What Account Types and Fees Does OpenMarkets Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly platform |
Perfect for small-scale trading |
| Professional Account |
Experienced traders |
High leverage, lower spreads |
Requires proof of trading experience |
| Corporate Account |
Corporate clients |
Custom services, dedicated account management |
Requires corporate documentation |
| Islamic Account |
Traders seeking swap-free options |
Complies with Sharia law, no overnight interest |
Available upon request with documentation |
| Demo Account |
All traders |
Practice trading with virtual funds |
No real money involved, ideal for beginners |
Account Opening Process
To open an account with OpenMarkets, prospective traders must follow a straightforward process. This includes submitting personal details such as name, address, and contact information. Additionally, employment and financial information are required to assess the trader’s experience and financial status. A crucial step involves identity verification, where applicants need to provide a government-issued ID and proof of address, such as a utility bill. After the initial setup, traders have the flexibility to upgrade to a professional account as their trading experience and volume increase, ensuring that the account type remains aligned with their trading goals.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $4/lot) |
Competitive pricing |
| CFDs (Stocks) |
1.5 |
$0.5 per lot |
Varies by stock |
| CFDs (Indices) |
2.0 |
$1 per lot |
Includes major indices |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
Traders should also be aware of additional fees that may apply. These can include deposit and withdrawal fees, which vary based on the payment method. Inactivity fees may be charged if an account remains dormant for a specified period. Additionally, platform usage fees may apply, particularly for advanced trading tools. Overnight interest, also known as swap rates, will be applicable for positions held overnight, while currency conversion fees may be incurred when trading in different currencies.
