The best New Zealand Forex brokers, according to our research, are:
- IG Markets
- Plus500
- CMC Markets
- Rockfort Markets
- Hantec Markets
In order to create this list, we have taken into consideration:
- FMA regulation of the broker
- Minimum deposit of the broker for NZ traders
- If NZD were available as base currency for NZ traders
- Spreads and leverage for NZ traders
What are the best forex brokers in New Zealand?
Below is our curated list and review of the best forex brokers for traders living in New Zealand, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
IG Markets
best for number of assets overall
IG Markets holds FMA regulation in New Zealand. IG Markets requires a minimum deposit of 450 NZD. IG Markets offers 80+ currency pairs. IG Markets uses spreads starting from 0.6 pips for trades.
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Regulations:
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Avg. EUR/USD Spread:
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- IG Markets in New Zealand is FMA regulated (n. FSP18923).
- NZ traders require an IG Markets minimum deposit of 450 NZD (300 USD).
- IG New Zealand clients have access to ETF payments, with a processing time of 3 working days.
- NZ clients of IG Markets can choose to trade in 80+ currency pairs with spreads from 0.6 pips and a leverage up to 30:1. Professional traders have access to a higher leverage.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Plus500
one of the best for CFD trading
Plus500 operates under FMA regulation in New Zealand. Plus500 allows deposits in NZD. Plus500 provides variable spreads on 60+ forex pairs. Plus500 maintains a leverage limit of 30:1 for trades.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Plus500
Plus500 is a global fintech company founded in 2008, offering online Futures trading services in different markets such as Agriculture, Cryptocurrencies, Metals, Commodities, Forex, Interest Rates, Energy and Equity Indices. Plus500 provides proprietary web and mobile trading platforms. Plus500 is regulated by multiple top-tier authorities including FCA, ASIC, and CySEC. Plus500 is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The Plus500 CEO is David Zruia since April 2020.
Plus500 Features
The features of Plus500 are listed below.
- Plus500 AU Pty in New Zealand for NZ clients is regulated by the FMA regulator (FSP 486026).
- The Plus500 minimum deposit for NZ clients ranges from just 200 NZD by credit card or eWallet to 500 NZD if you deposit by wire transfer.
- NZD is available as a base currency as well as many others, including EUR, GBP, and USD.
- Plus500 offers NZ clients variable spreads on 60+ forex currency pairs with a maximum leverage of 30:1.
Plus500 Pros and Cons
Advantages of Plus500
The advantages of Plus500 are listed below.
- Well-regulated CFD provider
- Over 2000 tradable CFDs
- Unlimited demo account offered
Disadvantages of Plus500
The disadvantages of Plus500 are listed below.
- Limited Regulatory Protections for Professionals
- Inactivity fees
- Limited deposit methods
CMC Markets
best for forex trading
CMC Markets achieves FMA regulation in New Zealand. CMC Markets imposes no minimum deposit. CMC Markets provides spreads from 0.3 pips. CMC Markets offers NZD as a base currency choice for traders.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- CMC Markets is FMA regulated (n. FSP41187) to offer the service in New Zealand.
- New Zealanders don’t have to make a CMC Markets minimum deposit.
- NZD and USD are the CMC base currencies available for NZ traders.
- CMC New Zealand clients will find spreads from 0.3 pips on 330+ forex currency pairs with max. leverage up to 30:1 (retail) and 500:1 (professional).
- NZ clients have access to CFD monthly rebates. Once you meet the minimum monthly notional value (NV) in any asset class, you will receive rebates on the trades.
- These trading levels are,Level 1 your total monthly value has to be at least $25M to get a discount of 5% to Level 4 where your total monthly value has to be $300M+ to get a 20% discount bonus.
