For the 5th year running, the CompareForexBrokers team compared all seven FMA-regulated forex brokers in NZ. The criteria brokers were judged on was their spreads, trading platform, customer service and overall trading experience including execution speeds.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
CFD and forex trading in New Zealand has gained popularity with the most traded currency pairs locally being the NZD/USD and NZD/AUD[7]Reserve Bank Of New Zealand. The NZ regulator is the Financial Markets Authority (FMA) and only forex brokers listed as a licensed derivative provider should be considered. You can learn more about the regulator on the FMA Wikipedia page or follow their Twitter at @FMAmedia.
We reviewed all FMA regulated brokers and rated:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.50 | FMA, FSA | 1.20 | 1.4 | 1.7 | 0.23 | 0.72 | 0.65 | $3.00 |
|
|
|
72ms | $0 | 64+ | 11+ | 500:1 | 500:1 |
|
|
8.33 |
FMA, VFSC ASIC |
1.0 | 1.32 | 1.11 | 0.10 | 0.42 | 0.21 | $3.50 |
|
|
|
94ms | $100 | 60+ | 12+ | 30:1 | 200:1 |
|
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
5.83 |
ASIC, CySEC, MAS FCA, FMA, DFSA EFSA, FSA, FSCA |
1.70 | 2.3 | 1.4 | - | - | - | - |
|
|
|
140ms | $100 | 71+ | 15+ | 30:1 | 300:1 |
|
|
4.83 |
DFSA, FCA ASIC, FMA |
1.2 | 1.3 | 1.3 | 0.44 | 0.85 | 0.42 | $3.50 |
|
|
|
90ms | $0 | 72+ | 11+ | 30:1 | 400:1 |
|
The best forex brokers in New Zealand according to the team at Compare Forex Brokers. To compile this list, we looked at important trading factors, such as spreads, trading platforms, execution speeds and financial instruments. We also considered features like customer support, industry awards and ease of account management. All brokers on this list hold licenses from the New Zealand Financial Markets Authority (FMA).
BlackBull Markets Has The Best Tested Trading Experience
Based in Auckland, BlackBull is one of the few globally-known NZ forex brokers.
In addition to fast execution speeds and tight spreads, this broker offers the peace of mind of trading through a regulated broker: BlackBull holds a license from the New Zealand Financial Markets Authority (FMA).
Key features of Blackbull include:
Full Blackbull Markets ReviewVisit BlackBull Markets
Trading Accounts and Platforms
This online broker offers two retail investor accounts and access to over 23,000 tradable contracts for difference (CFDs). In addition, high-volume traders can also opt for an institutional account with electronic communication network (ECN) execution.
BlackBull Markets offers ‘true ECN’ trading conditions for Kiwi traders. Individuals can place orders with straight-through-processing (STP) execution, allowing you to trade directly with liquidity markets. According to TravelandLeisure.com, ECN execution clocks in at a blistering 300ms – 25% faster than standard execution.
BlackBull’s liquidity providers include the Bank of America, Credit Suisse and HSBC. To help you get the best possible spreads, BlackBull’s proprietary aggregation system is designed to ensure liquidity providers are competing.
Standard Account
The standard account is designed for beginners with just a spread charged and no commissions. This more straightforward cost structure makes it easier to calculate trading costs for novice traders. In addition, because the broker charges no commissions on trades, spreads are typically wider than other account types.
“I decided to trade with BlackBull because of speed. The direct connection to the Equinix NY4 server really makes a difference. I also like that I have the choice of MT4 or MT5 to trade, even with a standard account.” – Sean T., Aukland
BlackBull does not require a minimum deposit to open an ECN Standard account.
ECN Prime Account
This account is best for experienced retail traders looking for low trading costs. Spreads start as low as 0.0 pips, and BlackBull charges just NZ$7 in commissions per 100k traded. This account also suits high-volume traders and scalpers.
BlackBull requires a minimum deposit of NZ$2000 to open an ECN Prime account.
