Ultimamarkets.com Review

Based on looking at the website Ultimamarkets.com, it presents itself as an online brokerage offering trading services in Forex, Indices, Shares, Precious Metals & Commodities, and Cryptos CFDs.

Given the nature of leveraged trading in financial markets, especially CFDs Contracts for Difference, it’s crucial to understand that such activities often involve elements of speculation and interest-based transactions, which are not in line with Islamic financial principles.

The core issue lies in the concept of Riba interest and Gharar excessive uncertainty or speculation, both of which are prominent in CFD and Forex trading as commonly practiced.

Therefore, while the platform might appear robust from a technical standpoint, its fundamental offerings are problematic from an ethical Islamic perspective.

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• Website Professionalism: High. The website is well-designed, comprehensive, and offers a vast array of information.
• Transparency of Information: Appears high. Detailed sections on legal documents, fund safety, and contact information are readily available.
• Regulatory Compliance: Claims regulation by FSC of Mauritius and CySEC, which lends a degree of credibility in the conventional financial world.
• Product Offering: Extensive, covering various CFDs including Forex, indices, shares, commodities, and cryptocurrencies.
• Ethical Considerations Islamic Finance: Unsuitable. The core services offered, particularly CFD trading, inherently involve elements of Riba interest, especially in rollovers or swaps and Gharar excessive uncertainty, speculation, making it non-compliant with Islamic finance principles.
• Risk Disclosure: Clearly stated on the homepage, highlighting the high risk of losing more than the initial investment.
• Promotions/Bonuses: Numerous deposit bonuses and trading competitions are advertised, which can incentivize excessive trading, further raising concerns about Gharar.
• Educational Resources: Offers an “Academy,” market outlook, news, and analysis tools, suggesting an attempt to educate users, though this does not negate the ethical concerns of the underlying activity.

The detailed explanation reveals a platform that, from a conventional financial industry perspective, seems to cover its bases: multiple trading platforms MetaTrader 4, MetaTrader 5, WebTrader, mobile app, various account types Standard, ECN, Cent, Demo, PAMM/MAM, and stated regulatory oversight. They highlight features like “Negative Balance Protection” and “Security of Funds,” and even claim insurance coverage up to US$1,000,000 per account via Willis Towers Watson. This might impress a conventional trader. However, for those adhering to Islamic principles, the presence of Forex, CFDs especially on shares, indices, and crypto, and commodities trading with leverage up to 1:2000 immediately raises red flags. These instruments, by their very nature, often involve short-selling, swaps which include interest, and pure speculation without actual ownership of the underlying asset, making them fundamentally problematic. While the platform might have received “Best Fund Safety” awards, the method of wealth accumulation it promotes is what makes it unsuitable. Engaging in such activities can lead to significant financial loss and goes against the prohibition of Riba and Gharar in Islamic finance.

Here are some alternatives that align with ethical principles and responsible financial behavior, focusing on products that are tangible, useful, and permissible, rather than speculative financial instruments:

Best Alternatives List for Ethical Financial Practices and Tangible Investments:

1. Ethical Investment Funds

   

   • Key Features: Invests in companies that meet certain ethical, social, and governance ESG criteria, often including adherence to Islamic finance principles no alcohol, gambling, Riba, etc.. Offers diversification.
   • Average Price: Varies based on fund type and management fees typically a percentage of assets under management, e.g., 0.5% – 2%.
   • Pros: Aligns with values, professional management, long-term growth potential, low active involvement needed.
   • Cons: Returns are not guaranteed, subject to market fluctuations, some fees apply.

2. Real Estate Investment Trusts REITs – Halal Compliant

   • Key Features: Companies that own, operate, or finance income-producing real estate. Halal REITs focus on permissible properties and financing structures.
   • Average Price: Shares can be bought like stocks, varying widely by REIT.
   • Pros: Income generation from rentals, diversification, potential for capital appreciation, tangible underlying assets.
   • Cons: Market sensitivity, liquidity can be an issue for less popular REITs, management fees.

3. Physical Precious Metals Gold/Silver Bullion

   • Key Features: Direct ownership of physical gold or silver coins and bars.
   • Price: Market price of gold/silver plus a small premium for fabrication and dealer markup.
   • Pros: Tangible asset, historically a store of value, hedge against inflation, permissible in Islam as a form of wealth.
   • Cons: Storage costs and security concerns, not easily divisible for small transactions, no income generation.

4. Halal Stock Investments

   • Key Features: Investing directly in the shares of companies that operate within permissible sectors e.g., technology, healthcare, manufacturing and meet specific financial ratios to avoid Riba and excessive debt.
   • Average Price: Varies greatly by company shares.
   • Pros: Potential for capital growth and dividends, direct ownership in productive businesses, active participation in ethical economy.
   • Cons: Requires research and due diligence to ensure halal compliance, market volatility, no guaranteed returns.

5. Ethical Crowdfunding Platforms for businesses

   • Key Features: Investing directly in ethical startups or small businesses in exchange for equity or profit-sharing, often through platforms that vet for ethical business practices.
   • Average Price: Minimum investment can range from $100 to several thousands.
   • Pros: Direct support for ethical businesses, potential for high returns if the business succeeds, aligns with risk-sharing principles.
   • Cons: High risk of loss many startups fail, illiquid investment, requires careful due diligence.

