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CFD Trading in New Zealand (2026)

The Financial Markets Authority (FMA) classes exchange-rate-linked forex contracts as derivatives and names CFDs among them, so offering them in New Zealand requires an FMA derivatives issuer licence. In all, 11 licensed issuers take New Zealand retail clients, and each must give you a product disclosure statement (PDS) before you trade. The table below compares those statements on six terms.

Justin Grossbard, Co-Founder of CompareForexBrokers Written by Justin Grossbard Last updated:

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

What each issuer’s own Product Disclosure Statement states
The 6 contract-for-difference terms compared across the 11 New Zealand licensed derivatives issuers that take retail clients, each term read from the issuer's own Product Disclosure Statement. A stated term carries the PDS date and the page it appears on, and a cell reads "No statement found" where a full-text search of that PDS found no statement of the term.
Attribute ACE MarketsAxiBlackBull MarketsCMC MarketsEC MarketsIG GroupPacific Financial DerivativesPlus500ThinkMarketsZero MarketsJarden
CFD product classes the underlying instruments for which CFDs are offered include certain currencies, commodities such as gold and silver, and cryptocurrencies Product Disclosure Statement dated 22 April 2026, page 2 CFDs over exchange rates on a currency pair, and over precious metals, other commodities, indices, futures contracts, shares and cryptocurrencies Product Disclosure Statement dated 9 December 2024, page 6 CFDs on currency (FX), energy and commodity prices, precious metals, indices, shares, futures, exchange traded funds and cryptoassets Product Disclosure Statement dated 11 September 2026, page 6 shares, indices, currencies, commodities, treasuries and cryptocurrencies Product Disclosure Statement dated 7 May 2026, page 5 the CFDs are over the counter, non-deliverable contracts on shares, ETFs, indices, commodities, foreign exchange and cryptocurrencies, traded on a margin or leveraged basis Product Disclosure Statement dated 16 May 2025, page 5 individual shares, indices, options, currencies and futures contracts Product Disclosure Statement dated 3 February 2025, page 2 the CFDs offered are based on currencies, metals, commodities, indices and stocks, and the CFD contracts offered do change from time to time Product Disclosure Statement dated 11 June 2024, page 6 the underlying reference instrument may be a commodity, currency, share, index, cryptocurrency or other financial instrument listed on the platform Product Disclosure Statement dated 17 September 2026, page 3 CFDs on individual shares, indices, currencies, commodities and futures contracts Product Disclosure Statement dated 11 April 2023, page 12 the underlying instrument may be bullion, stocks, commodities, indices, cryptocurrencies or currencies Product Disclosure Statement dated 13 January 2025, page 2 the contracts for difference this statement covers are for index or stock (shares) as the underlying asset Product Disclosure Statement dated 4 March 2026, page 3
Share CFD commission No statement found1 the Standard Account is commission free and charges through the spread; the Pro Account charges commission with a low or zero spread Product Disclosure Statement dated 9 December 2024, page 14 commission depends on contract size, is calculated when the order opens and is charged when it closes, and is not charged on all CFDs Product Disclosure Statement dated 11 September 2026, page 20 commission is charged on entering a trade in certain products, with a possible minimum Product Disclosure Statement dated 7 May 2026, page 17 the company earns a commission from its hedging counterparties based on the volume of hedged positions, and those commissions are incorporated into prices Product Disclosure Statement dated 16 May 2025, page 15 commission on individual share CFDs is charged as a percentage of notional value or in cents per share, subject to a minimum charge Product Disclosure Statement dated 3 February 2025, page 10 the company charges no fees or commissions to enter a contract Product Disclosure Statement dated 11 June 2024, page 14 no dealing commission Product Disclosure Statement dated 17 September 2026, page 27 between 0 and 5 per cent of the opening and closing transaction value, depending on platform and account type Product Disclosure Statement dated 11 April 2023, page 21 commissions may be payable on trades executed in some products, and commissions for both opening and closing are charged upon opening Product Disclosure Statement dated 13 January 2025, page 20 commissions are variable, agreed with the client on opening the account, and can also take the form of a spread between the wholesale exchange rate Jarden obtains and the rate it offers the client Product Disclosure Statement dated 4 March 2026, page 26
Holding cost a position held overnight is rolled to the next working day, resulting in a swap charge or a swap benefit Product Disclosure Statement dated 22 April 2026, page 18 a daily financing fee accrues on positions open at market close, 5pm New York time, Monday to Friday Product Disclosure Statement dated 9 December 2024, page 18 swap rates triple at the end of Wednesday's trading day, whether or not the position is held over the weekend Product Disclosure Statement dated 11 September 2026, page 19 New Zealand Exchange shares are the exception: holding cost is based on positions held at 9am NZST Product Disclosure Statement dated 7 May 2026, page 17 a position counts as held overnight if it is open at 12:00 am in the GMT+3 time zone, which the statement notes means the fee can fall during the day for a client in the New Zealand time zone Product Disclosure Statement dated 16 May 2025, page 16 interest adjustments use a 360-day divisor for Australian, US and European shares and indices and 365 for UK, Singapore and South African Product Disclosure Statement dated 3 February 