Offshore broker BCS Markets (formerly BCS Forex), a part of the Russian financial conglomerate BrokerCreditService and a sister brand of the Russian-licensed forex dealer BCS-Forex, appears to have rebranded itself as Ultima Markets. However, another retail trading broker named Ultima Markets already exists and offers contracts for difference (CFD) trading.
Ultima Markets vs Ultima Markets
Although the company did not publicly announce it, according to the Internet Archive, BCS Markets rebranded earlier this month. However, the broker is still operating from the same web address, “bcsmarkets.com.”
The Russian broker was previously managed by BCS Markets LLC. However, it has quietly registered a new entity, Ultima Markets SV LLC, in Saint Vincent and the Grenadines, at the same physical address as the previous entity.
A screenshot of the rebranded website of BCS Markets (now Ultima Markets)
Interestingly, the other (original) Ultima Markets brand has been operating since 2016 and offers over-the-counter derivatives like forex pairs and CFDs of other assets. This broker operates through registered entities in Mauritius, South Africa, and Cyprus.
Now, the question arises as to whether the rebranding of BCS Markets to Ultima Markets will attract any legal action from the original Ultima Markets. After all, two companies with the same branding and in the same industry can hardly co-exist.
“It has come to our attention that another broker may be using the name of Ultima Markets, potentially causing confusion among traders,” an Ultima Markets spokesperson told Finance Magnates. “We are investigating the situation and will take all necessary measures, including legal recourse, to protect our traders and our brand.”
“We are committed to resolving this matter swiftly and responsibly while keeping our community informed of significant updates. Safeguarding our traders’ interests and upholding our reputation remain our top priorities.”
A screenshot of the “original” Ultima Markets
Both Claiming Copyrights
The websites of both the original and rebranded Ultima Markets claim copyright over their brand.
However, this is not the first rebranding of BCS Markets. In April 2021, the offshore broker rebranded from BCS Forex to distinguish its operations from its Russia-licensed sister forex dealer brand. At that time, the offshore unit also moved to a new domain to offer its services.
The latest hasty rebranding appears to be an attempt by the offshore broker to cut its branding ties with its Russian businesses. Last month, the offshore broker also informed its clients that it would no longer allow payments through the sanctioned BCS Bank, which is also under the umbrella of the BCS Group.
“The service is provided by a non-resident company, Ultima Markets SV LLC, registered in the jurisdiction of SVG, which is not subject to regulation in the Russian Federation,” its Russian website noted (translated from Russian). “Ultima Markets SV LLC, which provides services for trading CFD contracts, is responsible for providing such services in accordance with applicable law. Ultima Markets SV LLC does not operate and does not provide services in the financial markets to an unlimited number of persons in the territory of the Russian Federation.”
However, this same text was also used when the platform was known as BCS Markets. The broker only changed the entity name from BCS Markets to Ultima Markets SV LLC. However, the names in the footer of the website were only changed in the Russian version of the website, as its English version still notes BCS Markets.
Offshore broker BCS Markets (formerly BCS Forex), a part of the Russian financial conglomerate BrokerCreditService and a sister brand of the Russian-licensed forex dealer BCS-Forex, appears to have rebranded itself as Ultima Markets. However, another retail trading broker named Ultima Markets already exists and offers contracts for difference (CFD) trading.
Ultima Markets vs Ultima Markets
Although the company did not publicly announce it, according to the Internet Archive, BCS Markets rebranded earlier this month. However, the broker is still operating from the same web address, “bcsmarkets.com.”
The Russian broker was previously managed by BCS Markets LLC. However, it has quietly registered a new entity, Ultima Markets SV LLC, in Saint Vincent and the Grenadines, at the same physical address as the previous entity.
A screenshot of the rebranded website of BCS Markets (now Ultima Markets)
Interestingly, the other (original) Ultima Markets brand has been operating since 2016 and offers over-the-counter derivatives like forex pairs and CFDs of other assets. This broker operates through registered entities in Mauritius, South Africa, and Cyprus.
Now, the question arises as to whether the rebranding of BCS Markets to Ultima Markets will attract any legal action from the original Ultima Markets. After all, two companies with the same branding and in the same industry can hardly co-exist.
“It has come to our attention that another broker may be using the name of Ultima Markets, potentially causing confusion among traders,” an Ultima Markets spokesperson told Finance Magnates. “We are investigating the situation and will take all necessary measures, including legal recourse, to protect our traders and our brand.”
“We are committed to resolving this matter swiftly and responsibly while keeping our community informed of significant updates. Safeguarding our traders’ interests and upholding our reputation remain our top priorities.”
A screenshot of the “original” Ultima Markets
Both Claiming Copyrights
The websites of both the original and rebranded Ultima Markets claim copyright over their brand.
However, this is not the first rebranding of BCS Markets. In April 2021, the offshore broker rebranded from BCS Forex to distinguish its operations from its Russia-licensed sister forex dealer brand. At that time, the offshore unit also moved to a new domain to offer its services.
The latest hasty rebranding appears to be an attempt by the offshore broker to cut its branding ties with its Russian businesses. Last month, the offshore broker also informed its clients that it would no longer allow payments through the sanctioned BCS Bank, which is also under the umbrella of the BCS Group.
“The service is provided by a non-resident company, Ultima Markets SV LLC, registered in the jurisdiction of SVG, which is not subject to regulation in the Russian Federation,” its Russian website noted (translated from Russian). “Ultima Markets SV LLC, which provides services for trading CFD contracts, is responsible for providing such services in accordance with applicable law. Ultima Markets SV LLC does not operate and does not provide services in the financial markets to an unlimited number of persons in the territory of the Russian Federation.”
However, this same text was also used when the platform was known as BCS Markets. The broker only changed the entity name from BCS Markets to Ultima Markets SV LLC. However, the names in the footer of the website were only changed in the Russian version of the website, as its English version still notes BCS Markets.
