Best Forex Broker New Zealand 2022: Top NZ Forex Brokers List!

Most professional traders tend to consider FX brokers active on the FSPR or Financial Service Providers Register. FMA regulated forex brokers listed on the FSPR list and kiwis are suggested so that individual traders avoid national and international brokers who function without a New Zealand Forex license. 

Although most forex brokers in New Zealand are regulated by FMA, ASIC, NFA, FCA, or other broker regulatory bodies, they may not be licensed by Financial Markets Authority (FMA) or authorized to function as New Zealand brokers. The FMA came into picture after Securities Commission in NZ was declared as incompetent. After this little introduction, read on to find out more about NZ brokers.

About Forex Broker New Zealand

Forex trading platforms New Zealand are similar to usual trading in other countries like the UK and Cyprus. The rules of trading are similar in every corner of the world and usually, the FX brokers are alike too.

Nevertheless, New Zealand has a different set of rules and regulations relating to forex trading and for this, beginner traders, as well as advanced traders trading forex for the first time in New Zealand, must do their homework in advance. There are several options for New Zealand forex brokers. What actually matters is choosing the best funding methods suiting the traders. Although, find more about various forex brokers in detail to know their services.

Best New Zealand Forex Brokers

  1. BlackBull Markets:- Best For Social Copy Trading Broker in New Zealand 2022
  2. FXCM:- Best MT4 Broker in New Zealand 2022
  3. CMC Markets:- Best Overall Broker in New Zealand 2022
  4. IG Markets:- Best For Professional Trading in New Zealand 2022
  5. Plus500:- Best Broker For Beginners in New Zealand 2022
  6. Jarden Securities:- Best Broker For Professional Investors
  7. Hantec Markets:- Best For New Traders
  8. Rockfort Markets:- Best For Both Professional And Retail New Zealand Traders
  9. TradeMax Markets:- Best For MetaTrader Web Trading Platform
  10. HFTrading:- Best For All Type of New Zealand Traders

Top New Zealand Forex Brokers List

New Zealand residents can choose the best forex broker for them by taking a look at the below list, as there we had given the top 10 trading platforms overview with its services, pros, cons, features, and more so that users can figure out the best for themself.

BlackBull Markets

BlackBull Markets maintains a regulatory status in tier-2 jurisdiction. This makes the platform safe for forex and CFD trading. The platform offers only MetaTrader platforms and several social copy trading platforms. It is popularly known for offering an array of education and research tools to help users develop the correct trading style, trading conditions, and trading strategy to make more beginners interested in trading forex. BlackBull Markets is one of the best and regulated forex brokers NZ with over 44 tradable assets and average spreads, fees, and commissions. 

BlackBull Markets Features

Regulated By FMA
Best For Best For Social Copy Trading Broker in New Zealand
Year Founded 2014
Minimum Deposit $200 (Standard Account Holders)
$2000 (ECN Prime Account Holders)
$20,000 (ECN Institutional Account Holders)
Maximum Leverage 500:1 (Precious Metals and Currency Pairs); 100:1 (Indices and Oils)
Tradable Assets Forex, CFDs, Indices, Metals, Energies, and Commodities

BlackBull Markets is authorized and regulated by zero tier-1 financial regulators (high trust score), one tier-2 financial regulator (average trust score), and zero tier-3 financial regulators (low trust score). Among the many regulators, the leading regulator of BlackBull is the FMA, the New Zealand Financial Markets Authority. 

BlackBull Markets - Top Forex Broker NZ

BlackBull Markets is best known for offering VPS hosting and Social Copy trading. VPS hosting is free for all clients who make min. deposits of $2000 in 2,000,000 units of trading volume every month. Social Copy trading is also offered at BlackBull Market along with the Signal markets. Copy trading includes MyFxBook, ZuluTrade, SwipeStox, and PsyQuation. 

