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Until recently, Forex brokers operating in New Zealand were not subject to strict regulatory oversight. But since 2014, all companies offering derivatives, including all New Zealand-based CFD Forex brokers, must be licenced by the Financial Markets Authority (FMA). Since 2017, providers of short duration derivatives, such as intra-day binary options, have also needed a licence. This has led to a decrease in the number of international brokers operating in New Zealand, there are still many world-class FMA and non-FMA licenced brokers operating in New Zealand.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded NZ$370 of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them. 

These are the best Forex brokers in New Zealand for 2021, according to our testing and our research.

English

Best Forex Brokers New Zealand 2021

Last updated on 26 Oct 2021
Updated 26 Oct 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
AUD 100
4.284.28
Min. Spread
0 pips
# CFDs
10084
REGULATED BY
Overall Rating
11110.54.28/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
2
BlackBull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
# CFDs
41
REGULATED BY
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
3
Pepperstone
Min. Deposit
AUD 100
4.614.61
Min. Spread
0 pips
# CFDs
1016
REGULATED BY
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
4
IG Markets
Min. Deposit
AUD 250
4.694.69
Min. Spread
0.60 pips
# CFDs
19295
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
5
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
# CFDs
1150
REGULATED BY
Overall Rating
11110.54.49/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
6
eToro
Min. Deposit
AUD 50
3.693.69
Min. Spread
1 pips
# CFDs
2454
REGULATED BY
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
7
Admirals
Min. Deposit
AUD 100
4.244.24
Min. Spread
0.70 pips
# CFDs
3818
REGULATED BY
Overall Rating
11110.54.24/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
8
Axi
Min. Deposit
AUD 5
4.344.34
Min. Spread
0 pips
# CFDs
183
REGULATED BY
Overall Rating
11110.54.34/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
9
CMC Markets
Min. Deposit
AUD 5
4.694.69
Min. Spread
0.70 pips
# CFDs
9646
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

Finding the Best Broker in New Zealand

Although Forex brokers accept clients from most countries, their trading conditions and regulatory supervision may be different for New Zealand residents. This is especially true for brokers who hold an FSP license. To find the best Forex broker for New Zealand residents, we need to explain what the differences are and how they affect traders.

FMA Regulation: Regulators supervise Forex brokers and other financial services companies to make sure they’re behaving ethically and within the law. Regulators, like the FMA, have the strong legal structure and enforcement mechanisms, ensuring a clean market and the protection of participants. The advantages of registering with an FMA regulated broker include:

  • Segregated trading accounts which protect client funds from broker mismanagement or default
  • Negative balance protection ensures that client losses can not exceed the amount in the trading account.
  • Client fund protection which includes higher margin close-out percentages designed to limit client losses.
  • Effective fraud investigation processes and frequently published investment scam reports.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, maximum leverage available, and a list of all CFDs available to New Zealand clients. Note that trading conditions and negative balance protection availability change depending on a trader’s country of residence, and some FMA brokers will encourage traders to register their account under their offshore license in order to circumvent leverage restrictions.  

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analysis to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded $365 of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them.

Best Forex Brokers in New Zealand 2021

FP Markets – Best Forex Broker in New Zealand

FP Markets supports the MT4 version and the newer and more feature-filled version MT5. For professional traders, the Iress platform is available. This is a customisable web-based platform that offers the trader custom alerts, news feeds and a range of other options to fine-tune the trading experience. 

With a minimum deposit of 100 USD, traders can open a commission-free trading account with 60+ FX pairs, metals, indices and commodities to trade. Averages spreads are 0.1 pips (EUR/USD), 0.2 pips (GBP/USD) and 0.1 pips (USD/JPY), and leverage up to 30:1 on Forex pairs. Commission on this account is 6 USD round turn, making the trading costs at the low end for the industry. 