2025, page 11 a position rolled to the next working day results in the client paying a swap charge or receiving a swap credit Product Disclosure Statement dated 11 June 2024, page 14 overnight funding is calculated at the end of each trading day and can be positive or negative Product Disclosure Statement dated 17 September 2026, page 27 the swap rate is tripled on Wednesday to cover the Friday to Monday value period Product Disclosure Statement dated 11 April 2023, page 22 a position rolled to the next trading day results in the client paying a swap charge or receiving a swap benefit Product Disclosure Statement dated 13 January 2025, page 20 an open CFD attracts a holding charge reflecting the funding of the position, and the statement's example has a client paying typically 2.5 per cent on a bought CFD and receiving typically 0.5 per cent on a sold one Product Disclosure Statement dated 4 March 2026, page 17
Guaranteed stop a stop loss is an order to close out a position at a specific price, and the firm does not guarantee the position will be closed out at the exact price specified Product Disclosure Statement dated 22 April 2026, page 8 No statement found2 No statement found3 premium rate shown on the platform multiplied by the number of units, debited immediately Product Disclosure Statement dated 7 May 2026, page 17 No statement found4 a Limited Risk premium is charged, payable when the Stop Order is triggered Product Disclosure Statement dated 3 February 2025, page 10 stop loss orders are not guaranteed and their execution depends on market volatility and liquidity Product Disclosure Statement dated 11 June 2024, page 13 the guaranteed stop percentage multiplied by the spread, rounded up to two decimal places Product Disclosure Statement dated 17 September 2026, page 29 No statement found5 stop loss orders are not guaranteed, the company has absolute discretion on whether to accept one, and they may be executed at a different price or not at all Product Disclosure Statement dated 13 January 2025, page 9 No statement found7
Negative balance protection a client may lose more than the amounts deposited, notwithstanding that the trading platform has features intended to minimise the risk of loss Product Disclosure Statement dated 22 April 2026, page 14 a retail client is given negative balance protection, so losses are limited to the money in the account Product Disclosure Statement dated 9 December 2024, page 6 a client may lose more than the amounts deposited, and the statement makes no negative balance commitment Product Disclosure Statement dated 11 September 2026, page 14 a client can lose more than their initial payment on a leveraged trade Product Disclosure Statement dated 7 May 2026, page 14 there is a possibility a client will lose more than the funds they have deposited Product Disclosure Statement dated 16 May 2025, page 23 negative balance protection applies to a retail client, and a debit balance is adjusted back to zero at no cost Product Disclosure Statement dated 3 February 2025, page 13 in the event of a failure to make margin payments the company may reduce or close all open contracts without further notice, and the client will be liable for any shortfall Product Disclosure Statement dated 11 June 2024, page 12 negative balance protection: recourse is limited to money in the trading account and a sub-zero balance is restored to zero Product Disclosure Statement dated 17 September 2026, page 9 no negative balance protection: the client stays liable for a negative balance that closing out cannot cover Product Disclosure Statement dated 11 April 2023, page 14 No statement found6 for sellers of FX options and for forwards and margin FX, major currency shifts can result in unlimited losses exceeding the posted margin, with the potential to bring the account balance into negative equity Product Disclosure Statement dated 4 March 2026, page 24
Close-out level where total equity falls below 50 per cent of the continuing margin, positions are closed automatically by the trading platform without prior notice, and the firm selects which ones Product Disclosure Statement dated 22 April 2026, page 12 an account balance falling below the minimum margin requirement is a default event that lets Axi close positions Product Disclosure Statement dated 9 December 2024, page 15 a stop out closes positions automatically once the margin level drops below 50 per cent Product Disclosure Statement dated 11 September 2026, page 13 the platform closes positions automatically once account value reaches or falls below the close-out level Product Disclosure Statement dated 7 May 2026, page 11 on a margin closeout event the company closes out the least profitable positions automatically at the market rate applicable at the time until there is enough account equity to support the margin, which could mean all open positions are closed Product Disclosure Statement dated 16 May 2025, page 6 an automated close-out process monitors accounts entering a margin call, and it does not guarantee to prevent negative equity Product Disclosure Statement dated 3 February 2025, page 3 if equity falls short of the required margin the client must either deposit additional funds or close out existing open positions Product Disclosure Statement dated 11 June 2024, page 7 forced liquidation begins without notice once account equity falls below the margin close-out amount Product Disclosure Statement dated 17 September 2026, page 7 a stop out at a level the firm sets, given as 50 per cent of initial margin or 0.5 per cent of the notional contract amount Product Disclosure Statement dated 11 April 2023, page 14 the company may in its reasonable discretion reduce exposure by closing out one or more or all open contracts without notice Product Disclosure Statement dated 13 January 2025, page 12 failure to meet a margin call results in Jarden closing the position, and the client remains liable for any costs or losses Product Disclosure Statement dated 4 March 2026, page 14

