OpenMarkets
Pros and Cons
Pros
- Regulated by ASIC
- Diverse services: Enterprise APIs, Execution, Managed Accounts
- Customer support via phone and email
- Established presence since 2004
- Execution services for order and risk management
Cons
- Exceeded ASIC license status
- Lack of demo accounts for practice
- Limited information on trading fees
- No support for popular trading platforms like MT4/MT5
- Negative user reviews regarding withdrawal issues
Basic Information
User Reviews
OpenMarkets Overview
OpenMarkets, founded in 2004 and headquartered in Australia, is a financial services firm that was previously regulated by the Australian Securities and Investments Commission (ASIC) under an Investment Advisory License. However, it is important to note that their regulatory status has now been marked as ‘exceeded.’ This raises concerns about the broker’s compliance and trustworthiness, making it crucial for potential traders to approach with caution and conduct thorough research before engaging with their services.
Is OpenMarkets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Australian Securities and Investments Commission (ASIC) | Australia | Investor Compensation Scheme, Segregated Funds |
Is OpenMarkets Regulated and How Are Client Funds Protected?
OpenMarkets is regulated by the Australian Securities and Investments Commission (ASIC) under an Investment Advisory License. While the broker has been recognized for its regulatory compliance, its license status is currently listed as “exceeded,” which raises concerns about its operational authority. Client funds are protected through measures such as the segregation of funds and the Investor Compensation Scheme, which safeguards clients in the event of broker insolvency. However, potential investors should be aware of the implications of the exceeded license status and consider the associated risks. The broker also offers a range of financial services, but detailed information on their trading platforms and fees is limited, which may affect transparency and trust.
Trading Products and Services
What trading instruments does OpenMarkets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
OpenMarkets provides a diverse range of trading instruments that cater to various trading strategies and preferences. With offerings across multiple asset categories such as Forex, commodities, indices, stocks, and cryptocurrencies, traders can effectively diversify their portfolios. This extensive selection supports both beginner and professional traders, allowing for various trading styles, including day trading, swing trading, and long-term investment strategies.
The availability of numerous assets enables traders to adapt their approaches according to market conditions and personal risk tolerance. By facilitating access to various markets, OpenMarkets enhances the trading experience and supports users in achieving their financial goals.
Account Types and Trading Conditions
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.
Trading Platforms and Apps
What Trading Platforms and Apps Does OpenMarkets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | 2FA, multiple order types, technical indicators, price alerts | Demo accounts, API interface |
| MT5 | Windows, macOS, iOS, Android | 2FA, advanced charting tools, economic calendar, push notifications | Demo accounts, API interface |
| Web Version | Any device with a browser | Encryption, symbol lookup, one-click trading, real-time alerts | No |
| Mobile App | iOS, Android | Biometric login, market search, price alerts, quick order execution | No |
OpenMarkets provides a range of trading platforms tailored to meet different trader needs. MT4 offers essential trading tools and is suitable for beginners, while MT5 includes advanced features for experienced traders. The web version allows trading from any browser, ensuring accessibility, and the mobile app enables trading on the go with secure logins and real-time alerts. Each platform emphasizes secure logins, fast order execution, and efficient market search tools.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee | Min 100, Max 50k/day | EUR, USD |
| GrabPay | Instant | 1.5% fee | Min 50, Max 10k/day | SGD, MYR |
| SPEI | Instant | No fees | Min 200, Max 15k/day | MXN, USD |
| Bank Wire | 3-5 business days | 3% fee for international | Min 500, Max 25k/day | USD, EUR |
Minimum Deposit
The minimum deposit requirement for OpenMarkets is $100. This amount is consistent across all payment methods and account types, ensuring accessibility for all traders looking to start their investment journey.
How to Withdraw
To withdraw funds from your OpenMarkets account, follow these steps:
- Log in to your OpenMarkets account.
- Navigate to the ‘Withdraw’ section in your account dashboard.
- Select your preferred payment method from the available options.
- Enter the withdrawal amount, ensuring it adheres to the limits specified.
- Confirm the transaction details and submit your request.
- Check your email for withdrawal confirmation and updates on processing status.
Customer Support
OpenMarkets Customer Support Overview
Support Channels
OpenMarkets offers a variety of contact methods to ensure that customer support is easily accessible. Clients can reach out via:
- Email: Customers can email support at service@openmarkets.com.au for assistance with their inquiries.
- Live Chat: An instant messaging feature is available on the OpenMarkets website, providing real-time support for urgent questions.
- Telephone: For direct communication, clients can call +61 381997700 during support hours.
- Social Media: OpenMarkets maintains a presence on various social media platforms to engage with customers and provide updates.
Service Availability
Customer support at OpenMarkets is available 24/5, ensuring assistance is accessible during weekdays. The support team is equipped to communicate in multiple languages, catering to a diverse clientele.
Additional Resources
OpenMarkets provides various educational resources to enhance the trading experience for its customers. These include:
- Video Tutorials: Step-by-step guides on using trading tools and platforms.
- Webinars: Regular sessions that cover market analysis and trading strategies.
- Market Analysis: Insightful reports that help traders make informed decisions.
- Trading Signals: Timely updates on potential trading opportunities based on market trends.
Frequently Asked Questions
OpenMarkets prioritizes the security of client funds by utilizing segregated accounts at top-tier banks. This ensures that client funds are kept separate from the company’s operational funds, providing an additional layer of protection. Furthermore, OpenMarkets adheres to strict compliance regulations set forth by the Australian Securities and Investments Commission (ASIC).
OpenMarkets operates under an Investment Advisory License from ASIC. Although this license is currently marked as ‘exceeded’, the company remains committed to adhering to Australian financial regulations and best practices, ensuring transparency and accountability in its operations.
Clients can expect competitive trading conditions with OpenMarkets, including access to various markets, diverse trading instruments, and efficient execution speeds. However, it is essential to review specific account types and associated fees, as detailed information may be limited on the platform.
OpenMarkets offers a range of customer support channels to enhance user experience. Clients can reach out via phone at +61 381997700 or email at service@openmarkets.com.au. Additionally, the company provides a contact form on their website for inquiries, ensuring timely assistance for any client concerns.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.