Melbourne, VIC – OpenMarkets, Australia’s fastest growing online broker, has been awarded a five-star rating by CANSTAR for ‘Outstanding Value in Online Share Trading’ in the first year it has been included in the research.
CANSTAR assessed a total of 42 platforms offered by 17 providers, rating each platform on both pricing and features across three investor profiles: Casual Investor, Active Investor and Trader.
According to CANSTAR, OpenMarkets was the “price leader across all profiles”.
The five-star rating was awarded to the OpenMarkets IRESS Trader service in the ‘Trader’ investor profile (categorised as investors trading 10 or more times per month) and was one of only two providers to receive the award in the category.
The OpenMarkets Pulse service received a four-star rating in the same category, missing out on a five-star rating only because the accompanying mobile app is yet to be released (due later this year).
While the OpenMarkets WebTrader service received a four-star rating in the Active Trader category, missing out of five-stars due to lack of recommendation provided, which OpenMarketes – as an execution-only broker – does not provide.
CANSTAR General Manager of Wealth Josh Callaghan said, “Congratulations to OpenMarkets for providing outstanding value to traders with their IRESS Trader service. A five-star rating is a fantastic achievement and we look forward to seeing how OpenMarkets will continue to enhance their value to investors over the next year.”
OpenMarkets’ model as a non-advisory, execution-only online broker gave the company a natural advantage in the Trader category, where market analysis tools, platform quality, execution speed and price take precedence over recommendations and research.
This same model has allowed OpenMarkets to gain strong traction in the intermediary space, as its does not conflict with clients providing professional advice – such as advisers and robo advisers.
Rick Klink, OpenMarkets CEO, said, “We are extremely pleased to be recognised for delivering great value to share traders. We believe it is our excellent client service and drive for innovation, combined with high quality execution technology and trading platforms, that sets us apart. The rating reflects all the great work by the OpenMarkets team over the past 18 months.
“We look forward to delivering even more features to traders and investors. We’ve got some exciting new developments in the pipeline this year including a live-streaming mobile app and integration with two global third-party trading platforms.”
OpenMarkets is currently ranked in Australia’s top 15 brokers by trading volume, with an average monthly turnover of almost $3 billion. Alongside its share trading platforms it also offers a suite of Application Programming Interfaces (API), allowing customers to build their own trading programs and algorithms.
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OpenMarkets Communications Manager
P 03 8199 7702