6. Agricultural Land Investment

   • Key Features: Investing in or purchasing agricultural land for farming, livestock, or related sustainable activities.
   • Average Price: Highly variable based on location, size, and fertility. can be significant.
   • Pros: Tangible asset, potential for income from produce or rental, contributes to food security, permissible.
   • Cons: Requires significant capital, management effort or outsourcing, subject to environmental and market risks.

7. Community Development Financial Institutions CDFIs

   • Key Features: Investing or depositing funds in institutions that provide financial services to underserved communities, often with a focus on ethical lending and community impact, minimizing interest.
   • Average Price: Varies. can be structured as deposits or impact investments.
   • Pros: Positive social impact, often lower risk than speculative investments, supports real economy.
   • Cons: May offer lower financial returns compared to conventional investments, less liquidity for some instruments.

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Ultimamarkets.com Review & First Look

When you land on Ultimamarkets.com, the immediate impression is one of a professional, slick operation.

The design is modern, navigation is intuitive, and information is laid out in a clear, accessible manner.

They prominently feature their range of trading instruments, including Forex, Indices, Shares CFDs, Precious Metals & Commodities, and Cryptos CFDs.

This is a crucial point right off the bat because it tells you exactly what kind of financial activities are at the core of their business.

For anyone with an understanding of Islamic finance, these offerings immediately raise a red flag. Pickuphungary.com Review

The website also showcases multiple regulatory bodies, including the FSC of Mauritius and the Cyprus Securities and Exchange Commission CySEC, which is generally a good sign for conventional legitimacy, suggesting oversight and adherence to certain financial standards.

They also proudly display numerous awards, such as “Best APAC CFD Broker” and “Best Fund Safety – Global,” attempting to build trust.

Initial Impressions of Ultimamarkets.com

The site quickly highlights high leverage options up to 1:2000, low execution times <20ms, and competitive spreads from 0.0 pips. These are all attractive metrics for high-volume, short-term traders.

However, these features are intrinsically linked to speculative trading practices that are highly problematic in Islamic finance.

The sheer variety of instruments on offer, from major currency pairs to exotic cryptocurrencies, indicates a broad appeal to diverse speculative interests. Supaphoto.com Review

Transparency and Disclosure on Ultimamarkets.com

One positive aspect from a general review perspective is their commitment to transparency.

They have dedicated sections for “Legal Documents,” “Risk Disclosure,” “Security of Funds,” and a detailed “HelpCenter.” The risk warning is prominently displayed, stating that “Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose.” This level of disclosure is standard and necessary in the highly volatile world of leveraged trading.

They even mention insurance coverage up to US$1,000,000, which is a significant claim and, if true, provides a layer of protection against brokerage insolvency, though it does not cover trading losses.

Why Ultimamarkets.com’s Offerings Are Problematic for Ethical Investors

The core of Ultimamarkets.com’s business model, like many online brokers, revolves around Contracts for Difference CFDs and leveraged Forex trading. These instruments, while popular in conventional finance, present significant challenges for those seeking to invest ethically according to Islamic principles. The issues primarily stem from the concepts of Riba interest and Gharar excessive uncertainty or speculation.

The Issue of Riba Interest

Many CFD and Forex trades involve what are known as “rollover fees” or “swaps” for positions held overnight. These are essentially interest payments. Roroesim.com Review

If you hold a position open for more than a day, you either pay or receive a small amount based on the interest rate differential between the two currencies in a Forex pair, or the underlying asset in a CFD.

This is a direct form of Riba, which is explicitly prohibited in Islam.

Even if a broker offers “swap-free” accounts, the underlying mechanism of earning through leverage on positions that are not physically owned, and the inherent time-value of money implied in such trading, often fall into a grey area or are still considered problematic by many Islamic scholars.

• Swap Fees: A common component of Forex and CFD trading, where positions held overnight incur a charge or credit based on interest rates.
• Leverage: While not directly Riba, high leverage can amplify the effects of Riba-laden instruments and encourage excessive risk-taking beyond prudent investment.
• Lack of Ownership: In CFD trading, you don’t actually own the underlying asset. You’re merely speculating on its price movement, which is fundamentally different from a permissible transaction involving ownership and exchange.

The Problem of Gharar Excessive Uncertainty/Speculation

Gharar refers to transactions with excessive uncertainty, where the outcome is largely unknown or based on chance, akin to gambling.

Leveraged trading, especially in highly volatile markets like Forex and cryptocurrencies, often falls into this category. Officialsavecash.com Review

The promise of high returns comes with an equally high or higher risk of significant losses, driven by unpredictable market movements rather than a sound business venture or tangible asset exchange.

• High Volatility: Markets like Forex and cryptocurrencies are known for extreme price swings, making predictions highly uncertain.
• Zero-Sum Game: In many speculative markets, one party’s gain is directly another’s loss, resembling a gambling scenario rather than productive economic activity.
• Lack of Productive Activity: Investing in CFDs or leveraged Forex doesn’t contribute to the real economy or create tangible value. It’s solely about profiting from price fluctuations.

