Expert’s Viewpoint
OnlineMarketShare is one of the newest entrants to appear on the online trading scene in recent years. After being established in the Commonwealth of Dominica in 2019, OnlineMarketShare has sought to make a name for itself in an increasingly crowded market.
However, with so many mid-sized brokerages setting up shop within the last couple of years, does it manage to stand out from the crowd?
While it has not necessarily put together the most comprehensive trading package out there, there is still plenty on offer for traders of all experience levels. Whether you are a rookie trader just setting up your account for the first time or a more experienced trader with years of experience on the live markets behind you, you will find something to like about OnlineMarketShare. With that said, what are some of the main talking points, and what will keep you coming back to the platform for months, if not years, to come?
One of the major advantages of using the OnlineMarketShare platform is how favourable the trading conditions are. Using secure, end-to-end encryption that delivers quick execution speeds means that you will have access to accurate market quotes when you need them. Beyond the execution speeds, the straight-through processing (STP) model that it operates provides easy access to liquidity on the live markets.
Generally speaking, the spreads on offer are competitive and just about edge out the industry average rates. OnlineMarketShare operates a tiered account model, with the ‘Gold’ and ‘Platinum’ accounts offering very competitive spreads. OnlineMarketShare is also very transparent when it comes to fees and pricing, which is really good to see. For this reason, OnlineMarketShare scores very highly when it comes to trustworthiness.
Additionally, for dedicated users of the platform looking to diversify their sources of income, OnlineMarketShare has a partnership programme in place that allows you to earn commissions through referring new users to the platform. This allows you to earn a commission that is paid on a weekly basis. For those of you with a social media following, or for users of the platform who work in the industry, this is a great way to earn a little extra income.
Although it is relatively young, OnlineMarketShare has managed to put together a really solid trading package. While it is not quite as feature-packed as some of the other platforms out there, for most beginner and intermediate traders there is more than enough to keep you coming back to the platform for a long time to come.
Having said this, there are some definite improvements that could be made going forward. For example, it would be good to see a little bit more transparency provided regarding its regulatory status, and certain information can be quite difficult to find on the website.
OnlineMarketShare Introduction
OnlineMarketShare is an internationally focused online brokerage that currently operates out of the Commonwealth of Dominica. Established in 2019, OnlineMarketShare is part of a new crop of online brokerages to appear on the scene in recent years. However, with so many contenders out there, has OnlineMarketShare managed to differentiate itself from the competition, or does the package it has put together struggle to stand out from the crowd?
According to its website, OnlineMarketShare was established with a vision to “empower” its clients to achieve their financial goals. To do this, OnlineMarketShare has developed a trading system powered by the latest technologies and secured with end-to-end encryption that delivers fast, reliable and secure transactions.
The value proposition of using OnlineMarketShare over other platforms is, according to the broker, the high levels of security it offers, the technological edge its platform provides, the exposure it provides to hundreds of different financial markets, and the competitive trading conditions on offer. This is supported by an approach to customer satisfaction that provides users of the platform with round-the-clock customer care.
Spreads & Leverage
OnlineMarketShare gives users access to a wide range of financial instruments. This includes over 30 currency pairs, a range of global indices, metals (including gold and silver), energies, futures and a range of equities. In total, OnlineMarketShare has 145 assets ready to trade, which gives you a more-than-adequate global coverage of the financial markets. For most users, this should be more than enough variety. However, more advanced users might find it a bit on the small side, particularly when it comes to some of the more exotic or niche instrument types. For example, although it offers over 50 currency pairs, this selection mainly focuses on the major and minor currencies, with little support for exotic currency pairs. While this might not be an issue for the majority of traders who use the platform, it is nevertheless worth bearing in mind if you want to trade on a platform you can grow with.
Trading on the OnlineMarketShare platform is delivered through four different account types: Bronze, Silver, Gold and Platinum. Of these, the Bronze account offers the least competitive rates in terms of spreads, but with spreads from 2.8 pips. Silver accounts have spreads starting from 2.5 pips, while the Gold account type is significantly more competitive at 1.5 pips. There is also a Platinum account type for high volume traders, which starts from 0.1 pips. The leverage available to users of the platform is standard across all account types, and maxes out at 1:300.
