OpenMarkets CFD Review: A Close Look Into The Broker’s Profile
Welcome to our OpenMarkets CFD review, where we take a close look into the broker’s profile so you can make an informed decision. Learn about their regulatory status, trading platform, fees, and many red flags that emerged during this OpenMarkets CFD review.
At first glance, their website will make you believe their claims about reliability and safety, however, we know better. After so many written reviews and extensive research, no one can hide from us. Keep reading to learn everything you need to know about this brokerage and whether or not you should place your trust in them. Check our TargoSwiss review as well for another broker you should avoid.
Who Is OpenMarkets CFD? The Truth Uncovered
OpenMarkets CFD claims to be located in Australia. To be registered in Australia or to even operate from there, the broker would have to be regulated by ASIC, however, there is no mention of any type of regulation from the broker.
Although the broker deserves our appreciation for not lying about being regulated like many others, their lack of regulation raises our first red flag. Unfortunately, it’s not over yet. As you continue reading our OpenMarkets CFD review, more red flags will become apparent, revealing the true nature of this brokerage.
|OpenMarkets CFD||Reliable Broker Must Have|
|Legal name||Open Markets||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||246 Exhibition St Melbourne VIC 3000 Australia||Your country or the country whose license applies in your legal jurisdiction|
|Established||2022||The older the domain – the higher the possibility the company is trustworthy|
|Website||openmarkets.cfd||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||+44 7761 [email protected]||Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
Open Markets is not regulated by any financial authority, which means your investments are not safe. To make it even worse, there are multiple warnings issued against the broker, confirming that they are unregistered. Their false claims of being located in Australia are just that; false.
The Comisión Nacional del Mercado de Valores (CNMV) issued a warning, warning investors about trading with an unregistered broker.
The Internation Organization of Securities Commissions (IOSCO) supported the warning, providing a direct link to the CNMV’s website.
We wish that the IOSCO warning was the last one, however, FSMA also supported CNMV, warning investors that Open Markets is not authorized to provide investment services and activities subject to the activity restriction.
OpenMarkets CFD Broker Profile
The broker trades on the Meta Trader 5 platform and offers maximum leverage of 1:500. The MT4 and MT5 platforms are considered reliable, however, they are not immune to manipulation. You can only trade forex, cryptocurrencies, and commodities with the broker, which shows their lack of financial instruments.
Reliable brokers present some kind of educational materials including webinars, videos, or any type of tutorials for beginners. OpenMarkets CFD only offers calculation material such as a profit calculator, market information, etc.
|Financial Instruments On Offer||
|Education or Extra tools||Profit Calculator, Market Information, Economic Calendar, Technical Analysis|
Is OpenMarkets CFD Safe To Trade With?
Considering multiple warnings regarding their unregulated status, hidden fees, lack of transparency, and many other red flags, the broker is anything but safe. The fact that the minimum deposit is not specified raises concerns, making traders get into trading with this broker blindly. Furthermore, there is no demo account so there is no way to test out their services before depositing the unspecified amount.
No broker is perfect but we at least require them to be regulated to even be considered. OpenMarkets CFD doesn’t have any benefits which makes them an unreliable choice. Don’t waste your time and money on brokers like Open Markets or StateHills. Reach out today and make the first step toward a profitable trading experience.
OpenMarkets CFD Review: Traders’ Thoughts and Opinions
Previous experiences with other traders are important when choosing a broker. While it is not the most crucial thing, it is still something that should be considered. They don’t appear to have many positive Trustpilot evaluations, and the one 5-star review they do have is fake because the individual who left it only left that one review.
However, we did find information about the brokerage and its debt on Reddit. The broker went into debt scrambling to secure a cashed-up new backer. In convertible notes offered to BMY Group in July and September of last year, it raised an additional $1.5 million and $6.2 million. The sophisticated investors in the firm subsequently sold their redeemed notes to Eric Gao’s BMYG via E&P Corporate Advisory for $3.5 million.
A Look at OpenMarkets CFD’s Traders They Serve
OpenMarkets CFD offers the Introducing a Broker promotion where in return for referring clients to Open Markets, you receive a commission. That is their main way of attracting traders and we advise you not to fall for it. Additionally, brokers like this often call investors, making false promises regarding profits.
The majority of their traders come from Spain, followed by Italy, the UK, Albania, and the Netherlands. It is important to note that the broker is not regulated by any financial authority, especially not the ones needed to operate in these nations. It is clear that this brokerage is a scam and you should avoid it. Instead of wondering if OpenMarkets is a good choice for you, reach out to us and we will recommend a broker tailored for your preferences.
Deposits and Withdrawal Methods
You can deposit and withdraw your money using multiple credit cards, electronic methods, bank wire transfers, local bank transfers, and other payment methods that are not specified. As soon as you open a trading account, you can log into the account page and select a payment method of your preference.
The waiting period varies depending on the nation to which the money is being paid. Within the EU, a standard bank wire takes three business days. Bank transfers can take up to 5 working days to reach some countries. Withdrawals are not well explained, which generates even more questions. Additionally unknown are the costs associated with making a deposit or withdrawal, which leaves traders in the dark.
OpenMarkets CFD Pros and Cons
Long Story Short – OpenMarkets CFD
In conclusion, OpenMarkets CFD is another shady broker that caught our eye. You should stay away from them because of their lack of regulation, transparency, and information, as well as their hidden fees, withdrawal problems, and numerous other warning signs including multiple warnings from financial authorities.
OpenMarkets CFD is not worth your attention. There are many more trustworthy brokers available right now and they’re just waiting for you. Always put yourself and your investments first; don’t just get into trading with a broker without thinking. It can be difficult to learn all the crucial considerations when selecting a broker because there are so many. Get in touch with us right away for a free consultation, and don’t stress—you can always get your money back with us.
What Is OpenMarkets CFD?
OpenMarkets CFD is a brokerage company claiming to be located in Australia, offering traders to trade in forex, commodities, and cryptocurrencies.
Is OpenMarkets CFD A Legit Broker?
Considering their lack of regulation and transparency, multiple warnings from financial authorities, and many other red flags, OpenMarkets is not a legit broker.
How To Get Your Money Back From OpenMarkets CFD?
The first thing you need to do is to request a withdrawal. If the broker prolongs the process, request a charge back with your bank. If nothing works, don’t stress. Getting your money back is possible, reach out to us now.