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CompareForexBrokers

Best Forex Brokers In New Zealand

New Zealand hosts a diverse range of forex brokers, with seven making our list of the best. BlackBull Markets leads with an average of 0.23 pips on its raw EUR/USD. The top broker, BlackBull Markets, holds regulation from New Zealand’s Financial Markets Authority (FMA). Traders who scalp will appreciate the raw spreads from 0.0 pips on its ECN account, while those needing a swap-free Islamic account can look to ThinkMarkets. We ranked these seven brokers by our overall rating, highest first. ThinkMarkets and TMGM both have average spreads of 0.1 pips on their raw EUR/USD accounts. You can compare all seven brokers in the comparison table to find the one that best matches your trading needs.

Justin Grossbard, Co-Founder of CompareForexBrokers Written by Justin Grossbard Fact-checked by David Levy Last updated:

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Trading Forex and CFDs with leverage poses significant risk of loss to your capital.

Regulators named in full: a broker regulated by DFSA is regulated by the Dubai Financial Services Authority.

8 forex and CFD brokers compared that accept residents of New Zealand on the published rating out of 100, EUR/USD raw spread in pips, commission in US dollars per standard lot round turn, minimum deposit in US dollars and order execution in milliseconds. Most recent broker data verification in this table: 2026-08-19.

Showing 8 brokers that accept residents of New Zealand. Acceptance is stated per broker in the table.

Forex brokers accepting residents of New Zealand, ordered by our published rating
Broker Regulators Platforms Review Visit
BlackBull Markets Fastest execution speed of the 36 brokers we tested 94/100 FMA, FSA-S 0.46 pips US$6.00 per lot round turn US$0 72 ms MT4, MT5, cTrader, TradingView, Proprietary BlackBull Markets review Visit BlackBull Markets
MultiBank Group Regulated across five continents by 17+ authorities 80.3/100 ASIC, BaFin, MAS, CySEC, FMA, CMA, FSC-BVI, VFSC, CIMA, FSC-M, FSA-S, VARA, TFG, FIU 0.10 pips US$6.00 per lot round turn US$50 Not tested Not published MultiBank Group review Visit MultiBank Group
ThinkMarkets Low spreads 70/100 ASIC, FCA, CySEC, JFSA, DFSA, FSCA, CIMA, FSA-S, FSC-M 0.22 pips US$7.00 per lot round turn US$0 161 ms MT4, MT5, Proprietary ThinkMarkets review Visit ThinkMarkets
TMGM Low fees 68.3/100 ASIC, VFSC, FSC-M, FSA-S 0.15 pips US$7.00 per lot round turn US$100 94 ms MT4, MT5, Proprietary TMGM review Visit TMGM
IG Group Vast funding options 68.2/100 ASIC, FCA, BaFin, NFA, CFTC, MAS, FINMA, FMA, JFSA, DFSA, BMA, FSCA 0.16 pips US$12.00 per lot round turn US$0 174 ms MT4, MT5, TradingView, Proprietary IG Group review Visit IG Group
CMC Markets Satisfactory trading platforms 64.6/100 ASIC, FCA, BaFin, CIRO, MAS, FMA, BMA 0.44 pips $5.00 with FX Active on selected currency pairs US$0 138 ms MT4, MT5, TradingView, Proprietary CMC Markets review Visit CMC Markets
Axi No minimum deposit 64.5/100 FCA, ASIC, CySEC, FMA, DFSA 0.43 pips US$7.00 per lot round turn US$0 90 ms MT4 Axi review Visit Axi
Plus500 Licensed in 15+ jurisdictions 58.8/100 ASIC, FCA, CySEC, MAS, CIRO, CFTC, FMA, DFSA, EFSA, JFSA, CMA, FSCA, FSA-S, SCB, Bappebti Not tested No Account US$100 Not tested Proprietary Plus500 review Visit Plus500

Spreads are the tested EUR/USD raw figure where our team has one and the broker's own published average otherwise. A broker with no figure reads "Not tested" rather than zero.

What is the best forex trading platform?

BlackBull Markets stands out as the best forex broker in New Zealand in 2026, offering ultra-low spreads and commissions, 72ms execution speeds and leverage up to 500:1. CMC Markets also earns an honourable mention as the most popular NZ broker, offering an extensive range of CFD and forex markets.