Pros and Cons of BlackBull Markets

Pros Cons
Commission-free trading. Cryptocurrencies and shares are unavailable.
MyFxBook and ZuluTrade. US clients cannot trade.
Social Copy and Cross-platform trading.
Rich trading academy with sufficient and updated educational tools and resources.

Fee Structure

Trading at BlackBull Market is commission free for Standard accounts but for Prime accounts, the commission fee is $3 per lot or $6 for every round turn. The commission fee is negotiable for institutional accounts. 

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FXCM

FXCM Group is one of the best forex brokers in New Zealand. It was established in 1999. It falls under the Jefferies Financial with three tier-1 regulators, making FXCM one of the best regulated brokers for forex and CFD trading. Compared to other brokers, FXCM offers trading with different tools and platforms including mobile trading. 

FXCM, the best forex broker New Zealand, offers a higher commission for forex and CFDs compared to the global industry average and quite a limited selection of tradable assets, but it ensures a vast access to securities. However, read more about the platform here in detail to know all the services.

FXCM Features

Regulated By ASIC, FCA, IIROC
Best For Best MT4 Broker in New Zealand
Year Founded 1999
Minimum Deposit $50
Maximum Leverage 30:1 (Major Currency Pairs); 20:1(Forex, CFDs, Stocks, Indices)
Tradable Assets CFDs on Stock, Currency Pairs, Indices, Forex, Shares, Commodities, Cryptocurrency

FXCM best known for:-

  • MetaTrader 4, proprietary ECN Trading station, TradingView, NinjaTrader 8.
  • Algorithmically managed investment portfolios and Social Copy trading.
  • Various research tools and in-house content are available.

FXCM - Best Forex Brokers New Zealand

Pros and Cons of FXCM

Pros Cons
Low minimum deposits on the Standard account. A high minimum deposit for Active Trader.
The best variety of plugins for MetaTrader 4 and ECN Trading Station platforms. Experienced traders do not gain access to FCA investor protection.
Advanced API connectivity, above-par trading conditions, and all the features useful for trading.
Various channels to get in touch with the customer support team.
Multiple platform choices.

Fee Structure

Standard versions or accounts do not need to pay any commissions for trading. The fees are included in the spreads. The commission on an Active Trader account is $30 for every $1mn trade. This rate can be discounted to $25 for every $1mn if the monthly turnover crosses 150 million. There are no deposit and withdrawal costs charged on credit card payments, but bank wire transfers cost $40. 

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CMC Markets

CMC Markets is an internationally trusted and regulated broker in New Zealand with almost 10,000 tradable instruments. The popular Next Generation platform that comes bundled with innovative trading tools, quality research, and robust price charting. 

The platform was established in 1989 and is one of the best online brokers for low fee trading, a terrific user-friendly interface, comprehensive and advanced market research and tools, and an impressive mobile app. 

CMC Markets Features

Regulated By ASIC, IIROC, FCA, MAS
Best For Best Overall Broker in New Zealand
Year Founded 1989
Minimum Deposit No Minimum Deposit
Maximum Leverage 30:1 (Retail Investors); 500:1 (Professional Investors)
Tradable Assets Forex Pairs, Indices, ETFs and Shares, Treasuries, Commodities, Cryptocurrencies

CMC Markets best known for:-

  • Zero minimum deposit New Zealand forex trading platform.
  • Overall one of the best NZ Forex brokers and a wide variety of offerings.

CMC Markets has no min. deposit requirement, which means one can deposit money in their live trading account with any amount they wish to start trading. However, you can get more details here about the platform from our honest CMC Markets review.

CMC Markets - Top Forex Brokers in New Zealand

Pros and Cons of CMC Markets

Pros Cons
Regulated by UK FCA. US clients are not allowed.
Extensive variety of offerings. High CFD spreads for many indices.
Emphasis on customer service, expert advice, and education. No automated trading or back-testing capabilities.
Industry-leading research amenities.
Protection for client’s money and account.

Fee Structure

CMC Market charges an inactivity fee of $10 per month for every live account with no activity in over 12 months. However, no other fees are charged by CMC.

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IG Markets

IG Markets is a trusted and regulated broker that offers an ultimate package of impressive research and trading tools, competitive pricing, industry-leading knowledge, educational resources, and an array of tradable assets. The leading top forex broker New Zealand gives an all-round experience to all kinds of traders including beginners and seasoned high-volume traders. 

IG Markets Features

Regulated By ASIC, JFSA, MAS, FINMA, FCA, CFTC
Best For Best For Professional Trading
Year Founded 1974
Minimum Deposit $250 or 300 EUR, 2500 CHF, 4000 ZAR, 35000 JPY, 450 AUD, 400 SGD
Maximum Leverage 50:1
Tradable Assets Forex, Shares, Indices, Bonds, ETFs, Commodities, Options, Cryptocurrencies

IG Markets best known for:-

  • Professional Trading
  • Over 19000 tradable assets
  • DMA account for forex trading
  • ProRealTime price charts
  • Premium content and trade signals

IG provides tight spreads and allows traders to trade and invest with more than 80 currency pairs with a maximum leverage of 50:1. Although, know more about the platform from our full review of IG and learn all its services & features.

IG Markets - Top-tier Forex Broker New Zealand

Pros and Cons of IG Markets

Pros Cons
First-grade web trading platform. High CFD and forex fees.
Offers protection to EU and UK clients. Slow customer support.
Regulated by FCA, MAS, ASIC, FINMA, and others. No protection for US clients.
Good range of offerings.
Excellent deposit and withdrawal options.

Fee Structure

Clients at IG Markets are subject to swap fees on trade positions held overnight. This may be subject to a currency conversion charge if the traders trade in a currency other than the base currency. Additionally, the platform also charges an inactivity fee of $12 per month if there is no trading activity for over 24 months. Lastly, for wire transfers, withdrawals may be subject to a trading fee of $15.

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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 on forex, options, ETFs, indices, shares, cryptocurrencies, commodities, and more. 

The leading social trading broker has a highly regulatory environment since it is regulated by multiple financial bodies including FCA, FSA, ASIC, MAS, FSCA, and CySec. eToro created the first social trading system.

Plus500 Features

Regulated By FCA, FSA, ASIC, MAS, FSCA, CySec
Best For Best Broker For Beginners
Year Founded 2008
Minimum Deposit $100
Maximum Leverage 30:1 (Forex); 20:1 (Stock Index), 5:1 (Stocks); 2:1 (Cryptos)
Tradable Assets CFDs on Stock, Stock Index, ETFs, Commodities, Spot Currency Pairs, Cryptocurrencies

Plus500 best known for:-

  • The platform is best for its neatly designed point and click platform interface, ease of use, and simplicity.
  • The advanced but complex trading features within Plus500 include guaranteed stop-loss orders (GSLO) and trailing stops that can help in risk management for casual traders, who may not afford to take risks.
  • The web and desktop version meets the needs of progressive web applications and is compatible with multiple devices.

However, read our honest Plus500 broker review and know more details of the platform in detail.

Plus500 - Best Forex Brokers in New Zealand

Pros and Cons of Plus500

Pros Cons
Easy account opening process. Limited products available – only CFDs.
Quick and excellent customer service quality from expert advisors. Mediocre education and research tools.
Excellent proprietary trading platform.
Regulated by several financial authorities across the world.

Fee Structure

One of the investment objectives of Plus500 is to keep trading costs low compared to its rivals. There is no withdrawal fee on the 1st five withdrawals per month, no commission or trading fees charged by the platform. However, there is an inactivity fee of $10 (per quarter) charged on traders who do not log into the account for over three months. 

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Jarden Securities

Unlike other forex brokers in New Zealand, Jarden Securities offers access to an excellent trading desk and client support team so that traders can place forex trades over the phone or online. Like other best forex trading platform New Zealand and various markets, Jarden offers real-time price quotes but does not run expert advisors. 

