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 12 Dec 2020
Updated 12 Dec 2020
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
4.174.17
Min. Spread
0 pips
Fx Pairs
60+
Deposit & Withdrawal Methods
Overall Rating
11110.54.17/ 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 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
2
Black Bull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
Fx Pairs
31
Deposit & Withdrawal Methods
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.
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Founded in New Zealand in 2014, BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. Average spreads are unpublished, though start at 0.1 pips on the commission-based account. The commission-based accounts have high minimum deposits and educational material and market analysis are weak compared to similar brokers. BlackBull are well regulated by the New Zealand FMA and professional traders will be interested in the free VPS and FIX API service.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About Black Bull Markets
3
Pepperstone
Min. Deposit
AUD 100
4.514.51
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
Overall Rating
11110.54.51/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
4
IG Markets
Min. Deposit
USD 250
4.694.69
Min. Spread
0.60 pips
Fx Pairs
93
Deposit & Withdrawal Methods
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 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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If you’re a beginner Forex trader, you can’t find a much better broker than IG Markets. Despite being a market-maker with a single account, IG is one of our highest rated brokers for good reason. Spreads are very tight considering the low minimum deposit and the educational support and market analysis are probably the best in the industry. A wide choice of platform (including MT4) is also available and customer service is world-class.

All of this is coupled with regulation from the FCA and ASIC and a long history of satisfied clients. As the winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
5
HotForex
Min. Deposit
USD 5
4.364.36
Min. Spread
0 pips
Fx Pairs
51
Deposit & Withdrawal Methods
Overall Rating
11110.54.36/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 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.
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An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is available 24/5 with all clients receiving a personal account manager.

Both MT4 and MT5 are supported and with both commission-free and zero-spread account on offer for low minimum deposits, HotForex will appeal to all traders. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
6
eToro
Min. Deposit
AUD 50
3.693.69
Min. Spread
1 pips
Fx Pairs
52
Deposit & Withdrawal Methods
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro is a world-famous internationally and ASIC-regulated CFD broker offering clients a unique experience trading Forex, stocks, commodities, cryptocurrencies, ETFs and indices. While eToro’s main attraction is a bespoke crowd trading platform built to encourage clients to follow expert traders or select market strategies, their trader community is continually let down by inadequate disinterested customer support and tortuously long response times.

eToro has a reduced minimum deposit to 50 USD for all Australian clients, making the platform more appealing to entry level traders. Upon sign up, eToro’s clients become part of a massive community of traders all following expert traders or professional traders contributing to their social trading platform. 

For the most part, the trading conditions at eToro align with other market makers with a unique platform offering, but in contrast, eToro has numerous non-trading fees on both deposits and withdrawals. All in all, a trader who is looking for a traditional trading environment eToro won’t find a fit. Still, for those looking for a strong copy trading platform, eToro wrote the book on copy trading and still stands out as the leader.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
7
Admiral Markets
Min. Deposit
AUD 100
4.184.18
Min. Spread
0.10 pips
Fx Pairs
40+
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 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 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
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Founded in 2001, Admiral Markets offers reliability, market leadership and simple modern trading. A global presence, a large Australian and international client base, flexible trading accounts, competitive trading conditions, and peerless educational material have attracted both beginner and experienced traders to the brand.

Admiral Markets offers their own custom version of the MetaTrader trading platforms, the MetaTrader Supreme Edition, compatible with both MT4 and MT5. Additionally, most Admiral Markets accounts have free access to Trading Central – providing independent market insight and technical analysis – and the company offers one of the best cryptocurrency offerings on the market by a Forex broker.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
8
Axitrader
Min. Deposit
USD 5
4.344.34
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
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 400:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
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Founded in 2008 in Sydney, AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While trading platform choice is limited to MT4, Axitrader’s platform setup and support have received multiple awards including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

Neither account at AxiTrader requires a minimum deposit, spreads are tight and all clients receive AutoChartist for free; as an ECN broker all trades are posted directly to market and educational and analytical support is good for beginners.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
9
CMC Markets
Min. Deposit
AUD 5
4.684.68
Min. Spread
0.70 pips
Fx Pairs
330
Deposit & Withdrawal Methods
Overall Rating
11110.54.68/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
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CMC Markets is a British CFD broker with regulation from ASIC, the FCA, MAS and the FMA – making it is one of the world’s best-regulated brokers. Clients at CMC Markets can trade on Forex, indices, shares, commodities, treasuries, cryptocurrencies, and share baskets. The single trading account has a 5 AUD minimum deposit and offers commission-free trading on 330 Forex pairs, one of the largest sets of Forex pairs in the industry.

CMC Market’s offers spreads as low as 0.70 pips pips on the EUR/USD, much lower than most other commission-free brokers. Traders will appreciate these low trading costs, advanced order management tools, and CMC Markets’ powerful and innovative platform, but beginners may be disappointed by the limited educational material.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
Read More About CMC Markets
10
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Deposit & Withdrawal Methods
Overall Rating
11110.54.07/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap

New Zealand Financial Markets Authority (FMA)

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.

Dispute Resolution

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

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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