Ethical Alternatives to Speculative Trading

Instead of engaging in speculative trading, ethical financial practices in Islam emphasize real asset ownership, productive investments, and risk-sharing. This includes:

• Investing in Halal Businesses: Purchasing shares in companies that operate in permissible industries and meet specific financial criteria e.g., low debt, no Riba income.
• Real Estate: Direct investment in property for rental income or long-term appreciation.
• Commodities Physical: Trading in physical commodities e.g., gold, silver with immediate possession and no interest components.
• Murabaha, Musharakah, Mudarabah: Islamic finance contracts based on profit-sharing, cost-plus-profit sales, and partnerships, designed to avoid Riba and Gharar.

Ultimamarkets.com Pros & Cons

When evaluating Ultimamarkets.com, it’s essential to look at it from two perspectives: that of a conventional trader and that of an individual seeking ethical, Islamically compliant financial activities.

For the latter, the “cons” heavily outweigh any “pros” related to trading features.

Cons from an Ethical Islamic Perspective

The primary concern for an ethical Muslim investor is the fundamental nature of the services offered. Strittle.net Review

Ultimamarkets.com primarily facilitates leveraged CFD and Forex trading, which are rife with issues under Islamic finance principles.

• Involvement of Riba Interest:
  • Swap/Rollover Fees: A significant drawback for overnight positions. These fees are a direct form of interest, which is strictly prohibited in Islam. While “swap-free” accounts might be offered, the underlying structure of leveraged trading often implies interest in other forms or is otherwise considered problematic.
  • Deposit Bonuses: Promotions like “20% Deposit Bonus” or “50% Deposit Bonus” can be seen as incentivizing debt or transactions with unearned benefit, resembling Riba or encouraging excessive risk-taking, which is also problematic.
• Gharar Excessive Uncertainty/Speculation:
  • CFDs: These instruments involve speculating on price movements without actual ownership of the underlying asset. This is considered akin to gambling due to its high uncertainty and zero-sum nature.
  • High Leverage up to 1:2000: While attractive for amplifying potential gains, this also magnifies potential losses exponentially, leading to excessive risk and uncertainty. This goes against the principle of prudent wealth management and avoiding undue risk.
  • Forex Trading: Often involves short-term speculation on currency fluctuations, which is highly unpredictable and does not contribute to productive economic activity.
• Lack of Tangible Asset Ownership: In CFD trading, you never actually own the shares, indices, or commodities you’re “trading.” This absence of real exchange and ownership makes the transaction impermissible.
• Promotional Schemes: “Ultimates Traders League S1 Global Demo Trading Competition” and “Ultimate Mid Year Bonanza” often encourage competitive and aggressive trading, which can lead to impulsive decisions and further risk-taking, rather than sound financial planning.
• Cryptocurrency CFDs: While cryptocurrency itself is a debated topic in Islamic finance, trading it as a CFD further compounds the issue by adding leverage and speculation without direct ownership.

Potential “Pros” from a Conventional Trading Perspective, but still ethically problematic

While these points might be seen as advantages by a conventional trader, it’s crucial to remember that they are inherent to the very activities that are ethically problematic.

• Diverse Market Access: Offers a wide range of instruments including Forex, Indices, Shares, Precious Metals & Commodities, and Cryptos CFDs.
• Multiple Trading Platforms: Support for popular platforms like MetaTrader 4, MetaTrader 5, WebTrader, and their own mobile app provides flexibility.
• Competitive Trading Conditions: Advertised low spreads from 0.0 pips and fast execution times <20ms are attractive for active traders.
• Regulatory Oversight: Claims regulation by reputable financial bodies FSC Mauritius, CySEC, which can offer a degree of investor protection against fraud or mismanagement though not against trading losses.
• Fund Safety Measures: Negative Balance Protection and insurance coverage up to US$1,000,000 via Willis Towers Watson are strong security features.
• Educational Resources: Provides an “Academy,” market analysis, and news, which can be helpful for new traders though learning about a problematic activity doesn’t make it permissible.
• Customer Support: Offers various contact methods, including email, live chat, and social media integration.

Ultimately, despite any conventional “pros,” the fundamental offerings of Ultimamarkets.com are incompatible with Islamic financial ethics due to their reliance on Riba and Gharar.

Ultimamarkets.com Pricing

When discussing pricing on Ultimamarkets.com, it’s important to understand that in the world of online trading, “pricing” isn’t a straightforward fixed cost.

Instead, it refers to the various fees, spreads, and commissions that a broker charges for facilitating trades. Bookmyweddingband.com Review

Ultimamarkets.com highlights several aspects of its cost structure on its homepage, aiming to present itself as competitive.

However, for an ethical assessment, the underlying nature of these costs, particularly how they relate to interest Riba and excessive uncertainty Gharar, remains the critical lens.

Commission and Spreads

Ultimamarkets.com advertises “Pip spreads from 0.0” and “Commission from 0.0.” This indicates that they offer very tight spreads, especially for their ECN Electronic Communication Network accounts, which typically come with a commission per trade.

