About OM Financial
OMF is an abbreviation for OM Financial, which appears to be derived from the former name of Ord Minnett Group. The company, which has changed several names and management changes, has existed since 1987. OMF is very active in the New Zealand market, where they were the first NZX accredited NZX-accredited New Zealand futures and options market in 2004 and have since been licensed. to provide many other New Zealand Exchange products and services.
As a registered financial services provider in New Zealand, OMF is regulated by the Financial Markets Authority (“FMA”), which monitors companies’ compliance with New Zealand laws, regulations and best practice standards.
OMF cTrader Review
On the OMF cTrader platform, you can trade over 30 currency pairs, as well as gold and silver. Interestingly, they offer gold versus JPY available on their cTrader platform, which is not common. Regarding trading conditions; OMF is one of the most expensive cTrader brokers we have reviewed. The company charges $ 100 for $ 1mil. traded. The minimum trade size for all FX symbols is 10,000 units, which is 0.1 lots. Most brokers allow trading in micro lots, i.e. 0.01 lots.
Conclusion on the OMF review
While OM Financial is an accredited New Zealand broker, we believe their high fees can be a hindrance for the average forex trader, especially when neighboring Australian brokers such as IC Markets and Pepperstone charge around $ 30 per $ 1 million. On the other hand, it seems clear that their clientele is somewhere closer to institutional traders, and investors expect very solid support from their customer service team. If you are a New Zealand investor, it is definitely worth looking into OMF, the company has many merits and fits the description “trustworthy” perfectly. However, if your trading style is high turnover and location is not an issue, it may be worth looking into other cTrader brokers.