FX.co ★ OD Markets - Broker rating, review and comments

About company

OD Markets Limited (OD Markets) was founded in 2016. The company is listed on the New Zealand Financial Service Providers Register under the trade name OD Markets Ltd. The broker is regulated by the Financial Markets Authority (FMA). OD Markets clients can trade Forex, precious metals, natural gas, oil, stocks, and products. Notably, OD Markets does not cooperate with customers from New Zealand. The Financial Markets Authority is a New Zealand supervisory agency. It plays a key role in the capital market and monetary services industry in New Zealand. Remarkably, New Zealand’s regulator is not very strict in comparison with the European one. At the same time, brokers in New Zealand should adhere to certain rules that apply to financial statements. Nevertheless, OD Markets deliberately blocked the accounts of the most successful traders. In this regard, the company was convicted in the FPA Traders Court.

Trading conditions

The company offers its clients only one type of a live account. In order to start trading, clients should provide a manager with a photo ID and a certificate of residence, that is, a utility bill or a bank statement. A minimum deposit in the company is $100. The broker offers traders a row of trading instruments: CFDs, currency pairs, indices, energy, precious metals, gold options, etc. Traders have access to the popular MetaTrader 4 trading platform and can hold an Islamic account. A leverage ratio in the company is 1:200 for Forex and Commodities, as well as 1:50 for gold. OD Markets does not charge commissions. Therefore, spreads are likely to be at a higher level. The list of average spreads is presented on the official website of the company. OD Markets clients can replenish an account in four different ways. They are Local Depositor, China Local Interbank Transfer, credit/debit cards, and wire transfers. However, they can use only wire transfers to withdraw funds.

Bonuses

OD Markets gives traders a deposit bonus. The details of the bonus program are available on the official website of the company. When traders open an account, OD Markets credits a 20% deposit bonus. The maximum deposit bonus is $5,000. The bonus can be traded with 1:500 leverage.

Training

OD Markets’ official website has the Forex Education section, which contains free trading tutorials to help beginners understand the basics of trading and navigate the market.

Support service

The support service works Monday-Friday from 03:00-12:00 (GMT). Clients can contact the support service by phone, email, or Live Chat.

Traders’ reviews

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Advantages and disadvantages

Among the main drawbacks of the broker are a conviction by the FPA Traders Court, high commissions, and limited ways to withdraw funds. On top of that, trading conditions are not transparent enough. Lengthy wire transfers lack credibility. Advantages such as regulation by a reliable financial authority and training for novice traders cannot offset the obvious disadvantages.