Our list of the best NZ forex trading platforms in 2026 is:

Ordered by our overall rating, highest first.

  1. BlackBull Markets - Best Forex Brokers In NZ
  2. ThinkMarkets - Best Swap Free Islamic Account
  3. TMGM - Lowest Spread NZ Forex Broker
  4. IG Group - Most Trusted Forex Broker
  5. CMC Markets - Widest Range For CFD And Forex Brokers
  6. Axi - Good MetaTrader 4 Broker Offering
  7. Plus500 - Best CFD Broker for Education
Compare spreads, commission and minimum deposits across 7 brokers, ordered by our ranking.
RankBrokerScoreRegulationEUR/USD rawEUR/USD standardCommissionMin. depositPlatformsLeverageVisit
1BlackBull Markets logo BlackBull Markets94FMA, FSA-S0.11.10$3.00$0MetaTrader 4, MetaTrader 5, cTrader500:1Visit
2ThinkMarkets logo ThinkMarkets70FCA, FSCA ASIC, FSA-S, CySEC,DFSA0.111.10$3.50$0MetaTrader 4, MetaTrader 530:1Visit
3TMGM logo TMGM68.3ASIC, VFSC FSC-M, FSA-S0.201.20$3.50$100MetaTrader 4, MetaTrader 530:1Visit
4IG Group logo IG Group68.2ASIC, FCA, FMA0.161.13$6.00$0MetaTrader 430:1Visit
5CMC Markets logo CMC Markets64.6ASIC, MAS, FCA CIRO, FMA, BaFin0.50.7$2.50$0MetaTrader 430:1Visit
6Axi logo Axi64.5ASIC, FCA, CySEC DFSA, FMA0.00.7$3.50$0MetaTrader 4, MetaTrader 530:1Visit
7Plus50058.8ASIC, FCA, CySEC, MAS, CIRO, CFTC, FMA, DFSA, EFSA, JFSA, CMA, FSCA, FSA-S, SCB, Bappebtinot publishednot publishednot published$100Proprietarynot publishedVisit
THE BEST FOREX BROKER IN NZ

1. BlackBull Markets

94/100
Forex Panel Score
#1 of 7 in this ranking

Average spread

EUR/USD = 0.1 GBP/USD = 0.1 AUD/USD = 0.2

Platforms

MT4, MT5, TradingView, cTrader, BlackBull CopyTrader

Minimum deposit

$0

Why We Recommend BlackBull Markets

We recommend BlackBull Markets for excellent leverage and some of the fastest execution speeds worldwide. In our 2026 testing, BlackBull topped the list for both market and limit order execution, averaging 90ms for market orders and 72ms for limit orders. This broker also offers leverage of 500:1. The FMA has no retail leverage cap in force, so that ratio is set by BlackBull rather than by the regulator. New Zealand comparison site MoneyHub also named BlackBull its Favourite High-Speed Trading Broker in its 2025 Editor’s Choice awards.

While BlackBull offers MetaTrader 4 and MetaTrader 5, it also supports cTrader and TradingView, giving traders a broad choice of trading platforms. MoneyHub named the broker its Favourite Forex Trading Platform in the same 2025 awards.

BlackBull Markets won Best Broker for Scalping in the CompareForexBrokers 2026 Awards, judged on tested execution speeds, spreads and platform functionality. Those are our own awards and the judging criteria for every category sit on the winners page.

Traders Union records BlackBull Markets as the Best Gold Spreads winner at the Forex Expo Dubai 2025, and that pricing edge shows most clearly on metals and crypto rather than on forex majors, where the broker is competitive without leading.

Pros & cons
  • Fast execution speeds
  • Excellent selection of third-party trading tools
  • Social trading and copy trading allowed
  • Still waiting on additional licenses from Tier-1 jurisdictions
  • Average trading costs
Broker Details

Blackbull is an Auckland-based, NZ forex broker regulated by the Financial Markets Authority (FMA).

