How the FMA-licensed New Zealand brokers compare
| # | Broker | Score /100 | Cheapest round turn, 1.0 lot | EUR/USD spread and basis | Platforms | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  BlackBull Markets#1 Highest NZ desk score- Fastest limit order fills | 88.5NZ desk score | US$10.60 | 0.46 pips, tested |  MT4 MT5 cTrader TradingView+1 more platform, listed in this broker's detailsMT4, MT5, cTrader, TradingView, BlackBull CopyTrader | Visit BlackBull Markets | |
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| 2 |  CMC Markets- Cheapest tested round turn | 86.8NZ desk score | US$8.00 | 0.8 pips, tested | CMC Markets PlatformMT4MT5TradingView | Visit CMC Markets | |
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| 3 |  IG Group- offered by IG Australia Pty Ltd | 82NZ desk score | US$11.30 | 1.13 pips, published average | MT4ProRealTimeIG Trading PlatformTradingView+1 more platform, listed in this broker's detailsMT4, ProRealTime, IG Trading Platform, L2 Dealer, TradingView | Visit IG Group | |
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| 4 |  ThinkMarkets- offered by TF Global Markets (Aust) Ltd | 81NZ desk score | at least US$8.00 | 0.8 pips, published minimum | ThinkTraderTradingView | Visit ThinkMarkets | |
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| 5 |  Axi- Lowest tested raw spread | 80NZ desk score | US$8.80 | 0.43 pips, tested | MT4MT5Axi Trading Platform | Visit Axi | |
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| 6 |  Zero Markets- offered by Zero Markets (NZ) Limited | 74.3NZ desk score, 8 of 8 | US$4.49 | 0.0 pips, published average | MT4MT5ZERO Markets App | Official site of Zero Markets | |
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| 7 |  Plus500- offered by Plus500AU Pty Ltd | 71.3NZ desk score | Not costed: no published spread | Not costed: no published spread | Plus500 Trading Platform | Visit Plus500 | |
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| 8 |  EC Markets- Cheapest published round turn | 70.5NZ desk score, 8 of 8 | US$4.00 | 0.1 pips, published average | MT5EC Markets App | Official site of EC Markets | |
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| 9 |  Pacific Financial Derivatives- offered by Pacific Financial Derivatives Limited | 64NZ desk score, 8 of 8 | Not costed: no published average spread | Not costed: no published average spread | MT4 | Official site of Pacific Financial Derivatives | |
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| 10 |  ACE Markets- offered by ACE Markets Limited | 59.5NZ desk score, 8 of 8 | Not costed: no published average spread | Not costed: no published average spread | MT5 | Official site of ACE Markets | |
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| 11 |  Jarden- offered by Jarden Securities Limited | 58.3NZ desk score, 8 of 8 | Not costed: no published spread | Not costed: no published spread | Jarden Market TraderJarden Fx24 | Official site of Jarden | |
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The rated brokers' NZ desk scores, ordered highest first. Six brokers have global-test background, five were previously desk-only, and all scores are NZ desk assessments from published information, not tested. Per standard EUR/USD lot, the US$ cell shows each broker's lowest total of spread cost plus commission across its costed accounts. Issuers marked "not costed" include no comparable cost. Spreads come from our global spread tests or broker-published averages or minimums. The "+" opens the FMA licensee, FSP registration (a registration, not a licence), and licence status, read from the 19 September 2026 FMA register, the underlying displayed record despite a 16 October 2026 recheck. Use Filter and sort to reorder the table or narrow it.
Key sections
Which is the best forex broker in New Zealand?
The list is ordered by score, highest first. Six brokers have global-test background, and five were previously desk-only, while all now carry NZ desk scores, editorial desk judgements made from each issuer's published New Zealand information through the same eight categories, without spread or order-speed tests. Each line names what the broker is best for or the company that offers it.
