Best Forex Brokers in New Zealand (2026)

Which is the best forex broker in New Zealand?

The list is ordered by score, highest first. Six have global-test background; four do not. Plus500's score is an editorial rating set by our team; the rest are NZ desk scores from published New Zealand information through the same eight categories, without spread or order-speed tests. Each line names what the broker is best for or the company offering it.

1. BlackBull Markets - Fastest limit order fills
2. CMC Markets - Cheapest tested round turn
3. IG Group - offered by IG Australia Pty Ltd
4. ThinkMarkets - offered by TF Global Markets (Aust) Ltd
5. Axi - Lowest tested raw spread
6. Plus500 - offered by Plus500AU Pty Ltd
7. Zero Markets - offered by Zero Markets (NZ) Limited
8. EC Markets - Cheapest published round turn
9. Pacific Financial Derivatives - offered by Pacific Financial Derivatives Limited
10. ACE Markets - offered by ACE Markets Limited

The best forex brokers in New Zealand reviewed

1. BlackBull Markets, fastest limit order fills

88.5/100

NZ desk score

#1 of 10 in this ranking

BlackBull Markets review

Visit BlackBull Markets

FMA licensee

Black Bull Group Limited: derivatives issuer licence, active, granted 12 August 2020; registration FSP403326

EUR/USD spread

0.46 pips, tested, raw spread plus commission account

Cheapest round turn, 1.0 lot

US$10.60, tested spread

Minimum deposit

US$0

Platforms in New Zealand

MT4, MT5, cTrader, TradingView, BlackBull CopyTrader

Why We Recommend BlackBull Markets

For the fastest limit order fills, BlackBull Markets is where I would start. On our global test panel, its limit order fills ranked first of 36 brokers and its market order fills ranked fifth of 36, results from the 2026 execution test on MetaTrader 4 demo accounts. You set your entry price with a limit order, and the quicker it fills, the less chance of slippage. The licensee is Black Bull Group Limited, incorporated in New Zealand, and you can trade MT4, MT5, cTrader, TradingView, and BlackBull CopyTrader.

Pros & Cons

Pros

• Limit order fills of 72 ms, the fastest of the 36 brokers we tested, and market order fills of 90 ms, fifth, on our global panel.
• The raw account's tested 0.46 pips and US$6.00 per lot commission give a US$10.60 round turn on 1.0 lot of EUR/USD.
• The minimum deposit on the lowest account is US$0.

Cons

• The product disclosure statement states that a client can lose more than their deposit (page 14).
• No margin calls are made, and monitoring additional margin is the client's responsibility (page 12).
• An inactivity fee of NZ$5.00 is charged immediately after ninety consecutive days without a trade, then monthly (page 20).

BlackBull Markets MT5 screenshot

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• blackbull.com (New Zealand product disclosure statement), dated 11 September 2026
• Our global review (tested spreads and execution)

2. CMC Markets, cheapest tested round turn

86.8/100

NZ desk score

#2 of 10 in this ranking

CMC Markets review

Visit CMC Markets

FMA licensee

CMC Markets NZ Limited: derivatives issuer licence, active, granted 12 December 2014; registration FSP41187

EUR/USD spread

0.8 pips, tested, one spread, no commission account

Cheapest round turn, 1.0 lot

US$8.00, tested spread

Minimum deposit

No minimum

Platforms in New Zealand

CMC Markets Platform, MT4, MT5, TradingView

Why We Recommend CMC Markets

CMC Markets is my pick for the cheapest tested round turn. Its one spread account costs US$8.00 per round turn on one standard lot of EUR/USD, with no commission, and the spread is tested. That figure is the whole round-turn cost, and no commission is added to it. The licensee, CMC Markets NZ Limited, is incorporated in New Zealand, and its platforms are the CMC Markets Platform, MT4, MT5 by request, and TradingView, with MT5 access needing a live CMC Markets MT4 account first.

Pros & Cons

Pros

• The firm advertises more than 12,000 instruments on the Next Generation platform, its own claim on its own New Zealand site.
• Client money is not used to fund the firm's own hedging, which is funded from its operating cash account (statement page 18).
• The firm advertises twenty years on the ground in New Zealand, its own claim on its own New Zealand site.

