At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
We have collected some of the best forex brokers in New Zealand all in one convenient place. 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
Table of Content
- IG Markets: best for number of assets overall
- Plus500: one of the best for CFD trading
- CMC Markets: best for forex trading
- Rockfort Markets: best broker for NZ traders overall
- Hantec Markets: best for beginners
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
Top 5 forex brokers in New Zealand: 2022 review
Here are 5 of the best brokers we have chosen for forex trading in New Zealand:
1. IG Markets
- 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.
Visit IG Markets
(76% of retail investor accounts lose money)
- 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.
(77% of retail CFD accounts lose money)
3. CMC Markets
- 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.
Visit CMC Markets
80% of retail CFD accounts lose money
- Rockfort Markets are regulated by the FMA regulator (n. FSP509766) to operate in New Zealand with a registered office in Auckland.
- Local bank deposits and Poli payments are both available in NZD and USD base currencies for New Zealand traders.
- NZ traders are required to make a Rockfort Markets minimum deposit of $200.
- NZ traders of Rockfort Markets can trade in 60+ currency pairs with spreads from 8 pips and a maximum 100:1 leverage.
Read the Public Disclosure Statement before proceeding
- 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).
Visit Hantec Markets
66% of retail CFD accounts lose money
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.
New Zealander trader? Here’s what to 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.
About The Author