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
Hantec Markets
best for beginners
Hantec Markets possesses FMA registration in New Zealand. Hantec Markets holds a minimum deposit requirement of $50. Hantec Markets does not offer NZD as a base currency. Hantec Markets applies spreads from 0.6 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Hantec Markets
Hantec Markets is a global forex and CFD broker founded in 1990, offering trading on currencies, commodities, indices, and stocks. Hantec Markets provides MetaTrader 4 and MetaTrader 5 platforms. Hantec Markets is regulated by multiple authorities including FCA, ASIC, and FSA. Hantec Markets is known for competitive spreads, fast execution, and extensive educational resources. Hantec Markets offers various account types including Islamic accounts. Hantec Markets has received multiple industry awards for its services. The Hantec Markets CEO is Nader Nurmohamed.
Hantec Markets Features
The features of Hantec Markets are listed below.
- Hantec Markets operate in New Zealand under the FMA registration (n. FSP539286) with a registered office in AuckLand (NZ).
- NZ traders are asked to make a Hantec Markets minimum deposit of $50.
- NZD is not available as a base currency, but USD and AUD are provided for NZ clients.
- Hantec Markets provides their NZ clients spreads starting from 0.6 pips on 50+ forex currency pairs with leverage that can reach up to 30:1 (retail) and up to 200:1 (professional).
Hantec Markets Pros and Cons
Advantages of Hantec Markets
The advantages of Hantec Markets are listed below.
- User-Friendly Platforms
- Regulatory Compliance
- Competitive Fees
Disadvantages of Hantec Markets
The disadvantages of Hantec Markets are listed below.
- Limited Educational Resources
- Withdrawal Fees
Is forex trading legal in New Zealand?
Forex trading in New Zealand is completely legal. The only thing that must happen is from the broker side and that is, if they want to offer financial services in New Zealand, they must be authorized to do so by the FMA (Financial Markets Authority). This is in fact to your benefit in finding a trusted forex broker.
How to trade forex in New Zealand
Considering the fact that each broker available in New Zealand should be regulated by the FMA then there are just a few general rules in place that you should follow when starting out in forex trading in NZ.
These are that you provide both proof of your identity and proof of residence in order to validate your account before funding and trading forex markets.
What should New Zealander traders look for in a forex broker?
As with forex trading in every country, there are always a few nuances to look out for. This is the same with trading forex in NZ. With that said, you will become aware that there are not really too many restrictions on trading in New Zealand and the maximum leverage is a generous 500:1 in most cases.
Here are three key tips to ensure you can choose the best available forex broker.
1. Look for brokers regulated within New Zealand
Finding a regulated broker should always be top of the list. This means they should always be regulated by the FMA. If for some reason you do decide to step outside this, then try to go with other top global regulators in the forex market such as CySEC, FCA, and ASIC.
2. Look for a broker that keeps the costs low
Costs will always be key in forex trading. To that end, you need to make sure your broker’s spread is as low as possible and that they also keep their non-trading fees to a minimum. You should also try to deal with a broker that will facilitate NZD deposits and base currencies as this can work to limit any conversion costs you may incur.
3. If you’re a beginner, look for a negative balance protection broker
Keeping yourself protected is vital in the forex market. Within Europe due to ESMA regulations, all brokers have to apply negative balance protection. This is not the case in New Zealand and you could find that a big market swing may leave you with a negative balance.
Using a broker that provides negative balance protection will stop this from happening as your position will be automatically closed once your balance reaches zero. It can provide excellent peace of mind to you as a forex trader.
How to verify if a forex broker is regulated in New Zealand
Understandably you may want to verify that the regulation your broker says they have is true and official at some point. This should be relatively easy to do in NZ since brokers are required to be FMA regulated.
In order to do this you should go to the FMA official website and look for the list of licensed providers from the regulator. You should just have to type in your broker’s name and it should appear under the business name of the broker that you can often find at the bottom of their homepage.
Once you have done this, simply read the description and it will inform you about the current regulatory status of that broker.
Is forex trading taxable in New Zealand?
Forex trading in New Zealand is taxable. Capital Gains Tax will be applied on your profits and this amount depends on the bracket within which it falls but this can be anything from 10.5% up to 33%.
We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect.