Forex trading involves buying and selling different currencies to profit from price fluctuations. Forex trading in New Zealand has gained tremendous traction as the brokers here provide traders with easy access to global financial markets on their regulated trading platforms. They are regulated by the Financial Markets Authority, which operates under the FMCA to regulate different financial services and promote fair and transparent financial forex trading.
Forex Brokers offer many benefits, such as leveraged trading, high liquidity and volatility, no restrictions on directional trading, and full freedom to participate in the market 24×5. Our comprehensive guide entails the best New Zealand forex brokers to help our readers discover the top forex trading platforms and engage in safe, secure, and legal trading.
Key Takeaways
- Forex trading in New Zealand is regulated by the Financial Markets Authority (FMA).
- New Zealand Forex Brokers offer competitive spreads, low commissions, and high-leverage options.
- A diverse array of financial instruments, including major, minor, exotic currency pairs, commodities, indices, stocks, cryptocurrencies, ETFs, and bonds is offered by NZ forex brokers.
- Forex Brokers in New Zealand offer multiple trading platforms like MT4, MT5, and cTrader.
- NZ Brokers provides extensive educational materials.
10 Best Forex Brokers in New Zealand
| BlackBull Markets | FxPro | Plus500 |
| CMC Markets | IG Markets | Saxo Bank |
| Tickmill | Interactive Brokers | TMGM |
| AvaTrade |
Brief of 10 Best Forex Brokers in New Zealand
New Zealand residents can choose the best forex broker for them by looking at the list below. Here, we have given an overview of the top 10 NZ forex brokers with their services, pros, cons, features, and more so that users can figure out the best for themselves.
1. BlackBull Markets
BlackBull Markets maintains a regulatory status in tier-3 jurisdiction, making itself safe for forex & CFD trading and stock exchange. The platform offers only MetaTrader platforms & several social copy trading platforms. BlackBull Markets is one of the best and most regulated forex brokers in NZ, with over 44 tradable assets from the stock market, average spread, reasonable trading fees, and commissions; all these features make forex trading in New Zealand (to buy and sell assets) user-friendly. To learn more about this broker, check out our BlackBull Markets review.
Why We Choose It?
BlackBull Markets is one of the best forex brokers in New Zealand. It offers access to trades with lightning-fast execution speed and the tightest spreads starting from 0.0 pips. The BlackBull Markets forex trading platform offer 26,000 tradeable instruments that can be traded without minimum deposit requirements, making it more accessible for beginners.
Key Features
- Regulated by multiple tier 1 and tier 3 regulators, including the Financial Services Authority.
- Ensures segregation of client funds and negative balance protection, prioritizing the safety of client funds and trading accounts.
- Provides 7 different trading platforms, including TradingView, cTrader, MetaTrader 4/5, Web Trader, Copy Trader, BlackBull Invest, and BlackBull Trade.
- Access to a wide range of tradeable assets, including forex, commodities, equities, indices, metals, futures, and many more.
- Top-notch trading tools include FIX API and free VPS hosting, MyFxBook, and ZuluTrade for social and copy trading.
Pros
- Maximum leverage of up to 1:500.
- Demo account to experiment with the platform’s features and functions.
- NDD/ECN execution model with deep liquidity.
- Institution-grade pricing structure suitable for retail traders with proprietary price aggregation.
- Customer support available 24×7 via live chat, WhatsApp, and email.
Cons
- Limited payment options.
- Pro trader accounts require a $500 minimum deposit.
2. FxPro
FxPro, a popular New Zealand forex broker, is regulated by FCA and offers a user-friendly interface, over 2,100 trading instruments, including indices shares, forex, futures, and cryptocurrencies, along with a perfectly optimized FxPro mobile trading app for traders to execute their trades on the go. Click on this FxPro review to understand how the platform works and enjoy a free all-in-one trading solution with the industry’s best trading tools and platforms.
Why We Choose It?
Traders looking for forex trading in New Zealand can visit FxPro’s global CFD and forex trading platform, which has unique benefits such as a user-friendly and intuitive platform, a wide range of assets, competitive spreads, and comprehensive trading experience for traders of all levels. FxPro makes forex trading seamless with innovative tools, user-centric trading features, and various account types suitable for different traders.
Key Features
- Superior trading conditions and execution on multiple trading platforms, including FxPro proprietary platform, MetaTrader 4/5, and cTrader.
- A dedicated mobile app for the ultimate mobile trading experience featuring robust TradingView charting tools.
- Three trading accounts – Standard, Raw, and Elite – with variable deposit limits and spreads for different trading styles.
- VIP trading accounts available with larger trade volumes.
- Four industry regulations worldwide include FCA (Financial Conduct Authority), CySEC, FSCA, and SCB.
Pros
- Known as the top NDD broker with the fastest execution speed.
- Superior platform with 7 chart types, over 50 indicators, and 15 chart time frames.
- Fixed and variable spreads account.
- Interactive learning center for novice traders with video tutorials, webinars, tests, and courses.
Cons
- Relatively high inactivity and withdrawal fees.
- A demo account requires signing up.
3. Plus500
Plus500 is the best forex broker in New Zealand, a global fintech firm, and a CFD provider. The firm was established in 2008, and it is headquartered in Israel. The trading platform has over 2500 trading instruments, including CFDs, options, indices, shares, forex, cryptocurrencies, commodities, ETFs (exchange-traded funds), etc.
The leading social trading broker has a highly regulatory environment because it is regulated by multiple financial bodies, including FCA, FSA, ASIC, MAS, FSCA, and CySec (license number 250/14). We have researched this broker further based on numerous Plus500 reviews to provide our readers with a comprehensive analysis of it.
Why We Choose It?
We choose Plus500 as it has emerged as one of the best New Zealand forex brokers for traders seeking a dynamic, intuitive, and user-friendly trading platform. Plus500 is suitable for both beginners and experienced traders who can access a world of opportunities with global markets and receive free real-time quotes while exploring endless trading options. It offers over 2800 instruments to more than 26 million registered users worldwide.
Key Features
- Plus500 provides exclusive trading data, allowing traders to explore predetermined measurements and gain insight into popular trading positions and current market sentiment.
- A simple, easy-to-use interface allows users to create watchlists, place and monitor trades, and analyze charts.
- Guaranteed stop-loss orders are available to protect traders from the risk of market cap.
- Offers e-books, educational videos, trading academies, webinars, and insights for learning.
- Competitive forex spreads and commission-free trading with maximum leverage of up to 1:300.
Pros
- Maintains client funds in segregated bank accounts.
- Advanced analytical tools and real-time quotes.
- Round-the-clock dedicated customer support is available via live chat in multiple languages.
- Guaranteed stop-loss orders and robust risk management tools.
Cons
- High swap and withdrawal fees.
- Does not offer phone support.
4. CMC Markets
Established in 1989, CMC Markets is an internationally trusted and regulated broker in New Zealand with almost 10,000 tradable instruments. The popular Next Generation platform has innovative trading tools, quality research, and robust price charting for forex & CFD traders.
This best forex broker in New Zealand is one of the best online brokers for low-fee trading; a terrific, user-friendly interface, comprehensive and advanced market research tools, currency pair, stable market volatility, & an impressive mobile app. Visit our CMC markets review to check for more insights.
Why We Choose It?
We chose CMC Markets, one of the trusted forex brokers in New Zealand, allowing traders to buy and sell their favorite financial instruments, including forex pairs, indices, crypto, commodities, shares, ETFs, and treasuries. Thanks to its competitive pricing structure, innovative trading tools, and quality research materials, CMC Markets delivers an excellent trading experience.
Key Features
- Offer traders one of the largest product catalogs available on online forex brokerage platforms, advertising up to 12,000 financial instruments for short-term and long-term traders.
- Regulation under the Financial Conduct Authority provides traders with peace of mind, knowing that their funds are in the hands of safe and regulated forex brokers.
- Offers integrated MorningStar quantitative equity research reports from the Next Generation trading platform.
- Traders can choose to trade on the Web platform or MetaTrader 4 or simply use the perfectly optimized mobile trading app.
- Easy registration and funding process using debit or credit cards, bank transfers, or PayPal.
Pros
- Emphasis on customer service and education to help beginners join the forex market.
- Excellent mobile and web trading platforms.
- Competitive pricing is available for frequent traders via FX Active.