For Standard accounts, the spread is usually wider, and commissions might be zero or absorbed into the spread.

• Spreads: The difference between the buy and sell price of an asset. Tighter spreads mean lower trading costs for active traders.
• Commissions: A flat fee or a percentage charged per trade, often associated with ECN accounts where raw spreads are offered.
• Ethical Consideration: While spreads and commissions are transactional costs that might seem permissible on their own, they are charged on trades of instruments that are inherently problematic CFDs, leveraged Forex due to Riba and Gharar. Therefore, engaging in trades, even with low costs, still participates in a non-compliant activity.

Account Types and Their Cost Implications

Ultimamarkets.com offers several account types, each with potentially different pricing structures: Sisterlytribe.com Review

• Standard Account: Likely has wider spreads but possibly zero commission.
• ECN Account: Known for raw, tight spreads but typically involves a commission per lot traded.
• Cent Account: Geared towards beginners with smaller trade sizes, likely similar pricing to Standard but in cents.
• PAMM / MAM Accounts: These are for managed accounts, where fees are charged by money managers performance fees, management fees, adding another layer of cost.
• Free Demo Account: This is a simulated environment with no real money at risk, and thus, no real costs. It’s useful for practice but does not negate the ethical concerns of live trading.

Hidden Costs and Riba-Related Charges

This is where the pricing model truly becomes problematic from an Islamic finance perspective.

• Swap Fees Overnight Charges: As discussed, these are crucial. For positions held open overnight, Ultimamarkets.com, like most CFD/Forex brokers, will apply a swap fee either a debit or credit. These are interest-based charges/credits and are a clear form of Riba. Even if they offer “swap-free” or “Islamic” accounts, vigilance is required to ensure these are genuinely free of Riba in all its forms and don’t merely re-label charges.
• Deposit and Withdrawal Fees: The website mentions “Deposits & Withdrawals” as a category. While details aren’t explicitly on the homepage, brokers often have fees for certain payment methods or for withdrawals below a certain threshold. These operational fees, while not Riba, contribute to the overall cost of engaging in an ethically problematic activity.
• Inactivity Fees: Some brokers charge a fee if an account remains inactive for a prolonged period. This is an additional cost.

Promotions and Bonuses Ethical Concern

Ultimamarkets.com actively promotes various bonuses, such as “20% Deposit Bonus” and “50% Deposit Bonus,” along with “EXTRA 1% PROFIT.” While these appear as benefits, they are often designed to encourage larger deposits and higher trading volumes.

• Incentivizing Problematic Activities: These bonuses, when tied to trading volumes or minimum deposit requirements, incentivize engaging more deeply in leveraged CFD trading, which, as established, involves Riba and Gharar.
• “Free Money” Problem: Receiving unearned “bonus” money that is tied to trading conditions can be seen as problematic, potentially resembling a form of Riba if it’s conditional on future interest-laden transactions.

In summary, while Ultimamarkets.com tries to present competitive pricing in terms of spreads and commissions, the existence of swap fees and the very nature of leveraged CFD and Forex trading mean that its “pricing” structure is inherently intertwined with financial practices that are impermissible in Islamic finance.

Ultimamarkets.com Alternatives

Given the issues with Ultimamarkets.com’s offerings from an Islamic financial perspective, focusing on alternatives is paramount.

Instead of engaging in speculative trading instruments like CFDs and leveraged Forex, the emphasis shifts to real asset ownership, productive investments, and transparent, ethical financial practices that avoid Riba interest and Gharar excessive uncertainty. Here’s a deeper dive into principled alternatives: Galyahealth.com Review

Halal Investment Funds

These funds are professionally managed portfolios that adhere to strict Sharia-compliant investment guidelines.

They screen out companies involved in prohibited activities such as alcohol, gambling, conventional banking, conventional insurance, pornography, and non-halal food.

Furthermore, they ensure financial ratios related to debt and interest-bearing assets are within acceptable limits.

• Equity Funds: Invest in shares of Sharia-compliant companies. For example, the Amana Growth Fund AMAGX or the Wahed FTSE USA Sharia ETF HLAL.
• Sukuk Funds: Invest in Islamic bonds Sukuk, which are asset-backed and structured to avoid interest, providing income through rental or profit-sharing. An example might be the Franklin Templeton Global Sukuk Fund.
• Key Features: Diversification, professional management, regular auditing for Sharia compliance, accessible through conventional brokerage accounts if they offer Sharia-compliant options.
• Pros: Aligns with Islamic principles, reduces individual research burden, diversified portfolio.
• Cons: Management fees, market risk, limited options compared to conventional funds.

Real Estate Investments

Direct investment in physical property is widely accepted as a permissible and tangible asset class.

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This can be for rental income, capital appreciation, or even agricultural production.

