OpenTrader share trading review (prev OpenMarkets)
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
ASX, Chi-X, NSX
Phone, Email, Live chat
|Type of broker||
Exchange traded options
Exchange traded funds
|Standard brokerage||AUD 5 on trades up to $5,000|
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:
|Research and education||
- 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.
What are the best features of OpenTrader share trading?
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.
OpenTrader allows users to place limit orders and stop-limit orders.
OpenTrader provides direct market access to the following stock exchanges: ASX, and Chi-X.
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
|Fee||Free||$125 per month, or free if you trade 15 times or more during the calendar month|
|Suited to||Semi-active and long-term investors||Professional traders|
|Access||Any web browser||Desktop via installed software|
|Products you can trade||Equities, ETFs, warrants||Equities, ETFs, warrants, options|
|Brokerage||Equities: Min. $13.95 or 0.07% per trade||Equities: Min. $13.95 or 0.07% per tradeOptions: Min. $28 or 0.28% per trade|
|Market data||Click-refresh live data||Live streaming data|
|Order types||Market to limitLimit||Market to limitLimitCentre Point|
Conditional – stop loss and trailing stops
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.
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.