To help you understand BlackBull’s competitiveness, the table below shows how BlackBull spreads are superior to other brokers for specific forex pairs. Please note spreads are updated monthly and sourced directly from brokers’ websites to ensure accuracy.
” While I initially hesitated due to the high minimum deposit, the low commissions and ultra-fast execution speeds won me over. I also liked that BlackBull offers tools for social and copy trading. I’ve wanted to experiment with these strategies, but most brokers don’t have the infrastructure.” – Markus P., Hamilton
ECN Institutional Account
For active traders that deposit at least $20,000, you can receive some of the best spreads BlackBull offers. In addition, spreads for this account start from 0.0 pips, and commissions can be negotiated with your BlackBull client relationship manager, to whom you have access 24/7, another benefit of being an active trader.
While NZ$20,000 is a significantly higher minimum deposit to qualify for an institutional-grade trading account, you receive a tailor-made trading experience with custom server options and negotiable trading costs.
Islamic Account
BlackBull also offers a swap-free Islamic account that fully complies with Sharia Law, given that paying or receiving interest is prohibited in Islam. This account is available in the ECN Standard and ECN Prime formats with the same tradeable instruments, swap-free.
Forex Trading Platforms
BlackBull offers the two best forex trading platforms based on popularity: MetaTrader 4 and MetaTrader 5. The image below shows that while MetaTrader 4 (MT4) is the older trading software, it remains the choice for forex trading vs MetaTrader 5 (MT5), which is better suited for CFD trading.
We rate BlackBull as the best MetaTrader broker due to its superior MT4 infrastructure. This includes using the New York Equinix data centre for faster connections with liquidity providers. Depending on proximity, however, BlackBull can also connect you with fully functional servers in London, Tokyo, Hong Kong and Shanghai for optimal execution speed.
Other enhancements to their forex trading platform include the add-ons of ZuluTrade, Myfxbook and the recent partnership with HokoCloud for social trading. In addition, BlackBull traders can also access Virtual Private Servers (VPS) through VPS Trading, NYC Servers or Beeks FX. This enhances the trading execution speed to as low as 1 ms.
Trading Products Available
BlackBull Markets doesn’t skimp on tradable products, and New Zealand traders hoping to build a diverse portfolio across a range of markets will appreciate the diversity of financial instruments.
In addition to currency pairs, BlackBull Markets account holders can experiment with the following financial instruments:
Award-Winning Customer Support
With headquarters based in the Auckland CBD, BlackBull also has its main customer support centre here, which is open during regular New Zealand business hours. To ensure the Asia-Pacific region is catered to, the New Zealand base is complemented by a Malaysian office for customer support outside business hours. When you open a forex trading account, BlackBull will provide you with a dedicated account manager to assist with any customer service needs.
Key points of contact include:
Easy Account Opening with No Minimum Deposit
Opening a live account with BlackBull takes less than 24 hours and requires minimal information sharing. Once approved and verified, clients can begin trading immediately with as little or as much money as they like – BlackBull Markets doesn’t require a minimum deposit for the ECN Standard account.
The brokerage also goes the extra mile to make funding a trading account straightforward and cost-efficient. In addition to a bank transfer, account holders can deposit money via credit card, debit card, Skrill, UnionPay and Neteller.
Black Bull Group Limited (aka BlackBull Markets) is registered and incorporated in New Zealand (NZBN 9429041417799). The broker holds a Derivative Issuer License (Financial Services Provider – FSP403326)[1]BlackBull Markets, FMA licence and a Share Trading Licence (Financial Services Provider – FSP403326).
Our Verdict: Blackbull Markets
As a locally-based FMA-regulated forex broker, BlackBull Markets offers the best forex trading platforms and the lowest spreads. With a low minimum deposit starting from NZ$200 and superior customer service, we recommend this broker to New Zealand forex traders in the intermediate to advanced trading bracket.
BlackBull Markets ReviewVisit BlackBull Markets
TMGM Has The Lowest Raw Spread Account
TradeMax Global Markets (TMGM) recently acquired an FMA license in New Zealand. The forex and CFD broker was founded in Australia in 2013 and is well known for its competitive no-dealing desk (NDD) execution and ECN trading environment.