Cons

• The client is an unsecured creditor of CMC Markets for money owed under the agreement (page 18).
• CMC Markets keeps the interest on client money, which the statement says may be considered a fee (page 18).
• A close-out warning may be sent, but the statement says not to rely on it (page 16).

CMC Markets CMC Markets Platform and MT4 screenshot

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• cdn.cmcmarkets.com (New Zealand product disclosure statement), dated 7 May 2026
• Our global review (tested spreads and execution)

3. IG Group

82/100

NZ desk score

#3 of 10 in this ranking

IG Group review

Visit IG Group

FMA licensee

IG Australia Pty Ltd: derivatives issuer licence, active, granted 9 July 2021; registration FSP684191

EUR/USD spread

1.13 pips, published average, one spread, no commission account

Cheapest round turn, 1.0 lot

US$11.30, published average spread

Minimum deposit

None by bank transfer; NZ$100 by card or PayPal

Platforms in New Zealand

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

Why We Recommend IG Group

IG Group suits a trader who wants platform and charting variety in one place. New Zealand clients can trade MT4, ProRealTime, the IG Trading Platform, L2 Dealer, and TradingView. That breadth has a practical side: a strategy that outgrows its platform can move to another without changing brokers. If you already work in MT4 or on TradingView charts, you can stay there and still trade with IG Group.

Pros & Cons

Pros

• Negative balance protection applies to a retail client, and a debit balance is adjusted back to zero at no cost (page 13).
• Our global test panel of 36 brokers, not a New Zealand test, measured IG's market order fill at 141 ms.
• Complaints can be taken to Financial Services Complaints Limited (FSCL), which charges the complainant nothing to use the scheme (page 12).

Cons

• IG accepts no liability for the solvency of a bank holding the trust accounts (page 11).
• IG Australia Pty Ltd operates its business for New Zealand investors through its office based in Australia (page 12).
• Live exchange data is a monthly subscription that varies by account classification and exchange, charged until cancelled (page 11).

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• app.mbieregisters.govt.nz (New Zealand product disclosure statement), dated 3 February 2025
• ig.com (published standard spread)
• Our global review (execution)

4. ThinkMarkets

81/100

NZ desk score

#4 of 10 in this ranking

ThinkMarkets review

Visit ThinkMarkets

FMA licensee

TF Global Markets (Aust) Ltd: derivatives issuer licence, active, granted 17 December 2021; registration FSP623289

EUR/USD spread

0.8 pips, published minimum, one spread, no commission account

Cheapest round turn, 1.0 lot

at least US$8.00, published minimum spread

Minimum deposit

50, currency not stated, or the equivalent in your account currency

Platforms in New Zealand

ThinkTrader, TradingView

Why We Recommend ThinkMarkets

ThinkMarkets suits a trader who wants one account and the firm's own platform. New Zealand clients trade on ThinkTrader, and TradingView is reached through a ThinkTrader account, so you keep the charting you may already use. The ThinkTrader account is the only retail account, and the firm charges no commission. Its EUR/USD spread has a published minimum of 0.8 pips, with no average published. One standard lot therefore costs at least US$8.00 a round turn, the spread in pips times the US$10 value of a pip, with no commission added.

Pros & Cons

Pros

• Stop losses can be guaranteed on ThinkTrader, with a premium from 0.025% of underlying exposure, deducted at opening (ThinkMarkets' New Zealand website, read 13 October 2026).
• No withdrawal fee from ThinkMarkets, though a bank or payment processor may deduct one (statement page 23).

Cons

• No negative balance protection: the client stays liable for a negative balance that closing out cannot cover (page 14).
• Stop out levels are set by the firm, and positions can be closed out once the margin level falls below that level, for example 50 per cent of initial margin or 0.5 per cent of the notional contract amount (page 14).

