Forex Broker NZ Comparison

New Zealand Foreign exchange trading requires a NZ forex broker regulated by the Financial Markets Authority (FMA) with the best forex brokers offering ecn low spreads, a mainstream forex trading platform and a range of CFDs financial services.

View the forex broker NZ comparison list below.

By Justin Grossbard / Updated: Monday, February 17th, 2020

New Zealand Forex Brokers

Best Forex Brokers In NZ

Best NZ Forex Brokers

The 2020 best forex broker in NZ that are regulated by the FMA are:

  1. CMC Markets – Best NZ Forex Broker
  2. IG Markets – Best Range Of Financial Markets
  3. Plus500 – Best crypto CFD trading
  4. Hantec Markets – Best MetaTrader CFD Broker
  5. OMF – Best cTrader Platform CFD Broker

NZ forex traders should only consider a CFD provider that shows as active on the Financial Service Providers Register. Only FMA brokers are listed on this page (last updated in February 2020). New Zealand forex traders should understand the high risks of leveraged products. Regulatory bodies have guides providing risk warnings and risk management suggestions including this article.

Broker Reviewed

CMC Markets
IG
Plus500
Hantec Markets
Our Rating
7.17
6.67
5.83
3.86
Trade with CFDs and on Stock Market
Useful risk management features
Range of risk management tools

Regulations and Licenses

Feature
CMC Markets
IG
Plus500
Hantec Markets
FMA (New Zealand)

Brokerage

Feature
CMC Markets
IG
Plus500
Hantec Markets
No Commission Account Spreads From (EUR/USD):
0.7
0.6
0.6
1.8
Commission Account Spreads From (EUR/USD):
Commission (per 100k traded side trip)
Minimum Deposit
$0
$0
$1000
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
6
4
3
8
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
CMC Markets
IG
Plus500
Hantec Markets
Forex Currency Pairs CFDs
339+
80+
60+
42
Cryptocurrency CFDs
12+
5+
10+
0
Index CFDs
46+
34+
67+
9
Share CFDs
9000+
12000+
1816+
0
Commodities CFD
111+
38+
17+
0
Stockbroking
9000+
0
Retail Maximum Leverage
500:1
200:1
30:1
30:1
Professional Maximum Leverage
500:1
200:1
300:1
300:1

Trading Platforms + Tools

Feature
CMC Markets
IG
Plus500
Hantec Markets
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
MetaTrader 4 only
Social + Copy Trading
MetaTrader 4 onliy
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
Only in ESMA regulated territories
ESMA regulated territories only
Demo Account
Unique Feature 1
Offers both CFD and Stock trading
Guaranteed stop loss orders
Trade cannabis index and share CFDs
Unique Feature 2
Trade treasury notes
Choice of Platforms
Guaranteed stop loss trading option

Overall

NZ Forex Frequently Asked Questions

The best fx broker for New Zealand forex traders is FMA regulated with a valid FSP number and has:

  • Low brokerage (spreads, commissions, overnight holding fees)
  • An advanced forex trading platform such as MT4/MT5 or cTrader
  • A range of currency pairs and other tradable CFDs such as Bitcoin
  • Strong customer service and reputation with traders

Our NZ broker review found CMC Markets was the best forex broker for NZ fx traders.

The local regulator for New Zealand is the Financial Markets Authority who regulate forex brokers trading in NZ. Those looking to trade forex or other CFDs should find an FMA regulated broker that suits their trading needs. Other regulators include the CFTC and NFA in USA and ASIC in Australia.

Most forex brokers trade cryptocurrencies such as Bitcoin as a contract for difference (CFDs). This means you don’t tangibly buy and sell crypto but rather speculate on its movement with leverage involved. You can view our review of IG who have a wide range of crypto CFD to trade.

The most popular forex trading platform is MetaTrader 4 created by MetaQuotes. Most forex brokers offer MetaTrader 4 to trade with while MetaTrader 5 is also offered for those looking to trade a wider market. CMC Markets offers the choice of MetaTrader 4 or their own forex trading platform and is the recommended NZ fx broker.

Selecting The Right NZ Forex Broker To Suit Your Needs

When selecting a New Zealand forex broker to consider the following 5 aspects:

1) Brokerage Fees which primarily is 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 NZ brokers are called ECN brokers. It should be noted that some NZ forex broker charge other fees for holding positions, trading exotics and certain funding methods.

2) Forex Trading Platforms help 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 need to be close to these locations. Choosing the right forex trading platform will mean finding one that has a good interface, fast trading execution and it’s popularity. By using a popular forex platform like cTrader or MetaTrader 4 a broker can relatively seamlessly change the NZ forex broker they trade with.

3) Leverage is critical for currency trading to make it worthwhile for traders. With currencies often moving by fractions of a percent each day, leverage makes these changes more substantial. The leverage levels can 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.

4) Risk Management features can help forex brokers reduce the level of risk associated with leverage. Some management tools are in-built such as minimum balance protection which ensures an NZ 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.

5) Regulation: The NZ financial service providers register created by the Financial Services Market (FMA) show locally regulated fx brokers. There are many requirements of the New Zealand regulators so choosing these fx brokers will reduce the risk of forex scans. The brokers listed on this page meet FMA requirements and you can view the FSPR (financial service provider registry) website. Another key regulatory bodies to note is the Financial Services Complaints Ltd (FSCL) where complaints of financial institutions can be made.

FMA Derivatives Issuers

To view the NZ licenced provider list you can view the FMA register. The top derivative issuers which offer retail forex broker NZ services are listed below. As further licences can be added or suspended it’s recommended to check the FMA register website to ensure details are up-to-date. The list below was updated in January 2020.

Licensed Entity (Updated 12/2019)FSP NumberLicence Granted
Carrick Just Capital Markets LimitedFSP56980727/08/2018
CMC Markets NZ LimitedFSP4118712/12/2014
Hantec Markets
FSP53928607/11/2018
IG Markets LimitedFSP1892326/02/2015
OM Financial LimitedFSP159221/10/2016
Pacific Financial Derivatives LimitedFSP2894427/02/2015
Plus500AU Pty LtdFSP48602630/09/2016
Rockfort Markets LimitedFSP50976626/02/2018

Before trading, make sure you can afford to take the high risk of losing your money. Any leveraged product increases your chances to lose money when trading. Most fx providers will provide details of the percentage of retail investor accounts lose money. Make sure our aware that you can lose money when trading CFDs which may exceed your deposit.

View The Top 3 New Zealand Broker Reviews

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