Key Strengths
TMGM: Trading Accounts and Platforms
TMGM offers commission and commission-free pricing structures across three different accounts. The popular Edge and Classic trading accounts require a minimum deposit of NZ$100 and use fast ECN execution methods.
One feature worth noting is the broker’s use of the Ty3 data centre for its servers. With data being significantly closer to New Zealand, execution speeds may be ever-so-slightly faster. This can make a difference when it comes to slippage. For example, one industry report found that trades routed through data centres less than 200km from the trader experienced 50% less slippage.
Edge Account
Raw spreads from 0.0 pips and a NZ$5 commission fee per side
Classic Account
Raw spreads from 1.0 pip and no commission
IRESS Account
Raw spreads from 0.0 pips and commissions ranging from NZ$6 to NZ$8, depending on the trade volume.
TradeMax Global Markets also offers a swap-free version of the Edge account for customers in majority-Muslim countries or who provide evidence of a need.
Forex Trading Platforms
As well as economical trading costs and low spreads, TMGM offers customers a choice of three popular trading platforms:
Regardless of your trading platform, TMGM utilises diverse liquidity sources to achieve ultra-tight spreads and fast execution speeds. For those interested in trading shares, we recommend the IRESS platform, which provides market access at all hours.
TMGM Trading Products
In total, thousands of CFDs can be traded with TMGM.
We gave high marks to this broker due to the sizable number of available currency pairs and its extensive crypto and equities offering. All told, TMGM gives clients the following:
TMGM has Good Security
All your funds are held in a segregated bank account (as required for all FMA-regulated brokers, TMGM stores your funds with the big 4 NZ banks – ANZ Bank New Zealand (ANZ), ASB Bank (ASB), Bank of New Zealand (BNZ) and Westpac New Zealand (WBC). This means you can be confident your funds are safe.
TMGM also use a liabilities program with a limit of $6,000,000 to cover situations that may lead to financial loss to its clients. This liability insurance covers professional indemnity, statutory liability, crime cover and director and officer liability, among others.
Regulation Behind The Broker
Trademax Global Markets (NZ) Limited (or TMGM) is a company registered and incorporated in New Zealand (NZBN: 9429046269300). TMGM is the licensed derivatives issuer with FMA (FSP 569807).
Final TMGM Verdict
CMC Markets Is The Most Well Known NZ Broker
With 330 forex pairs to trade and six other asset classes such as indices, cryptos, and bonds, CMC Markets should appeal to traders building diverse portfolios. A guaranteed stop loss is available if you choose the CMC NGEN trading platform.
Key Strengths
CMC Markets Trading Accounts and Platforms
Most CFDs products with CMC Markets have trading costs included in the spread with no additional commission fees. Spreads for most major currency pairs start from 0.7 pips, and you can choose from over 300 currency pairs. Other CFD products with no commission fees include indices, cryptocurrencies, hard and soft commodities and treasuries.
“I like trading more than just forex, so I really like that CMC has so many shares and markets available. I use the CMC platform, which means I have better control over my exposure than I would with other brokers.” – Paul F., Wellington
If you do wish to purchase share CFDs, then you can choose over 9000 shares across 23 markets, including New ZealandX, ASX, NYSE and LSE. The commission will vary for each market but if you trade on the New ZealandX (New Zealand Exchange), the fee is 0.10% with a minimum charge of NZ$7.00. Trading on the ASX will cost you 0.09%, while the US stock exchange charges 2 cents (min. USD$10.00).
Trading Platforms (including NGEN with a guaranteed stop-loss)
CMC offers a choice of two different trading platforms: NGEN or Next Generation, the broker’s proprietary trading platform, and the ever-popular MetaTrader 4 (MT4) platform. Both platforms are available via a desktop trading platform, web trader platform or mobile trading apps for Android and iOS devices.
While most proprietary platforms lack advanced technical analysis tools, NGEN is on par with third-party options like MT4. The platform offers 115 in-built technical indicators and over 70 chart patterns across 12 types of charts to help you develop robust trading strategies.
