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OD Markets Limited (OD Markets) was founded in 2016. It is a legalized brand of OD Markets Ltd in New Zealand Financial Service Providers Register. The broker is regulated by the Financial Markets Authority (FMA). The company offers investors Forex, spot gold and silver, crude oil and natural gas, stocks, and standard product specification trading. OD Markets does not work with clients from New Zealand and the company is an official sponsor of the OD Racing Team.
It is worth noting that financial regulation in New Zealand is not as strict as in the European Union. However, Forex brokers in this country must comply with certain rules that relate to financial reporting. Nevertheless, according to the Forex Peace Army forum, OD Markets was convicted by the FPA Traders` Court for a deliberate blocking of the most successful traders` accounts.
Additionally, OD Markets has not accumulated a large number of views on the Internet. It seems this broker is not a popular choice among traders.
Trading conditions
As for account types, OD Markets offers one live account for all clients. To open an account, traders should provide one form of photo identification and one proof of residence (utility bill, bank statement). Clients make a minimum deposit of $100 and get access to a wide range of trading instruments on one of the world`s most proven platforms – MT4. The broker also offers trading via Islamic accounts.
The maximum level of leverage provided by OD Markets is 1:200 for Forex and commodities and 1:50 for gold.
There is no information on the OD Markets website regarding minimum and maximum transaction sizes.
The broker does not charge a commission for trading, which means that the company makes a profit from spreads. Thus, spreads are likely to be rather high. A list of average spreads can be found on the company`s website. Swaps vary depending on market volatility.
OD Markets offers a large array of trading instruments, including:
- CFD on Forex
- indexes
- metals
- energy
- gold options etc.
You can get a full list of trading instruments on the official website of the company.
There are four ways to replenish funds to the trading account:
- local depositor (full list of available places is presented on the website)
- local interbank transfer in China
- credit/debit card
- wire transfer
Wire transfer is the only way to withdraw money from your account.
Bonuses
OD Markets offers bonuses for depositing funds. All information about bonuses can be found on the company`s official website. After registration, customers are offered a welcome 20% bonus of the deposit (up to $5,000). However, trading with this bonus is available only with the leverage of 1:500.
Training
OD Markets has the training section called "Learning Center". It offers beginners some free training materials on trading that will help them understand the basics of trading and terminology.
Support Service
Customer support is available 24/5 by phone, email, or live chat.
Feedback
We were unable to find any comments from clients on cooperation with this company on the Internet.
Advantages and disadvantages
Cons:
- conviction from the FPA Traders Court
- high commissions
- only one way to withdraw money available
- prolonged wire transfer
- lack of trading conditions transparency
Pros:
- regulated broker
- well-developed training sector for newbies
