OpenMarkets

Overview of OpenMarkets

OpenMarkets, established in 2004 and headquartered in Australia, operates as an unregulated broker. It offers only web access for trading, lacking a mobile app and detailed information on account types. The platform emphasizes streamlined onboarding, high availability, and low latency for efficient trading experiences. However, the absence of regulatory oversight poses potential risks to traders. Customer support is available via phone at 1300 769 433 and email atsales@openmarkets.com.au, providing assistance to users.

Regulation

OpenMarkets's regulatory status is currently under scrutiny following the expiration of its Investment Advisory License. This development raises concerns regarding the firm's compliance with financial regulations and its ability to legally provide investment advisory services.

Pros & Cons

OpenMarkets offers streamlined onboarding and boasts high availability with low latency, ensuring efficient trading experiences. However, it operates without regulatory oversight, potentially exposing traders to risks. Additionally, there is a lack of information regarding account types and the absence of a mobile app, limiting accessibility and convenience for users.

Market Instruments

OpenMarkets offers a trading platform that provides direct market access through high availability and low latency FIX or REST open APIs. OpenMarkets caters to institutional investors and fintech companies by allowing them to programmatically trade a variety of financial instruments directly through OpenMarkets' platform.Besides, OpenMarkets' platform goes beyond simply providing access to market data and facilitates execution of trades, order management, and risk management tools.

Trading Platform

OpenMarkets does not offer a dedicated mobile application for trading. Their platform seems to be web-based, catering to institutional investors and fintech companies through FIX or REST APIs. This suggests a focus on programmatic trading through software applications rather than a user-friendly mobile interface for individual investors.

Customer Support

OpenMarkets offers robust and client-focused Customer Support aimed at providing exceptional service to its users. With a dedicated team accessible via phone at 1300 769 433 and email at sales@openmarkets.com.au, OpenMarkets ensures prompt assistance and expert guidance for all customer inquiries and issues. Their support philosophy centers on proactive problem-solving and maintaining clear communication channels to effectively address client needs and enhance overall satisfaction.

Conclusion

OpenMarkets caters to institutional investors and fintech companies seeking a programmatic trading platform with direct market access. Its web-based platform boasts high availability, low latency, and streamlined onboarding. However, the lack of a mobile app and, more importantly, regulatory oversight are significant drawbacks. Investors should carefully consider these limitations before using OpenMarkets.

User comment

I've been using OpenMarkets for a while now, and it's pretty good for serious traders. Their platform is fast and reliable, which is key for me. It's all web-based, though, so no fancy mobile app. One thing to consider is they aren't regulated, which might be a concern for some folks

FAQs

Is OpenMarkets regulated？

No, OpenMarkets currently operates without regulatory oversight.

Does OpenMarkets offer a mobile app？

No, OpenMarkets currently only offers web-based access to its trading platform.

What types of accounts does OpenMarkets offer？

Information on specific account types is not readily available on OpenMarkets' website.

Risk Warning

Trading online carries inherent risks, including the potential loss of your entire investment. It's essential to recognize that online trading may not be suitable for everyone, and individuals should carefully consider their risk tolerance before participating. Additionally, please be aware that the details provided in this review are subject to change as companies update their services and policies. Therefore, it's advisable to verify the most up-to-date information directly with the company before making any trading decisions. Ultimately, the responsibility for utilizing the information in this review lies solely with the reader.