Perhaps the most interesting feature is the availability of a guaranteed stop-loss order (GSLO), a feature not available with MT4 or with most brokers. A GSLO is the same as a stop-loss order, but CMC will guarantee to close out of the trade at the price you set for a small premium. This means you don’t need to worry about being caught out during slippage or market volatility. Best of all, if you close your trade without needing to use the GSLO, then the entire GSLO cost will be refunded.
Advanced risk management and comprehensive tools helped CMC Markets snag a top spot despite the limited number of platforms available with this broker.
CMC Markets: Trading Products
Within New Zealand, the broker provides CFDs and countdowns across various asset classes.
We appreciate the number of instruments available to trade, in particular, we note that there are 330 Forex pairs which far exceeds what other brokers offer. This large range appears because they include Forex pairs each way i.e. EUR/USD and USD/EUR. Other products include:
Having said that, the discrepancy between FX pairs available on MT4 as compared to the broker’s platform gives us pause.
Minimum Deposit and Funding
There is no minimum deposit to open an account with CMC, meaning you can open a trading account with as little as $1. To get started, you can deposit trading funds using a credit card, direct deposit or Paypal.
Who Regulates CMC Markets?
CMC Markets NZ Limited (aka CMC Markets) holds company registration number 1705324 in New Zealand. The broker operates using a Derivatives Issuer Licence from FMA (FSP No: FSP41187).
CMC Markets: Our Verdict
While CMC Markets gets high marks for its powerful proprietary platform, we don’t appreciate feeling pushed to adopt it to access the full extent of the broker’s forex offering.
IG has the most forex pairs and tradeable CFDs
IG is one of the largest FX brokers worldwide, marketing itself as an all-in-one trading solution provider. They provide stockbroking, currency, and CFD trading services across several forex platforms.
Key Strengths
Trading Accounts and Platforms
IG Markets is a market maker, meaning they use internal liquidity to fill your orders and act as the counterparty to your trade (compared to no dealing desk brokers that connect you to external liquidity providers).
Market maker brokers like IG offer commission-free spreads, making them a good option for traders looking for a simpler cost structure. Traders also benefit from various risk management tools and industry-leading educational resources. You can find more about IG with our in-depth review here.
Regarding forex, you can choose from over 100 currency pairs, including AUD/USD and EUR/USD CFDs, with competitive average spreads sitting around 0.6 pips.
IG also offers a huge range of 12,000 shares across a wide range of markets for New Zealand traders, with market-based spreads and a 0.09% commission per side (minimum of NZ$7).
Overall, while spreads and commissions do vary for CFDs, some more competitive than others, the broker does offer enough competitive alternatives to be recommended. There are also lower trading costs for high-volume traders with DMA (Direct Market Access) pricing available through Forex Direct, with lower average minimum spreads, starting at 0.1 pips.
IG’s Trading Products
IG Markets offers a large and diverse range of products for trading across over 17,000 markets, making it a great option for portfolio diversification.
Very few brokers offer the range of products that IG Markets does. In addition to common CFD products such as Forex, Shares, Indices and ETFs, unique products available to IG account holders include:
Interestingly, IG limits leverage to 200:1 for Forex trading, far less than the 500:1 other brokers on this page offer. While this does encourage more responsible trading to some extent, it is also slightly surprising given a guaranteed stop loss is available if you are using the IG trading platforms which can protect you from excessive risk.
Regulation Behind IG
IG operates in NZ out of its Australian office (IG Australia Pty Ltd) but is a registered company in New Zealand (NZBN 9429047618251). The broker holds a Derivatives Issuer Licence in New Zealand with FMA (FSP No. 684191).
IG Markets also holds trading licences jurisdictions such as the UK (FCA), Germany (BaFin), and even the UAE (DFSA).
Final Verdict Of IG
With a low minimum deposit requirement and access to multiple trading platforms, IG Markets is an excellent choice for beginners and experienced traders. It also offers a range of educational resources and excellent customer support, making it a solid choice for those seeking to improve their trading skills.
