NOTE: Open Marketss official site - https://openmarkets.cfd/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Open Markets？
Open Markets is a broker registered in Australia, offering a range of trading instruments, including Forex, Commodities, Stocks, and Cryptocurrencies. The broker provides traders with access to MetaTrader 5. Additionally, Open Markets also offers its proprietary trading platform.
A big flaw is that Open Markets operates without regulatory oversight. Furthermore, the official website is non-functional currently. And we can't find complete and detailed information about it.
Pros & Cons
Pros:
Wide Range of Trading Instruments: Open Markets offers trading in Forex, Commodities, Stocks, and Cryptocurrencies, providing traders with a diverse set of options to trade.
Cons:
No Regulation: Open Markets claims to be registered in Australia, but it does not mention any regulatory body overseeing its activities. Operating without regulation means the broker is not subject to any financial oversight, which increases the risk of fraud and financial loss.
Non-functional Website: The official website being down is a significant red flag. This makes it difficult to verify information about the broker, its offerings, and its terms and conditions.
Limited Payment Methods: Only offering bank wire transfers as a payment method restricts accessibility.
Is Open Markets Safe or a Scam？
We think risks associated with Open Markets should be of great concern.
The absence of regulation means the broker isn't overseen by a regulatory body that ensures fair practices and financial stability, increasing the risk of fraud and financial loss. Additionally, the non-functional official website is another warning sign, making it impossible to verify information or access terms and conditions.
Market Instruments
Open Markets claims to offer a range of trading instruments including Forex, Commodities, Stocks, and Cryptocurrencies. But we can not find more concrete information about trading instruments.
Forex: The foreign exchange market, where you can buy and sell currency pairs to speculate on their price movements.
Commodities: These are raw materials or primary agricultural products that can be bought and sold. Trading commodities allows you to diversify your portfolios and hedge against inflation.
Stocks: Stocks represent ownership in a company. Trading stocks allows you to participate in the company's growth and earn dividends.
Cryptocurrencies: Digital or virtual currencies that use cryptography for security. Trading cryptocurrencies allows you to speculate on their price movements.
Leverage
Open Markets claims to offer a high leverage ratio of 1:500, allowing traders to amplify their positions significantly. A leverage ratio of 500:1 means that for every $1 in the trading account, the trader can control a position worth $500. While high leverage can lead to higher profits, it also increases the risk of significant losses, especially in volatile markets.
Trading Platforms
The web-based trading platform offered by Open Markets does not meet expectations of being a cutting-edge software, which impacts the trading experience for users. Additionally, it claims to support the MetaTrader 5 (MT5) desktop platform. But we can not verify the truthfulness of it.
Deposits & Withdrawals
Open Markets has a limited payment option, accepting only bank transfers. This restriction inconveniences traders who prefer more flexible deposit and withdrawal methods.
Additionally, you should be aware of Open Markets' policy regarding withdrawals after periods of no trading activity. In such cases, the broker reserves the right to charge either the equivalent amount of any banking fees incurred or 5% of the total withdrawal amount.
Customer Service
For customer support, Open Markets can be reached via phone at +61 432-614-755 or by email at support@openmarkets.cfd. If you have any questions or need assistance, you can contact them using these methods.
Conclusion
Open Markets claims to provide a diverse range of trading instruments and access to the MT5 platform. However, its lack of regulatory oversight and the non-functional website indicate great risks. It is recommended to avoid trading with Open Markets and consider other brokers with better transparency and regulations.
Frequently Asked Questions (FAQs)
Q: Is Open Markets regulated？
A: No.
Q: What trading instruments does Open Markets offer？
A: Open Markets claims to offer a wide range of trading instruments, including Forex, Commodities, Stocks, and Cryptocurrencies.
Q: What is the maximum leverage offered by Open Markets？
A: 1:500.
Q: What trading platforms does Open Markets support？
A: Open Markets claims to support the MT5 desktop platform and its proprietary trading platform.
Q: What payment methods does Open Markets accept？
A: Open Markets accepts payments only through bank transfers.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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