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OpenMarkets Australia Review
Openmarkets Australia is a large ASX broker that paid a record 4.5 million dollar ASIC penalty in 2023 for years of trade surveillance failures, since resolved and closed.
Min Deposit
N/A
Spreads From
Brokerage from around 13.95 dollars or 0.07 percent per trade, tiered by value
Max Leverage
Not published, Openmarkets does not offer forex or CFD leverage
Platforms
2
Pros
- Clears more than 20 billion dollars in ASX trades a year across 150,000 accounts
- Completed its ASIC enforceable undertaking ahead of schedule in January 2025
- Direct Market Participant of the ASX, Cboe Australia and NSX exchanges
- No client reportedly lost money despite the 2021 trust account shortfall
Cons
- Fined a record 4.5 million dollars by the ASIC Markets Disciplinary Panel in 2023
- A 2017 infringement notice covered nearly identical wash trade filter failures
- A former Head of Trading was banned for three years over client misconduct
- Client trust accounts were short by up to 20 million dollars for 35 days in 2021
Openmarkets Australia Limited, AFSL 246705, is a Sydney based Market Participant of the ASX, Cboe Australia and NSX. It clears more than 20 billion dollars in trades a year across 150,000 accounts, mainly serving advice professionals, fintechs and high volume traders, not walk in retail clients.
In 2023 the Markets Disciplinary Panel fined Openmarkets a record 4.5 million dollars, its largest ever penalty, over years of failing to catch suspicious trades, run a working anti wash trade filter, and file required alerts. A former Head of Trading was banned for three years. A 2021 system migration left trust accounts short by up to 20,000,000 dollars for 35 business days, though Openmarkets says no client lost money.
Openmarkets says the failures happened under earlier management and were self reported. ASIC confirmed in January 2025 that every required fix was completed ahead of schedule, closing the matter. In January 2026 its parent group agreed a Nasdaq listing through a US merger.
Max Leverage
Not published, Openmarkets does not offer forex or CFD leverage
Spreads From
Brokerage from around 13.95 dollars or 0.07 percent per trade, tiered by value
Platforms
Regulators
Platforms
- ASIC (Australia)
- ASX (Australia)