Plus500 has the easiest to use trading platform
CFD provider Plus500’s in-house trading platform is user-friendly, with a wide range of CFD products and a guaranteed stop-loss, making it our pick as the top CFD trading platform for new forex traders.
Key Strengths
Plus500 Trading Accounts and Platforms
Rather than overwhelm new traders with multiple options, Plus500 keeps things simple with a single account type with no commissions when trading forex.
Standard Account
Like IG Markets, Plus500 acts as a market maker. While account holders won’t pay commissions on trades, they must factor in a minimum spread of 0.6 pips.
Trading Platforms
Plus500’s proprietary trading platform offers a range of useful trading tools not always found with other brokers. These include:
Plus500 CFD Trading Products
Plus500 ensures that novices can experiment with different asset classes with its solid, if not terribly extensive, range of financial instruments to trade.
Among the standard trading products Plus500 offers are:
Regulation Behind Plus500
Plus500 is not only FMA regulated; the broker is licensed in several financial jurisdictions such as Australia (ASIC), South Africa (FSCA), Singapore (MAS) and Europe (CySEC). One weakness of choosing Plus500 is that the broker does not have an office in New Zealand as the broker operates out of their Australian subsidiary Plus500AU Pty Ltd. With this in mind, it is possible, issues should occur should you wish to engage with the CFD provider in person.
Plus500AU Pty Ltd, is the issuer and seller of all financial products for NZ clients. It is a registered company in New Zealand with NZBN 9429041831816. The broker holds a derivatives issuer licence FSP No. 486026 from FMA
Final Verdict Behind Plus500
While experienced traders and MetaTrader fans may find Plus500 too limited for their needs, we think it’s the ideal broker for those new to day trading.
Open a demo accountVisit Plus500
*Your capital is at risk ‘72% of retail CFD accounts lose money’
RockGlobal offers both forex and share trading services
RockGlobal Markets offers a wider range of products to trade as either CFDs or physical assets than most brokerages. How much you’ll pay to trade them depends on your account type. The broker also strong in the way of customer service.
Key Strengths
RockGlobal Markets Trading Accounts and Platforms
Similar to other top forex brokerages, RockGlobal gives customers a choice between two account types. The Standard account does not charge commissions, however the wider spreads – 0.9 pips – may prove off putting for some traders. Spreads for the Pro account are slightly tighter at 0.6 pips, however each trade carries a USD$6 commission.
MT4 Standard Account
Forex spreads start from 0.9 pips with no commission fees.
MT4 Pro Account
Forex spreads from 0.0 pips, plus round-turn commission from USD$6 per lot
Trading Platforms
The broker’s proprietary platform, Trader Workstation, offers competitive pricing. Commission fees start from USD$6 per side. Active Trader rates are available.
Otherwise, RockGlobal account holders should brush up on their MSQL4 skills – MT4 is the only alternative.
RockGlobal Trading Products
As well as CFDs, longer-term investment opportunities include trading shares, options, futures and ETFs as physical assets.
Along with forex trading, the online broker offers the following asset classes to trade as CFDs:
Share Trading
RockGlobal provide access to thousands of different stocks to trade from 14 different countries. Brokerage fees are competitive:
Regulation BehindRockGlobal Markets?
RockGlobal is a company registered in New Zealand (NZBN 9429042010807). The broker registered Financial Service Provider (FSP509766) with a Derivative Issuer Licence from the FMA.
Final Verdict On RockGlobal Markets
Overall, RockGlobal may be well-suited if you are looking to trade a range of CFDs alongside a selection of longer-term investments such as stocks and ETFs.
The limited number of trading platforms available, however, severely limits this broker’s appeal.
Axi is a leading choice for the MetaTrader 4 forex trading platform
Founded in 2007, Axi offers Kiwi forex traders access to various trading instruments across multiple markets, making it a versatile choice for beginners and experienced traders. The broker’s commitment to MT4 sets it apart from other New Zealand forex brokers; Axi offers only MetaTrader 4, but with powerful integrations to support social trading and copy trading.