Every figure in this table is read from the issuer's own New Zealand Product Disclosure Statement, which is the document the Financial Markets Authority requires it to give a client before they trade. Where a statement says nothing about an attribute the cell says so: share cfd commission is unstated by 1 of 11, guaranteed stop is unstated by 5 of 11, negative balance protection is unstated by 1 of 11.

  1. ACE Markets, share cfd commission: the full text of the 26-page statement dated 22 April 2026 was searched on 2026-09-20 for "commission", "brokerage", with no hit.
  2. Axi, guaranteed stop: the full text of the 29-page statement dated 9 December 2024 was searched on 2026-09-20 for "guaranteed stop", "guaranteed stop-loss", "guaranteed stop loss", "GSLO", "guaranteed order", "stop loss guarantee", with no hit.
  3. BlackBull Markets, guaranteed stop: the full text of the 29-page statement dated 11 September 2026 was searched on 2026-10-14 for "guaranteed stop", "guaranteed stop-loss", "guaranteed stop loss", "GSLO", "guaranteed order", "stop loss guarantee", with no hit.
  4. EC Markets, guaranteed stop: the full text of the 26-page statement dated 16 May 2025 was searched on 2026-09-20 for "guaranteed stop", "guaranteed stop-loss", "guaranteed stop loss", "GSLO", "guaranteed order", "stop loss guarantee", with no hit.
  5. ThinkMarkets, guaranteed stop: the full text of the 28-page statement dated 11 April 2023 was searched on 2026-09-20 for "guaranteed stop", "guaranteed stop-loss", "guaranteed stop loss", "GSLO", "guaranteed order", "stop loss guarantee", with no hit.
  6. Zero Markets, negative balance protection: the full text of the 29-page statement dated 13 January 2025 was searched on 2026-09-20 for "negative balance", "lose more than", "more than your deposit", "more than the amount", "owe us", "liable for any shortfall", "debit balance", with no hit.
  7. Jarden, guaranteed stop: the full text of the 23-page statement dated 4 March 2026 was searched on 2026-10-01 for "guaranteed stop", "guaranteed stop-loss", "guaranteed stop loss", "GSLO", "guaranteed order", "stop loss guarantee", with no hit.