Jarden Securities Features

Regulated By AUSTRAC, AFSL, ASIC
Best For Best Broker For Professional Investors
Year Founded 1961
Minimum Deposit No Minimum Deposit
Maximum Leverage 33:1 (Forex Cross Pairs); 10:1 (Gold); 6:1 (Silver)
Tradable Assets Stocks, Bonds, ETFs, Forex, Indices

Jarden Securities best known for:-

  • Frequent investments of large volume.
  • Investors who prefer buying in real-time and avoid dealing with FX brokers.
  • Beginner-friendly trading platforms with low brokerage fees for particular share purchases.

Jarden Securities - Best Ranked NZ Forex Brokers

Pros and Cons of Jarden Securities

Pros Cons
Real-time price quotes. Mobile trading app not available.
Low brokerage fees on high volume trading. High fees for small trades.
Transparent fee structure with favorable trading conditions.
Gives interest on cash deposits.
Extensive educational and research tools.

Fee Structure

For shares, the trading fee is $29.90 for trades of $15000 or less and an additional 0.20 percent fee on trades above $15000. Jarden Securities does not charge any fee for inactivity.

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Hantec Markets

Hantec Markets is one of the most famous forex brokers in NZ. FX brokers like Hantec Markets provide popular trading platforms such as MT4, MT5, and many more. The firm was established in 1990 and its headquarter is located in London. Hantec Markets is regulated and has more than 10 global offices in many countries except Iran, North Korea, and the US.

Hantec Markets Features

Regulated By FCA, ASIC, FSC, FMA, FSA, CGSE, JSC
Best For Best For New Traders
Year Founded 1990
Minimum Deposit No Minimum Deposit
Maximum Leverage 2000:1 (Forex); 500:1 (Indices); 20:1 (Gold); 10:1 (Oil and Silver)
Tradable Assets 44 Forex Pairs, 20 Minors, Commodities, Stock Indices

Hantec Markets best known for:- 

  • Boasts more than 30 technical analysis tools, 9 timelines, and 50 indicators. The MetaTrader 4 platform has advanced abilities while presenting an easy-to-use interface that is excellent for beginners.
  • The mobile app is available on Android and iOS devices with 30 indicators, multiple charting types, several order types, and quick execution speed.
  • Hantec Demo account acts as a great start for new traders, works on the MT4 platform, and traders can deposit up to $10000 in the demo account, to experiment with the new platform.

Hantec Markets - One of the Regulated Forex Brokers NZ

Pros and Cons of Hantec Markets

Pros Cons
No min. deposit. Single a/c offering.
FIX API. No VPS.
Highly regulated by many financial authorities. No spread betting or cryptocurrency trading.
Rich educational resources.
Negative balance protection.

Fee Structure

Hantec Markets charges fees through commissions and spreads. The spreads are quite variable and competitive with USD/EUR coming at 0.2 pips and GBP/EUR at 0.7 pips. The commissions are negotiable on the (contracts for difference) CFDs index trading. Swap fees are charges for trade positions held overnight but the fees vary based on the financial market. 

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Rockfort Markets

Rockfort Markets is an FMA regulated broker offering trading opportunities on major trading platforms, MT4, MT5, and mobile phone apps. Being one of the best New Zealand forex brokers, it offers a competitive list of derivatives assets and securities with leverage options and account types geared toward both professional and retail traders.

Rockfort Markets Features

Regulated By FMA
Best For Best For Both Professional And Retail New Zealand Traders
Year Founded 2019
Minimum Deposit $200 (ECN Standard Account)
$2000 (Pro Account)
Maximum Leverage 500:1
Tradable Assets Forex, CFD, Index, Commodity CFDs, Metals, Options, Futures, Shares

Rockfort Markets is a registered and FMA (Financial Markets Authority) regulated forex online broker offering a comprehensive collection of financial features and instruments but there may be additional fees for withdrawals and other non-trading activities.