Best New Zealand Forex Broker award 2026

The provider was the best NZ broker in 2026 because of their:

  • The choice of MT4, MT5, cTrader or TradingView Platform
  • 26,000+ tradeable instruments across all platforms (broker-stated), including 84 forex pairs
  • Raw spreads from 0.1 pips plus US$6 per round lot in commission, among the lowest all-in costs of the seven FMA-regulated brokers in our 2026 comparison
  • No fees on deposits or withdrawals
  • 24/6 customer support based in NZ

BlackBull Markets is also authorized and regulated by the Financial Services Authority in Seychelles (“FSA”) under license number SD045 for the provision of investment services.

Trading Accounts and Platforms

BlackBull Markets offers Standard and Prime accounts, both with no minimum deposit, along with Prime+, a rewards program offering trading rebates for active traders. Traders can access a broker-stated 26,000+ tradeable instruments across all platforms, covering forex, indices, cryptocurrencies, commodities and equities, on MT4, MT5, cTrader and TradingView.

BlackBull Markets offers ‘true ECN’ trading conditions for Kiwi traders. Individuals can place orders with straight-through-processing (STP) execution, allowing access to external liquidity providers. In our 2026 testing of 36 brokers, BlackBull Markets delivered the fastest overall execution speed, averaging 72ms for limit orders and 90ms for market orders against industry averages of 145ms and 149ms. BlackBull’s liquidity is also supported by institutional liquidity providers, including LMAX Exchange.

BlackBull’s proprietary liquidity aggregation system is designed to allow liquidity providers to compete for order flow, helping the broker source competitive spreads.

blackbull markets account types nz

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.

BlackBull does not require a minimum deposit to open a Standard account.

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 US$6 per round lot in commission. This account also suits high-volume traders and scalpers.

BlackBull’s Prime account has no minimum deposit. Active traders can also access Prime+, a rewards program offering trading rebates.

To help you understand BlackBull’s competitiveness, the table below shows how BlackBull’s spreads compare with other brokers for specific forex pairs. Please note spreads are updated monthly and sourced directly from brokers’ websites to ensure accuracy.

BlackBull’s BTC/USD spread averaged US$11.90 in our September 2026 capture, a round-turn cost of 0.016% on a US$75,000 position. That was the lowest Bitcoin CFD spread of the six brokers we compared over the same 24-hour session, and crypto CFDs carry no commission at any of them, so the spread is the entire cost of the trade. Full crypto spread data is in our BlackBull Markets crypto CFD spreads section.

Prime+

Active traders can access Prime+, a rewards program offering trading rebates. It replaces the previous Institutional account tier and is designed for traders who trade higher volumes.

Islamic Account

BlackBull also offers a swap-free Islamic account that is designed to comply with Sharia law, where paying or receiving interest is prohibited. The account is available for Standard and Prime accounts, with swap-free trading across the available instruments.

Forex Trading Platforms

BlackBull offers MetaTrader 4, MetaTrader 5, cTrader and TradingView, giving traders a broad choice of trading platforms. 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 one of the strongest MetaTrader brokers due to its MT4 infrastructure. BlackBull’s trading servers are now based in London, providing a centralised trading-server location for its clients.

Other enhancements to BlackBull’s trading offering include Zulu Trade and Myfxbook, along with BlackBull CopyTrader for social and copy trading. Traders can also access VPS hosting for their trading platforms through BlackBull’s VPS partner, ForexVPS, as well as an Economic Calendar and Trading Calculators to support their market analysis and trade planning.

blackbull markets trading platforms nz

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.

blackbull markets products nz

BlackBull Markets offers a broad range of tradeable instruments across multiple asset classes:

  • 84 FX pairs
  • 15 indices
  • 27 cryptocurrencies
  • 41 commodities
  • Approximately 2,000 equities

BlackBull states a total above 26,000 tradeable instruments across all of its platforms, counting share CFDs and ETFs alongside the directly tradable equity list.

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:

  • New Zealand Toll-Free Number
  • E-mail Support
  • Live Chat
  • In-Office Support

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 to open a Standard account.

blackbull markets payment methods NZ

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) 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 no minimum deposit and superior customer service, we recommend this broker to New Zealand forex traders in the intermediate to advanced trading bracket.

View BlackBull Markets ReviewVisit BlackBull Markets

BEST SWAP FREE ISLAMIC ACCOUNT

2. ThinkMarkets

70/100
Forex Panel Score
#2 of 7 in this ranking

Average spread

EUR/USD = 0.11 GBP/USD = 0.4 AUD/USD = 0.3

Platforms

MT4, MT5, TradingView, ThinkTrader

Minimum deposit

$0

Why We Recommend ThinkMarkets

We recommend ThinkMarkets to any New Zealand forex traders in need of a halal trading account. This broker doesn’t charge fees to hold positions overnight, which means observant Muslim traders needn’t worry about violating rules against interest. We also like that this broker offers MetaTrader 4 and MetaTrader 5 trading platforms with some attractive add-ons, as well as competitive trading costs.

Pros & cons
  • Competitive spreads
  • Social and copy trading with ZuluTrade
  • A solid collection of trading platforms
  • Users report unreliable trading terminals
  • No cent accounts
  • Minimal selection of forex pairs
Broker Details

ThinkMarkets Offers the Best Islamic Swap-Free Trading Account

ThinkMarkets offers an Islamic account type for Muslim forex traders. This account type avoids traditional interest-based swap fees to comply with Islamic finance principles. Instead of interest-based charges, ThinkMarkets imposes a flat rate fee, aligning with Sharia law.

Trading Costs

The account’s fee structure involves a weekly administration fee for any positions held over seven days. This means no fees for the first six days, offering a cost-effective option for traders adhering to Islamic financial practices.

The Islamic account allows you to trade no commission spreads starting from 1.1 pip for major currency pairs, with ThinkMarkets as your trading platform option.

ThinkMarkets Trading Platforms

While ThinkMarkets NZ’s offering is more limited than in overseas jurisdictions where ECN pricing, MT4, and MT5 are available, the brokers swap-free structure is ideal for Islamic traders.

Think-markets-trading-platform

You can use the broker’s proprietary trading platform, ThinkTrader. Features include

  • 80 technical indicators, 50 drawing tools and numerous chart types
  • Up to 200 alerts and notifications available on the desktop platform and mobile trading apps
  • TrendRisk scanner to identify potential trading opportunities
  • One-click trading
  • Order types to manage risk with take profit and stop losses
  • Demo account with virtual funds to practice trading strategies

CFD Range

As a ThinkMarkets trader, you can access foreign exchange, stocks, indices, precious metals, commodities, and cryptocurrencies.

For NZ traders, over 27 cryptos are available to trade, ranging from the ever-popular Bitcoin and Ethereum to more obscure coins like Cosmos and Avalanche.

Think-markets-cfd-range

Regulation

ThinkMarkets (TF Global Markets (Aust) Pty Ltd) is licensed in New Zealand to facilitate derivatives trading for retail investors. The registered Financial Service Provider (FSP 623289) is headquartered in Melbourne (Australia), London (UK), Johannesburg (South Africa), and Tokyo (Japan).

LOW SPREAD NEW ZEALAND FOREX BROKER

3. TMGM

68.3/100
Forex Panel Score
#3 of 7 in this ranking

Average spread

EUR/USD = 1.2 GBP/USD = 1.2 AUD/USD = 1

Platforms

MT4, MT5

Minimum deposit

$0

Why We Recommend TMGM

We recommend TMGM for New Zealand traders hoping to control their trading costs with tight spreads. This broker averaged 1.16 pips across the five major currency pairs, coming in eighth out of more than 50 brokers we tested. TMGM also performed well across individual forex pairs, averaging 1.2 pips for the GBP/USD pair and 1.0 pips for the AUD/USD pair.

TMGM offers tight spreads due to an excellent network of top liquidity providers around the world, including in major financial centres like Singapore and London. The broker uses ECN-style processing with no dealing desk also ensures top execution speeds, this broker placed fifth overall in our tests.

Pros & cons
  • Very tight spreads
  • Multiple account types for all experience levels and budgets
  • IRESS trading platform
  • Inactivity fee
  • Higher commissions, AUD 7 for Edge and AUD 8 for IRESS accounts
  • A limited number of forex pairs
Broker Details

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

  • STP/ECN style broker
  • Option of Tokyo TY3 equinox data central for faster execution
  • Focus on security

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.

tmgm account types trading platforms new zealand

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:

  • MetaTrader 4 (MT4), Good for all TMGM products but shares only available business hours
  • IRESS, for share trading using DMA (Direct Market Access) only

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:

  • 61 forex pairs
  • 12 indices
  • Three precious metal commodities
  • Two energy commodities
  • 1,200 shares

tmgm trading products new zealand

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).