• Direct Property Ownership: Purchasing residential, commercial, or agricultural properties.
• Crowdfunding Real Estate Platforms Halal-focused: Platforms that pool investor funds for real estate projects, structured to avoid interest. Examples would need careful vetting to ensure underlying contracts are Sharia-compliant, e.g., through a Musharakah partnership or Ijara leasing model.
• Key Features: Tangible asset, potential for stable income, inflation hedge.
• Pros: Permissible, generates real economic activity, often seen as a secure long-term investment.
• Cons: High capital requirement, illiquid, management intensive, market downturn risks.

Ethical Business Ventures and Partnerships

Instead of speculating on market prices, Muslims are encouraged to invest in actual businesses through partnerships Musharakah or equity investments Mudarabah, where profit and loss are shared.

• Investing in Startups/Small Businesses: Directly investing in or starting a business that produces goods or services permissible in Islam.
• Ethical Crowdfunding for Businesses: Supporting businesses through equity-based or profit-sharing crowdfunding platforms that adhere to ethical guidelines.
• Key Features: Direct involvement in productive economic activity, risk-sharing.
• Pros: Potential for high returns, contributes to the real economy, aligns perfectly with Islamic principles.
• Cons: High risk, requires significant due diligence, illiquid investment.

Physical Commodities Gold, Silver

Holding physical gold and silver bullion is a classic Islamic permissible store of wealth and medium of exchange.

This differs significantly from trading gold CFDs, where no physical metal changes hands.

• Bullion Dealers: Purchasing physical gold bars or silver coins from reputable dealers. Examples: APMEX or JM Bullion though typically not available on Amazon directly, these are reputable dealers.
• Key Features: Tangible asset, hedge against inflation, historically stable store of value.
• Pros: Permissible, preserves wealth, no counterparty risk if held physically.
• Cons: Storage and security costs, no income generation, liquidity issues for large quantities.

Halal Stock Investing

This involves direct ownership of shares in publicly traded companies that adhere to Sharia principles. Structuralbasics.com Review

Investors must diligently screen companies to ensure their core business and financial operations are compliant.

• Screening Tools: Use tools like Islamicly or Zoya App to screen individual stocks for compliance.
• Sectors to Focus On: Technology, healthcare, manufacturing, consumer staples excluding alcohol/tobacco, utilities, and certain real estate companies.
• Key Features: Equity ownership, potential for capital gains and dividends, participation in the growth of real businesses.
• Pros: Direct control over investments, potential for good returns, liquid for large-cap stocks.
• Cons: Requires continuous screening and monitoring, market volatility.

Takaful Islamic Insurance

This is an alternative to conventional interest-based insurance, structured on principles of mutual cooperation and donation, avoiding Riba, Gharar, and Maysir gambling.

• Family Takaful: Life insurance equivalents.
• General Takaful: Property, auto, and health insurance equivalents.
• Key Features: Risk-sharing among participants, surplus sharing, Sharia-compliant operations.
• Pros: Ethical alternative to conventional insurance, provides financial protection.
• Cons: Fewer providers globally, may have less competitive pricing in some regions compared to conventional options.

Islamic Microfinance and Peer-to-Peer Lending Sharia-compliant

These models aim to provide financial services to underserved populations or small businesses based on ethical principles, often avoiding fixed interest.

• Microfinance Institutions: Organizations providing small loans or capital to low-income individuals or groups for productive purposes, typically through profit-sharing or cost-plus models.
• Sharia-compliant P2P Platforms: Platforms that connect lenders and borrowers based on ethical contracts, such as Murabaha cost-plus sale or Musharakah partnership, for specific projects.
• Key Features: Social impact, supports entrepreneurship, direct economic contribution.
• Pros: Aligns with social justice and ethical investment, can provide competitive returns, helps real people/businesses.
• Cons: Higher risk, requires careful due diligence on the platform and underlying projects, less liquidity.

In essence, the alternatives move away from purely speculative, paper-based trading and towards investments in tangible assets, real businesses, and financial mechanisms that uphold ethical and Islamic principles of mutual benefit, risk-sharing, and avoiding prohibited elements like interest and excessive uncertainty.

How to Cancel Ultimamarkets.com Subscription if applicable

While Ultimamarkets.com primarily offers trading accounts rather than traditional “subscriptions” in the Netflix sense, the concept of “cancelling” refers to closing your trading account or ceasing your engagement with their services. Moonbunbaby.com Review

Given the ethical issues associated with their offerings, for an individual seeking to align their finances with Islamic principles, disengaging from such platforms is a necessary step.

Understanding Account Closure Process

Closing a trading account usually involves a multi-step process to ensure all funds are withdrawn, positions are closed, and legal obligations are met.

Ultimamarkets.com provides a “HelpCenter” and “Contact Us” section, which are the primary avenues for initiating this process.

1. Close All Open Positions: Before initiating an account closure, ensure all your active trades Forex, CFDs are closed. Holding open positions would prevent account closure.
2. Withdraw All Funds: Once positions are closed, you need to withdraw any remaining balance in your trading account. Navigate to the “Deposits & Withdrawals” section or your client portal. Ensure you meet any minimum withdrawal amounts or clear any bonus-related conditions that might tie up funds. Be aware of any withdrawal fees that might apply.
3. Contact Customer Support: The most direct way to formally close your account is to contact Ultimamarkets.com’s customer support.
   • Email: Use the provided email address e.g., support@ to send a formal request for account closure. State your full name, account number, and reason for closure.
   • Live Chat: Their website prominently features a “Live Chat” option. This can be a quicker way to get initial instructions or confirm the process.
   • Phone: If a phone number is provided in their “Contact Us” section, calling can ensure immediate communication.
4. Confirm Closure: Request written confirmation of your account closure from Ultimamarkets.com. This is important for your records. It ensures that no lingering obligations or data retention issues remain.