- BlackBull Markets - Fastest limit order fills
- CMC Markets - Cheapest tested round turn
- IG Group - offered by IG Australia Pty Ltd
- ThinkMarkets - offered by TF Global Markets (Aust) Ltd
- Axi - Lowest tested raw spread
- Zero Markets - offered by Zero Markets (NZ) Limited
- Plus500 - offered by Plus500AU Pty Ltd
- EC Markets - Cheapest published round turn
- Pacific Financial Derivatives - offered by Pacific Financial Derivatives Limited
- ACE Markets - offered by ACE Markets Limited
- Jarden - offered by Jarden Securities Limited
The best forex brokers in New Zealand reviewed
1. BlackBull Markets, fastest limit order fills
FMA licensee
Black Bull Group Limited: derivatives issuer licence, active, granted 12 August 2020; registration FSP403326
EUR/USD spread
0.46 pips, tested, raw spread plus commission account
Cheapest round turn, 1.0 lot
US$10.60, tested spread
Minimum deposit
US$0
Platforms in New Zealand
MT4, MT5, cTrader, TradingView, BlackBull CopyTrader
Why We Recommend BlackBull Markets
For the fastest limit order fills, BlackBull Markets is where I would start. On our global test panel, its limit order fills ranked first of 36 brokers and its market order fills ranked fifth of 36, results from the 2026 execution test on MetaTrader 4 demo accounts. You set your entry price with a limit order, and the quicker it fills, the less chance of slippage. The licensee is Black Bull Group Limited, incorporated in New Zealand, and you can trade MT4, MT5, cTrader, TradingView, and BlackBull CopyTrader.
Pros & Cons
Pros
- Limit order fills of 72 ms, the fastest of the 36 brokers we tested, and market order fills of 90 ms, fifth, on our global panel.
- The raw account's tested 0.46 pips and US$6.00 per lot commission give a US$10.60 round turn on 1.0 lot of EUR/USD.
- The minimum deposit on the lowest account is US$0.
Cons
- The product disclosure statement states that a client can lose more than their deposit (page 14).
- No margin calls are made, and monitoring additional margin is the client's responsibility (page 12).
- An inactivity fee of NZ$5.00 is charged immediately after ninety consecutive days without a trade, then monthly (page 20).
BlackBull Markets MT5 screenshot
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- blackbull.com (New Zealand product disclosure statement), dated 11 September 2026
- Our global review (tested spreads and execution)
2. CMC Markets, cheapest tested round turn
FMA licensee
CMC Markets NZ Limited: derivatives issuer licence, active, granted 12 December 2014; registration FSP41187
EUR/USD spread
0.8 pips, tested, one spread, no commission account
Cheapest round turn, 1.0 lot
US$8.00, tested spread
Minimum deposit
No minimum
Platforms in New Zealand
CMC Markets Platform, MT4, MT5, TradingView
Why We Recommend CMC Markets
CMC Markets is my pick for the cheapest tested round turn. Its one spread account costs US$8.00 per round turn on one standard lot of EUR/USD, with no commission, and the spread is tested. That figure is the whole round-turn cost, and no commission is added to it. The licensee, CMC Markets NZ Limited, is incorporated in New Zealand, and its platforms are the CMC Markets Platform, MT4, MT5 by request, and TradingView, with MT5 access needing a live CMC Markets MT4 account first.
Pros & Cons
Pros
- The firm advertises more than 12,000 instruments on the Next Generation platform, its own claim on its own New Zealand site.
- Client money is not used to fund the firm's own hedging, which is funded from its operating cash account (statement page 18).
- The firm advertises twenty years on the ground in New Zealand, its own claim on its own New Zealand site.
Cons
- The client is an unsecured creditor of CMC Markets for money owed under the agreement (page 18).
- CMC Markets keeps the interest on client money, which the statement says may be considered a fee (page 18).
- A close-out warning may be sent, but the statement says not to rely on it (page 16).
CMC Markets CMC Markets Platform and MT4 screenshot
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- cdn.cmcmarkets.com (New Zealand product disclosure statement), dated 7 May 2026
- Our global review (tested spreads and execution)
3. IG Group
FMA licensee
IG Australia Pty Ltd: derivatives issuer licence, active, granted 9 July 2021; registration FSP684191
EUR/USD spread
1.13 pips, published average, one spread, no commission account
Cheapest round turn, 1.0 lot
US$11.30, published average spread
Minimum deposit
None by bank transfer; NZ$100 by card or PayPal
Platforms in New Zealand
MT4, ProRealTime, IG Trading Platform, L2 Dealer, TradingView
Why We Recommend IG Group
IG Group suits a trader who wants platform and charting variety in one place. New Zealand clients can trade MT4, ProRealTime, the IG Trading Platform, L2 Dealer, and TradingView. That breadth has a practical side: a strategy that outgrows its platform can move to another without changing brokers. If you already work in MT4 or on TradingView charts, you can stay there and still trade with IG Group.
