OpenMarkets International Trading Service

Frequently Asked Questions

OpenMarkets international share trading service offers access to trade major U.S. stocks on the NYSE and NASDAQ at just $13.95 or 0.07% per trade!

Available exclusively on our new trading platform OpenMarkets Equix. You can now invest in the Russell 1000 Index which is approximately 1,000 of the largest companies in the U.S. including Amazon, Google and Netflix. Trade U.S stocks alongside your ASX investments, with trades settling from the same linked cash account.

For more information on how to apply and how trading U.S. stocks through Equix works please see our Frequently Asked Questions below.

How can I trade U.S. shares at OpenMarkets?

To trade U.S. shares at OpenMarkets you will need to apply for U.S. trading access on your OpenMarkets account by completing and returning our international share trading form here. 

Please note: before U.S. trading access can be enabled, you will be required to submit a W-8 Form and submit to OpenMarkets. Learn more about W-8 forms here.

Which trading platform(s) can I use to access U.S. shares?

Our international share trading service is only available through our new web and mobile trading platform OpenMarkets Equix.

The service is not currently available through the IRESS trading platforms.

Do I need to create a new account to trade U.S. shares?

No. You simply apply for international share trading on your current OpenMarkets trading account by completing and returning our international share trading form here. 

What markets can I access?

Currently our international share trading service provides you with access to the Russell 1000 Index which is approximately 1,000 of the largest companies in the U.S.

Trade major U.S. stocks on the New York Stock Exchange (NYSE) and National Association of Securities Dealers Automated Quotations (Nasdaq) Stock Exchange. This includes popular stocks like Amazon, Google, Cisco and Netflix.

We expect to add major European and Asian markets in 2020.

What does it cost per trade?

Our brokerage cost per international share trade is just AUD$13.95 or 0.07% per trade (ex GST).

A foreign exchange fee of 0.60% is also charged at the time of trade. The exchange rate is calculated at the time of execution and is based on the best available bid/offer exchange rates made available to OpenMarkets via the international broker.

There are no custody fees involved with OpenMarkets international share trading service.

How do I place an order?

To place an order in OpenMarkets Equix:

  1. Click on the menu icon and select Order Pad

  2. Enter US stock code in the appropriate field (and see the previous day’s closing price)

  3. Select either the Buy or Sell button

  4. Enter a Limit Price and desired quantity of shares. The Order Pad will calculate the total trade value including brokerage. (For Buy orders it will apply a 5%FX buffer to protect against currency movements.) Please note all orders are day only so if the order is not filled/part filled any unexecuted component of your order will be purged.

  5. Hit the Buy (green) or Sell (red) button to submit your order

  6. Enter your Security PIN to confirm your order

For more information please view our range of online tutorials here. 

Why do I need to set a Limit price when I place an international order?

Setting a Limit price calculates the total trade value and therefore ensures you have sufficient cash to cover the cost of the trade.

We currently do not offer an “At Market” order type for Buy trades.

Can I place international orders any time of the day?

Yes, you can place international buy/sell orders any time, day or night.

Orders will only enter the market however when the relevant exchange opens.

What time does the U.S. markets open

For more on NYSE market hours including pre-open times and US public holiday closures, please visit www.nyse.com/markets/hours-calendars

For more on NASDAQ market hours including pre-open times and US public holiday closures, please visit?www.business.nasdaq.com/discover/events/trading-hours/?

What is the foreign exchange (FX) rate?

The foreign exchange (FX) rate is calculated at the time of execution and is based on the best available bid/offer exchange rates made available to OpenMarkets via our international broker.

An FX conversion fee of 0.60% of the transaction value is also charged at the time of execution.

Why do I need an FX buffer?

The OpenMarkets Equix order pad will always ensure you have an additional 5% buffer in your available cash balance when you place an international trade to protect against any currency movements that may occur between the time you place an order and when an order executes.

Any excess buffer will be unlocked the next trading day. At that point, your available cash balance will be updated.

What is the minimum amount for a Buy order?

AUD$1,000 is the minimum amount for a Buy transaction on a US share trade.

This does not take into account the 5% buffer required in your available cash balance. (Our trading systems will always ensure you have an additional 5% available in your cash account to account for any currency movements.)

Can I use the same linked cash account to settle my international trades?

Yes. One of the advantages of our international share trading service is that all your trades are settled from the same linked cash account used to settle your ASX/NSX shares.

When does settlement occur for my international trades?

Settlement for international trades that execute overnight (when the U.S. markets are open).

Buys settle T+1

Sells settle T+3

Funds are debited or credited in Australian currency.

How are my international shares held?

Your U.S. shares are held on your behalf in an OpenMarkets nominee account with our international share broker, Saxo Capital Markets. Your holdings are registered and maintained in a sub-register system by OpenMarkets.

Who are my international orders executed with?

OpenMarkets has partnered with global multi-asset trading platform Saxo Capital Markets for the provision of international share trading to our clients.

OpenMarkets systems are integrated via a real-time FIX connection (globally recognised protocol for the real-time exchange of financial transactions and securities information).

This means order placement for international shares occurs in real-time. Orders are only executed when that market opens. Orders placed outside of exchange market hours remain in a queue and only enter the market upon open.

Open a world of possibilities. Start trading with OpenMarkets today.

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Questions? Need help?

Visit our interactive Help Centre for our frequently asked questions.

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