OpenMarkets
Basic Information
Pros and Cons
Pros
- Regulated by ASIC
- Offers diverse trading instruments
- Leverage up to 1:100
- Spreads starting from 0.0 pips
- Utilizes MT4 and MT5 platforms
Cons
- Investment Advisory License exceeded
- Withdrawal difficulties reported
- Customer service quality concerns
- Limited details on trading fees
- Transparency in account types lacking
Is OpenMarkets Safe and Legit?
OpenMarkets Australia Limited, registered in Australia since 2004, has over 5-10 years of operational experience. It offers a range of trading conditions, including various tradable instruments, a leverage of up to 1:100, spreads starting from 0.0 pips, and utilizes the MT4 and MT5 trading platforms.
The broker is regulated by the Australian Securities and Investments Commission (ASIC), but its Investment Advisory License is currently listed as “exceeded”. This raises concerns about its regulatory status, suggesting potential risks for traders, which may affect its perceived safety and legality.
OpenMarkets has received mixed reviews in the market, with users often highlighting issues related to withdrawal difficulties and customer service quality. Transparency appears to be a concern, as there are limited details about trading fees and account types. While some users report satisfactory experiences, the frequency of complaints regarding withdrawal issues suggests a need for caution when engaging with this broker.
Is OpenMarkets a Regulated Broker?
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
OpenMarkets Australia Limited ensures that client funds are held in independently regulated bank accounts, separate from the broker’s own assets. This segregation of funds is crucial for protecting traders in the event of financial difficulties faced by the broker. However, details regarding participation in investor compensation funds or insurance schemes are not specified, which may affect client confidence in fund safety.
OpenMarkets Leverage
The maximum leverage offered by OpenMarkets is up to 1:100. This leverage aligns with the legal limits set forth by the Australian Securities and Investments Commission (ASIC). Clients are classified as retail or professional, allowing for differentiated leverage options based on their experience and account type, ensuring compliance with local regulatory requirements.
OpenMarkets Withdrawal Review
How to Contact OpenMarkets?
OpenMarkets Australia Limited has received mixed reviews, especially concerning withdrawal issues. Users frequently report difficulties in processing withdrawals, with some citing delays in receiving their funds. Complaints typically originate from online trading forums and review platforms. The broker’s responsiveness to these complaints can vary, with some users expressing dissatisfaction over the time taken to resolve issues. There appears to be a pattern of repeated complaints regarding withdrawals, raising concerns about the broker’s operational reliability. Given the exceeded regulatory status with ASIC, traders should exercise caution when considering engagement with OpenMarkets.
Frequently Asked Questions
A1: OpenMarkets Australia Limited is registered in Australia and regulated by the Australian Securities and Investments Commission (ASIC). However, its Investment Advisory License is currently listed as ‘exceeded,’ which raises concerns about its legitimacy and regulatory status, suggesting potential risks for traders.
A2: OpenMarkets is regulated by ASIC, but its Investment Advisory License is exceeded. This situation indicates that the broker may not hold valid regulatory licenses at present, which poses potential risks for traders and warrants caution.
A3: OpenMarkets ensures client funds are held in independently regulated bank accounts, separate from the broker’s own assets. However, details about participation in investor compensation funds or insurance schemes are not specified, which may impact client confidence in fund safety.
A4: Users frequently report difficulties with processing withdrawals at OpenMarkets, citing delays in receiving their funds. The pattern of complaints regarding withdrawal issues raises concerns about the broker’s operational reliability and should prompt caution for potential traders.
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.