- Invest app is developed to provide exchange-traded equities.
- Excellent choice for investors looking for a market maker broker with competitive pricing.
Cons
- Very few trading platforms are offered.
- High spreads for CFD indices.
- No automated or backtesting capabilities.
5. IG Markets
Established in 1974, IG Markets has grown to be a giant in the forex industry, with more than 300,000 clients across different countries. This New Zealand forex broker has tailored-made features and trading platforms for traders seeking a blend of efficacy and simplicity. Its intuitive and beginner-friendly interface caters perfectly to traders of all experience levels and offers cost-effectiveness and competitively narrow spreads. As per our IG Markets broker review, it is among the best NZ forex brokers, prioritizing client protection and offering high-end functionality for those seeking affordability, reliability, and user-centric platforms.
Why We Choose It?
IG Markets provides safe forex trading in New Zealand. Its platform is well-designed and user-friendly, and it offers excellent funding and withdrawal methods. The broker also offers useful educational tools suitable for beginners and seasoned traders. The multi-asset forex broker is highly trusted and regulated in various jurisdictions, providing countless opportunities and giving access to over 17,000 financial markets.
Key Features
- Multiple options for ready-made portfolios managed by the in-house team of experts.
- Offers trading analytical tools for personalized analysis of data.
- Regulated and authorized by the Financial Conduct Authority, among others.
- Offers unique features through its web-based platform, including trading signals and client sentiment data from AutoChartist.
- Premium client services benefit advanced traders by offering them rebates of up to 15%, customized analysis, and a personal account manager.
- Excellent educational and research materials from IG Academy benefits beginners.
Pros
- Feature-rich trading platforms with tight spreads and fast order execution.
- Premium account rebates of up to 15%.
- Zero minimum deposit requirement.
- A diverse range of trading instruments, including forex, indices, cryptocurrencies, shares, commodities, and many more.
- Rich educational and research materials.
Cons
- High fees for occasional traders.
- Limited advanced trading tools.
- No guaranteed stop losses, copy trading, or backtesting features.
6. Saxo Bank
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Saxo Bank, one of the best forex brokers in New Zealand, provides self-managed trading and investment capabilities, low-cost asset management without lock-in periods, intuitive trading tools for different trading needs and experience levels, and expert insights with in-platform market research and learning resources. It has reduced forex conversion spreads by almost 67% and offers a free Platinum pricing structure for newly funded accounts.
Traders on Saxo Bank can buy, hold, and trade different financial instruments, including stocks, ETFs, bonds, mutual funds, CFDs, forex, cryptocurrencies, futures, commodities, forex options, and many more. Explore more about the best NZ forex brokers in our Saxo Bank review and get every detail you need.
Why We Choose It?
We chose Saxo Bank due to its exclusive selection of more than 70,000 tradable instruments, excellent research, and trading platform experience. Saxo Bank provides an immersive feature-rich trading platform with leveraged and investment products and other asset management tools like SaxoWealthCare, SaxoSelect, and regular savings plans.
Key Features
- Popular for its regulation by the Financial Conduct Authority and its highly trusted and secure trading platforms.
- Offers multiple accounts – individual, joint, and corporate accounts – for different trading needs and preferences.
- Access to the Saxo VIP program, which offers the best pricing structure, tightest spreads, lowest commissions, priority client support from world-class experts, personal expert meetups, and access to exclusive events.
- SaxoTraderGo and SaxoTraderPro trading platforms are developed to provide major upgrades over the standard MetaTrader 4 and other competitors in the industry.
- Seamless integration with third-party features and tools creates a plethora of possibilities for advanced traders.
Pros
- Provides access to an extensive range of offerings for all types of traders.
- Offers negative balance protection for client accounts.
- No minimum deposit requirement.
- Extensive market analysis and research tools.
- Offers complex order types and top-notch security features to handle risks seamlessly.
Cons
- High custody fees, futures, and options fees.
- Does not support industry-standard MetaTrader platform.
- Confusing fee structure for beginners.
7. Tickmill
One of the best forex brokers in New Zealand, Tickmill offers low forex and non-trading costs. It offers various asset classes, including forex, stocks, stock indices, ETFs, bonds, cryptocurrencies, commodities, futures, and options. Tickmill offers three different accounts: a demo account for beginners to familiarize themselves with the platform’s features and functions, a Classic account with spreads starting from 1.6 pips, and a Raw account with tight spreads and competitive commissions.