Important Considerations During Account Closure

• Legal Documents Review: Before opening an account or when closing, always review the broker’s legal documents, specifically the “Terms and Conditions,” “Client Agreement,” and “Withdrawal Policy.” These documents outline the exact procedures and any associated fees or conditions for account closure.
• Data Retention: Even after closing an account, brokers are legally required to retain certain client data for a period e.g., 5-7 years for regulatory purposes. Understand their data retention policy.
• Ethical Motivation: For individuals cancelling due to ethical Islamic concerns, it’s a step towards purifying their financial dealings. The decision to close the account is driven by the impermissibility of the core activity, not just dissatisfaction with service.

While the website doesn’t have an explicit “cancel subscription” button like a typical service, the process of account closure achieves the same objective of ceasing engagement with Ultimamarkets.com.

How to Cancel Ultimamarkets.com Free Trial

Ultimamarkets.com offers a “Free Demo Account,” which serves as their equivalent of a free trial. Caredogbest.com Review

This demo account allows prospective traders to practice trading with virtual money in a simulated market environment, without any financial risk.

Cancelling a free trial, in this context, simply means ceasing to use the demo account.

Unlike a live trading account, there are typically no complex procedures, financial obligations, or withdrawal processes involved.

Steps to “Cancel” a Free Demo Account

Since a demo account doesn’t involve real money, there are no funds to withdraw or legal contracts to terminate in the same way as a live account.

1. Simply Stop Using It: The easiest way to “cancel” a free demo account is to simply stop logging in and using it. Demo accounts often have an expiration period e.g., 30-90 days, or they might be indefinite if you log in periodically. If you no longer use it, it will eventually become inactive or be removed by the platform.
2. Optional: Delete Account Data if possible: Some platforms might offer an option within the demo account settings or client portal to “delete” the demo account or its associated data. If this option is available and you wish to remove your simulated trading history, you can pursue it. However, this is rarely a formal requirement.
3. No Financial Implications: There are no financial penalties, fees, or lingering obligations associated with letting a demo account go inactive or deleting it. It’s a risk-free environment.

Why a Free Demo Account is “Safe” but still a stepping stone to a problematic activity

From an ethical Islamic perspective, a demo account itself is not problematic because it involves no actual money, Riba, or Gharar. It’s a simulation. However, its purpose is to onboard users to live trading, which is problematic. Therefore, while using a demo account to understand the mechanics of trading is harmless, transitioning from it to a live, leveraged CFD or Forex account on Ultimamarkets.com or any similar platform would lead one into impermissible financial activities. Shopyvision.com Review

• Risk-Free Learning: Demo accounts are excellent for learning the platform’s interface, understanding market movements, and testing trading strategies without losing real capital.
• No Obligation: There is no contractual obligation to open a live account after using a demo account.
• Purpose: Its primary purpose for the broker is to familiarize users with their services and eventually convert them into paying clients. For ethical investors, the demo should serve as a tool to understand why such trading is unsuitable, rather than preparing for it.

In essence, “cancelling” your Ultimamarkets.com free trial demo account is as simple as walking away.

The critical decision is to ensure you do not transition from this risk-free learning environment into actual live trading that involves Riba and Gharar.

Ultimamarkets.com vs. Alternatives

Comparing Ultimamarkets.com to the ethical alternatives previously discussed is like comparing apples and oranges—they serve fundamentally different purposes and operate under vastly different ethical frameworks.

Ultimamarkets.com is designed for speculative, leveraged trading, aiming to profit from short-term price movements of financial instruments.

The alternatives, on the other hand, focus on real asset ownership, productive economic activity, and long-term wealth building based on Islamic principles of avoiding Riba interest and Gharar excessive uncertainty. Pcloud.com Review

Ultimamarkets.com Speculative Trading

• Core Business: Facilitating leveraged CFD and Forex trading, including instruments like indices, shares, precious metals, and cryptocurrencies.
• Profit Mechanism: Primarily through speculation on price fluctuations, amplified by high leverage. This inherently involves elements of Gharar and often Riba via swap fees.
• Risk Profile: Extremely high. High leverage means significant potential losses, often exceeding initial investment.
• Contribution to Real Economy: Minimal to none. It’s largely a transfer of wealth between traders, not the creation of new goods or services.
• Ethical Stance Islamic: Unsuitable due to Riba, Gharar, and lack of tangible asset ownership.
• Typical User: Traders seeking fast gains, willing to take high risks, often with a short-term focus.

Ethical Alternatives Principled Investment & Wealth Building

These alternatives provide pathways to wealth accumulation and financial security that align with Islamic values.