MOST TRUSTED FOREX BROKER

4. IG Group

68.2/100
Forex Panel Score
#4 of 7 in this ranking

Average spread

EUR/USD = 0.16 GBP/USD = 0.59 AUD/USD = 0.29

Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime, TradingView

Minimum deposit

$0

Why We Recommend IG Group

We recommend IG Group for its stellar reputation, earned over nearly four decades of providing financial services to retail investors. This broker pioneered CFD trading around the world and invented spread betting in the UK, making it among the most experienced and trustworthy options on this list.

Beyond international recognition, we like IG Group for its superior trading environment, suitable for both beginner and experienced traders. Its award-winning proprietary platform, available in webtrader and mobile trading app formats, offers all the tools you need for advanced strategies. This broker also stands out for its DMA Account option for professional traders, which offers low commissions for high-volume traders.

Pros & cons
  • Award-winning proprietary platform
  • Flexible funding and withdrawal methods, including debit and credit cards, bank transfers and PayPal
  • Well capitalised
  • Limited MT4 functionality
  • No copy trading or social trading
  • No MT5 trading platform
Broker Details

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

  • A most diverse range of trading products
  • Choice of 4 trading platforms
  • Has guaranteed stop loss on IG Trading

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 97 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 11,000+ 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).

ig markets account types trading platforms new zealand

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:

  • Bonds
  • Options
  • Interest Rates
  • Sectors (i.e. banks, beverages, chemicals, general retailers)
  • Digital 100s (binary trading)
  • Knock-out options

ig markets trading products new zealand

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 licence 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.

IG Group screenshots
IG Group - Trading Indicators on IG Trading Platform IG Group - Trading Chart Overview IG Group - Advanced Market Sentiment Indicator IG Group - Free Trading Signals
BEST RANGE OF CFD AND FOREX MARKETS

5. CMC Markets

64.6/100
Forex Panel Score
#5 of 7 in this ranking

Average spread

EUR/USD = 0.5 GBP/USD = 0.9 AUD/USD = 0.6

Platforms

MT4, CMC NGEN

Minimum deposit

$100

Why We Recommend CMC Markets

We recommend CMC Markets for New Zealand traders interested in creating a diversified portfolio with multiple financial instruments. This broker offers retail investors access to over 330 currency pairs, 10,000+ stocks, 1,247 ETFs, 33 commodities and 39 cryptocurrencies for a truly impressive collection of derivatives.

CMC Markets also offers low trading fees: the average spread for the top five currency pairs sits at 1.35 pips, according to our tests, and 1.11 pips for the popular EUR/USD pair.

Pros & cons
  • Licensed in five Tier-1 jurisdictions
  • Proprietary platform offers 12,000 trading products
  • Great trading experience with powerful charting, technical analysis tools and a mobile app
  • Educational content is limited
  • Fewer trading instruments on MT4
Broker Details

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

  • Largest range of forex pairs
  • No Commissions
  • Guaranteed Stop loss

CMC Markets Trading Accounts and Platforms

Most CFD 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 330+ currency pairs. Other trading instruments 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 10,000 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).

cmc-markets-trading-accounts-and-trading-platforms-new-zealand - Copy

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. NZD/USD and USD/NZD. Other products include:

  • Forex markets
  • Index markets
  • Shares CFD markets
  • Commodity markets
  • Treasuries and bond markets
  • Cryptocurrency markets

Having said that, the discrepancy between FX pairs available on MT4 as compared to the broker’s platform gives us pause.

cmc markets products

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.

CMC Markets screenshots
CMC Markets - Wide Selection of Currency Pairs CMC Markets - List of Markets Available CMC Markets - Automated Chat Pattern Indicators
GOOD METATRADER 4 BROKER OFFERING

6. Axi

64.5/100
Forex Panel Score
#6 of 7 in this ranking

Average spread

EUR/USD = 0.0 GBP/USD = 0.2 AUD/USD = 0.2

Platforms

MT4

Minimum deposit

$100

Why We Recommend Axi

We recommend Axi for an excellent MetaTrader 4 experience. If you’re planning to focus on forex and are committed to the popular trading platform, this broker offers a collection of integrations and add-ons that take the MetaTrader trading experience to the next level. With Axi, you have access to a range of advanced charting tools and in-depth analysis functions through its MetaTrader add-ons.