The Traders Hub portal gives beginner CFD traders the education they need to get started and includes eBooks, video tutorials and trading courses. This section also features market analysis, so traders get an expert opinion on current market movements and a view ahead into the week ahead. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

BlackBull Markets – Best Trading Conditions

BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. BlackBull Markets offers three account types, the ECN Standard, ECN Prime and ECN Institutional. Leverage on all accounts is set at a maximum of 500:1. The ECN Standard Account has a minimum deposit of 200 USD and no commission, with a minimum spread of 0.8 pips. The ECN Prime Account has a minimum deposit of 2000 USD and spreads start at 0.1 pips. A commission is charged of 3 USD per lot per side (6 USD round-turn). The institutional account has a minimum deposit of 20,000 USD and spreads starting from 0.0 pips. This account is specifically for professional traders, and commission is negotiable.

BlackBull Markets is a true ECN/STP broker and does not operate a dealing desk. Equinix servers based in New York (NY4), London (LD5) and Tokyo (TY3) allow for lightning-fast market access, while Straight Through Processing prevents slippage and failed executions that can occur at other ECN brokers.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts Australian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

    IG Markets – Best Regulated Broker

    IG Markets is the world’s largest CFD broker by revenue and listed on the LSE and a member of the FTSE 250, giving IG Markets a stricter layer of oversight than most regulated brokers. Yearly audits and compliance reports to the LSE and the FCA provide a high level of oversight on all CFD trading. 

    IG Markets offers a single CFD account type is offered. Forex trading is commission-free, and spreads start at 0.6 pips on the EUR/USD. Other instruments also available through the same account include commodities, indices, cryptocurrencies, over 16,000 shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

    The IG Academy has structured courses for beginner, intermediate and advanced traders and daily classroom-style lessons. Market analysis is updated regularly by the IG Markets research team of finance professionals. 

    Pros
    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    Cons
    • High minimum deposit
    AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

    HotForex – Highest Leverage for Market Execution

    Regulated by the FCA, CySEC and the FSCA, HotForex provides No-Dealing Desk STP execution for all trades. Client’s trades are posted directly to the market, and leverage is flexible up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads are reasonably tight for the industry, starting at 1 pip even on the Micro Account.

    HotForex devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone number to assist.

    Pros
    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    Cons
    • Limited base currencies
    AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

    eToro – Best Social Trading Broker

    eToro were the creators of the first social trading system and remains the leading social trading broker in Malaysia. eToro offers a free unlimited demo account on its proprietary platform, and for traders who want to start trading with a live account, the minimum deposit is 200 USD. 

    eToro’s web-based platform, also available as a mobile app, is intuitive and easy to use. The complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is built for beginners and needs little introduction before opening trades. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios.

    Pros
    • Well regulated
    • Good for beginners
    • Innovative trading tools
    Cons
    • Limited education
    • Wide spreads
    AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.

    Admiral Markets – Best ASIC MT4 Broker

    Admiral Markets has four accounts, two of which focus on the MT4 platform – Trade.MT4 and Zero.MT4. Both MT4 trading accounts have a 100 USD minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. 

    The Trade.MT4 account has a minimum spread from 0.10 pips with no commission and the Zero.MT4 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT4 account is 5 USD round turn, which is at the lower end of what other brokers can offer.

    Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5 as well, has advancements in technical analysis, improved trading widgets, the trader terminal, charts and indicators that update the old standard versions of the software with both functionality and usability. 

    Pros
    • Well regulated
    • Excellent education
    • Wide range of assets
    Cons
    • Expensive withdrawals
    AlertAccepts Australian Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

    Axi – Best ECN broker on MT4

    Axi only offers support for the MT4 platform. This singular focus allows them to offer the best ECN MT4 experience with the help of the MT4 NexGen plugin that includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools, including AutoChartist and PsyQuation – an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algorithms which install on MT4. 

    The ECN trading conditions come from Axi’s pricing model, which connects to over 20 liquidity sources, so traders experience less slippage and requotes than with a broker with a singular source. Spreads on the Pro Account start at 0 pips with a 7 USD per lot commission, and the leverage maximum is 1:500 for non-European and Australian traders.

