Independent Review - OnlineMarketShare
OnlineMarketShare is based in the Commonwealth of Dominica and is fully owned and operated by Share Tech Ltd. It’s a relatively new online broker, launching in 2019, but that hasn’t stopped it from rapidly gaining a good reputation in the online trading community. That is despite a lack of regulation, which we fully admit is a likely handicap for the broker since some traders will blindly ignore any broker that hasn’t been regulated. Even so OnlineMarketShare has built-up a strong reputation and is known to be trustworthy and seems to work hard to ensure the success of its clients.
To be honest when we saw the name OnlineMarketShare we were prepared to be underwhelmed by such a generic branding. We were pleasantly surprised though when we arrived at the broker’s website and found it professionally designed and with a good user interface. We were able to easily browse through the website and find everything we needed in terms of information regarding trading conditions and broker offerings.
We were particularly happy to see MetaTrader 4 as the platform being offered by OnlineMarketShare since we know how powerful the trading platform is. It was also good to see a small required minimum deposit of just $250. And I really appreciated the fact that OnlineMarketShare is offering all their features and benefits to all of their clients. The only reason for having account tiers here is the larger deposits unlock smaller spreads.
In short, we found the website easy to navigate and the trading conditions quite good. Does that make this a good broker for your needs? For that you’ll need to continue reading to see the details.
Since the Commonwealth of Dominica does not have a regulating agency for financial service providers there is no regulation of OnlineMarketShare. That doesn’t automatically make them a bad broker. In fact, we’ve found that in some cases a lack of regulation makes the broker work even harder to gain the trust and acceptance of clients, and this seems to be the case with OnlineMarketShare. Since launching in 2019 they have been very professional in the way clients have been treated, and as a result they have been growing as an online broker. That clearly shows that their clients are behind them 100% thanks to the excellent trading conditions and professional way each and every client is treated.
As mentioned at the start of the review there are four different account tiers at OnlineMarketShare: Bronze, Silver, Gold, and Platinum. Each has a higher minimum deposit and a lower spread, but that is the only real difference. Otherwise clients have access to all the features and benefits the broker has to offer, which include:
- MetaTrader 4 platform
- Mobile trading
- Personal account manager
- No-swap Islamic accounts
- Minimum trade size of 0.01 lots
- Scalping allowed
- 1:300 leverage
- Fast, reliable STP execution
- No requites
One further exception is the use of Expert Advisors, which requires the Silver account level.
The Bronze tier is the basic account, and it comes with a $250 minimum deposit offering average spreads of 2.8 pips. Next level up is the Silver tier, which requires a $2,000 minimum deposit and has average spreads of 2.5 pips. Moving up brings us to the Gold tier with a $10,000 minimum deposit and 1.5 pip average spreads. The top tier is the Platinum account with its $50,000 minimum deposit and ultra-low average spread of 0.1 pips.
Next up let’s look at the assets that are available to trade at OnlineMarketShare. With 145 assets it isn’t the largest number of assets you’ll see at an online broker; however it does cover most of the popular assets. One notable exclusion is cryptocurrencies, but we can hope they will be added soon. Otherwise here is what you can expect to find:
Currency pairs- 50 different currency pairs are offered, including some of the most popular pairs such as EUR/USD and GBP/USD.
Spot energies – You can trade either Brent or WTI crude, as well as natural gas spot prices.
Spot metals – Of course gold and silver trading are available.
Spot shares – Shares make up a popular offering, with many of the largest global company shares offered as CFDs. These include Apple, Amazon, Alphabet, and Tesla, just to name a few.
As I mentioned at the start we were happy to see that MetaTrader 4 is the trading platform at OnlineMarketShare. If you have any knowledge or experience with trading, you likely know of MetaTrader 4 and you know it is one of the most popular trading platforms available, with millions of global users. Not only are they offering this powerful software in its desktop version, they also have the MT4 WebTrader, and the mobile application. That means you can use this award-winning trading software anywhere you have an internet connection.
With MT4 it doesn’t matter if you’re a new trader or a seasoned professional. Its intuitive interface means beginners can quickly pick up on its primary usage, while professionals with years of MT4 experience can unlock all the customizations that are made possible with MT4. In the trading world there’s almost nothing you can’t accomplish with MetaTrader 4.
One other thing we were happy to see with the trading platform is the inclusion of a demo account to test the trading conditions or your trading strategies before risking any cash.
OnlineMarketShare is a bit different among the brokers we’ve looked at since they don’t offer banking via the online wallet like Neteller, and they also do not accept cryptocurrencies like Bitcoin. They do offer the very solid options of bank transfer and credit/debit card. That’s pretty traditional. With deposits there are no fees and credit/debit card transactions post to your account immediately. There is a minimum of $250 for the initial deposit.
Withdrawals also face a minimum of $50 and come with no additional fees from the broker. There could be fees from your bank or credit card company. When making withdrawals a bank transfer can take up to 9 days, while a credit card withdrawal is a much shorter 1-3 days.
You’ll be able to reach the customer support team at OnlineMarketShare 24/5. There’s no support on the weekend since markets are closed anyway. There’s an online form to contact them, or you can use email or telephone. They do not have an online chat application.
Webform: Contact Support
There are plenty of online brokers out there, but OnlineMarketShare just takes their concern for their clients to another level, which makes them worth trying out in my opinion. They may not be regulated, but that makes them work extra hard to obtain your trust. They may not have the most assets available to trade, but those they do have are the ones traders want anyway. And they do have MetaTrader 4 to make your analysis and forecasting more accurate.
Taking everything into account it’s a solid broker and one worth trying out. The small minimum deposit makes that even easier, particularly since they afford you with all their available features and benefits even with the smallest accounts.
With little more than a year of service OnlineMarketShare has been able to attract thousands of clients, so it seems they are doing something right. Perhaps you should give them a try and find out what that is.
The Commonwealth of Dominica
Instruments / Contracts