Pros & Cons
Pros
- Negative balance protection applies to a retail client, and a debit balance is adjusted back to zero at no cost (page 13).
- Our global test panel of 36 brokers, not a New Zealand test, measured IG's market order fill at 141 ms.
- Complaints can be taken to Financial Services Complaints Limited (FSCL), which charges the complainant nothing to use the scheme (page 12).
Cons
- IG accepts no liability for the solvency of a bank holding the trust accounts (page 11).
- IG Australia Pty Ltd operates its business for New Zealand investors through its office based in Australia (page 12).
- Live exchange data is a monthly subscription that varies by account classification and exchange, charged until cancelled (page 11).
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- app.mbieregisters.govt.nz (New Zealand product disclosure statement), dated 3 February 2025
- ig.com (published standard spread)
- Our global review (execution)
4. ThinkMarkets
FMA licensee
TF Global Markets (Aust) Ltd: derivatives issuer licence, active, granted 17 December 2021; registration FSP623289
EUR/USD spread
0.8 pips, published minimum, one spread, no commission account
Cheapest round turn, 1.0 lot
at least US$8.00, published minimum spread
Minimum deposit
50, currency not stated, or the equivalent in your account currency
Platforms in New Zealand
ThinkTrader, TradingView
Why We Recommend ThinkMarkets
ThinkMarkets suits a trader who wants one account and the firm's own platform. New Zealand clients trade on ThinkTrader, and TradingView is reached through a ThinkTrader account, so you keep the charting you may already use. The ThinkTrader account is the only retail account, and the firm charges no commission. Its EUR/USD spread has a published minimum of 0.8 pips, with no average published. One standard lot therefore costs at least US$8.00 a round turn, the spread in pips times the US$10 value of a pip, with no commission added.
Pros & Cons
Pros
- Stop losses can be guaranteed on ThinkTrader, with a premium from 0.025% of underlying exposure, deducted at opening (ThinkMarkets' New Zealand website, read 13 October 2026).
- No withdrawal fee from ThinkMarkets, though a bank or payment processor may deduct one (statement page 23).
Cons
- No negative balance protection: the client stays liable for a negative balance that closing out cannot cover (page 14).
- Stop out levels are set by the firm, and positions can be closed out once the margin level falls below that level, for example 50 per cent of initial margin or 0.5 per cent of the notional contract amount (page 14).
ThinkMarkets ThinkTrader screenshot
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- thinkmarkets.com (New Zealand product disclosure statement), dated 11 April 2023
- thinkmarkets.com (published standard spread)
- Our global review (execution)
5. Axi, lowest tested raw spread
FMA licensee
AxiCorp Financial Services Pty Ltd: derivatives issuer licence, active, granted 1 June 2018; registration FSP518226
EUR/USD spread
0.43 pips, tested, raw spread plus commission account
Cheapest round turn, 1.0 lot
US$8.80, tested spread
Minimum deposit
No account minimum; card US$5, bank transfer US$50
Platforms in New Zealand
MT4, MT5, Axi Trading Platform
Why We Recommend Axi
Axi is the broker for the lowest tested raw spread, from our global spread tests. The round turn on EUR/USD is US$8.80 for one standard lot: a US$4.50 commission, charged once at opening, on top of the tested spread. New Zealand clients can trade MT4, MT5, and the Axi Trading Platform, so you are not locked into one terminal. If you want a raw spread account and a choice of MetaTrader versions, Axi suits you.
Pros & Cons
Pros
- A tested raw spread of 0.43 pips from Ross Collins's spread tests, not a New Zealand test.
- Negative balance protection for retail clients, limiting losses to the money in the account (page 6).
- Limit order fills of 90 ms on our global panel of 36 brokers.