As per our Tickmill review, this broker also features ultimate trading platforms, including MetaTrader 4 and MetaTrader 5, which are available on multiple devices, including Windows, iOS, Android, and WebTrader.
Why We Choose It?
We have chosen Tickmill as one of the New Zealand forex brokers for its diverse assortment of trading platforms, competitive fees, integration with AutoChartist, market sentiment tools, and ultrafast execution speeds. Tickmill’s trading platform is considered one of the most well-calibrated platforms for high-frequency and high-volume traders.
Key Features
- Offers below-average trading fees, spreads, and the lowest fixed commissions.
- Regulated and authorized by multiple top-tier financial regulators and adheres to most security standards.
- Access to a wide variety of charting tools, market sentiment tools, trading platform plug-ins, and more.
- Offers active traders three levels of discount packages.
- Takes only three steps to join the platform, create and fund the account, and start trading.
Pros
- Robust security measures along with segregated bank accounts for clients’ funds safe-keeping and enhanced protection.
- Diverse account types to cater to different Investment goals and trading styles.
- Commission-based pricing options and competitive spreads.
- Free demo account to practice and test trading strategies.
- Comprehensive educational resources, such as video tutorials, trading courses, and webinars.
Cons
- Less extensive educational resources for institutional and advanced traders.
- Slow withdrawal processing time.
- Limited range of research resources and trading tools.
8. Interactive Brokers
Interactive Brokers, also known as IBKR, is one of the best New Zealand forex brokers for high-volume and institutional traders. It offers international trading, risk management tools, cash management, and algorithmic trading features. The multi-asset platform for forex trading in New Zealand delivers high-quality research, modern trading platforms, and competitive fees.
Interactive Brokers is a superior choice for day traders and professional investors. It uses the flagship IB Trader Workstation and a comprehensive menu of trading and investment types, covering almost all major asset classes. To know more about how new traders can create an account with this broker and start buying or selling foreign currencies, visit our Interactive Brokers review.
Why We Choose It?
We chose Interactive Brokers as one of the regulated forex brokers in New Zealand, as it offers low commissions starting at $0 without added spreads, account minimums, platform fees, or ticket charges. It offers BestX a powerful range of advanced trading technologies developed to help traders achieve the best order execution and maximize price improvement while reducing market impact.
Key Features
- Offers global access to 150 financial markets, including equity, mutual funds, ETFs, futures, foreign exchange, cryptocurrencies, and others across 27 currencies and 34 countries.
- Low commission rates based on trading volume per month for active and institutional traders.
- Sophisticated order routing technology that routes every trader’s orders, maximizing trade execution.
- IBKR Pro clients can qualify for portfolio leverage.
- Supports over 100 order types from complex algorithmic trades to limit orders.
Pros
- Unparalleled breadth of trading markets.
- Competitive margin rates and commissions.
- Highly reliable order execution.
- Excellent library of research and educational materials.
- Impressive range of trading platforms packed with advanced trading tools and features.
Cons
- Platforms may not be beginner-friendly.
- Complex-tiered pricing structure.
9. TMGM
TMGM is among the best New Zealand forex brokers that combine the best pricing structure with a transparent trading environment, providing lightning-fast speed of execution with razor-thin spreads starting from 0.0 pips. TMGM traders can access 12,000+ products across seven asset classes, including CFDs on forex, shares, indices, metals, energies, and crypto. It allows trades on MetaTrader 4 and MetaTrader 5 platforms available on the web, desktop, iPhone, and Android. We have researched this broker more based on numerous TMGM reviews to provide our readers with a comprehensive analysis of the platform.
Why We Choose It?
TMGM forex broker in New Zealand has a robust selection of stock CFDs and a wide range of financial markets that can be accessed with a minimum deposit requirement of $100. It offers an impressive education toolset and a small range of NZ trading platforms compared to competitors in the country. However, the competitive commission rates and low spread make TMGM ideal for New Zealand forex traders.
Key Features
- Multifaceted security measures and predictions that go beyond the minimum requirements by a majority of financial regulators around the world.