Rockfort Markets best known for:-

  • MT4 user interface is extremely intuitive, providing access to technical analysis tools.
  • Trader Workstation, TWS, is a trading platform designed by the popular Interactive Brokers.
  • MT4 mobile app offers the same charting, technical analysis, order execution, and watchlists available on the desktop version. One can analyze or access trading information from the mobile app 24*7. 

Rockfort Markets - Best Forex Brokers New Zealand

The max. leverage for both Standard and Pro retail investor accounts is capped at 500:1. Traders at Rockfort Markets have access to more than 50 forex and CFD (Contracts for difference) assets including index, commodity CFDs, metals, options, futures, and shares. 

Pros and Cons of Rockfort Markets

Pros Cons
Tight spreads and high leverages. Limited methods of payment.
Wide variety of instruments. Withdrawal charges for clients outside NZ.
Trader Workstation TWS access.
Cryptocurrency trading.

Fee Structure

Commission fees may be applicable based on the account type. Standard accounts are commission-free but FX pairs for Pro cost about $0.07 for every micro-lot. While transactions do not cost a penny, Mastercard and Visa transactions may cost 3% and withdrawals to overseas banks or in other currencies than New Zealand dollars may be subject to a $15 withdrawal fee. Additionally, Rockfort Markets also charge an inactivity fee of 20 NZD per month for accounts that are inactive for over 6 months and with a balance below $100. 

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TradeMax Markets

TradeMax Markets is an online broker for forex and CFDs (contracts for difference) trading, headquartered in Australia. The CFD broker is regulated by two of the leading financial authorities, namely, ASIC and VFSC. 

TradeMax Markets is functional in several jurisdictions and delivers personalized trading experience with maximum access to international platforms and over 15000 trading instruments. The firm supports both mobile and desktop apps for Android and iPhone devices and it specializes in providing an all-in-one trading platform. 

TradeMax Markets Features

Regulated By ASIC, VFSC
Best For Best For MetaTrader Web Trading Platform
Year Founded 2013
Minimum Deposit $100
Maximum Leverage 500:1
Tradable Assets Forex, CFD Trading on Shares, Indices, Precious Metals, Soft Commodities, Energies, Cryptocurrencies

TradeMax Markets best known for:-

  • MetaTrader web trading platform is highly customizable, easy to modify the position and size of the tabs.
  • TradeMax Markets offer a one-step instant login.
  • There are no withdrawal fees at TMGM.
  • The account opening process is fully digital and easy, and one can start trading within 10 minutes after the account is processed.

TradeMax Markets - Best Forex Trading Platform New Zealand

Pros and Cons of TradeMax Markets

Pros Cons
Supports both MetaTrader 4 and 5 trading platforms. Regulated by only two financial bodies.
Executes trades at an incredibly fast speed. Limited options for depositing.
High-grade customer protection. Below-par mobile app features.
Access to Pro accounts and VIP Money Manager.
More than 15000 financial instruments.

Fee Structure

Apart from the usual trading commissions applied on most trades, TradeMax Markets offers a competitive fee structure. Though the forex broker does not have any additional deposit or withdrawal fee for both the account types, users must note that their accounts may be charged with maintenance fees if the account balance is below $100 or is kept inactive for more than six months.

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HFTrading

HFTrading is a financial trading, multi-asset regulated broker, established in 2018. The platform has expanded its asset section by including forex, commodities, indices, CFD, Futures, and cryptocurrency, in its list. It is headquartered in Australia but it has not yet gone global. However, it is one of the best forex brokers Australia that everyone should try once & explore.

HFTrading Features

Regulated By ASIC
Best For Best For All Type of New Zealand Traders
Year Founded 2018
Minimum Deposit $250
Maximum Leverage 200:1 (Silver Account); 400:1 (Gold Account); 500:1 (Platinum Account)
Tradable Assets Commodities, Forex, Indices, Trading Stocks, CFD, Futures, Cryptocurrencies

HFTrading platform is best known for:- 

  • Comparison tools including Advanced Financial Chart and improved trading widgets.
  • Research-backed analysis on many markets from expert analysts.
  • HFTrading is available on several devices such as Apple devices, Mac computers, and Web browsers.
  • The platform is easy to use for both beginners and seasoned and experienced traders.
  • The multi-linguistic platform supports more than 15 languages.

