OpenTrader (prev OpenMarkets) review |

OpenTrader share trading review (prev OpenMarkets)

Last updated:  

Check out the fees, features, pros and cons of OpenTrader.

Finder's rating: 2.4/5


OpenTrader is an independent online stockbroker offering brokerage services to help casual traders and experienced investors trade on Australian markets. It offers competitive brokerage fees, a choice of two trading platforms and multi-market trading.

In addition to its own web and desktop trading platforms, OpenMarkets also offers a range of innovative trading solutions to third-party websites. The company is headquartered in Melbourne and provides a selection of tools and resources to help you boost your trading knowledge.

AUD 5 on trades up to $5,000

Standard brokerage fee


Available markets

Phone, Email, Live chat


We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Type of broker Online
ASX products Shares
Exchange traded options
Exchange traded funds
Available markets ASX
Standard brokerage AUD 5 on trades up to $5,000
Support Phone
Live chat

What can I trade with OpenTrader?

The products you can trade varies on the trading platform you select. WebTrader is OpenTrader’ free, web-based trading problem for casual investors and it allows you to trade:


★★★★★ 4.4/5

Trading tools

★★★★★ 2.1/5

Research and education

★★★★★ 2.4/5

Available countries

★★★★★ 1.5/5

Available securities

★★★★★ 3/5

Customer support

★★★★★ 3/5

To learn how our star ratings are calculated, read the methodology here.
  • Equities (shares and stocks). OpenTrader customers can buy and sell shares on the ASX, Chi-X NSX or SIM VSE exchanges.
  • Exchange Traded Funds (ETFs). ETFs are investment funds that are listed on a stock exchange and can be bought and sold in the same way as shares. They offer an easy way for you to diversify your investment portfolio across a range of asset classes.
  • Warrants. Issued by banks and other financial institutions, warrants can be traded on the ASX through your OpenTrader account. There are two types of warrants available: ordinary warrants and instalment warrants.
  • Exchange Traded Bond Units (XTBs). XTBs are a relatively new investment opportunity that offer the fixed income stability of corporate bonds and are available on the ASX.

Pulse is an advanced desktop trading program for experienced investors and is offered with an ongoing fee. In addition to the trading options listed above, it also allows you to trade:

  • Exchange traded options (ETOs). Coming soon.
Back to top

What are the best features of OpenTrader share trading?

Market data

All new OpenTrader clients will have access to live news, streaming data, and advanced charting for 2 months. Once the trial period is over, clients can either select to have the ‘basic’ version which is free, or customise their subscriptions and add features that are relevant to them such as ASX streaming live data, Chi-X streaming live data, or advanced charting.

The full version of the platform is currently available to all users for free so the only costs clients will incur for at least 2 months are brokerage costs.


As an execution-only trading platform, OpenTrader does not offer any investment advice to customers. However the platform offers live ASX company news, historical trade data, historical dividend data as well as a Stock Screener which allows users to conduct basic fundamental analysis by filtering stocks in terms of balance sheets, income statements, company valuations and more.


OpenTrader is a web-based platform but also has a progressive web app that is compatible with iOS and Android and so can be used on any handheld device or tablet.

Order types

OpenTrader allows users to place limit orders and stop-limit orders.

Available markets

OpenTrader provides direct market access to the following stock exchanges: ASX, and Chi-X.

Cash account

Macquarie and ANZ Cash Managed Accounts are your two options for cash accounts, with Macquarie being the default option of the two.

Back to top

OpenTrader different service levels

FeeFree$125 per month, or free if you trade 15 times or more during the calendar month
Suited toSemi-active and long-term investorsProfessional traders
AccessAny web browserDesktop via installed software
Products you can tradeEquities, ETFs, warrantsEquities, ETFs, warrants, options
BrokerageEquities: Min. $13.95 or 0.07% per tradeEquities: Min. $13.95 or 0.07% per tradeOptions: Min. $28 or 0.28% per trade
Market dataClick-refresh live dataLive streaming data
Order typesMarket to limitLimitMarket to limitLimitCentre Point


Conditional – stop loss and trailing stops

Back to top

What support and information is available with OpenTrader?

OpenTrader offers an extensive range of support and educational tools to its customers. You can enjoy free access to more than 150 training videos about trading and investing in the stock market, while there are also specialised tutorials available to help you understand how to use your trading platform.

If you need further assistance, a detailed online help centre contains more advice and the answers to a wide range of frequently asked questions. Alternatively, phone and email support are available from 8:30am to 5:30pm Monday to Friday (EST).

Back to top

What are the fees associated when using OpenTrader?

If you need to buy or sell shares via the WebTrader or Pulse platform, the following standard brokerage fee applies:

  • Minimum $13.95 or 0.07% (above $20,000 value) per trade confirmation

For Pulse platform customers trading options, a brokerage fee of $28.00 or 0.28% (above $10,000 value) applies per trade, exercise or assignment.

In terms of ongoing fees, there are no charges to open or maintain a WebTrader account. Pulse customers will need to pay a $125 monthly fee, but this fee is waived if you place more than 15 trades per calendar month.

Back to top

What are the pros and cons of using OpenTrader for my next trade?


  • Affordable brokerage. Compare OpenTrader’ brokerage fees with those of other trading platforms to see how it stacks up against its competitors.
  • Choice of platforms. OpenTrader offers two platform choices: one to suit casual investors and the other to suit experienced traders.
  • Support and education. If you ever need help understanding the share market, your account or how to place a trade, OpenTrader provides an extensive range of customer support options and educational resources.


  • Execution-only. OpenTrader is an execution-only trade service so it does not provide access to trade recommendations and investment advice.
Back to top

What you need to know about the application process for OpenTrader

If OpenTrader sounds like the right trading platform for you, click the ‘apply now’ link on this page. You will be taken to the OpenTrader website where you can begin an application to open an account.

It’s free to open a trading account with OpenTrader, but remember that you will also need to open an approved linked cash account in order to start trading. Australian and international investors are eligible to open an account by filling out an application form with your personal and contact details, tax information, choice of trading platform and linked cash account details. An original certified copy of your driver’s licence or passport will need to be provided, as will a recent bill in your name.

Help! I have some more questions

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site