1. Halal Investment Funds e.g., Amana Funds, Wahed Invest:

   • Purpose: Long-term capital appreciation and income through diversified portfolios of Sharia-compliant stocks and Sukuk.
   • Profit Mechanism: Growth of real businesses, rental income from assets, or profit-sharing from Sukuk.
   • Risk Profile: Moderate to high equity funds, lower Sukuk funds, but grounded in real economic performance.
   • Contribution to Real Economy: Direct investment in productive companies or asset-backed projects.
   • Ethical Stance Islamic: Highly suitable, rigorously screened for Riba, Gharar, and prohibited activities.
   • Typical User: Investors seeking ethical, diversified long-term growth with professional management.

2. Real Estate Investments Direct Ownership:

   • Purpose: Income generation from rent, capital appreciation from property value.
   • Profit Mechanism: Rental income from property, increase in property value over time due to demand and development.
   • Risk Profile: Moderate. Influenced by local market conditions, interest rates though Islamic financing avoids Riba, and property management.
   • Contribution to Real Economy: Provides housing, commercial space, or agricultural output. tangible asset.
   • Ethical Stance Islamic: Highly suitable, involves ownership of a tangible, productive asset.
   • Typical User: Individuals seeking tangible asset-backed investment, potential for passive income.

3. Ethical Business Ventures and Partnerships:

   • Purpose: Direct investment in or establishment of businesses that produce permissible goods and services.
   • Profit Mechanism: Sharing in the actual profits and losses generated by a real business.
   • Risk Profile: High especially for startups, but tied to the success of a tangible enterprise.
   • Contribution to Real Economy: Direct creation of jobs, goods, and services.
   • Ethical Stance Islamic: Highly suitable, embodies principles of Mudarabah and Musharakah profit-loss sharing.
   • Typical User: Entrepreneurs, angel investors, or those wanting to directly support ethical businesses.

4. Physical Precious Metals Gold/Silver: Codeable.io Review

   • Purpose: Wealth preservation, hedge against inflation and currency devaluation.
   • Profit Mechanism: Appreciation of commodity value speculative element exists but tied to physical asset.
   • Risk Profile: Moderate to high price volatility, but physical asset provides intrinsic value.
   • Contribution to Real Economy: Serves as a store of value. can facilitate transactions historically.
   • Ethical Stance Islamic: Highly suitable as a store of value, provided transactions are spot-based with immediate possession.
   • Typical User: Those seeking a tangible, durable store of wealth.

5. Halal Stock Investing Direct Shares:

   • Purpose: Ownership in productive, Sharia-compliant companies for capital gains and dividends.
   • Profit Mechanism: Company growth, profitability, and distribution of profits.
   • Risk Profile: Moderate to high, depends on company performance and market conditions.
   • Contribution to Real Economy: Investing in companies that create goods and services.
   • Ethical Stance Islamic: Highly suitable, provided diligent screening for business activity and financial ratios.
   • Typical User: Active investors who want direct control over their portfolio.

In summary, Ultimamarkets.com offers tools for high-risk speculation that is ethically problematic. The alternatives provide pathways for wealth creation and preservation through real economic activity, tangible assets, and Sharia-compliant financial instruments, aligning with the core tenets of Islamic finance. The choice isn’t just about financial return but about the manner in which wealth is acquired and the underlying ethical impact.

FAQ

What is Ultimamarkets.com?

Ultimamarkets.com is an online brokerage platform that offers trading services for various financial instruments, including Forex, Indices, Shares CFDs, Precious Metals & Commodities CFDs, and Cryptos CFDs, utilizing platforms like MetaTrader 4 and MetaTrader 5.

Is Ultimamarkets.com regulated?

Yes, Ultimamarkets.com states that it is authorized and regulated by the Financial Services Commission “FSC” of Mauritius and also has a regulated entity by the Cyprus Securities and Exchange Commission CySEC.

What types of accounts does Ultimamarkets.com offer?

Ultimamarkets.com offers several account types, including Standard, ECN, Cent Account, Free Demo, and PAMM/MAM accounts, catering to different trading needs and experience levels.

Does Ultimamarkets.com offer a demo account?

Yes, Ultimamarkets.com provides a “Free Demo Account” that allows users to practice trading with virtual money in a simulated market environment without real financial risk.

What trading platforms does Ultimamarkets.com support?

Ultimamarkets.com supports popular trading platforms such as MetaTrader 4 MT4, MetaTrader 5 MT5, their proprietary WebTrader, and the Ultima Markets App for mobile trading.

What are the main issues with Ultimamarkets.com from an Islamic finance perspective?

The main issues stem from the fact that Ultimamarkets.com facilitates leveraged CFD and Forex trading, which often involve Riba interest through swap fees and excessive Gharar uncertainty/speculation, along with a lack of tangible asset ownership, making these activities generally impermissible in Islam.

Are there swap fees on Ultimamarkets.com?

Yes, like most CFD and Forex brokers, Ultimamarkets.com applies swap fees overnight charges for positions held open overnight, which are a form of Riba interest.

Is trading CFDs on Ultimamarkets.com permissible in Islam?