ThinkMarkets ThinkTrader screenshot

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• thinkmarkets.com (New Zealand product disclosure statement), dated 11 April 2023
• thinkmarkets.com (published standard spread)
• Our global review (execution)

5. Axi, lowest tested raw spread

80/100

NZ desk score

#5 of 10 in this ranking

Axi review

Visit Axi

FMA licensee

AxiCorp Financial Services Pty Ltd: derivatives issuer licence, active, granted 1 June 2018; registration FSP518226

EUR/USD spread

0.43 pips, tested, raw spread plus commission account

Cheapest round turn, 1.0 lot

US$8.80, tested spread

Minimum deposit

No account minimum; card US$5, bank transfer US$50

Platforms in New Zealand

MT4, MT5, Axi Trading Platform

Why We Recommend Axi

Axi is the broker for the lowest tested raw spread, from our global spread tests. The round turn on EUR/USD is US$8.80 for one standard lot: a US$4.50 commission, charged once at opening, on top of the tested spread. New Zealand clients can trade MT4, MT5, and the Axi Trading Platform, so you are not locked into one terminal. If you want a raw spread account and a choice of MetaTrader versions, Axi suits you.

Pros & Cons

Pros

• A tested raw spread of 0.43 pips from Ross Collins's spread tests, not a New Zealand test.
• Negative balance protection for retail clients, limiting losses to the money in the account (page 6).
• Limit order fills of 90 ms on our global panel of 36 brokers.

Cons

• Axi holds no individual segregated accounts, and client money is co-mingled with other clients' money in its trust accounts (page 21).
• Axi may pay the interest on the client trust account to itself (page 21).
• An inactivity fee applies after 12 continuous months with funds in the account, no trading and no open positions (page 21).

Axi MT4 screenshot

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• axidocs.s3.ap-southeast-2.amazonaws.com (New Zealand product disclosure statement), dated 9 December 2024
• Our global review (tested spreads and execution)

6. Plus500

76/100

Editorial rating set by our team

#6 of 10 in this ranking

Plus500 review

Visit Plus500

FMA licensee

Plus500AU Pty Ltd: derivatives issuer licence, active, granted 30 September 2016; registration FSP486026

EUR/USD spread

Not costed: no published spread

Cheapest round turn, 1.0 lot

Not costed: no published spread

Minimum deposit

Set per payment method; deposits in NZD

Platforms in New Zealand

Plus500 Trading Platform

Why We Recommend Plus500

Plus500 suits a trader who wants a single spread account with no commission, and trading runs on the broker's own Plus500 Trading Platform. I would shortlist Plus500 if you are starting out. It publishes no average or minimum spread on EUR/USD for its New Zealand clients, only a delayed live quote, so this page does not cost it. A minimum applies to each deposit method, the platform's deposit screen shows the level, and the statement requires every deposit to be in New Zealand dollars. Plus500 is offered by its licensee, Plus500AU Pty Ltd, an Australian company form in the register name.

Pros & Cons

Pros

• Negative balance protection: recourse is limited to money in the trading account, and a sub-zero balance is restored to zero (page 9).
• No dealing commission, with the spread built into the quoted price and not billed separately (page 27).
• FSCL charges the complainant nothing (page 32).

Cons

• All client money sits in one pooled account, not held separately per client (page 31).
• Plus500AU keeps the interest, calculated daily, and pays none of it on to clients (page 29).
• An inactivity fee of up to US$10 a month after three months with no login, capped at the remaining balance (page 30).

Plus500 Plus500 Trading Platform screenshot

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• cdn-main.plus500.com (New Zealand product disclosure statement), dated 17 September 2026
• Our global review

7. Zero Markets

74.3/100

Desk-based assessment: scored from published information, not tested

#7 of 10 in this ranking

Zero Markets review

Official site

Scored on eight of eight categories.

FMA licensee

Zero Markets (NZ) Limited: derivatives issuer licence, active, granted 27 August 2018; registration FSP569807

EUR/USD spread

0.0 pips, published average, raw spread plus commission account

Cheapest round turn, 1.0 lot

US$4.49, published average spread

Commission, as published

NZ$4 per side, Super Zero account

Platforms in New Zealand

MT4, MT5, ZERO Markets App

Why We Recommend Zero Markets

I would look at Zero Markets if you want an issuer incorporated and licensed in New Zealand. The licensee, Zero Markets (NZ) Limited, holds an active derivatives issuer licence granted 27 August 2018, with FSP registration FSP569807. It names MT4, MT5, and the ZERO Markets App for New Zealand clients, and the underlying instruments may be bullion, stocks, commodities, indices, cryptocurrencies, or currencies. The Super Zero account's commission is NZ$4 per side.