HFTrading - Top Forex Brokers NZ

HFTrading leverage tends to magnify both gains and losses while trading. HFTrading offers three kinds of leverages with the lowest leverage for silver account holders and the highest, for platinum. 

Although, HFTrading trading platform is a multi-asset platform with over 750 tradable assets. The assets offered at HFTrading include commodities, forex, indices, trading stocks, CFD, Futures, and cryptocurrencies.

Pros and Cons of HFTrading

Pros Cons
Commission-free trade. Only restricted to New Zealand and Australian traders.
Regulated by ASIC. Minimum deposit of $250.
The minimum deposit is $250.
Adequate educational resources and video tutorials.
Free VPS and flexible spreads.

Fee Structure

HFTrading does not require any maintenance, deposit, or withdrawal fee. But certain banks do charge intermediary fees on withdrawals.

There are no account maintenance fees or deposit or withdrawal fees, however, some banks may charge an additional fee on withdrawals. Trading at HFTrading is commission-free but swaps and spreads are payable. Spreads for Silver, Gold, and Platinum account holders is 1.8. 

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Is Forex Trading Legal in New Zealand?

Though the tight regulations of FMA have forced most brokers in New Zealand to drive out of the market, the overall licensing and legalities is important for forex traders. Other brokers have chosen to stay.This is because:-

  • All licensed financial service providers are monitored and checked.
  • New Zealand traders get additional protections. All FMA regulated brokers who are also licensed are part of the dispute resolution scheme that ensures that forex traders get a fair hearing in case of a disagreement with the provider or if they face any problem.
  • All NZ forex brokers must report information that helps traders to better understand their brokerage services and products.

It is still not illegal for traders to use an unregistered FX broker but it is definitely illegal for an unregistered broker to offer service to New Zealand traders. Essentially, every forex trader must note that while they can use an unregistered yet reputable broker, if the FX brokers wish to break the law to gain business, traders must consider the trading platform’s trustworthiness and responsibility.

How Do I Trade Forex in New Zealand?

Most importantly, traders should choose the best brokers, regulated by the Financial Market Authority or any other financial regulators of a country. For example, Dubai Financial Services Authority regulates the Special Economic Zone in Dubai. 

Unregulated brokers do not account to any authority and hence, there is no way to find if the funds deposited by the traders are safe and secure. There is high risk to funds. In such cases, FMA brokers should be chosen to ensure the best FMA trading conditions and to avoid any high risk.

In addition, the trading platform is one of the second most important factors that needs to be checked with the best broker chosen. Trading platforms such as MT4, MT5, or the platform’s own trading platform is the tool one trades with. MT5 supports MetaTrader Supreme. Hence, if it is not user-friendly or too complicated to use, it may ruin the trading experience.

Traders must look at the spreads and commissions provided by the best broker to understand how CFDs work or forex markets function. There should not be any hidden fees and the spreads must be low. 

Most ECN brokers offer a few account types including a demo account and live account. Whether the trader deposits $10 or $10000, the ECN broker should offer the account types – demo accounts and live accounts that suit the trader’s possibilities and interests. 

Choosing The Best Forex Brokers in New Zealand

Broker Regulation

The most important factor to consider while choosing the best brokers for forex and CFDs is the broker’s regulation and how strict the regulatory ecosystem is. The top forex brokers New Zealand are overseen by financial regulators. Hence, the regulatory body must ensure that brokers operating under its jurisdiction offer segregated trading accounts in case a broker turns out to be insolvent. Hence, this selected strategy is useful.