Which CFD terms does each FMA-licensed issuer's PDS cover?

Every statement states its CFD product classes, a holding cost rule, and a close-out rule, with 10 stating a commission rule and 10 addressing losses beyond the deposit. Only 3 statements state a guaranteed stop: CMC Markets, IG Group, and Plus500. If a guaranteed stop matters to you, that short list narrows the field fast, and I’d treat it as my opening filter.

ProductclassesCommissionHoldingcostGuaranteedstopNegativebalanceClose-outlevelACE MarketsAxiBlackBull MarketsCMC MarketsEC MarketsIG GroupPacific Financial DerivativesPlus500ThinkMarketsZero MarketsJardenStated in the PDSNo statement found
The grid shows the terms stated in each issuer's own New Zealand PDS, read in September and October 2026. A hollow ring (No statement found) means the document was searched for the term and nothing was found, which is not proof the issuer lacks it.

Is CFD trading legal in New Zealand?

Yes, CFD trading is legal in New Zealand when the contracts come from an issuer holding a derivatives issuer licence from the Financial Markets Authority (FMA), and CFDs are among the contracts the FMA names. The FMA’s own opening line on the subject is that forex trading for profit is very risky, and that it regularly receives complaints from consumers who have lost money. The FMA also names insolvency of the provider as a risk to read the Product Disclosure Statement for, and says a client may be an unsecured creditor. Those points come from the FMA’s foreign exchange trading page, which the FMA last updated on 4 March 2020, and it recommends New Zealanders avoid overseas forex trading services it has not licensed. If you are ready to start trading, I recommend How to Trade Forex in New Zealand (2026), which walks you through choosing an FMA-licensed derivatives issuer and checking the licence on the FMA register.

What do New Zealand CFD issuers offer and charge?

Every statement names its CFD product classes, and while shares, indices, and currencies appear in most statements, the classes differ from issuer to issuer. Most state a commission rule, which ranges from none to a percentage of trade value. In my opinion the commission rule deserves a closer look than the product list, because what a class costs to trade can matter more than whether it is offered. The CMC Markets NZ Limited Product Disclosure Statement dated 7 May 2026 states on page 5 that its CFDs cover shares, indices, currencies, commodities, treasuries and cryptocurrencies. The IG Australia Pty Ltd statement dated 3 February 2025 states on page 2 that its CFDs cover individual shares, indices, options, currencies and futures contracts. For me the product list is the quick part: confirm the class you actually trade is in the statement, then move on to what it costs.

CFD trading hours follow the underlying market, and the session times in New Zealand time are on Forex Market Hours in New Zealand (NZST/NZDT). For readers who want to practise before funding a live account, Best Forex Demo Accounts in New Zealand (2026) compares demo length, virtual funds and demo platforms at FMA-licensed brokers. Once a live account is funded, the cost of holding a CFD overnight is the next thing I’d look at, because it applies to any position kept open past the close.

What does it cost to hold a CFD overnight in New Zealand?

A holding charge or credit applies when you hold a CFD overnight, each statement sets its own rule, and 3 statements, Black Bull Group Limited and TF Global Markets (Aust) Ltd among them, state a triple charge on Wednesday. The Black Bull Group Limited statement states on page 19 that swap rates triple at the end of Wednesday’s trading day, whether or not the position is held over the weekend. The TF Global Markets (Aust) Ltd statement states on page 22 that the swap rate is tripled on Wednesday to cover the Friday to Monday value period. I’d check which day the larger charge lands before planning any longer holds. The CMC Markets NZ Limited statement states on page 17 that New Zealand Exchange shares are the exception: holding cost is based on positions held at 9am NZST. The IG Australia Pty Ltd statement states on page 11 that interest adjustments use a 360-day divisor for Australian, US and European shares and indices, and 365 for UK, Singapore and South African ones. If a trader holds shares across regions, the holding cost can be worked out differently, and I’d compare those rules before committing. The Plus500AU Pty Ltd statement states on page 27 that overnight funding is calculated at the end of each trading day and can be positive or negative. My rule of thumb is to know whether the adjustment works as a credit or a charge, because it is applied at the end of each trading day, so it adds up the longer you hold.