Cons
- Axi holds no individual segregated accounts, and client money is co-mingled with other clients' money in its trust accounts (page 21).
- Axi may pay the interest on the client trust account to itself (page 21).
- An inactivity fee applies after 12 continuous months with funds in the account, no trading and no open positions (page 21).
Axi MT4 screenshot
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- axidocs.s3.ap-southeast-2.amazonaws.com (New Zealand product disclosure statement), dated 9 December 2024
- Our global review (tested spreads and execution)
6. Zero Markets
Scored on eight of eight categories.
FMA licensee
Zero Markets (NZ) Limited: derivatives issuer licence, active, granted 27 August 2018; registration FSP569807
EUR/USD spread
0.0 pips, published average, raw spread plus commission account
Cheapest round turn, 1.0 lot
US$4.49, published average spread
Commission, as published
NZ$4 per side, Super Zero account
Platforms in New Zealand
MT4, MT5, ZERO Markets App
Why We Recommend Zero Markets
I would look at Zero Markets if you want an issuer incorporated and licensed in New Zealand. The licensee, Zero Markets (NZ) Limited, holds an active derivatives issuer licence granted 27 August 2018, with FSP registration FSP569807. It names MT4, MT5, and the ZERO Markets App for New Zealand clients, and the underlying instruments may be bullion, stocks, commodities, indices, cryptocurrencies, or currencies. The Super Zero account's commission is NZ$4 per side.
Pros & Cons
Pros
- Client money is paid promptly into a client trust account the company maintains with a bank in New Zealand (page 21).
- Financial Dispute Resolution Services, the approved independent external scheme in New Zealand, charges no fee to investigate or resolve a complaint (page 22).
Cons
- The client is an unsecured creditor of the company for obligations owed under the client agreement and the contracts (page 19).
- Without prior notice, the company may liquidate some or all open positions if the account balance reaches or falls below the stop-out level (page 17).
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- zeromarkets.co.nz (New Zealand product disclosure statement), dated 13 January 2025
- zeromarkets.co.nz (published EUR/USD average spreads), read 5 October 2026
- zeromarkets.co.nz (published commission), read 1 October 2026
- Our New Zealand review (desk score, scored from published information, not tested)
7. Plus500
FMA licensee
Plus500AU Pty Ltd: derivatives issuer licence, active, granted 30 September 2016; registration FSP486026
EUR/USD spread
Not costed: no published spread
Cheapest round turn, 1.0 lot
Not costed: no published spread
Minimum deposit
Set per payment method; deposits in NZD
Platforms in New Zealand
Plus500 Trading Platform
Why We Recommend Plus500
Plus500 suits a trader who wants a single spread account with no commission, and trading runs on the broker's own Plus500 Trading Platform. I would shortlist Plus500 if you are starting out. It publishes no average or minimum spread on EUR/USD for its New Zealand clients, only a delayed live quote, so this page does not cost it. A minimum applies to each deposit method, the platform's deposit screen shows the level, and the statement requires every deposit to be in New Zealand dollars. Plus500 is offered by its licensee, Plus500AU Pty Ltd, an Australian company form in the register name.
Pros & Cons
Pros
- Negative balance protection: recourse is limited to money in the trading account, and a sub-zero balance is restored to zero (page 9).
- No dealing commission, with the spread built into the quoted price and not billed separately (page 27).
- FSCL charges the complainant nothing (page 32).
Cons
- All client money sits in one pooled account, not held separately per client (page 31).
- Plus500AU keeps the interest, calculated daily, and pays none of it on to clients (page 29).
- An inactivity fee of up to US$10 a month after three months with no login, capped at the remaining balance (page 30).
Plus500 Plus500 Trading Platform screenshot
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- cdn-main.plus500.com (New Zealand product disclosure statement), dated 17 September 2026
- Our global review (undefined)
8. EC Markets, cheapest published round turn
Scored on eight of eight categories.