Pros & cons
  • Excellent customer support
  • Great MT4 experience with plenty of add-ons
  • Straight-through processing
  • Limited customer support, 24/5
  • Average trading costs
Broker Details

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

  • Over 70 currency pairs to trade
  • Tight forex spreads
  • Enhanced MT4 platform experience
  • Award-winning customer support

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.

axi account types in NZ

Trading Platforms

Forex traders devoted to MetaTrader 4 will appreciate that AXI has stuck with MT4 rather than switching to MT5. Customers can access the full suite of built-in MT4 technical indicators and drawing tools, as well as the Expert Adviser (EA) marketplace.

AXI: Trading Instruments

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.

axi trading products new zealand

Where AXI stands out? Commodities. This broker offers more commodity CFDs to trade than any other FMA-regulated brokerage. Account holders can choose from:

  • Five energy commodities
  • Ten metal commodities
  • Ten soft commodities

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.

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.

Axi screenshots
Axi Trading Platforms Axi - Advanced Technical Indicators Available Axi - Fast Execution With One-click Trading Axi - Free Expert Advisors To Enhance MetaTrader 4
BEST CFD BROKER FOR EDUCATION

7. Plus500

58.8/100
Forex Panel Score
#7 of 7 in this ranking

Average spread

EUR/USD = 0.8 GBP/USD = 1.4 AUD/USD = 1.0Updated 27/03/2026

Platforms

Plus500 Trading Platform

Minimum deposit

$100

Why We Recommend Plus500

We recommend Plus500 for beginner traders in New Zealand for the CFD education they provide which is important for all new traders and because they offer a guaranteed stop loss order. CFDs are complex financial instruments which means there is a risk of losses, especially if you have not yet developed your forex trading skills so the tools Plus500 provide goes some way to helping you build your skillset.

Pros & cons
  • Straightforward, accessible trading platform
  • Demo account available
  • Easy-to-use mobile app for iOS and Android
  • No market research or analysis
  • The trading platform lacks features for advanced technical analysis
  • Inactivity fee ($10/month after 3 months)
Broker Details

Plus500 is the easiest-to-use trading platform

CFD provider Plus500’s in-house trading platform designed following feedback from their clients. This platform comes with a wide range of CFD products, a guaranteed stop-loss, free unlimited demo account and Forex education making it our pick as the top CFD trading platform for new traders.

Key Strengths

  • Unlimited demo account
  • +Insights analytical tool
  • User-friendly platform

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.

Like IG Markets, Plus500 acts as a market maker. While account holders won’t pay commissions on trades (other fees apply), 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:

  • Stop-loss order
  • Trailing-stop loss
  • Stop-limit functionality
  • Guaranteed stops for an additional fee that ensures a trader can’t lose more than a specified amount on a CFD trade.
  • Negative balance protection

plus500 account type trading platform nz 2026

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 CFD products Plus500 offers are:

  • Indices, 41+ indices including Cannabis Stocks, Crypto 10, Real Estate Giants
  • Forex, 68+ CFD forex pairs including major, minor and exotic pairs
  • Commodities, All the popular commodities plus some unique options like Low Sulphur Gasoil, Lean Hogs Cattle
  • Cryptocurrencies, 25+ cryptocurrencies including Tron, Monero, Cardano and Crypto 10 Index
  • Share CFDs, 2000+ CFDs on shares across 24 international markets such as Australia, Germany, Singapore, the US, UK
  • Options, including selected stocks like Amazon and Alphabet and Indices such as US 500 and UK 50
  • ETFs, Over 124+ ETFs

plus500 cfd products new zealand

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). To be clear, only the FMA licence is applicable for traders in New Zealand but being multi-regulate can be a good sign of the brokers overall trust.

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.

Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76% of retail CFD accounts lose money’

Plus500 screenshots
Plus500 - Advanced +Insights Indicator Plus500 - Deep Analytics with +Insights Plus500 - Choosing +insights based on client trends Plus500 - Leverage Client Data For Profit-Making Markets Plus500 - Excellent Risk Management Tools

How to Choose A Broker For Forex?