Platform & Tools
As with the majority of online trading platforms and brokerages out there, OnlineMarketShare provides users with access to the MetaTrader 4 trading platform. At the time of writing, the broker does not currently offer a proprietary trading platform, with all trading being undertaken through MetaTrader 4.
Within the online trading world, MetaTrader 4 is by far the most popular trading platform. There is good reason for this. Not only does MetaTrader 4 offer a 100% secure trading terminal with end-to-end encryption, but it is also incredibly robust and comes packed with features. It is also incredibly flexible and highly customisable, which makes it the ideal platform for beginners and more experienced traders alike.
The MetaTrader 4 platform comes in a number of different variations and is configured for a range of devices. This includes Windows, MacOS, iOS, Android and a web-based trader. The MetaTrader 4 app for both Android and iOS devices allows you to take your trading account on the go. Once installed, you can execute trades in an instant from anywhere in the world, as long as you have a sufficient mobile internet connection. Additionally, you can configure the mobile app to deliver real-time updates straight to your device, which means that you will never get left out of the loop when it comes to important market movements and events. The MetaTrader 4 mobile app is very easy to use and set up, and can be downloaded directly from Google Play or the Apple App Store.
The MetaTrader 4 platform gives users access to a comprehensive charting package that is fully customisable to your trading needs. This puts the power of technical analysis in your hands, and allows you to easily spot market trends as they emerge in real time. It also supports multiple charts within the same window.
If you are just getting started trading, OnlineMarketShare provides a service to help you get your MetaTrader 4 terminal up and running. To avail this service, simply email the customer support team and they will put you in touch with a qualified member of the team who can give you assistance setting up the MetaTrader 4 terminal on your device of choice. This is a great resource for new users or those of you simply looking to make your trading experience with MetaTrader 4 more efficient. In addition, OnlineMarketShare also has a ‘MetaTrader 4 Guide’ published on its website that covers some of the most common questions you might have about the platform.
In terms of the additional trading tools and resources OnlineMarketShare gives users of the platform access to, the MetaTrader 4 platform supports both social and mirror (or copy) trading. This allows you to monitor the trading activity of your favourite online traders and to copy their trading strategies with your own account funds. The MetaTrader 4 trading terminal allows you to identify the top-performing traders on the platform and to automatically replicate their trading strategy. By using these trading signals, you are given an opportunity to learn from the best in real time. Additionally, if you are a successful trader, you can also earn extra income by becoming a signal provider.
Commissions & Fees
OnlineMarketShare operates a straight-through processing (STP) model, which puts traders in direct contact with liquidity providers when they want to execute a trade. As such, OnlineMarketShare does not charge any trading commissions. To generate an income, OnlineMarketShare will charge a slight mark-up on the spreads on offer. As above, however, the mark-up you get charged on spreads will vary across the different account types.
In terms of additional commissions and fees, OnlineMarketShare is generally very competitive, and there are no fees charged on deposits to or withdrawals from the platform. It should be noted, however, that your own financial institution or card issuer may apply extra charges. Generally speaking, depositing and withdrawing from the OnlineMarketShare platform is a relatively painless affair. Withdrawals are typically processed within the same day, provided that the withdrawal request is submitted on weekdays between 09:00 and 18:00. Withdrawal requests submitted outside these hours will be processed on the next working day. Withdrawals can be processed via bank transfer or by credit/debit card. Once your account is fully verified using a copy of an official identification and address verification, you can start depositing funds to your trading account straight away.
For those of you looking to diversify your income streams, OnlineMarketShare has a comprehensive commission scheme in place that allows you to earn money by referring users to the platform. This partnership programme is perfect for users who either have an active social media following or who work in the industry and want to earn some extra income to put towards their financial goals. Commissions earned on successful conversions are paid weekly and can be tracked using a dedicated section of your user account dashboard. In contrast to some of the other similarly sized platforms, the OnlineMarketShare partnership scheme has very flexible terms and doesn’t come with an exit penalty.
Education
One of the best educational and learning resources available on the OnlineMarketShare platform is the ‘Wiki-Forex’ trading glossary. This is essentially a mini-Wiki focused on breaking down and providing a definition of some of the most common trading terminology you might come across. The definitions provided are short, to the point, and written in an easy-to-understand style.
