Based on our extensive review of OnlineMarketShare, we have highlighted all the key offerings of the Commonwealth of Dominica-registered CFD broker. OnlineMarketShare is an STP broker operating since 2020 and offering 145+ CFD instruments comprising FX, shares, commodities, indices, cryptocurrencies and futures. While the product range may not be as extensive as some of the others in the industry, the CFD broker has made it a point to cover all the major asset classes. Traders registering with the broker have access to only the basic version of MetaTrader 4 (MT4). Therefore, you don’t get access to real-time news, a live global economic calendar, or even the right to any of the third-party plugins such as Autochartist.
Coming to the trading conditions, OnlineMarketShare offers one of the lowest spreads in the industry for Platinum account holders – at 0.1 pip. Clients signing up for the Bronze account are subject to spreads starting from 2.8 pips, which is pretty high by any standards. Besides the spreads, the other trading conditions are uniform across account types. OnlineMarketShare does not charge commission or fees to deposit/withdraw funds. However, the CFD broker has not provided any information on the swap/rollover fees.
OnlineMarketShare offers max leverage of 300:1 for all account types. The account opening is only in US dollars, and all traders have a dedicated account manager. Also, there are no limitations on the number of open positions. Clients can scalp or trade on news events at any time. The trade size varies from 0.01 to 50 lots. All positions have a compulsory stop-out of 5%. On the website, the broker pledges 24/5 support. We did not find a live chat option, which means that all modes of communication are via phone and email.
What sets the broker apart from the others in the industry is the ease with which clients can open demo and live accounts. That said, OnlineMarketShare is unregulated, which is a significant drawback in an industry filled with scammers.
OnlineMarketShare is one of the newest entrants in an overcrowded industry. Established in 2020, the STP broker’s offering includes a range of 145+ CFD products across six asset classes. Retail investors can sign up for an individual account or make use of the bonuses on offer from time to time, or they can simply register as an Introducing Broker, and bring in clients and earn weekly commissions.
OnlineMarketShare offers its clients a choice of four trading accounts, negative balance protection, an account manager, and the option to hedge, scalp, or trade based on news events. However, there is a stringent clause against carrying out arbitrage in the markets. The straight-through processing (STP) broker not only provides ample liquidity but also pledges to allow clients to open unlimited positions and offers 24/5 support.
OnlineMarketShare may not be anywhere close to some of the other CFD brokers that offer a range of products, multiple trading platforms, lots of trading tools, or regulatory agencies to back clients in the event of eventualities. However, the broker deserves the benefit of the doubt, and although it is still miles away from some of the other established brokers, the onus to build investor trust squarely lies with them.
OnlineMarketShare is the trading name of Share Tech Ltd, a CFD broker registered in the Commonwealth of Dominica, registration number 2020/IBC00013. The STP broker offers a range of 145+ financial instruments comprising CFDs in FX, indices, metals, energy, cryptocurrencies, futures and shares.
You can sign up with OnlineMarketShare in minutes by opting for one of the four account types: Bronze, Silver, Gold and Platinum. While all the trading accounts carry max leverage of 300:1, the key difference is in the spreads.
When it comes to the trading conditions, OnlineMarketShare provides MT4 across all computers and mobile devices, pledges institutional-grade liquidity and offers competitive spreads. The broker’s website is accessible in three languages, and you can reach out via phone, email or request a callback. If you are a beginner, you can access the free education provided on the website, register for a free demo or live account, or sign up for the ‘Introducing Broker’ partnership programme.
Spreads & leverage
In our review of the trading conditions at OnlineMarketShare, we first analysed the spread and leverage offered by the broker for the various trading instruments.
The spreads are a feature of the account type and vary across products. The minimum spread starts at 0.1 pip for the Platinum account and goes up to 2.8 pips for the Bronze account. The spreads on the Gold and Silver accounts start at 1.5 pips and 2.5 pips correspondingly.
When it comes to the leverage, they vary across asset classes but remain the same for all account types. The following table highlights the leverage break-up for the various securities offered by the broker:
|Trading instrument||Max leverage|
Platform & tools
OnlineMarketShare offers only the basic version of the MT4 platform to its clients. Although MT4 is the most widely used platform by CFD traders, if you are looking for specific features such as real-time news, economic indicators or plugins such as Autochartist or third-party trading tools, then you are likely to be disappointed. However, since the MT4 comes loaded with several in-built analytical and automated features, a ready library of tools and a community of traders to assist you with all your requirements, there are undoubtedly other alternatives.
To begin with, you can download and access the demo MT4 desktop app or the web/mobile app in a few seconds. All you have to do is fill in the basic information that comes as part of the MT4 login – there is no need to register with the broker separately.
In this OnlineMarketShare review, we analysed all versions of the demo MT4 platform – web, desktop and mobile applications – to evaluate the features, trading conditions, and how the broker’s offering varies from the others.
The OnlineMarketShare MT4 desktop application
Clients of OnlineMarketShare can access all the instruments offered by the broker from the state-of-the-art MT4 desktop platform. The platform is accessible on the Windows, Linux and Mac operating systems, and comes with a user-friendly interface and a detailed user guide for beginners so that they can quickly get comfortable with all the features of the terminal. MT4 supports CFD trading in forex, commodities, indices, stocks, cryptocurrencies and futures.
The platform meets the highest security standards, with encrypted data exchange between the client terminal and the broker’s servers, not to mention the RSA digital signature verification process.