- Spreads for gold and forex on the Edge account are the tightest in the industry.
- Partners with seven popular liquidity providers to achieve a fast execution speed of under 30 ms.
- Offers free VPS hosting, EA-compatible platforms, and AI-powered research content.
- Publishes relevant market analysis every day and uses superior research content from third-party providers, including Acuity.
Pros
- Additional protection and tight regulation.
- Demo account option available.
- Multiple advanced trading tools for beginners and advanced traders.
- IRESS platform is suitable for stock trading.
- Competitive commission rates on Edge account.
- Fast and easy account opening and funding processes.
Cons
- A high minimum deposit requirement of $100.
- Too many country restrictions.
- Limited educational and research materials.
10. AvaTrade
AvaTrade empowers every trader to trade CFDs on forex, stocks, options, indices, crypto, and commodities. As one of the top forex brokers in New Zealand, it offers traders access to advanced trading tools, top-notch security measures, and personalized customer support, with efficient and friendly agents resolving client queries as soon as possible. Its intuitive and user-friendly design allows traders to execute trades effortlessly with competitive spreads, advanced trading functionalities, and cost-effective solutions. However, check the AvaTrade broker review to know more details about its currency pairs, support for retail traders, inactivity fees, and other features and start trading.
Why We Choose It?
We chose AvaTrade as one of the best forex brokers in New Zealand because it offers a comprehensive variety of tradable instruments, an unwavering commitment to client education, and intuitive trading platforms. It also offers powerful mobile and desktop trading platforms tailored for traders of all levels.
Key Features
- Employs top-notch digital security measures, including high-end encryption technologies and secure socket layer protection.
- Highly regulated by different international entities and ensures compliance with regulatory guidelines to achieve ethical trading practices and transparency.
- Boasts a huge selection of tradeable instruments, including commodities currencies, cryptocurrencies, ETFs, indices, stocks, bonds, and more.
- Different account types are available to accommodate various traders’ needs and preferences.
- A versatile range of trading platforms, allowing copy trading, algorithmic or automated trading, advanced charting tools, leveraged trading, and many more on MetaTrader 4 and 5 platforms.
Pros
- Well-established and regulated broker operating since 2006.
- Seamless and hassle-free account opening process.
- Innovative mobile applications and trading platforms.
- Tightest spreads and competitive pricing structure.
- Excellent and fast order execution.
Cons
- High minimum deposit of $100.
- Limited advanced trading tools.
Comparing The Best NZ Forex Brokers
| Forex Brokers | Account Opening Charges | Brokerage Charges |
|---|---|---|
 |
Free | US$3 per US$100,000 traded |
 |
Free | $35 for every $1 million traded |
 |
Free | Free |
 |
Free | $29.95 or 0.11%, whichever is greater |
 |
Free | 2 cents per share (Min. US$10) |
 |
Free | 0.03% commission per trade |
 |
Free | $2.00 commission per lot per trade |
 |
Free | 1% of trade value |
 |
Free | $3.5 |
 |
Free | $3.7 |
Forex Broker Laws and Regulations in New Zealand
Forex trading in New Zealand is regulated by the Financial Markets Authority (FMA), which operates under the Financial Markets Conduct Act 2013, which promotes and regulates financial services to provide transparent, fair, and efficient financial markets. Top forex brokers are monitored and supervised by the FMA to protect traders and promote market integrity.
Trusted forex brokers in New Zealand must be licensed and registered as forex service providers and provide regular statements to prove their adherence to regulatory compliance. FMA-approved forex brokers ensure investor protection features are designed to protect the interests of the traders and provide transparent trading conditions that include measures to protect clients’ funds and prevent fraudulent activities.
Moreover, regulated brokers must adhere to AML (anti-money laundering) and CFT (countering financing of terrorism) regulations that involve conducting due diligence and reporting suspicious transactions. New Zealand forex brokers also need to provide comprehensive risk disclosure statements to their clients so that they can carefully review them to understand the risks associated with forex trading.
How to Verify FMA Authorisation?
To verify authorization of New Zealand forex brokers from the Financial Markets Authority (FMA), adhere to these steps –
- Navigate to the FMA’s official website (www.fma.govt.nz)
- Locate the “FMA Register” or “Financial Service Providers Register” section.
