OpenMarkets share trading review


OpenMarkets 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.

What can I trade with OpenMarkets?

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

  • Equities (shares and stocks). OpenMarkets 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 OpenMarkets 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). These options are publicly traded on the ASX and allow investors to benefit from the change in price of an underlying security, such as a share. OpenMarkets allows bought puts and calls and covered calls on ETOs.
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What are the best features of OpenMarkets share trading?

Market data

OpenMarket’s WebTrader online platform offers click-refresh live market data, while Pulse platform customers can take advantage of live streaming data.


As an execution-only trading platform, OpenMarkets does not offer any investment advice to customers. However, you can access ASX and NSX company news, while Pulse traders can also access broker reports, alerts and Dow Jones and AAP company news.


Trading via OpenMarkets can be done online only. A mobile trading app is coming soon, while WebTrader customers can buy and sell shares via their iPad.

Order types

The OpenMarkets WebTrader platform allows you to place Limit and Market to Limit orders. In addition to these two order types, the Pulse platform allows you to place centre point orders, iceberg orders, stop loss orders and trailing stops.

Available markets

OpenMarkets provides direct market access to the following stock exchanges: ASX, NSX, SIM VSE and Chi-X.

Cash account

If you want to open a trading account with OpenMarkets, you’ll need to open one of the following linked cash accounts: Macquarie Bank Cash Management Account, CBA Cash Accelerator Account, Bankwest Cash Management Account or DDH Graham Money Market Deposit Account.

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OpenMarkets different service levels

WebTrader Pulse
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

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What support and information is available with OpenMarkets?

OpenMarkets 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).

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What are the fees associated when using OpenMarkets?

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.

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


  • Affordable brokerage. Compare OpenMarkets’ brokerage fees with those of other trading platforms to see how it stacks up against its competitors.
  • Choice of platforms. OpenMarkets 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, OpenMarkets provides an extensive range of customer support options and educational resources.


  • Execution-only. OpenMarkets is an execution-only trade service so it does not provide access to trade recommendations and investment advice.
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What you need to know about the application process for OpenMarkets

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

It’s free to open a trading account with OpenMarkets, 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.

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