When will a CFD issuer close your position?

A CFD issuer can close your position automatically when your account equity or margin level falls below the level or requirement its statement sets, and that level differs by issuer. The Black Bull Group Limited statement states on page 13 that a stop out closes positions automatically once the margin level drops below 50 per cent. Positions can be closed while you are away from the screen, at a level the issuer’s statement sets rather than a level of your choosing. The TF Global Markets (Aust) Ltd statement states on page 14 that a stop out occurs at a level the firm sets, given as half of initial margin or 0.5 per cent of the notional contract amount. The CMC Markets NZ Limited statement states on page 11 that the platform closes positions automatically once account value reaches or falls below the close-out level. If you are starting out, I’d read the close-out level before the commission rule, because it sets how much breathing room an account has. The Plus500AU Pty Ltd statement states on page 7 that forced liquidation begins without notice once account equity falls below the margin close-out amount. The IG Australia Pty Ltd statement states on page 3 that an automated close-out process monitors accounts entering a margin call, and that it does not guarantee to prevent negative equity. Notice can be absent too, so I wouldn’t count on a warning arriving in time. AxiCorp Financial Services Pty Ltd’s statement states on page 15 that an account balance falling below the minimum margin requirement is a default event that lets Axi close positions.

Can you lose more than your deposit trading CFDs in NZ?

Yes, it depends on the issuer: some statements limit a retail client’s loss to the account, and others say you can lose more than you deposit. The AxiCorp Financial Services Pty Ltd statement states on page 6, and the IG Australia Pty Ltd statement states on page 13, that a retail client is given negative balance protection. In my view this is the term I would weigh hardest if you could not absorb a large loss from savings, because negative balance protection is what keeps a bad run from reaching money beyond the account. The Black Bull Group Limited statement states on page 14, and the CMC Markets NZ Limited statement states on page 14, that a client can lose more than deposited. The Plus500AU Pty Ltd statement states on page 9 that recourse is limited to money in the trading account, and that a sub-zero balance is restored to zero. My preference would be a statement that restores a negative balance rather than leaving you liable for it. The TF Global Markets (Aust) Ltd statement states on page 14 that the client stays liable for a negative balance that closing out cannot cover.

Which New Zealand CFD issuers offer a guaranteed stop?

The CMC Markets, IG Group, and Plus500 statements state a guaranteed stop, 3 in all, each for a premium. ACE Markets, Pacific Financial Derivatives, and Zero Markets state in their disclosure documents that stop loss orders are not guaranteed, and a search of the remaining issuers’ statements found no mention of guaranteed stops. That gap matters if a trader relies on stops to cap risk, because an ordinary stop can slip past the chosen level in fast markets. ThinkMarkets sits outside that count: its New Zealand website, read on 13 October 2026, offers a guaranteed stop loss order on the ThinkTrader platform for an upfront premium from 0.025% of the underlying exposure, while its Product Disclosure Statement dated 11 April 2023 states none. The IG Australia Pty Ltd statement states on page 5 that a guaranteed Limited Risk facility is offered on shares, indices, commodities, cryptocurrencies, bonds, rates, and currencies, and on page 10 that a Limited Risk premium is charged, payable when the Stop Order is triggered. You pay a premium for that certainty, and I’d weigh it against how much slippage a trader can live with. On guaranteed stops, the CMC Markets NZ Limited statement states on page 17 that the premium is the rate shown on the platform multiplied by the number of units, debited immediately. The Plus500AU Pty Ltd statement states on page 29 that the guaranteed stop percentage is multiplied by the spread, rounded up to two decimal places. With these terms in hand, I’d go to the licensed brokers that offer CFDs in New Zealand and see which ones suit how you trade.