Pros & Cons

Pros

• Client money is paid promptly into a client trust account the company maintains with a bank in New Zealand (page 21).
• Financial Dispute Resolution Services, the approved independent external scheme in New Zealand, charges no fee to investigate or resolve a complaint (page 22).

Cons

• The client is an unsecured creditor of the company for obligations owed under the client agreement and the contracts (page 19).
• Without prior notice, the company may liquidate some or all open positions if the account balance reaches or falls below the stop-out level (page 17).

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• zeromarkets.co.nz (New Zealand product disclosure statement), dated 13 January 2025
• zeromarkets.co.nz (published EUR/USD average spreads), read 5 October 2026
• zeromarkets.co.nz (published commission), read 1 October 2026
• Our New Zealand review (desk score, scored from published information, not tested)

8. EC Markets, cheapest published round turn

70.5/100

Desk-based assessment: scored from published information, not tested

#8 of 10 in this ranking

EC Markets review

Official site

Scored on eight of eight categories.

FMA licensee

EC Markets Financial Limited (previously CTRL Investments Limited or MahiFX Limited): derivatives issuer licence, active, granted 20 January 2015; registration FSP197465

EUR/USD spread

0.1 pips, published average, raw spread plus commission account

Cheapest round turn, 1.0 lot

US$4.00, published average spread

Commission, as published

US$1.50 per side per standard lot, ECN account

Platforms in New Zealand

MT5, EC Markets App

Why We Recommend EC Markets

EC Markets is my pick for the cheapest published round turn. Its raw spread plus commission account costs US$4.00 per round turn on one standard lot of EUR/USD, and the spread is a published average. That is the lowest round turn on the accounts of the rated New Zealand brokers whose EUR/USD spread is a published figure. The licensee, EC Markets Financial Limited (previously CTRL Investments Limited or MahiFX Limited), is incorporated in New Zealand and holds an active derivatives issuer licence granted 20 January 2015, with FSP registration FSP197465. It names MT5 and the EC Markets App for New Zealand clients.

Pros & Cons

Pros

• All client funds are held separate from the company's own funds in trust accounts with major banking institutions (page 18).
• The company charges no withdrawal fees, though some banks use intermediary banks whose charges are the client's responsibility (page 17).
• Its New Zealand website shows a tick against negative balance protection for both accounts, the ECN and the STD.

Cons

• Funds in a client's trading account are held in trust but are not segregated from other customer funds within the trust account (page 13).
• On a margin closeout event the company automatically closes out the least profitable positions, which could mean all open positions are closed (page 6).

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• ecmarkets.co.nz (New Zealand product disclosure statement), dated 16 May 2025
• ecmarkets.co.nz (published EUR/USD average spreads), read 1 October 2026
• ecmarkets.co.nz (published commission), read 1 October 2026
• Our New Zealand review (desk score, scored from published information, not tested)

9. Pacific Financial Derivatives

64/100

Desk-based assessment: scored from published information, not tested

#9 of 10 in this ranking

Pacific Financial Derivatives review

Official site

Scored on eight of eight categories.

FMA licensee

Pacific Financial Derivatives Limited: derivatives issuer licence, active, granted 27 February 2015; registration FSP28944

EUR/USD spread

Not costed: no published average spread

Cheapest round turn, 1.0 lot

Not costed: no published average spread

Commission, as published

US$1 per side per standard lot, PFDPro and PFDProPlus accounts; none on PFDTrader

Platforms in New Zealand

MT4

Why We Recommend Pacific Financial Derivatives

I would look at Pacific Financial Derivatives if you trade on MT4 and want your commission priced per lot. Per its New Zealand site, PFDTrader lists no commission, PFDPro and PFDProPlus carry a commission of US$1 per side per standard lot, and the spreads shown are a live feed rather than a published figure. The spread you see when you trade is only part of your cost. Pacific Financial Derivatives Limited, the licensee, is incorporated in New Zealand and holds an active derivatives issuer licence from the Financial Markets Authority. Its PDS names the company as both issuer and provider of the margin foreign exchange and CFDs the statement covers.