Key Strengths
AXI: Trading Accounts and Platforms
AXI customers can choose between two account types: Standard and Pro. Both claim low trading costs and tight spreads, particularly the Standard account, which starts at 0.4 pips.
This brokerage uses NDD execution with STP to provide customers with speedy trading and access to deep liquidity.
Standard Account
Spreads from 0.4 pips and no commissions make this an attractive choice. This account has no minimum deposit.
Pro Account
Spreads start at 0.0 pips, however traders will pay a NZ$7 commission per round-turn trade. This account requires a NZ$500 minimum deposit to begin trading.
Trading Platforms
Forex traders devoted to MetaTrader 4 will appreciate AXI’s commitment to the beloved trading platform. Customers can access the full suite of built-in MT4 technical indicators and drawing tools, as well as the Expert Adviser (EA) marketplace. Myfxbook can be integrated with MT4 for those wanting to social trade.
AXI: Trading Products
While not as extensive as some of the New Zealand brokers we reviewed, AXI still fields a perfectly suitable range of assets that include stocks, indices and crypto in addition to forex.
Where AXI stands out? Commodities. This broker offers more commodity CFDs to trade than any other FMA-regulated brokerage. Account holders can choose from:
Regulation Of Axi (formally AxiTrader)
AxiCorp Financial Services is a registered company in New Zealand with registered number NZBN 9429042567608), the broker operated with the trading name AXI. AXI hold a New Zealand Derivatives Issuer Licence (NZ FSP 518226) with FMA.
Note that AXI (formally AxiTrader) temporarily lost its Financial Markets Authority license in 2019. The FMA lifted the suspension in 2021 [2]AXI, FMA licence reinstated.
Final Verdict On Axi
With a solid collection of assets to trade, low trading costs and a well-known trading platform, AXI has plenty to recommend for New Zealand forex traders. The restoration of its licence by the FMA suggests all is well, but we remain cautious in our recommendation.
Our Methodology Behind Comparing NZ Forex Brokers
When ranking the seven FMA-regulated NZ forex brokers, we gave the most weight to a broker’s selection of trading platforms. Trading software directly impacts the success of your strategy based on overall functionality, charting tools and backtesting capacity. Brokerages offering customers a choice between the MetaTrader 4, MetaTrader 5 and cTrader platforms, in addition to a proprietary platform, earned higher scores, as well as those with comprehensive add-on and integration packages.
Next, we considered a broker’s trading fees, which impact trading profits. We looked at spreads (the difference between the buy and sell for a currency pair) and a broker’s commissions based on trading volume. Tight spreads and low commissions earned a broker a high score, while high minimum deposits, withdrawal fees and inactivity fees could lead to lost points.
Finally, we compared brokerages based on the variety of financial instruments available for CFD trading. For example, we weighted a broker’s forex offering more heavily than other assets, followed by cryptocurrencies; shares; indices and commodities.
Other factors we assessed included customer service; educational resources; leverage; the number of tier-1 licenses; and public perception as a financial services provider (FSP).
You’ll find a detailed scoring system breakdown on the ‘Our Methodology‘ page.
The complete list of NZ-regulated forex brokers is as follows:
| NZ Forex Broker | FMA Regulated | Average EUR/USD Spread | Forex Trading Platform | Account Type |
|---|---|---|---|---|
| BlackBull Markets | Yes | 0.16 | MetaTrader 4 + 5 | ECN |
| CMC Markets | Yes | 0.70 | MetaTrader 4 | Standard |
| IG Markets | Yes | 0.17 | MetaTrader 4 | ECN |
| Plus500 | Yes | 0.80 | Proprietary Platform | Standard |
| Rockfort Markets | Yes | 0.6 | MetaTrader 4 | Standard |
| TMGM | Yes | 0.2 | MetaTrader 4 | ECN |
Forex trading in New Zealand should only be done through an FMA-regulated forex broker holding a valid FSP number. In general, the best brokers will offer customers the following features:
Our 2023 review found BlackBull Markets was the best forex broker for NZ forex traders.
