OMF Forex Broker Review
Introduction to OMF
OMF is a New Zealand based brokerage which offers a variety of investment products. The company provides multiple platforms for trading the different asset classes that it offers. OMF cTrader is their only platform for trading Forex and CFDs, OMF also offers Equities and Futures trading on their OMF MarketTrader platform and carbon products through their CommTrade platform. Last but not least, the company also provides a physical foreign exchange service via its OMF X24 platform. This service is designed for corporate FX currency hedging and settling international payments.
While OMF provides a number of investment products, if you are reading this review, you are most likely interested in their cTrader related services. Which is exactly what we will evaluate.
About OM Financial
OMF is short for OM Financial, which seems to originate from a former name Ord Minnett Group. The company, which went through multiple names and management changes has been around since 1987. OMF is highly active in the New Zealand market where they were the first New Zealand based Futures and Options participant to be accredited by NZX in 2004 and have since been licensed to provide many more products and services New Zealand Exchange.
As a registered financial services provider in New Zealand, OMF is regulated by the Financial Markets Authority (“FMA”) who supervise companies are in compliance with New Zealand laws, regulation and best practice standards.
OMF cTrader Review
In the OMF cTrader platform, you can trade just over 30 FX pairs and gold and silver. Interestingly, they offer Gold vs. JPY available in their cTrader platform, which not common. Concerning the trading conditions; OMF is one of the most expensive cTrader brokers we have reviewed. The company charges $100 per $1mil. traded. The minimum trade size on all FX symbols is 10,000 units, which is 0.1 Lots. Most brokers allow Micro Lots to be traded, i.e. 0.01 Lots.
OMF Review Conclusion
While OM Financial is an accredited New Zealand based broker, we feel that their high fees are likely to be a barrier for your average forex trader, especially when neighbouring Australian brokers like IC Markets and Pepperstone are charging around $30 per $1 mil. On the other hand, it seems clear that their clientele is somewhere closer to institutional traders and investors expect very reliable support from their client services team. If you are a New Zealand-based investor, it’s definitely worth exploring OMF, the company has many merits and perfectly matches the description of credible. However, if your trading style involves high turnover and location isn’t an issue, it might be worth exploring other cTrader brokers.