FMA licensee
EC Markets Financial Limited (previously CTRL Investments Limited or MahiFX Limited): derivatives issuer licence, active, granted 20 January 2015; registration FSP197465
EUR/USD spread
0.1 pips, published average, raw spread plus commission account
Cheapest round turn, 1.0 lot
US$4.00, published average spread
Commission, as published
US$1.50 per side per standard lot, ECN account
Platforms in New Zealand
MT5, EC Markets App
Why We Recommend EC Markets
EC Markets is my pick for the cheapest published round turn. Its raw spread plus commission account costs US$4.00 per round turn on one standard lot of EUR/USD, and the spread is a published average. That is the lowest round turn on the accounts of the rated New Zealand brokers whose EUR/USD spread is a published figure. The licensee, EC Markets Financial Limited (previously CTRL Investments Limited or MahiFX Limited), is incorporated in New Zealand and holds an active derivatives issuer licence granted 20 January 2015, with FSP registration FSP197465. It names MT5 and the EC Markets App for New Zealand clients.
Pros & Cons
Pros
- All client funds are held separate from the company's own funds in trust accounts with major banking institutions (page 18).
- The company charges no withdrawal fees, though some banks use intermediary banks whose charges are the client's responsibility (page 17).
- Its New Zealand website shows a tick against negative balance protection for both accounts, the ECN and the STD.
Cons
- Funds in a client's trading account are held in trust but are not segregated from other customer funds within the trust account (page 13).
- On a margin closeout event the company automatically closes out the least profitable positions, which could mean all open positions are closed (page 6).
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- ecmarkets.co.nz (New Zealand product disclosure statement), dated 16 May 2025
- ecmarkets.co.nz (published EUR/USD average spreads), read 1 October 2026
- ecmarkets.co.nz (published commission), read 1 October 2026
- Our New Zealand review (desk score, scored from published information, not tested)
Scored on eight of eight categories.
FMA licensee
Pacific Financial Derivatives Limited: derivatives issuer licence, active, granted 27 February 2015; registration FSP28944
EUR/USD spread
Not costed: no published average spread
Cheapest round turn, 1.0 lot
Not costed: no published average spread
Commission, as published
US$1 per side per standard lot, PFDPro and PFDProPlus accounts; none on PFDTrader
Platforms in New Zealand
MT4
Why We Recommend Pacific Financial Derivatives
I would look at Pacific Financial Derivatives if you trade on MT4 and want your commission priced per lot. Per its New Zealand site, PFDTrader lists no commission, PFDPro and PFDProPlus carry a commission of US$1 per side per standard lot, and the spreads shown are a live feed rather than a published figure. The spread you see when you trade is only part of your cost. Pacific Financial Derivatives Limited, the licensee, is incorporated in New Zealand and holds an active derivatives issuer licence from the Financial Markets Authority. Its PDS names the company as both issuer and provider of the margin foreign exchange and CFDs the statement covers.
Pros & Cons
Pros
- Client money paid for margin and fees is held in separate trust accounts and is not regarded as part of the company's assets (page 16).
- Financial Dispute Resolution, an approved dispute resolution scheme, charges the complainant no fee to investigate or resolve a complaint (page 17).
Cons
- Stop loss orders are not guaranteed and their execution depends on market volatility and liquidity (page 13).
- The company may reduce or close all open contracts without further notice if margin payments fail, and the client will be liable for any shortfall (page 12).
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- pfd-nz.com (New Zealand product disclosure statement), dated 11 June 2024
- pfd-nz.com (published commission), read 1 October 2026
- Our New Zealand review (desk score, scored from published information, not tested)
10. ACE Markets
Scored on eight of eight categories.
FMA licensee
ACE Markets Limited: derivatives issuer licence, active, granted 18 January 2016; registration FSP703051
EUR/USD spread
Not costed: no published average spread
Cheapest round turn, 1.0 lot
Not costed: no published average spread
Commission, as published
None
Platforms in New Zealand
MT5
Why We Recommend ACE Markets
ACE Markets suits a trader who wants a single Standard Account on MT5, kept in NZD or USD as you nominate. Its PDS states the firm requires no minimum deposit to become a client, and you may trade once your funds meet the initial margin. The underlying instruments for its CFDs include certain currencies, commodities such as gold and silver, and cryptocurrencies. Beyond the statement, the firm's New Zealand website lists forex, gold, silver, indices, and energy markets through MetaTrader. Its Client Services Agreement states no commission is payable on CFD trades, so I would still check the spread you are quoted before your first deposit. The licensee, ACE Markets Limited, is incorporated in New Zealand and licensed by the Financial Markets Authority as a derivatives issuer.