No, trading CFDs is generally not permissible in Islam due to the involvement of Gharar excessive uncertainty/speculation, the absence of tangible asset ownership, and the presence of Riba interest through swap fees.

What leverage does Ultimamarkets.com offer?

Ultimamarkets.com offers high leverage options, stating “Leverage up to 1:2000” on its homepage.

While attractive to traders, high leverage magnifies both potential gains and losses, increasing the element of Gharar.

Does Ultimamarkets.com offer deposit bonuses?

Yes, Ultimamarkets.com promotes various bonuses, including “20% Deposit Bonus,” “50% Deposit Bonus,” and “EXTRA 1% PROFIT,” which can incentivize trading but are ethically problematic as they encourage engagement in impermissible activities.

How can I withdraw funds from Ultimamarkets.com?

You can withdraw funds from Ultimamarkets.com through their “Deposits & Withdrawals” section in your client portal.

Ensure all open positions are closed before initiating a withdrawal.

How do I close my Ultimamarkets.com account?

To close your Ultimamarkets.com account, you typically need to close all open trading positions, withdraw all remaining funds, and then formally contact their customer support via email, live chat, or phone to request account closure.

What are ethical alternatives to Ultimamarkets.com for investment?

Ethical alternatives for investment that comply with Islamic principles include Halal Investment Funds equity or Sukuk, direct Real Estate Investments, investing in Ethical Business Ventures and Partnerships, purchasing Physical Precious Metals gold/silver, and direct Halal Stock Investing.

Is social trading permissible in Islam?

Social trading, if it involves following or copying trades that are themselves impermissible like leveraged CFDs with Riba and Gharar, would also be impermissible.

The underlying activity determines the permissibility.

What are the minimum spreads offered by Ultimamarkets.com?

Ultimamarkets.com advertises “Pip spreads from 0.0,” indicating competitive pricing, especially for certain account types like ECN.

Does Ultimamarkets.com offer negative balance protection?

Yes, Ultimamarkets.com highlights “Negative Balance Protection” as a feature, meaning clients cannot lose more than their deposited capital.

Is Ultimamarkets.com safe in terms of fund security?

Ultimamarkets.com claims “Security of Funds” and states that clients are protected under insurance coverage provided by Willis Towers Watson, with claims eligibility up to US$1,000,000 per account, suggesting strong fund security measures for conventional trading.

Can I trade cryptocurrencies as CFDs on Ultimamarkets.com?

Yes, Ultimamarkets.com lists “Cryptos CFDs” among its available markets, allowing speculation on cryptocurrency price movements without direct ownership.

What educational resources does Ultimamarkets.com provide?

Ultimamarkets.com offers an “Academy,” “Market Outlook,” “News,” and “Analysis Tools” like Trading Central, an Economic Calendar, and a Trading Calculator to help educate its users.

Does Ultimamarkets.com have any global awards?

Yes, Ultimamarkets.com prominently displays several awards from 2024, including “Best APAC CFD Broker,” “Best Fund Safety – Global,” “Most Popular Broker,” and “Best Forex Trading Platform Asia Pacific,” among others.

Is there a fee to open an account with Ultimamarkets.com?

Generally, there is no direct fee to open a trading account with Ultimamarkets.com, but minimum deposit requirements might apply for live trading accounts.

How quickly are orders executed on Ultimamarkets.com?

Ultimamarkets.com advertises fast order execution, stating that orders are “executed < 20ms.”

Does Ultimamarkets.com partner with any international organizations?

Yes, Ultimamarkets.com states it is a member of The Financial Commission and is the first CFD broker to be part of the United Nations Global Compact.

What is the Ultima Markets App?

The Ultima Markets App is a proprietary mobile trading platform offered by Ultimamarkets.com, allowing users to trade on their smartphones or tablets.

What is UMSocial on Ultimamarkets.com?

UMSocial refers to Ultimamarkets.com’s social trading feature, allowing users to engage in copy trading or follow the strategies of experienced traders.

How does Ultimamarkets.com handle customer support?

Ultimamarkets.com provides various customer support channels including a “HelpCenter,” email , live chat, and engagement through social media platforms like Messenger and Instagram.

Are there any regional restrictions for Ultimamarkets.com users?

Yes, Ultimamarkets.com explicitly states “Regional Restrictions,” indicating that its services are not directed or offered to residents of certain jurisdictions such as the United States, North Korea, etc.

Can I invest in shares directly on Ultimamarkets.com?

No, Ultimamarkets.com offers “Shares CFDs,” which means you are trading contracts based on share prices, not owning the actual shares themselves.

This is a crucial distinction for ethical investors.

What is the purpose of the “Academy” section on Ultimamarkets.com?

The “Academy” section on Ultimamarkets.com is designed to provide educational content and resources to help users sharpen their understanding of trading, market news, and analysis.

Is it possible to find interest-free trading accounts on Ultimamarkets.com?

While some brokers offer “swap-free” or “Islamic” accounts, it is essential to rigorously verify that these accounts are genuinely free from all forms of Riba and Gharar, as simply removing swap fees may not make the entire trading model permissible.