In addition to the ‘Wiki-Forex’ trading glossary, OnlineMarketShare has also developed a FAQ section. This is not just a generic FAQ section, however, and is focused on providing in-depth answers to common trading questions you might have. This includes answers to questions such as: “What is a trailing stop?”, “What is hedging?”, and “What are long and short positions, and how can I use them?” In general, the quality of the answers provided is very high, with each answer written in easy-to-read language that doesn’t get too technical. For new traders in particular, this is a great resource to have.
Beyond these two resources, however, there are not any other major educational resources on offer. Going forward, it would be good to see some more resources made available to users of the OnlineMarketShare platform, which could include video seminars, lectures, trading guides and other technical analysis resources. However, OnlineMarketShare is only around a year old at this stage, so there is still quite a lot of room for improvement going forward. It should be noted, however, that users of the OnlineMarketShare platform can use their dedicated account manager to help identify and find trading resources.
Customer Service
As a company that puts the customer experience at the heart of everything it does, customer support is clearly very important to OnlineMarketShare. The customer support team is available by phone or email, though there is currently no live chat option – hopefully, this will be added in the near future. Generally speaking, the customer support team is responsive and helpful. Customer support is available through the website 24 hours a day during workdays (Monday to Friday), though there is currently no weekend support. This shouldn’t be an issue for most traders, however, as the majority of markets around the world do not trade on the weekend. Calls made to the customer support team will generally go through within a number of minutes, though the wait time for email queries tends to be slightly longer.
Currently, the OnlineMarketShare website supports three languages, including English, Russian and German.
In addition to the conventional methods of getting in contact with the customer support team, OnlineMarketShare also has a call-back feature that allows you to submit your contact details and to request a call-back at a later date. Although this is a relatively simple feature to implement, from a user experience perspective, this is an efficient way of getting in touch with the customer support team, particularly for those of you trading in addition to a full-time job.
Final Thoughts
Despite its young age, OnlineMarketShare has nevertheless managed to put together a really solid package overall. The trading conditions on offer are very competitive, and the STP model provides users with accurate market prices and quick order execution. Additionally, its tiered approach to the different account types on offer means that you can select the trading package that best suits you, while also benefiting from the competitive spreads.
In terms of which audience OnlineMarketShare would most appeal to, while there is something on offer for traders of all experience and skill levels, it is most suited to beginner or intermediate traders. Although experienced traders would feel right at home here, particularly given the use of MetaTrader 4, they might feel slightly limited by the number of financial instruments on offer, which are much lower than some of the larger brokers out there.
FAQ
Is OnlineMarketShare regulated?
OnlineMarketShare is currently regulated under local Commonwealth of Dominica law.
How can I make a deposit to the OnlineMarketShare platform?
To make a deposit to the OnlineMarketShare trading platform, first of all, you need to ensure that you have a fully registered and verified account. Once your account is fully verified, you will then be able to make a deposit to the platform using either a bank transfer or a credit/debit card transfer. To do this, head over to the ‘Deposit’ section of the OnlineMarketShare website and click ‘Deposit’ on your account dashboard. Choose your desired deposit option from the list. Fill in all the relevant information and download and complete a deposit declaration form. Once this is all completed, simply wait for your funds to hit your account and get trading!
How long will withdrawals from OnlineMarketShare take?
Withdrawal requests are typically processed within the same day if sent during working hours. Once the withdrawal request has been processed, the length of time it takes for the funds to hit your account will depend on the deposit method you have chosen. Bank transfers typically take between two and three days, though credit and debit card transfers will be quicker.
Is OnlineMarketShare good for beginners?
OnlineMarketShare has a number of features in place that make it a really good platform to get started trading on, such as a dedicated account manager who can help you set up your account.
What account types does OnlineMarketShare have on offer?
OnlineMarketShare has a tiered account system in place. This covers four basic account types: Bronze, Silver, Gold and Platinum. Platinum is the most competitive in terms of spreads, but will require higher minimum deposit amounts.
Does OnlineMarketShare have a demo account available?
Yes, OnlineMarketShare has a full-featured demo trading account on offer for new users who sign up to the platform.