Pros & Cons

Pros

• Client money paid for margin and fees is held in separate trust accounts and is not regarded as part of the company's assets (page 16).
• Financial Dispute Resolution, an approved dispute resolution scheme, charges the complainant no fee to investigate or resolve a complaint (page 17).

Cons

• Stop loss orders are not guaranteed and their execution depends on market volatility and liquidity (page 13).
• The company may reduce or close all open contracts without further notice if margin payments fail, and the client will be liable for any shortfall (page 12).

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• pfd-nz.com (New Zealand product disclosure statement), dated 11 June 2024
• pfd-nz.com (published commission), read 1 October 2026
• Our New Zealand review (desk score, scored from published information, not tested)

10. ACE Markets

59.5/100

Desk-based assessment: scored from published information, not tested

#10 of 10 in this ranking

ACE Markets review

Official site

Scored on eight of eight categories.

FMA licensee

ACE Markets Limited: derivatives issuer licence, active, granted 18 January 2016; registration FSP703051

EUR/USD spread

Not costed: no published average spread

Cheapest round turn, 1.0 lot

Not costed: no published average spread

Commission, as published

None

Platforms in New Zealand

MT5

Why We Recommend ACE Markets

ACE Markets suits a trader who wants a single Standard Account on MT5, kept in NZD or USD as you nominate. Its PDS states the firm requires no minimum deposit to become a client, and you may trade once your funds meet the initial margin. The underlying instruments for its CFDs include certain currencies, commodities such as gold and silver, and cryptocurrencies. Beyond the statement, the firm's New Zealand website lists forex, gold, silver, indices, and energy markets through MetaTrader. Its Client Services Agreement states no commission is payable on CFD trades, so I would still check the spread you are quoted before your first deposit. The licensee, ACE Markets Limited, is incorporated in New Zealand and licensed by the Financial Markets Authority as a derivatives issuer.

Pros & Cons

Pros

• The client trust account is held with Bank of New Zealand Limited, a New Zealand registered bank, and holds no other money, including the firm's own (page 20).
• The firm is a member of Financial Dispute Resolution Service, an approved dispute resolution scheme, and handles complaints free of charge (page 23).

Cons

• The PDS dated 22 April 2026 states the firm's trading platform closes positions automatically, without prior notice, where total equity falls below 50% of the continuing margin (page 12).
• The firm will not make margin calls, and monitoring the continuing margin requirement is the client's sole responsibility (page 12).

Sources

• fma.govt.nz (FMA register entry), read 19 September 2026
• acemarkets.co.nz (New Zealand product disclosure statement), dated 22 April 2026
• acemarkets.co.nz (published commission), read 5 October 2026
• Our New Zealand review (desk score, scored from published information, not tested)

One FMA-licensed issuer on the New Zealand register sits outside our ranking. Jarden Securities Limited holds an active FMA derivatives issuer licence and, under its product disclosure statements dated 4 March 2026, opens retail accounts for margin FX contracts, FX options, and CFDs, generally requiring a NZ$10,000 minimum lodgement. We give it no score, no ranked place, and no review. Its register entry appears on our page FMA-Regulated Forex Brokers in New Zealand.

How to choose a forex broker in New Zealand

Five checks before you deposit

1. Check the issuer is FMA licensed

Check the licence, not the brand. The FSP number identifies who holds the licence, and the licence itself is the derivatives issuer licence, so confirm the legal entity named in the PDS holds an active derivatives issuer licence on the FMA’s register of licensed providers before you fund the account, and treat the FSP number as registration only, not the licence. The register entry behind each issuer rated here is on our page of FMA-regulated brokers.

Brands New Zealanders search for that hold no FMA derivatives issuer licence are listed in Brands Not Found on the FMA Register, each with the date we checked it against the FMA register.

2. Read what a round turn costs, with its basis

Every spread figure on this page carries a basis word next to it. A spread labelled “tested” comes from Ross Collins’s spread tests, while “published average” or “advertised” means the broker’s own number, which we did not measure. There is no New Zealand test: the tested spreads come from Ross Collins’s spread tests and the fill times from our global test panel. Also check which account a figure refers to, since a raw-spread account charges commission on top, and a one-spread account does not.