    Pros
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    Cons
    • Poor customer service
    • Limited demo account
    AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

    CMC Markets – Best FMA Trading Conditions

    Few brokers have a minimum deposit as low at 5 AUD, in exchange for all the features available at the brokerage. The company vision “to provide the most superior and unrivalled trading experience for our clients” definitely comes in at a reasonable level for beginner traders.

    While ASIC-regulated CMC Markets currently only offers a single live account, spreads are tighter than most of its competitors with a minimum spread for EUR/USD at 0.7 and GBP/USD at 0.9 (no commission per lot) keeping trading cost at 7 USD per lot. Max leverage is 30:1 , and margin rate is 0.20% on this account. 

    Pros
    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis
    Cons
    • No swap-free account option
    AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

    New Zealand Financial Markets Authority (FMA) Brokers

    Though the FMA’s tightening of regulation has forced many international brokers out of the New Zealand market, overall licensing is good for consumers, and the industry as a whole, because:

    • All licensed providers are checked and monitored
    • Customers have more protection. All licenced brokers must belong to a dispute resolution scheme, which will make sure you have a fair hearing if you have problems or a disagreement with your provider
    • All brokers must provide offer and reporting information, which should help you better understand their products and services.

    Though it is not illegal for you to use an unregistered broker, it is illegal for an unregistered broker to offer services to New Zealand citizens. This is important to note because, while you can still use an unregistered broker, if the broker is willing to break the law in order to gain your business you must consider how responsible and trustworthy that broker is.

    The FMA keeps a list of all brokers licensed to operate in New Zealand – this is kept current and before you sign up with a new broker you should check to make sure that they are licensed.

    The FMA also regularly publishes consumer alerts regarding companies and purported representatives who are operating unlicensed in New Zealand. This database is fully searchable and very useful for new traders. It is also worthwhile checking your chosen broker against this database to be doubly sure that there are no outstanding warnings against them.

    Can the FMA help me in dispute with my broker?

    It is important to note that the FMA will not provide assistance in the case of a dispute between a customer and a broker or other financial service provider.

    In New Zealand, all financial service providers must be members of the Financial Service Providers Register (FSPR) and all members of the FSPR must belong to a dispute resolution scheme. There are four approved dispute resolution schemes and all Forex brokers will be members of one of the following:

    1. Banking Ombudsman – mainly deals with disputes between banks and their customers but also deals with complaints about a range of non-bank financial service providers.
    2. Insurance & Financial Services Ombudsman – mainly focused on insurance and savings providers but also provides dispute resolutions for other financial service providers that are members of its scheme.
    3. Financial Services Complaints Limited
    4. Financial Dispute Resolution – operated by FairWay Resolution

    Which brokers are regulated in New Zealand?

    Here is our curated list of all of the FMA regulated brokers we have reviewed, ordered by overall score. The broker with the highest score is at the top of the list.

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    FSP #
    Regulators
    Min. Deposit
    Max. Leverage (Forex)
    Cost of Trading
    Trading Commission
    Total # CFDs
    No. of FX Pairs
    Total # Crypto Pairs
    Compare
    4.69 /5
    Read Review
    41187
    AUD 5
    30:1
    USD 7
    Fees Included in Spread
    9646
    350
    12
    4.69 /5
    Read Review
    18923
    AUD 250
    30:1
    USD 6
    Fees Included in Spread
    19295
    80
    8
    4.09 /5
    Read Review
    486026
    AUD 200
    30:1
    USD 8
    Fees Included in Spread
    2634
    70
    9
    3.42 /5
    Read Review
    403326
    USD 200
    500:1
    USD 8
    6 USD
    41
    27
    0

    Conclusion

    Though the new regulatory environment in New Zealand has led to a short-term decrease in the number of international brokers operating in the country, it has also led to a significantly more safe market for retail traders.

    The FMA is a very transparent and responsible regulator and, as New Zealand gains a reputation as a reliable and secure country for Forex trading, we strongly believe that the industry will expand again in the future.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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    Featured Brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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