Both in NZ and worldwide the most popular forex trading platform is best mt4 forex brokers with over 50% market share. For CFD trading, best mt5 brokers in usa leads the market, while cTrader is popular with algorithmic traders.
To determine the best forex broker in New Zealand, we considered a number of factors, including trading costs, execution speeds, and product range.
The overall best New Zealand broker is BlackBull Markets based on:
BlackBull is ideal for intermediate and expert New Zealand forex traders looking for a locally-based broker that meets their needs.
Yes. The table below includes all FMA-regulated forex brokers in good standing as of September 2023
| NZ Forex Broker | FMA Regulated | Average EUR/USD Spread | Forex Trading Platform | Account Type |
|---|---|---|---|---|
| BlackBull Markets | Yes | 0.16 | MetaTrader 4 + 5 | ECN |
| CMC Markets | Yes | 0.70 | MetaTrader 4 | Standard |
| IG Markets | Yes | 0.17 | MetaTrader 4 | ECN |
| Plus500 | Yes | 0.80 | Proprietary Platform | Standard |
| Rockfort Markets | Yes | 0.6 | MetaTrader 4 | Standard |
| TMGM | Yes | 0.2 | MetaTrader 4 | ECN |
The FMA register publishes a complete list of registered brokerages in New Zealand with a valid licence. As further licences can be added or suspended, we recommend that you check the FMA registry website to ensure details are up-to-date.
At Compare Forex Brokers, we focus our reviews and rankings on brokerages with licenses from tier-1 regulators. If you trade via an unregulated broker or one with an offshore license, you may not see your broker listed.
HMarkets (also called Hantec Markets), HFTrading no longer appear to be regulated by FMA so we have removed them in our latest update. BL Global Markets had their licence suspended
Jarden Securities, while regulated by the FMA, does not share information we need to properly review their services and offering. Unfortunately, the broker only provides details about their trading accounts to clients after signup. The lack of easy access to their account details is why we have removed them from our list of NZ brokers, the brokers also received a warning for breaches by their parent company, “OM Financial (OMF)” [4]Jardin, FMA censures Jarden for beaches by OMF , for failure to handle their funds correctly.
TF Global Markets (Aust) Ltd (trading as Thinkmarkets) was granted Derivates issuer licence FSP623289 on 17/12/2021 [5]ThinkMarkets, FMA Licences Derivative Issuer Licenses". At this time the broker does not appear to be operating out of New Zealand.
One broker we have not reviewed is Pacific Financial Derivatives Ltd (PFD), a New Zealand registered company under NZBN9429037511500[6]NZBN, NZBN register and holds Derivatives Issuer licence FSP28944.
New Zealand forex traders should only consider a CFD provider that shows as ‘active’ on the Financial Service Providers Register (FSPR). Only FMA brokers are listed on this page (last updated in June 2022), and Kiwis are recommended to avoid providers without a New Zealand forex licence, including top international brokers like Pepperstone, IC Markets, City Index, Forex.com and AvaTrade. Although these brokers are regulated by other ‘tier 1’ regulators such as the ASIC, NFA or FCA, they are not licensed by the FMA or authorised to act as a New Zealand-regulated broker.
Some of the brokers on this list hold regulation licences with more international bodies, such as the Bahamas (SCB), Seychelles (FSA), and Vanuatu (VFSC). These licences are not considered a scam, but they might have less protection for you as a trader compared to the tier-1 licences. If you have the option of using a broker with a tier-1 regulation, then definitely take that option [footnote id=”3″].
Fees are primarily the spreads. Spreads are similar to those traveller views when going to a foreign exchange provider with a different price for ‘buying’ a currency compared to ‘selling’ the same currency. The foreign exchange provider makes the difference, which is called the ‘spread’. Some forex brokers will move to minimise these spreads and instead charge a commission. This increases the transparency of forex brokerage costs and can lead to a lower overall brokerage. These types of New Zealand brokers are called ECN brokers. It should be noted that some New Zealand forex broker charges other fees for holding positions, trading exotics and certain funding methods. We listed in Australia the best lowest spread forex brokers.