3. Read the disclosure statement before you deposit

Read the PDS before, not after, depositing. The FMA requires the issuer to give it to you before you trade, and it names insolvency of the provider as a risk to read for: if your provider became insolvent, you may be an unsecured creditor and have difficulty getting your money back.

4. Check the leverage the issuer sets

Check the leverage terms the issuer sets, since no FMA cap applies and the issuer decides the limit. The FMA’s description of leverage as borrowing money to place a bet, repayable in full on a loss, is the yardstick to measure those terms against.

5. Check where the entity is incorporated

Finally, check the entity’s jurisdiction. An FMA derivatives issuer licence can be held through a company incorporated outside New Zealand, and four of the rated issuers hold theirs that way: TF Global Markets (Aust) Ltd, IG Australia Pty Ltd, AxiCorp Financial Services Pty Ltd and Plus500AU Pty Ltd. The FMA separately recommends avoiding overseas forex services it has not licensed, and the register confirms which licensed company stands behind the account you are about to fund.

Once you have chosen, applying, verifying your identity, funding the account, and placing a small first trade are all covered in our guide, How to Trade Forex in New Zealand (2026).

Which New Zealand forex broker has the lowest trading cost?

EC Markets has the lowest round turn on any basis, US$4.00 per standard lot of EUR/USD, from its published average plus commission, the broker’s own figure, not tested. CMC Markets holds the cheapest tested round turn at US$8.00; the lowest tested raw spread belongs to Axi, 0.43 pips and a US$4.50 commission, US$8.80. Axi is the dearest at US$14.50, tested. A pip on EUR/USD is US$10 per standard lot, so a round turn is the spread in pips times that value, plus any commission. Zero Markets’ Standard account costs US$12.00 per round turn from a published average spread, Super Zero US$4.49 per round turn, NZ$8 commission converted at the 12 October 2026 rate, neither tested. Not costed are Plus500 (no published spread), Pacific Financial Derivatives (live feed snapshots), and ACE Markets (no published spread figure).

The document that carries an issuer’s costs is the product disclosure statement. The FMA requires a licensed derivatives provider to give a client a PDS before they trade, so the fees, the margin terms and the close-out rules are all in writing before any money moves. Reading the PDS is not a formality: it is the one place where the issuer’s own charges are stated in the issuer’s own words.

Best forex trading platforms in New Zealand

MT4 and MT5 are the platforms most of the brokers we rate offer, so you have the widest choice of brokers if you want either of them. cTrader sits only at BlackBull Markets. TradingView runs at BlackBull Markets, CMC Markets, IG Group, and ThinkMarkets. If you trade CFDs as well as forex, I point you to CFD Trading in New Zealand (2026).

What time does the forex market open in New Zealand?

The forex market opens with the Sydney session on Monday morning and closes with New York on Saturday morning on the New Zealand clock. Those times move because New Zealand, Sydney, London, and New York change their clocks on different dates. You will find the session times and a session clock on our Forex Market Hours in New Zealand (NZST/NZDT) page.

How we rate forex brokers for New Zealand traders

Evidence and scoring

There is no New Zealand test behind these scores. Every score except Plus500’s is an NZ desk score, a desk-based assessment our team made on 16 October 2026 at my request, from each issuer’s published New Zealand information through the same eight categories. I chose BlackBull Markets as the overall recommendation for New Zealand, an editorial choice, not a test result. Plus500’s score is different: an editorial rating set by our team on 23 October 2026. Six have global-test background from our 36-broker global panel, rated under our methodology across eight categories, and four were scored from published information only.

What is specific to New Zealand is the evidence. We read the contracting entity, its FSP registration, its licence status, and the date the Financial Markets Authority granted that licence, from the FMA’s register of licensed providers. From each issuer’s New Zealand product disclosure statement, we read the money, close-out, complaints, and fee terms. The measured spreads you see were not measured on a New Zealand account: they are carried over from global testing, from Ross Collins’s spread tests. Fill times come from our global test panel.