- Input the name of the individual or company you wish to validate
- Examine the search results to confirm the entity’s authorization by the FMA.
- Validate that the authorization is up-to-date and encompasses the specific financial services being provided
- Compare the provided details with supplementary information, such as registration numbers or license particulars.
- Scrutinize for any disciplinary records or alerts associated with the authorized entity.
- If uncertain, directly contact the FMA for further clarification or assistance.
Our Methodology
By collecting research data, we have reviewed the best forex brokers in New Zealand, their financial products platforms, and other services. Our dedicated team of experts conducted thorough research on the platform’s products, features, and functions and evaluated them based on a diverse range of factors mentioned below –
- Speed of Execution – Trading and transactional speed are essential for an enhanced trading experience. We have kept this aspect above all while evaluating these best forex brokers in New Zealand. All these brokers feature fast order execution of trades.
- Ease of Use – We have evaluated online forex brokers in NZ that allow traders to execute trades effortlessly on simple, user-friendly interfaces, offering ultra-smooth navigation and other processes.
- Fee Structure – We have assessed the NZ forex trading platforms’ fees and commissions, which commonly include bid and ask spreads, inactivity fees, minimum deposit requirements, trading costs, and other essential aspects included in the pricing or fee structure.
- Real-Time & Live Market Feeds – Our list of forex brokers in NZ provides access to real-time and live market feeds, an important requirement for a successful forex trading experience.
- Range of Products – We assessed forex brokers based on the range of trading products. The forex trading platforms mentioned above are equipped with various products, including mutual funds, insurance, equities, cryptocurrencies, and stocks, providing traders with a wide range of investment opportunities.
- Deposit & Withdrawal Processes – Simple and quick deposits and withdrawals can enhance the overall trading experience. All forex brokers mentioned above have multiple banking options to meet the needs of different traders.
- Licensing & Security Measures – We have also looked at the security, licensing, and regulatory aspects of the best forex brokers in NZ to ensure that all our readers choose a licensed, secure, and best forex trading platform to engage in legal trading.
- User Feedback – We considered customer feedback, reviews, and ratings from different online forums to assess the broker’s overall availability, credibility, and availability of trading platforms, accounts, and financial instruments.
Learn more about our approach to reviewing forex trading platforms. Explore our methodology!
Conclusion
In summary, the best forex brokers in New Zealand offer a wide range of financial instruments, but not all offer the same levels of security, accessibility, and reliability. Hence, traders need to consider key factors highlighted in this guide while selecting the ideal forex broker in NZ for themselves to ensure a lucrative and seamless trading experience. Regardless of the forex trading platform traders choose, they must always verify its legitimacy, adherence to regulatory standards, and credibility, such as those following the regulatory framework under the Financial Markets Authority, to uphold secure, transparent, and legitimate trading practices.
FAQs
Can I Trade Forex in New Zealand?
Yes, forex trading is legal in New Zealand and regulated by the Financial Markets Authority, which ensures compliance with regulatory standards and provides a safe trading environment for traders.
Is Forex Trading Legal in New Zealand?
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Yes, forex trading is completely legal in the country if traders choose regulated forex brokers in New Zealand.
Which are the Top Forex Brokers in New Zealand?
Remember, choosing a top forex broker depends on your individual needs. To ensure you’re choosing a safe and reputable option, it’s important to consider brokers regulated by the Financial Markets Authority (FMA). Also check a few things like their spread charges, inactivity fees, and the trading platforms they offer.
How Do I Check New Zealand Forex Broker’s FMA License?
To verify if forex brokers are FMA-licensed in New Zealand, traders can visit the official website and look at the footer’s note for information related to regulation and licensing.
Which Broker is the Best For Beginners In New Zealand?
Picking the best broker depends on your needs, but for beginners in New Zealand, consider brokers with a user-friendly platform, demo accounts, and good customer support. Also, check their fee structure and ensure they’re FMA-regulated for safety. Do your proper research to see which brokers offer these features!
Do Forex Traders Pay Tax in New Zealand?
Yes, forex traders need to pay taxes for forex trading. However, there is no specific taxation rules for NZ forex brokers platforms.