Founded in 2016, OD Markets is a registered trade brand of OD Markets Ltd. in the New Zealand Financial Service Provider Registry. and is regulated by the Financial Markets Authority (FMA). The company offers its clients more than 100 foreign exchange instruments (Forex, gold, binary options, CFDs, commodities). Clients are provided with only one type of account with a leverage of 1: 500. MAM and PAMM accounts are also available with this broker.
OD Markets does not work with New Zealand clients.
Official sponsor of the OD Racing Team.
Fund security
Financial regulation in New Zealand is not as strict as in the EU countries, however, Forex brokers in the country must comply with certain rules regarding financial reporting. However, this does not guarantee the security of the accounts, and, as the information on the Forex Peace Army forum has shown, OD Markets was convicted by the FPA traders court for deliberately blocking the accounts of the most successful traders.
Trading conditionsMinimum initial deposit
The minimum initial deposit required by OD Markets to open an account is $ 100, which is the average for the Forex market. However, some large brokerage companies also licensed in New Zealand do not set minimum deposit requirements.
Commission and spreads
On its website, OD Markets claims to offer variable spreads, averaging 0.4 pips on the EUR / USD pair, which sounds like a good offer. However, when working on the MT4 demo platform, the spread for this pair fluctuated within 1.7-1.8 pips.
The company charges a commission of $ 30 per standard lot for the EUR / USD pair.
Leverage
The maximum leverage level provided by OD Markets is 1: 500, however, different information regarding leverage appears on different pages of the company's website (sometimes 1: 500, then 1: 200).
Trading platform
OD Markets offers its clients the industry-standard MetaTrader4 platform, and a mobile version of the platform is also available. MT4 provides a wide range of tools and functions necessary for a trader: a number of technical indicators, an advanced charting package, a wide range of Expert Advisors (EAs).
Bonuses
The broker offers its clients a welcome bonus of 20% of the deposit.
In addition, the site provides information about the car drawing, which ended back in 2015. That being said, the call to participate in the drawing is still relevant.
Payment methods
The following payment methods are offered to OD Markets clients: bank transfers, credit cards or local interbank transfers in China. Withdrawal requests are subject to a fee based on the amount requested.
Criticism of traders
There are various reviews on this broker on the Internet. The negative ones are based on too high commissions and, as mentioned above, blocking of trading accounts of successful traders. Also, despite the FMA regulation, OD Markets' reputation is not very good.
Pros:
regulated in New Zealand available MT4 provides training
Minuses:
very high commissions FPA traders convictions lack of transparency in trading conditions
No one has commented on this broker yet
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