OD Markets are based in New Zealand and established themselves in the year 2014, Despite operating for a few years now, they do not seem to have accumulated a huge amount of traction online, nor do they seem very popular. However, their website offers attractive trading conditions overall. In addition, they also offer IB partnerships as well as deposit bonuses, if that is of interest.
OD Markets offer one live account for all clients. For this account, one must submit one photo proof of identification and document proof of residence, such as a utility bill or bank statement. The minimum deposit is $100 and you have access to a wide variety of instruments to trade on the world’s trusted MT4 platform. Islamic accounts are also available.
As just mentioned, OD Markets have decided to stick with the well known and trusted platform, MetaTrader 4. This platform is favorable for most traders.
The FAQ page helped us to easily pinpoint the leverage allowances, which are as follows: 1:200 for Forex and Commodities and 1:50 for Gold. This leverage is rather generous and definitely competitive for Forex trading.
Unfortunately, the minimum and maximum trade sizes are not mentioned on the OD Markets website, so this is not something we can comment on at this time. Feel free to contact the broker’s support team for more information regarding trade sizes and other platform specifics.
Aside from taking into consideration the spreads you are trading with, other costs to bear in mind are Swap and Commission fees. OD Markets do not charge trade commissions, meaning they make their income via the spreads- so we expect these to be a little above average- but we will get to that shortly. In regards to swaps, these vary according to market volatility, which is stated on the FAQ page, so we cannot comment on the specific charges you would incur.
OD Markets offer a fair range of instruments to trade including CFDs on Forex, Indices, Metals, and Energies. You may also trade Gold Options. A full list of tradable instruments is available on the Spreads page on the website.
Overall, for the major Forex pairs, the spreads are reasonably low, but of course expect the exotics to have much higher spreads, which is understandable since this is the same with all brokers. You can even see average spreads set out in a full list on the website.
The FAQ page states that $100 is the minimum deposit required to get started. This is not particularly low, but also not extortionate compared to other broker requirements.
Deposit Methods & Costs
With OD Markets you may choose from 4 methods to fund your account: Local Depositor (full available location list available through the website), China Local Interbank transfer, Credit/Debit card or Bank Wire. This gives a fair variety of options that should satisfy most clients. Although additional fees are not mentioned, bear in mind your provider may apply some charges, so be sure to check with them prior to making the transfer.
Withdrawal Methods & Costs
The website FAQ insinuates the only withdrawal option from an OD Markets account is via Bank Wire. It also states that the client is liable for any charges (check with your banking provider in regards to any applicable charges) which will be deducted from the full amount you withdraw.
Withdrawal Processing & Wait Time
According to the FAQ page, withdrawal requests can take up to 5 business days to be processed. This is not very efficient, and definitely not competitive since many brokers process withdrawal requests within hours or the same day. Of course, the time it takes for your funds to hit your account could also vary depending upon your banking provider so it would be wise to check any timescales with your bank before you make the withdrawal.
Bonuses & Promotions
OD Markets do offer deposit bonuses and you can find information in regards to this scheme on the website. Upon registration, you can receive a welcome bonus of 20% of your deposit (maximum $5,000). Upon reading this section of the website, we also noticed that leverage is set at 1:500 for trading with this bonus. Be mindful these bonuses are not entirely what they appear, and strict trading rules apply in order to be allowed to withdraw any profit made on the back of the bonus.
OD Markets also held a trading competition back in 2015, but the minimum deposit was $30,000. No other competitions have been mentioned on the website since then.
Educational & Trading Tools
OD Markets offer a section on their website called the ‘Learning Center’ where some free trading education (reading) material is available to help you understand the basics of trading as well as terminology used.
OD Markets offer customer support on a 24/5 basis via telephone, email and live chat.
If you wish, you may open a demo version of the live account to practice and test their trading conditions before you go ahead and register for a live account. A demo account is always a good gauger to verify if a particular broker trade conditions fit well with your trading style.
It seems that OD Markets accepts most/all residents, other than residents of New Zealand, which is a clear disclaimer printed on the bottom of their website.
Overall, OD Markets appear to be an average broker, offering amicable trading conditions. However, they lack in particular areas such as when it comes to a variety of instruments to offer where there is the absence of crypto trading, per example. Moreover, having only one method of withdrawal can be quite limiting and wire transfer is notorious for having a lengthy timescale and delays which means a lot of back and forth communication with the broker as well as your banking provider which is just unnecessary and time consuming for the client. All aspects considered, this broker appears to be amicable across the board, and suitable for even the newer traders, with helpful educational material and an FAQ page handy for quick reference.