There are 8 steps NZ traders should follow to ensure they pick the right forex broker.

1. Check The Broker Is FMA Regulated

We always recommend traders only use brokers locally regulated to maximise protection and avoid scams. Within NZ, the local regulator is the Financial Markets Authority (FMA). Less than 10 forex brokers are FMA regulated, so this should be the starting point.

Broker FMA Regulation

2. Determine Your Preferred Trading Platform

Most NZ traders will trade with a mainstream forex trading platform including MetaTrader 4, MetaTrader 5, cTrader or TradingView. Each platform has its own unique benefits but by determining which software you prefer, you can rule out the brokers that don’t offer that platform.

preferred trading platform

3. Compare Spreads and Fees

Based on your shortlisted FMA-regulated brokers that offer the trading platform you prefer, the next step is to compare fees. For ECN accounts the primary fees are the ‘spread’ and the ‘commission’ while a standard account has a ‘spread’ only. Fees over time eat into future profits (or losses) so it pays to compare the average spreads of the shortlisted NZ brokers.

spreads and fees

4. Ensure The Broker Matches Your Trading Style

There are several ways to trade, from Copy Trading to using EAs. Some brokers don’t have facilities for some types of trading, while others may have a weak offering in that area. We recommend you make sure the broker excels in the area(s) for the type of trading you plan to make.

match broker to trading style

5. Check The Range Of Markets Available

Different traders trade different markets so it makes sense to make sure the broker offers all those markets. This isn’t just relevant for currencies but also applies to areas such as shares, indices, commodities to cryptocurrency.

available markets to trade

6. Compare The Trading Conditions

Each broker has a ‘target market’ when it comes to the type of trader they want to attract. Those that want to attract experienced traders offer higher risk trading conditions, including the highest leverage. Brokers on the other hand, looking to attract beginner traders will focus on low leverage and risk protection tools.

trading conditions

Below is the full list of FMA regulated forex brokers and the popularity of these brokers based on NZ Google monthly searches.

Forex Broker, compared on account types.
Forex BrokerFinancial Service Provider NumberAccount Type
CMC MarketsFSP41187Standard
Plus500FSP486026Standard
BlackBull MarketsFSP403326ECN
IG GroupFSP18923ECN
Jarden SecuritiesFSP3202Standard
RockGlobalFSP509766Standard
TMGMFSP569807ECN
AxiFSP518226ECN
ThinkMarketsFSP623289ECN
Compare key metrics across 10 brokers.
BrokerMonthly searchesRank
Interactive Brokers2,9001st
BlackBull Markets2,9002nd
CMC Markets2,4003rd
eToro1,6004th
Plus5001,6005th
OANDA1,3006th
Exness5907th
Capex5908th
XM4809th
Admirals48010th

Comparison Of Forex Spreads For NZ Brokers

Spreads are often a key criterion when choosing a forex broker. The table below sets out the average spreads of the top FMA-regulated brokers to help you calculate your trading costs.

Standard Account Spreads, compared on spreads.
Standard Account SpreadsEUR/USDAUD/USDEUR/GBPGBP/USDUSD/JPY
blackbull markets review1.101.201.501.401.40
cmc markets review0.500.600.700.900.70
ig review1.131.011.711.661.12
tmgm review1.001.11N/A1.321.09
plus500 review0.801.001.501.401.80
axi review0.700.700.900.800.70
thinkmarkets review1.101.101.101.301.40

Avg. spreads are taken from each broker’s website and updated monthly. Last update on 1 Sep 2026

Can You Trust Forex Brokers In New Zealand?

Yes, you can trust forex brokers regulated by the FMA with a Financial Services Provider (FSP) license.

If you opt for an offshore forex broker, look for one with a license from the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA); the Cyprus Securities and Exchange Commission (CySEC); and the Commodities Futures Trading Commission (CFTC) in the USA.

Online trading carries a high degree of inherent risk, as does any form of investing, however you needn’t worry about your broker engaging in market manipulation or other unethical practices if your broker holds a license from a major regulator in a Tier-1 jurisdiction.

How to Choose a New Zealand Forex Broker

When selecting the best forex broker or CFD broker for your needs, consider your level of trading experience, preferred trading strategy and overall trading goals.