Pros & Cons
Pros
- The client trust account is held with Bank of New Zealand Limited, a New Zealand registered bank, and holds no other money, including the firm's own (page 20).
- The firm is a member of Financial Dispute Resolution Service, an approved dispute resolution scheme, and handles complaints free of charge (page 23).
Cons
- The PDS dated 22 April 2026 states the firm's trading platform closes positions automatically, without prior notice, where total equity falls below 50% of the continuing margin (page 12).
- The firm will not make margin calls, and monitoring the continuing margin requirement is the client's sole responsibility (page 12).
Sources
- fma.govt.nz (FMA register entry), read 19 September 2026
- acemarkets.co.nz (New Zealand product disclosure statement), dated 22 April 2026
- acemarkets.co.nz (published commission), read 5 October 2026
- Our New Zealand review (desk score, scored from published information, not tested)
More FMA-licensed brokers we rate
11. Jarden 58.3/100 Desk-based assessment: scored from published information, not tested
Jarden Securities Limited; FMA register
Jarden suits traders who can lodge the NZ$10,000 minimum generally needed to open an account (FX derivatives PDS dated 4 March 2026, page 32).
How to choose a forex broker in New Zealand
Five checks before you deposit
1. Check the issuer is FMA licensed
Check the licence, not the brand. The FSP number identifies who holds the licence, and the licence itself is the derivatives issuer licence, so confirm the legal entity named in the PDS holds an active derivatives issuer licence on the FMA’s register of licensed providers before you fund the account, and treat the FSP number as registration only, not the licence. The register entry behind each issuer rated here is on our page of FMA-regulated brokers.
2. Read what a round turn costs, with its basis
Every spread figure on this page carries a basis word next to it. A spread labelled “tested” comes from Ross Collins’s spread tests, while “published average” or “advertised” means the broker’s own number, which we did not measure. There is no New Zealand test: the tested spreads come from Ross Collins’s spread tests and the fill times from our global test panel. Also check which account a figure refers to, since a raw-spread account charges commission on top, and a one-spread account does not.
3. Read the disclosure statement before you deposit
Read the PDS before, not after, depositing. The FMA requires the issuer to give it to you before you trade, and it names insolvency of the provider as a risk to read for: if your provider became insolvent, you may be an unsecured creditor and have difficulty getting your money back.
4. Check the leverage the issuer sets
Check the leverage terms the issuer sets, since no FMA cap applies and the issuer decides the limit. The FMA’s description of leverage as borrowing money to place a bet, repayable in full on a loss, is the yardstick to measure those terms against.
5. Check where the entity is incorporated
Finally, check the entity’s jurisdiction. An FMA derivatives issuer licence can be held through a company incorporated outside New Zealand, and four of the rated issuers hold theirs that way: TF Global Markets (Aust) Ltd, IG Australia Pty Ltd, AxiCorp Financial Services Pty Ltd and Plus500AU Pty Ltd. The FMA separately recommends avoiding overseas forex services it has not licensed, and the register confirms which licensed company stands behind the account you are about to fund.
- Check the issuer is FMA licensed
- Read what a round turn costs, with its basis
- Read the disclosure statement before you deposit
- Check the leverage the issuer sets
- Check where the entity is incorporated
Which forex brokers are licensed in New Zealand?
Any person or business offering New Zealanders contracts linked to an exchange rate must hold a derivatives issuer licence from the Financial Markets Authority, the FMA states on its consumer page for foreign exchange trading. The FMA classes retail forex trading as derivatives trading rather than currency dealing, so the licence that covers it is the derivatives issuer licence, the same instrument that covers CFDs. Of the derivatives issuers on the register, 11 offer retail forex or CFD trading, and this page rates 11 of them. Our CFD Trading in New Zealand (2026) page covers the CFD side of that licence. The full list of licensed issuers, with the register entry behind each one, is on our page of FMA-Regulated Forex Brokers in New Zealand.
Is forex trading legal in New Zealand?
