Key Insights
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Ultima Markets has secured an FCA licence in the UK by acquiring Tiger Brokers (UK) Ltd, injecting £658,000 into the business before completion.
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The broker plans to onboard UK clients in 2026, entering a market where several competitors have exited due to high costs and competition.
LONDON (MarketsXplora) – Offshore retail foreign exchange and contracts-for-difference (CFD) broker Ultima Markets has obtained regulatory approval from the UK’s Financial Conduct Authority (FCA), paving the way for the company to establish a regulated presence in Britain. The move comes as several competitors retreat from the country’s crowded and costly trading market.
The Mauritius-domiciled broker, which has traditionally focused on clients in China and the wider Asia-Pacific, said it plans to begin onboarding UK clients in 2026. It will launch a tailored UK offering as part of its expansion.
Why Did Ultima Markets Acquire Tiger Brokers UK?
The FCA licence was acquired via the purchase of Tiger Brokers (UK) Ltd, formerly part of Nasdaq-listed UP Fintech Holding Ltd. Tiger Brokers had previously decided to exit the UK market, with the deal between the parties agreed in November 2024 and regulatory approval granted in July this year.
Ultima injected £658,000 into the business prior to completion to cover operating expenses during the transition. The acquired entity has been renamed Ultima Markets UK Limited.
While the licence provides a foothold, the business itself has seen little activity in recent years. Tiger Brokers’ UK arm reported virtually no revenue between 2021 and 2024, and accumulated losses of £4.6 million by the end of last year, eroding much of its capital. The firm held no deposited client funds at the time of acquisition.
The UK’s online trading sector has seen notable departures in recent months. Long-standing players such as Tiger Brokers, Aetos, and Trive have exited, citing high customer acquisition costs and intense competition from established incumbents like IG Group, CMC Markets and Plus500, as well as from crypto exchanges and neobrokers targeting UK retail traders.
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Why Enter the UK as Others Leave?
In contrast, some firms—including Ultima Markets, GTN and Moneta Markets—are moving in, betting on the long-term potential of Britain’s retail trading sector despite the challenges.
The decision to enter the market was not taken lightly,” a spokesperson for Ultima Markets told MarketsXplora. “We believe we can find our space in the mature market and opportunities where Ultima Markets can provide value to UK traders.
Founded in 2016, Ultima Markets also holds licences in South Africa and Mauritius. The Asia-Pacific region remains a key revenue area for the broker, but the UK is seen as a strategic addition to its global footprint.
Industry observers note that rising compliance costs and the FCA’s strict oversight have made Britain less attractive to many CFD brokers. Earlier this year, the regulator disclosed that none of the 100 EU-based CFD brokers who had registered under the post-Brexit temporary permissions regime applied for permanent authorisation.
For Ultima Markets, the gamble is clear: succeed where others have stepped back. The company’s UK ambitions will be tested in 2026, when it opens its books to British retail traders for the first time.