Here are some of the primary features and trading tools of the OnlineMarketShare MT4 desktop terminal:
- Option to execute three types of orders: instant, market and pending
- The instant order execution mode includes placing one-click trades directly from the charts
- The charting application supports three chart types in nine time frames
- The trading tools comprise 30 in-built technical indicators and 24 graphic objects
- Ability to place trading alerts
- Ability to instantly view trading history
- Option to quickly edit/modify pending orders
In terms of automated trading:
- The MT4 application also features automated trading or trading with the assistance of robots
- Free download of trading robots and technical indicators from the codebase
- Option to subscribe and purchase Expert Advisors from professional developers
- Ability to develop, test and optimise robots from the MQL4 IDE development environment
- Free access to the Expert Advisors editor and compiler tool
Following our review of the desktop trading terminal, we found the order execution speed to be in line with some of the reputed CFD brokers in the industry. However, when it came to the spread, the CFD broker is expensive compared to its peers. On the positive side, OnlineMarketShare does not charge a commission, so the only client trading cost is in the form of the bid-ask difference.
The OnlineMarketShare MT4 web terminal
You can register for the OnlineMarketShare MT4 demo web terminal in a few seconds and then directly trade from your favourite browser. The application is accessible across operating systems – all you need is an internet connection. Not only is the OnlineMarketShare MT4 demo web platform the fastest way to access the markets, but it is also the safest as all transmitted information is securely encrypted.
Here are some of the features of the MT4 web terminal offered by OnlineMarketShare:
- Direct access to real-time market data via your browser
- Windows, macOS and Linux compatibility
- Supports all MT4 order execution modes
- Three chart types in nine time frames
- 30 technical indicators and 24 graphic objects
- One-click trading
- Quick access to order/trading history
- Reliable data protection
The OnlineMarketShare MT4 web terminal has all the features of the desktop application except for the trading alerts and the automated trading feature. The web terminal supports high-speed order execution, instant access to your trading history, and one-click login to the MQL5 community.
The OnlineMarketShare MT4 mobile app
The mobile app offered by the CFD broker supports all Android and iPhone/iPad devices, and you can download it from Google Play or the Apple iStore. The MT4 mobile app gives you real-time access to the markets. It is your daily assistant and the go-to trading tool when you are on the move.
Here are some of the benefits and features of the OnlineMarketShare MT4 mobile app:
- Quick access anytime and from anywhere
- Supports all MT4 order execution modes
- Ability to monitor three chart types in nine time frames
- 30 technical indicators and 24 analytical tools
- Ability to place alerts and push notifications
- A free chatting tool to communicate with the other traders from the MQL5 community
We analysed the OnlineMarketShare MT4 mobile app on an Android device and found the application to be extremely handy. Not only was the app user-friendly and the features state of the art, but also the orders went through at lightning speed. Just like the MT4 web platform, the mobile app supports all the features of the desktop app except for automated trading.
Commission & fees
One of the positives of trading with OnlineMarketShare is that the broker does not charge a commission. It does not matter if you trade forex or shares – you only pay for the spread. Besides commissions, you do not have to pay any fees when you open an account, deposit or withdraw funds from OnlineMarketShare. However, your bank or the payment gateway through which you transfer funds to and from the broker could charge you, and it would help to verify with them.
One of the charges that we could not find on the CFD broker’s website was the swap/rollover fees. As the broker does not have live chat support, we could not reach out to them to clarify.
OnlineMarketShare does not have anything much to offer in terms of education for beginners. In the education section of the OnlineMarketShare website, you can only find the FAQs and the forex glossary. The FAQs section is a mix of basic trading information and a few questions related to the trading platform, account opening and documentation. In the glossary section, you’ll find some of the standard terms used by traders. The education section may not be the best offered by a CFD broker, but if you are a beginner, then you might want to take a peek.
If you are a customer of OnlineMarketShare, you would expect the broker to have live chat support. However, this is one of the few drawbacks that we noticed about the CFD broker. If you would like to get in touch with OnlineMarketShare, you have one of the following three options:
Email: [email protected]
You can request a callback from the broker by filling in your name, account and telephone number in the ‘request a callback’ form.
Following our in-depth review of OnlineMarketShare, we observed both pros and cons.
Let’s begin with the positives – these include the quick account-opening process, speedy access to the trading platforms, and high-speed order execution. Coming to the trading conditions, OnlineMarketShare is a no-dealing desk STP broker. It offers negative balance protection, a mix of low and high spreads, zero commission, and no fees on its product offerings.
On the negatives, OnlineMarketShare is only regulated in Commonwealth of Dominica, hardly offers any learning material to educate beginners and does not provide live chat support.
OnlineMarketShare opened shop in 2020, making it one of the newest among the hundreds of brokers already competing for retail clients.
How do I change the base currency of my trading account?
You cannot change the base currency of your account if you have already made a deposit and started trading. However, if you have opened your account and are yet to fund it, you can change the base currency by submitting an email request to [email protected]. The other alternative is to open a new account in different base currency.
What are the required documents to open a live account?
If you are opening a live account with OnlineMarketShare, you have to submit your ID and proof of residence. The documents for ID verification include a driver’s licence, residence permit, civil passport or government-approved ID card. For proof of residence, you can submit your latest bank statement or a utility bill (telephone, gas, electricity) that is less than three months old.
What are the steps to fund my account?
First, go to your account dashboard, choose the deposit option from the list, fill in the information and complete your deposit. You can fund your trading account via bank transfer or debit/credit card.
What are the benefits of the partnership programme offered by OnlineMarketShare?
If you would like to earn commissions from the Introducing Broker programme offered by OnlineMarketShare, you can partner with the CFD broker. The benefits include weekly commissions, marketing materials, agreement terms with no exit penalty, and a tracking dashboard.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.