On-line since: About the company: OD Markets was founded in 2016. It is a legalized brand of OD Markets Ltd in the register of financial service providers in New Zealand. The company is regulated by the financial markets Authority (FMA). OD Markets offers its clients more than 100 trading instruments (Forex, gold, binary options, CFD, raw materials). Customers are provided with only one type of account with a leverage of 1:500. MAM and PAMM accounts are also available. OD Markets does not work with clients from New Zealand. The company is an official sponsor of the OD Racing Team. Security of funds In New Zealand, financial regulation is not as strict as in the European Union. However, forex brokers must comply with certain rules relating to financial reports. It does not guarantee the security of accounts, though. 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. Trading conditions Minimum deposit The minimum deposit for an OD Markets account is $100, which is an average sum for the forex market. Nonetheless, some large brokerage firms, also licensed in New Zealand, do not set minimum deposit requirements. Spreads and commissions On its website, OD Markets claims to offer variable spreads averaging 0.4 pips on the EUR/USD pair which seems to be quite a good offer. However, when working on the MT4 demo platform, the spread for this pair fluctuate between 1.7–1.8 pips. The company charges a commission of $30 per standard lot for the EUR/USD pair. Leverage The maximum level of leverage provided by OD Markets is 1:500. Nevertheless, this information is inaccurate, since different pages of the website contain various information on the company's leverage (1:500, 1:200). Trading platform OD Markets offers its customers the standard MetaTrader4 platform. Mobile version of the platform is also available. MT4 provides plenty of tools and functions which are necessary for a trader: a number of technical indicators, an extended charting package, and a wide range of expert advisors (EAs). Bonuses Customers are offered a welcome 20% bonus of the deposit. In addition, the site provides information about the drawing of the car, which ended in 2015. Curiously enough, an invitation to participate in the draw is still available. Payment options OD Markets clients are proposed with the following methods of payment: wire transfer, credit card or local wire transfers in China. Withdrawal requests are subject to a fee depending on the amount requested. Feedbacks from traders There are a lot of different feedbacks about this broker on the Internet. Among the negative ones, traders highlight high commissions and the blocking of successful investors' trading accounts. Despite the FMA regulation, the reputation of OD Markets is not spotless. Moreover, the site does not contain information on the real size of spreads and commissions. Advantages:
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I have two live accounts with OD Markets far I am very pleased with the broker. Deposit ways are too easy and ,I made withdrawal with this broker no problem at all it just takes a day is the maximum. Usually almost instant. Never had problem with platform, never had problems with support.
Auto updates on the MT4/Meta quotes platform cut me from three swing trades only yesterday, after a call to OD Markets they tell me this sort of error happens occasionally. Customer service is dreadful and the audit form investigation team is automated. Greedy and unstable broker. When you start winning your trade they manipulate the market and do everything to make you to lose.
For me they have disrespectful costumer service and always have delayed response in transactions. Their execution speed was terribly slow and sometimes it will re quotes my orders and my suggestion don’t trade during high volatility during economic that high impact on market platform will freeze for 30 minutes and you can’t do anything to close your position manually. It should be noted that these brokers always take advantage of opportunities to fool their clients. I also experienced huge slippage during news hours.
When I started an account at OD Markets, I received a 20% bonus just as promised. But then after a few days, the bonus was suddenly take back without any notice. I asked them and they did not answer. I recently closed my account as well since communicating with them is troublesome.
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