BROKER EVALUATION
WE SCORED FIFTY-ONE FIRMS ACROSS THREE CATEGORIES.
Three research notes, one per market we cover. Twenty crypto exchanges, twenty CFD brokers and eleven prop firms. Each note states the axes we scored, the weight we gave them, the table we built, what got firms rejected, and what changed our score on the ones we picked. We take a commission from the partners we selected, which is exactly why we publish the method.
RESEARCH NOTE 01 · CRYPTO CRYPTO SPOT & PERPETUALSRESEARCH NOTE 02 · FX & CFDs BITCOIN, FOREX, METALS & INDICESRESEARCH NOTE 03 · PROP FIRMS FUNDED EVALUATIONS
RESEARCH NOTE 02 · FX & CFDs · TRUDO TECHNOLOGIES LTD
WE SCORED TWENTY CFD BROKERS. THE ENTITY YOU SIGN WITH MATTERS MORE THAN THE SPREAD.
Every CFD broker advertises tight spreads. Almost none lead with which legal entity you actually open with, and that single detail decides what protection sits behind your funds. We scored twenty brokers on regulation and fund safety first, pricing second, because that is the order in which those facts matter. Two won, for different jobs.
SELECTED TMGM + ULTIMA MARKETS TMGM offers Bitcoin CFD access via Trademax Australia Limited, regulated by ASIC under AFSL 436416: that is our Bitcoin route. Ultima Markets publishes client fund insurance of up to US$1,000,000 per account through Willis Towers Watson, free and automatically applied: that is our FX, metals and indices route. We split the category deliberately rather than forcing one broker to cover both. $1,000,000 ULTIMA · WTW INSURANCE PER ACCOUNTAFSL 436416 TMGM · ASIC REGULATED4.3★ / 881 ULTIMA · TRUSTPILOT REVIEWS0.0 PIPS RAW SPREAD FLOOR, BOTH
HOW WE SCORED IT
30% FUND SAFETY Segregation, negative balance protection, and whether a real insurance policy or compensation scheme covers your specific entity.
25% REGULATORY TIER Licence on a public register, per entity, checked by us. A group licence means nothing if your account sits with the offshore arm.
20% EXECUTION QUALITY Raw spread floor, commission per lot, slippage on news, and whether the venue publishes execution figures at all.
15% ENTITY TRANSPARENCY How clearly the site tells you which entity you are signing with before you deposit. This is where most of the industry fails.
10% PUBLIC RECORD Review aggregates, regulator warnings, and complaint patterns over time.
THE COMPARISON
BROKERENTITY YOU OPEN WITHFUND PROTECTIONSPREAD FLOORMIN DEPOSITVERDICT
TMGMTrademax Australia · ASIC AFSL 436416Per ASIC client-money rules0.0 pips (Edge)See live specSELECTED · BITCOIN
ULTIMA MARKETSUltima Markets Ltd · FSC GB 23201593$1M per account (WTW), as published0.0 pips (ECN)$50SELECTED · FX & CFDs
EIGHTEEN OTHERSOffshore only, or unverifiableSegregation claimed, unevidencedAdvertised, not deliveredVariesRejected
WHAT YOU GET THROUGH US
$1M ULTIMA · INSURED PER ACCOUNT Willis Towers Watson cover in the event of insolvency, free and automatic, as published by Ultima Markets. Financial Commission membership adds up to EUR 20,000 per case, and negative balance protection resets any negative balance to zero.
2 THE ENTITIES YOU OPEN WITH TMGM: Bitcoin CFD access through Trademax Australia Limited, ASIC AFSL 436416. Ultima Markets: Ultima Markets Ltd, FSC Mauritius GB 23201593, which is where all clients are onboarded today and is set by your country rather than chosen.
0.0 RAW SPREAD FLOOR, PIPS Ultima ECN from 0.0 at $5 per lot round turn, or Standard from 1.0 pip with no commission. TMGM Edge from 0.0 with a US$7 round-turn FX commission and US$5 on metals. Bitcoin CFD pricing should be read from TMGM's live product specification.
<20ms ULTIMA EXECUTION Ultima's published figure across all four live account types, on MT4, MT5, WebTrader and the mobile apps, with 70+ currency pairs and 250+ CFD instruments.
$50 ULTIMA MINIMUM DEPOSIT On every account type. Leverage of up to 1:2000 is available to eligible clients only, which is far above what tier-one regulators permit, so treat it as a risk setting rather than a feature.
4.3★ ULTIMA · TRUSTPILOT REVIEWS Plus WikiFX, which carries more weight across Asia. We link both rather than summarising them.
WHAT CHANGED OUR SCORE
Three things we would rather say out loud than let you discover. First, Ultima Markets onboards all clients under its Mauritius FSC entity today, and the entity is determined by your country of residence rather than chosen: the FCA-authorised UK entity is real but still in development and not accepting UK clients, so no FSCS position can be stated for it yet and it does not apply to the account you open today, and Ultima no longer holds the CySEC licence it previously held. The Willis Towers Watson insurance they publish applies to every client either way, which is unusual and to their credit. Second, leverage up to 1:2000 for eligible clients and first-deposit bonuses up to 150% exist on that entity precisely because tier-one regulators do not permit them; the bonus percentage and cap depend on your country, several countries are excluded, and full terms sit with the broker. Third, on TMGM the member access benefit, its eligibility criteria and its terms will appear here only once they are confirmed in writing, and Bitcoin CFD availability depends on your jurisdiction. Neither firm paid us to leave any of this out.
WHAT GOT FIRMS REJECTED
GROUP LICENCE, OFFSHORE ACCOUNT Nine brokers advertise a tier-one licence, then route international sign-ups to an offshore entity with no scheme and no insurance. Legal, common, and the single biggest trap in retail FX.
REGULATOR THAT DOES NOT REGULATE FX Five firms cited registrations from bodies that do not license forex activity. A company registration is not a licence.
SPREADS THAT ONLY EXIST AT REST Four brokers' advertised floors held in quiet hours and vanished on every release we sampled.
We check both registers quarterly. If either entity's standing changes, this page changes with it.
If you trade Bitcoin
If you trade gold, FX or indices
This evaluation reflects our own testing and publicly available regulatory information at the time of writing. It is not a recommendation to open an account with any firm, and it is not investment advice. Regulatory status changes: check the relevant public register yourself before you deposit. We are compensated by the partners listed on this site.