1. Brokerage Fees

In addition to spreads and commissions, you’ll want to have a look at the other Forex Fees to open or maintain an account. These ‘indirect trading costs’ can include minimum deposit requirements, deposit and withdrawal fees when you add or remove money from the account and an inactivity fee to maintain the account during pauses in your trading.

2. Forex Trading Platforms

Different brokers offer different combinations of trading platforms and accounts, and it’s important to choose one that supports your trading style.

If you already know that you need specific trading tools to make the most out of your strategy, then you’ll need to ensure either that the broker’s proprietary platform includes those tools or that it offers an alternative, MetaTrader 4, MetaTrader 5, cTrader or TradingView, that does.

For example, if you’re interested in social trading or copy trading, you’ll need to look for a platform with integrations like ZuluTrade or DupliTrade.

3. Leverage

Beginner traders should exercise caution when it comes to leveraged products. Leverage can exponentially increase your profits but also magnify your losses. If you’re a more experienced trader, however, you likely want to verify how much leverage a broker offers and under what conditions. Many New Zealand forex brokers and CFD brokers offer up to 500:1. No FMA leverage cap is in force, so that figure comes from the broker rather than from a rule. Conditions for Forex Margin Trading and the availability of negative balance protection can vary.

4. Risk Management

Depending on your trading goals, you may need more or less risk management tools. In general, we recommend looking for a broker that offers negative balance protection, Guaranteed Stop Loss and take-profit orders. An economic calendar and the ability to hedge can also help protect your capital.

Our Methodology For Comparing NZ Brokers

Our methodology for comparing forex brokers relies on our independent testing of key factors such as average spreads for major currency pairs and execution speeds, together with weighted analysis of key features like customer support and regulatory oversight.

best new zealand forex trading platforms in 2026 list

best new zealand forex trading platforms in 2026

A further writeup by our team was done on Otago Daily Times.

Disclaimer: Trading forex is an inherently risky activity involving financial markets characterised by high volatility. The recommendations and suggestions on this page are not offered and should not be construed as encouragement to trade or investment advice.

FAQs

What Forex Broker Should NZ Traders Use?
BlackBull Markets is our pick for the best New Zealand forex broker based on its lightning-fast execution speeds, competitive trading costs and high leverage. If you’re a more experienced trader, however, or interested in specialty trading products like crypto, another broker on our list might better fit your needs.
What's the Most Popular Forex Trading Platform in NZ?
The most popular trading platform in New Zealand for forex trading is MetaTrader 4 due to its easy-to-use interface, automated trading and fast execution speeds. Good MT4 brokers such as Pepperstone and IC Markets offer low spreads and risk management features to support both beginner and advanced forex traders.
How Did You Choose the Best NZ Forex Broker?
We chose the best New Zealand forex broker based on several factors most important to New Zealand traders, including spreads, trading conditions, regulatory oversight, educational resources and customer support.
How Do I Check a Broker's FMA License?
To verify whether your preferred broker is authorised to operate in New Zealand, visit the official FMA website and search the financial services providers register in the ‘Financial Professionals’ dropdown. All licensed brokers should hold a financial services provider (FSP) license.
How Many FMA-Regulated Forex Brokers Are There In NZ?
As of September 2026, we count seven FMA-regulated forex brokers operating in New Zealand with a valid FSP license.
Which Broker in New Zealand Has The Best Forex Demo Account?
Pepperstone has the best demo forex accounts in New Zealand. We chose Pepperstone’s demo account for its trading experience as it simulates real trading conditions. The demo account allows for easy replication of your forex trading strategies and chart setups, which would then translate into a smooth transition to a live account.
What Leverage Can I Use For Forex Trading In New Zealand?
There is no FMA leverage cap in force in New Zealand. The FMA consulted on a proposed standard condition 14 between 11 June and 7 August 2024 and has published no final decision since, and its own consultation material notes that some licensed issuers offer up to 1:500. Any leverage you are offered is therefore set by your broker, not permitted by a rule. At 1:500, every NZ $1 in your account gives you access to NZ $500 in margin.

About the author

Justin Grossbard, Co-Founder of CompareForexBrokers

Justin Grossbard

Justin Grossbard is the CEO & Co-Founder of CompareForexBrokers established in 2014, along with Noam Korbl and works as Strategic Head Of Research.

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