The software offered helps individual online forex brokers match individual traders with overseas liquidity markets. The main markets are in New York and London, so the trading platform servers must be close to these locations. Choosing the right forex trading platform will mean finding one with a good interface, fast trading execution and popularity. Using a popular forex platform like cTrader or MetaTrader 4, a broker can relatively seamlessly change the New Zealand forex broker they trade with.
Margin trading (also known as leverage) is critical for currency trading to make it worthwhile for traders. With currencies often moving by fractions of a per cent each day, leverage makes these changes more substantial. The leverage levels can be up to 10x different, so this element needs to be considered. It’s also worth noting that higher leverage is not necessarily better. This is because higher leverage increases the risks of forex trading.
Features to manage risk can help forex brokers reduce the level of risk associated with leverage. Some management tools are inbuilt such as minimum balance protection, which ensures a New Zealand trader doesn’t lose more than their deposit. Other features need to be enabled on individual trades, such as guaranteed stops where a broker can determine the most they are willing to lose on a transaction. It should be noted that these features can increase the brokerage costs of the trader. View the highest leverage forex brokers globally.
Risk Disclaimer
Before trading, make sure you can afford to take the high risk of losing your money. Any leveraged product increases your chances of losing money when trading.
Most fx providers will provide details of the percentage of retail investor accounts that lose money. Make sure you are aware that you can lose money when trading CFDs, which are complex instruments. Understand how CFDs work before trading and consider a demo account before trading real money. While overseas traders such as eToro may have overseas regulations from FCA to FSC, it’s recommended to stick to the list on this page.
BlackBull Markets, FMA Derivated Issuer licence number.
https://www.fma.govt.nz/business/licensed-providers/black-bull-group-limited/
AXI, FMA lifts AXI derivated licences suspension.
https://www.financemagnates.com/forex/regulation/new-zealands-fma-lifts-license-suspension-on-axicorp-axi/
FMA, Foreign exchange trading.
https://www.fma.govt.nz/consumer/investing/types-of-investments/foreign-exchange-trading/
Jarden Securities, FMA censures broker Jarden for derivatives issuer licence breaches by OMFM.
https://www.nzherald.co.nz/business/fma-censures-broker-jarden-for-derivatives-issuer-licence-breaches-by-omf/X7T2O77XABDXDLVIEOYQXXHCBE/
FMA, licensed-providers by FMA
https://www.fma.govt.nz/business/licensed-providers/tf-global-markets-aust-ltd/
NZBN, PACIFIC FINANCIAL DERIVATIVES LIMITED
https://www.nzbn.govt.nz/mynzbn/nzbndetails/9429037511500/
Ask an Expert
Are there any NZ forex brokers regulated by the Financial Markets Authority outside of this list?
Our page lists all of the FMA regulated brokers with Axitrader no longer listed as they lost their regulation in 2021. Each month we review the FMA website to see if any further brokers are regulated with several licences pending.
Does New Zealand have leverage restrictions for forex trading?
Brokers in NZ limit leverage to 500:1 forex. This is higher than found in Europe and Australia
Can I use an overseas CFD broker to trade currency like one regulated in Australia?
New Zealand Brokers Should use a broker regulated by the Financial Markets Authority (FMA) of New Zealand. This ensures the broker is legally able to offer their services to New Zealand residents and complies with the regulatory requirements of needed to offer financial services in the country.
Do I need to open a trading account in NZD or are their other more popular base currency options which may have lower spreads?
You can trade with any currency but when you deposit or withdraw it will convert with NZ and there will be conversion costs.
For example if you have a trading account with USD and you deposit with NZ it will convert to the USD it depends on the exchange rate.
What trading software do you recommend for trading CFDs in New Zealand? Does this impact which broker I should choose?
I think the key is to find a broker you like…then look for what platforms they offer for trading with. We suggest looking for a broker with MetaTrader 4, MetaTrader 5 and TradingView