. It’s important to note that this broker doesn’t burden you with the additional step of email or phone number verification.
The layout of the client portal is somewhat distinct from the usual design. Ultimate Traders places its various offers at the focal point of the dashboard. However, once you look past this feature, you’ll find that the client portal’s functionality aligns with industry standards. Within the portal, you’ll have the ability to personalize your account settings, participate in their referral program, and carry out standard operations like depositing funds or monitoring your trading activities.
Ultimate Traders Trading Conditions
Ultimate Traders presents itself as a realm of opportunities for traders. Let’s dive deeper and see what’s on offer.
Account Types Review
For those with reservations, there’s the Free Trial account. It grants you a two-week access with $10,000 in your account. This is an excellent opportunity to become acquainted with the platform and delve into its functionality.
Moreover, Ultimate Traders introduces two intriguing challenges: Speedy and Classic. In both challenges, the target profit stands at 10%. Participants are allotted three trading days to reach this goal. However, specific conditions apply. In the Classic variant, you can’t exceed a daily drawdown of 6% or a total drawdown of 12%. For the Speedy challenge, daily drawdown must stay under 4%, with a total drawdown limit of 6%.
To embark on these challenges, a subscription is required. Subscription costs vary, commencing from $99 and reaching up to $2,199. The cost depends on the type of challenge and the amount you have in your account. If you wish, you can allocate sums such as 10, 20, or even 400 thousand dollars for trading. Keep in mind that the higher the deposited amount, the greater the entry fee.
Ultimate Traders offers traders the option to use the MetaTrader 4 (MT4) platform. While MT4 is a well-known and widely used trading platform in the industry, it’s important to understand that Ultimate Traders’ approach to MT4 is somewhat enigmatic. This is because it’s unclear whether the broker has a direct connection to the MT4 platform.
The scenario is that you might be trading on servers provided by an undisclosed partner of Ultimate Traders, as the broker’s own infrastructure and access to MT4 remain unspecified. This lack of transparency might raise questions regarding the reliability and control that traders have over their trading activities on the platform.
However, it’s important to emphasize that MT4 itself is a robust and trusted platform, widely respected for its features and functionalities. Traders around the world use it for its user-friendly interface, comprehensive charting tools, and expert advisors, which can aid in automated trading strategies. Therefore, the choice of MT4 as the trading platform is a positive aspect.
Ultimate Traders — Deposit and Withdrawal of Funds
When it comes to depositing funds into your Ultimate Traders account, the process remains somewhat obscure. The broker does not specify which payment systems or methods they accept, leaving traders in the dark about the available options. The only clear directive from the broker is that you’ll be required to provide comprehensive dealing information within your account.
This suggests that the company likely relies on traditional methods such as bank transfers or deposits via credit and debit cards. However, without explicit details on the accepted payment systems, it can be challenging for traders to make informed decisions.
On the withdrawal side, Ultimate Traders offers a bit more clarity. Withdrawals are processed through Deel, and a contractor agreement will need to be executed before a payout is initiated. The broker states that withdrawal requests are typically processed within 2 business days.
Ultimate Traders’ approach to verification appears somewhat ambiguous. As far as we could discern, the broker does not explicitly mention a verification process. They emphasize the importance of fully completing your contact details within your account.
However, this leaves us with some reservations. It’s highly unlikely that a broker would entrust substantial sums to traders without a thorough KYC (Know Your Customer) procedure. Given this uncertainty, we strongly recommend seeking clarification from Ultimate Traders regarding their verification requirements. It’s essential to have a clear understanding of the verification process, particularly when significant investments are involved.
Is Ultimate Traders a Scam?
The question of Ultimate Traders’ legitimacy is indeed a fascinating one. Not all prop-brokers are what they claim to be, so let’s dive deeper into this.
Legal Information and License
The company claims to be registered in the United Kingdom, even providing a registration number in its terms of service. Indeed, we have verified the presence of such a legal entity in the registry.
However, it’s important to note that prop-trading is an intriguing endeavor that currently remains largely unregulated. In practice, companies often make exaggerated promises and embellish reality. When it comes to actual trading, most individuals end up losing their money, paying a fee for the “Challenge” (evaluation), and not receiving funding in the end. Therefore, experts do not recommend choosing such arrangements for collaboration. Instead, they suggest opting for established, well-regulated brokers known for their transparency and reliability.
Ultimatetraders.com Domain Info
Ultimate Traders officially incorporated their business in February of 2023. While they may have acquired an existing domain, they updated its content in March 2023. This timeline is crucial for determining the actual duration of this broker’s operation.
Regarding contact information, they provide an email address and even a physical address. Telephone numbers may be added in the future, as it often happens in such cases. Additionally, there is a live chat feature on their website, allowing you to quickly get in touch with the project’s staff.
Pros and Cons
- User-friendly registration. Ultimate Traders offers a simple and user-friendly registration process, requiring only basic personal information and a password.
- Accessible FAQs.
- Ambiguous verification requirements.
- Unregulated prop trading.
- Expensive challenges.
- Lack of clear success stories.
- Unproven payouts.
Frequently Asked Questions (FAQ)
Ultimate Traders provides trading challenges and the opportunity to trade with a virtual $10,000 account to practice trading and explore their platform. The company also offers various challenges with target profits of 10%, but participation fees depend on the challenge type and your account balance.
The minimum investment required to start with Ultimate Traders is $99. However, it’s crucial to note that the fees for participating in their trading challenges can vary based on the challenge type and your account balance, according to their trading conditions.
While Ultimate Traders appears relatively safe in terms of registration, it’s essential to exercise caution, particularly when considering their commitment to funding traders. As of now, there’s no concrete evidence of how the broker fulfills its funding obligations. Therefore, potential investors should approach this aspect with vigilance and ensure they fully understand the associated risks.