Which FMA-licensed brokers offer CFDs in New Zealand?

All the ranked FMA-licensed issuers in this retail comparison now carry NZ desk scores. See Best Forex Brokers in New Zealand (2026) for the full ranking, where BlackBull Markets holds the highest NZ desk score and CMC Markets ranks second.

The NZ desk ranking lists brokers highest-first. Six brokers have global-test background and four were previously desk-only, yet all current scores come from a desk-based assessment of published sources rather than new account, spread or execution tests. Every broker is scored from published information, not tested. Global spread and execution tests retain their own scope.

  1. BlackBull Markets, NZ desk score 88.5, desk-based assessment, scored from published information, not tested
  2. CMC Markets, NZ desk score 86.8, desk-based assessment, scored from published information, not tested
  3. IG Group, NZ desk score 82, desk-based assessment, scored from published information, not tested
  4. ThinkMarkets, NZ desk score 81, desk-based assessment, scored from published information, not tested
  5. Axi, NZ desk score 80, desk-based assessment, scored from published information, not tested
  6. Plus500, NZ desk score 76, desk-based assessment, scored from published information, not tested
  7. Zero Markets, NZ desk score 74.3, desk-based assessment, scored from published information, not tested
  8. EC Markets, NZ desk score 70.5, desk-based assessment, scored from published information, not tested
  9. Pacific Financial Derivatives, NZ desk score 64, desk-based assessment, scored from published information, not tested
  10. ACE Markets, NZ desk score 59.5, desk-based assessment, scored from published information, not tested

Each entity’s licence remains active on the FMA register, and FSPR registration itself is not a licence. See FMA-Regulated Forex Brokers in New Zealand for the current list. Broker names link to NZ reviews. Ratings are not a guarantee of safety, and a licence alone does not make leveraged trading safe.

FAQs

Is CFD trading legal in New Zealand?
Yes, CFD trading is legal in New Zealand when you buy the contracts from the holder of a derivatives issuer licence from the Financial Markets Authority (FMA). The FMA names CFDs among those contracts, and it advises New Zealanders to avoid overseas forex trading services it has not licensed.
How risky is CFD trading for New Zealand traders?
The FMA calls forex trading for profit very risky and regularly receives complaints from consumers who lost money. Leverage and margin trading mean trading with borrowed money: if you lose, you repay the full amount borrowed plus any losses. A stop loss would not be guaranteed.
Which broker is best for CFD trading in New Zealand?
BlackBull Markets is the publisher's editorial selection for New Zealand and holds the highest NZ desk score, scored from published information, not tested. BlackBull 88.5 leads the NZ desk ranking, with CMC Markets 86.8 second. These are AI-assisted desk judgements, not measured NZ trading tests, and all 10 ranked brokers in this comparison carry NZ desk scores.
What must a CFD provider give you before you trade in New Zealand?
The FMA requires licensed derivatives providers to give you a product disclosure statement (PDS) before you trade, and says to read it carefully because different forex trading products involve different risks. There you find terms such as product classes, commission, holding cost, guaranteed stops, negative balance, and close-out level.
What happens to your money if a CFD provider in New Zealand fails?
If your provider became insolvent, the FMA warns, you may be an unsecured creditor and have difficulty getting your money back. This is counterparty risk, one of the things the FMA says to look for in the product disclosure statement (PDS), which it says to read carefully.

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About the author

Justin Grossbard, Co-Founder of CompareForexBrokers

Justin Grossbard

Justin Grossbard is the Co-Founder and CEO of CompareForexBrokers, which he established with Noam Korbl in 2014. He has over 20 years of professional experience in online marketing and holds a Master's in Marketing from Monash University.

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