Yes, forex trading is legal in New Zealand, and the FMA’s consumer page spells out how it is regulated. Forex trading using contracts linked to the exchange rate between two currencies is classed as trading a derivative financial product, which means individuals or businesses offering those contracts must hold a derivatives issuer licence from the FMA. Trading through a licensed issuer is therefore lawful for a retail client, while offering the contracts without a licence is not.
The FMA recommends New Zealanders avoid overseas forex trading services not licensed by it, even if they appear to be regulated by an overseas authority, so legality for a local trader turns on whether the issuer holds the New Zealand licence. The FMA also opens its page with a warning of its own: forex trading for profit is very risky, and it regularly receives complaints and enquiries from consumers who have lost money in online forex trading.
What leverage can a New Zealand forex broker offer?
The FMA’s ‘Standard Conditions for derivatives issuer licences’, April 2024 edition, read 28 September 2026, contain no leverage condition and set no leverage limit. The limits the FMA consulted on in June 2024, from 30:1 on major currency pairs down to 2:1 on crypto, are not in those standard conditions, so the leverage a New Zealand trader is offered is set in the issuer’s own terms. What differs by asset class is the limit each issuer sets in its own terms, and those per-issuer figures are on each issuer’s review rather than here.
Leverage itself is the risk the FMA is blunt about. It describes leveraged forex trading as borrowing money to place a bet, with the full borrowed amount repayable on a loss, not only the client’s own margin. A trader deciding how much leverage to accept should read that description before deciding.
Which New Zealand forex broker has the lowest trading cost?
EC Markets has the lowest round turn on any basis, US$4.00 per standard lot of EUR/USD, from its published average plus commission, the broker’s own figure, not tested. CMC Markets holds the cheapest tested round turn at US$8.00; the lowest tested raw spread belongs to Axi, 0.43 pips and a US$4.50 commission, US$8.80. Axi is the dearest at US$14.50, tested. A pip on EUR/USD is US$10 per standard lot, so a round turn is the spread in pips times that value, plus any commission. Zero Markets’ Standard account costs US$12.00 per round turn from a published average spread, Super Zero US$4.49 per round turn, NZ$8 commission converted at the 12 October 2026 rate, neither tested. Not costed are Plus500 (no published spread), Pacific Financial Derivatives (live feed snapshots), ACE Markets (no published spread figure), and Jarden (per-deal pricing, commission agreed with each client).
The document that carries an issuer’s costs is the product disclosure statement. The FMA requires a licensed derivatives provider to give a client a PDS before they trade, so the fees, the margin terms and the close-out rules are all in writing before any money moves. Reading the PDS is not a formality: it is the one place where the issuer’s own charges are stated in the issuer’s own words.
Best forex trading platforms in New Zealand
MT4 is offered in New Zealand by BlackBull Markets, IG Group, CMC Markets, Axi, Zero Markets, and Pacific Financial Derivatives. MT5 runs at BlackBull Markets, CMC Markets (by request), Axi, Zero Markets, EC Markets, and ACE Markets, and TradingView at BlackBull Markets, ThinkMarkets (through a ThinkTrader account), IG Group, and CMC Markets. BlackBull Markets also offers cTrader. The brokers’ own platforms are ThinkTrader at ThinkMarkets, the IG Trading Platform and L2 Dealer at IG Group, with ProRealTime also offered there, the CMC Markets Platform at CMC Markets, the Axi Trading Platform at Axi, the Plus500 Trading Platform, BlackBull CopyTrader, the EC Markets App, the ZERO Markets App, and Jarden Market Trader and Jarden Fx24. If you trade CFDs, start with CFD Trading in New Zealand (2026).
What time does the forex market open in New Zealand?
The forex market opens with the Sydney session on Monday morning and closes with New York on Saturday morning on the New Zealand clock. Those times move because New Zealand, Sydney, London, and New York change their clocks on different dates. You will find the session times and a session clock on our Forex Market Hours in New Zealand (NZST/NZDT) page.