The benefits of registering with an FMA website are:-

  • Segregated accounts that protect money from broker default or mismanagement.
  • Negative balance protection that ensures that the trader’s losses do not exceed the amount available in the trading account.
  • Client fund protection that involves high level margin rate designed to restrict client losses.
  • Efficient fraud investigation process and regularly published scam reports.

Safety

A major benefit of registering with a broker regulated by the Financial Markets Authority with a forex trading account is that the trader does not take exchange trading losses while depositing money with the broker. Creating an account with a new broker regulated by any of the leading financial authorities ensures protection in case the trader has grievances or issues with the broker firm. 

Support New Zealand Dollar

Choosing the best forex brokers in New Zealand financial service providers’ list can be a challenging process especially if the list has many reliable brokers who accept New Zealand clients and allow them to invest in New Zealand Dollar (NZD) currency pairs. The top brokers in the forex markets offer the following currency pairs including the New Zealand Dollar:-

  • NZD/USD
  • NZD/AUD
  • NZD/GBP
  • NZD/EUR
  • NZD/JPY
  • NZD/CHF

Each currency trading pair, including the US dollar, has its characteristics and people who trade must ensure that the trading platforms and other markets offering forex and CFDs allow trading with New Zealand Dollar.

Trading Fees 

The most common type of fees charged by the best New Zealand forex broker is the brokerage fees, also known as spreads. The best brokers charge the minimum spread and an increased transparency of fx brokerage costs, leading to an overall lower brokerage cost. These NZ brokers charge other fees to extract money from the traders from other platforms or channels such as the swap fees and inactivity fees, charges for using certain funds methods and trading exotics. 

Trading Platform

There are mainly three major trading platforms, cTrader, MetaTrader 4, and MetaTrader 5. These platforms help online brokers match traders with global markets. Choosing the correct platform means finding the one with a user-friendly interface, popularity, and fast trade execution speeds. 

Good Customer Support

Make sure that the customer support is effective, responsive, and is available 24 hours a day while choosing a forex online mobile or web trader. A strong support service should be available all five days a week for solving financial services complaints. Also, the accessibility or contact channels should not be limited to email and live chats. 

Customers with issues and queries should be able to get in touch with the customer support team through a channel that they prefer. Note that traders must get in touch with the representatives for any financial advice.

Pros and Cons of Forex Trading

Pros Cons
Easy accessibility. Extremely volatile.
Practice trading with demo accounts. Small and new traders may face disadvantages.
High liquidity. Light regulatory protection.
Ease of going short or long the base currencies in terms of the counter currencies.  
Market manipulation is reduced.  

Conclusion

According to the forex brokers in New Zealand reviews, one can find various factors that affect the quality of the trading platform such as regulation, safety measures, customer support, leverages, spreads, and commissions. If the New Zealand forex broker is reliable and trustworthy, traders can concentrate more on trading forex without worrying about losing money rapidly or whether the broker will implement manipulative schemes against traders or not. Trust and confidence help traders to make rational decisions that ultimately contribute to becoming successful traders. 

FAQs

Which Forex Broker Is Legal in New Zealand?

Many forex brokers are legal in New Zealand since forex trading is legal. NZ forex brokers licensed and regulated by FMA (Financial Markets Authority) are deemed legal. With a few brokers trading forex in New Zealand who are legal and licensed under the Financial Supervision Commission, there is less risk of losing your money when trading CFDs and forex. 

Can I Trade Forex in New Zealand?

Trading forex is quite common among New Zealand residents. To be able to trade FX as clients, the foreign exchange should be accepting forex or CFD and be authorized by FMA or Financial Markets Authority, the financial regulatory institution in New Zealand. 

Is Forex Trading Allowed in New Zealand?

Yes, forex trading in New Zealand is allowed.

Do Forex Traders Pay Tax in New Zealand?

Traders have to pay tax on their income if they earn 33c in dollars but for any financial advice on taxes, it is advisable to get in touch with the foreign exchange platform that is available 24 hours, 5 days a week. 

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