How we rate forex brokers for New Zealand traders
How we tested
There is no New Zealand test behind the scores on this page. Every rated broker now carries an NZ desk score, a desk-based assessment of its New Zealand offering, scored from published information, not tested. Six brokers have global-test background from our global panel of 36 brokers, rated under our methodology across eight categories, and five were previously desk-only. Where historical measurements appear, they are carried over from global testing and keep their original scope, never read as New Zealand results. Each issuer is assessed from its published New Zealand information through the same eight categories and weights, and every NZ desk score is labelled “scored from published information, not tested”. BlackBull Markets is the publisher-selected overall recommendation for New Zealand, an editorial choice rather than an empirical win.
What is specific to New Zealand is the evidence. We read the contracting entity, its FSP registration, its licence status, and the date the Financial Markets Authority granted that licence from the FMA’s register of licensed providers. We read the money, close-out, complaints, and fee terms from each issuer’s own New Zealand product disclosure statement. The measured spreads you see on this page were not measured on a New Zealand account: they are carried over from global testing, from Ross Collins’s spread tests. Fill times come from our global test panel.
How the NZ desk assessment works
NZ desk scores are AI-assisted editorial judgements commissioned by compareforexbrokers.com. Weights are Trading Costs 25%, Trading Experience 20%, Trust 15%, Trading Platform 15%, Customer Service 10%, Range of Markets 5%, Education 5%, and Funding 5%. Trading Costs reads published pricing and fee schedules. Trading Experience assesses documented account and trading features only, never fills, slippage, or usability, because no account was used. Customer Service scores published channels and availability only, not service quality measured by contacting support. Trust weighs the FMA licence and disclosure clarity. No licence guarantees safety, and New Zealand regulation neither prevents loss nor guarantees compensation.
Category scores use four anchor bands, 0 to 3 (limited documented suitability), 4 to 6 (adequate but constrained), 7 to 8 (strong documented offering), and 9 and above (broad, well-documented suitability). Values between anchors are editorial, not measured. What remains unknown stays unknown and excludes a criterion from the score rather than becoming an invented zero. No trading test, firsthand account use, funding test, or support response-time test was performed for these scores. Justin Grossbard, compareforexbrokers.com's co-founder and CEO, requested the NZ-specific desk scores and selected the overall New Zealand recommendation as an editorial choice, not a test outcome. Review screenshots capture the broker's public website pages viewed from New Zealand, not logged-in trading platforms and not account testing.
Best forex broker in New Zealand by trader type
Which forex brokers do New Zealanders search for most?
BlackBull Markets was the broker New Zealanders searched for most by name in August 2026, with 5,400 brand-name searches. The search data covers six of the 11 brokers we rate. It is also the broker our list opens with, though popularity did not decide the order, which is our score, the NZ desk scores of the rated brokers. Search volume measures interest in a brand, not its quality or safety, and popularity orders nothing on this page.
- Brand searches, all 6 brokers
- 9,280August 2026, +5.6% vs July
- Most searched
- BlackBull Markets58.2% of all searches
- Biggest riser (1,000+ searches)
- CMC Markets+23.1% vs July
| # | Name | Brand searches per month | Login searches | vs July | 12 months |
|---|---|---|---|---|---|
| 1 | BlackBull Markets | 150 | 0.0% | ||
| 2 | CMC Markets | 480 | +23.1% | ||
| 3 | Plus500 | 390 | +0.9% | ||
| 4 | IG Group | 10 | n/a | ||
| 5 | Axi | 20 | n/a | ||
| 6 | ThinkMarkets | 10 | n/a |
Source: Google search volume, New Zealand, August 2026.
How this is measured
Google Ads reports how many times a month people in New Zealand searched each broker's brand terms, and the brokers are ranked on that figure alone.
A term counts for a broker only when that broker's own website holds the first organic Google result for it in New Zealand; bare brand words that any company could own are left out.
A month-on-month change prints only where the previous month reached 1,000 searches, because Google rounds smaller volumes.
These figures were collected once and are not refreshed monthly, unlike the monthly refreshes for this site's other markets; the first-organic-result check, which determines which search terms count for which broker, was run once on 20 September 2026 and does not repeat.
FAQs
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Related pages
About the author
Justin Grossbard is the Co-Founder and CEO of CompareForexBrokers, which he established with Noam Korbl in 2014. He has over 20 years of professional experience in online marketing and holds a Master's in Marketing from Monash University.
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