Best New Zealand Forex brokers listed and rated

The regulation of Forex in New Zealand is enforced by three separate regulatory bodies, each responsible for their own specific field:

  • The Financial Markets Authority (FMA) – sets out the rules that all Forex brokers should comply with.
  • The Financial Service Providers register (FSP) – all the brokers are registered with them.
  • The Financial Services Complaints agency (FSCL) – handles all the complaint for brokers based in New Zealand.

Given that New Zealand is in the early stages of structuring their regulatory framework, forming their regulation in 2011, it is only natural that it is plagued by the same issues that any emerging Forex market is, with scammers attempting to exploit the market.

New Zealand Forex market is growing fast, with NZD gaining traction on the international market, currently being the tenth most popular currency in global Forex trading, making it one of the major currencies.

New Zealand traders use a variety of payment systems for their deposits and withdrawals, including options like Paypal, POLi, MasterCard, Visa, and the old fashioned Wire transfers.

One of the most recent development for Kiwi traders was the introduction of Capital gain tax on Forex profits, starting from May 2021, being set at 39% of annual profits.

List of the top Forex brokers in New Zealand

As the Forex market in New Zealand is in its early stages, finding the best Forex brokers in New Zealand is not an easy feat, simply because there aren’t too many locally regulated brokers that truly stand out. Due to this, the next best alternative that Kiwi traders can go for are ASIC regulated brokers. But fear not, for we have made sure to research and look into some of the best performing ASIC brokers on the market today, which you can find in the table below.

XM Group

XM Forex Review

Minimum deposit

5$

Regulation

CySEC, FCA, ASIC

Bonus

30$, 50%+20%

Maximum leverage

1:1000

Year founded

2009

Trading platform

MT4, MT5, WebTrader

AvaTrade

Review of AvaTrade – Broker with over 15 years of experience

Minimum deposit

$100

Regulation

CySEC, CBI, FSA, FFAJ, BVI FSC, FSCA, FSRA

Bonus

Maximum leverage

1:400

Year founded

2006

Trading platform

MT4, MT5, WebTrader, AvaTradeGO

SAXO Bank

SAXO Bank Forex Review

Minimum deposit

USD 5,000

Regulation

FINMA, FCA, ASIC, FSA, MAS, AFM

Bonus

N/A

Maximum leverage

1:30

Year founded

1992

Trading platform

SaxoTraderGo, SaxoTraderPro

HotForex

HotForex Review – Trade 1,000+ of Symbols with this Broker

Minimum deposit

$5

Regulation

SVGFSA, FCA, DFSA, FSCA, FSA

Bonus

From 30% to 100%

Maximum leverage

1:1000

Year founded

2010

Trading platform

MT4, MT5

ForexMart

ForexMart Review – High-class trading experience

Minimum deposit

15

Regulation

CySEC

Bonus

30%

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4, WebTrader

CM Trading

CM Trading FX broker review – Is it legit?

Minimum deposit

$250

Regulation

FSCA

Bonus

Maximum leverage

1:200

Year founded

2012

Trading platform

MT4, WebTrader

Plus500

Plus500 Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

30:1

Year founded

2008

Trading platform

Custom

IQ Option

An in-depth IQ Option Review of fees, opportunities and more

Minimum deposit

$10

Regulation

Risk Warning: YOUR CAPITAL MIGHT BE AT RISK

Bonus

N/A

Maximum leverage

1:1000

Year founded

2013

Trading platform

Proprietary

Exness

Exness Broker Review – Should You Trade With It?

Minimum deposit

10 USD

Regulation

FCA, CySEC, FSA

Bonus

N/A

Maximum leverage

1:Unlimited

Year founded

2008

Trading platform

MT4, MT5, WebTerminal

OspreyFX

OspreyFX review – regulations, features and possibility of OspreyFX scam

Minimum deposit

$10

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2019

Trading platform

MT4, custom

EagleFX

EagleFX review – Start trading with safe and secure broker

Minimum deposit

$10

Regulation

Bonus

Maximum leverage

1:500

Year founded

Trading platform

MT4

Forex.com

Forex.com Review

Minimum deposit

250$

Regulation

FCA, NFA

Bonus

N/A

Maximum leverage

200:1

Year founded

1999

Trading platform

MT4

easyMarkets

Can You Trust easyMarkets? There Are Things You Need To Know

Minimum deposit

$25

Regulation

ASIC, CySEC, FSA, BVI

Bonus

50%

Maximum leverage

1:400

Year founded

2001

Trading platform

WebTrader, MT4, TradingView

HYCM

Can you trust HYCM Forex broker? What you need to know?

Minimum deposit

100

Regulation

FCA, CySEC, DIFC, CIMA

Bonus

N/A

Maximum leverage

500:1

Year founded

1977

Trading platform

MT4, MT5

FPMarkets

Is FPMarkets reliable broker? Is it licensed to trade?

Minimum deposit

$100 AUD

Regulation

ASIC

Bonus

N/A

Maximum leverage

500:1

Year founded

2005

Trading platform

WebTrader, MT4, MT5, IRESS

Pepperstone

Pepperstone FX Broker – Everything You Need To Know About This Broker?

Minimum deposit

AUD$200

Regulation

ASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA

Bonus

N/A

Maximum leverage

1:400

Year founded

2010

Trading platform

MT4, MT5, cTrader, TradingView

FXRoad

Review of FXRoad – Broker with Superior Islamic Accounts

Minimum deposit

250 EUR

Regulation

FSA (Seychelles)

Bonus

None

Maximum leverage

1:200

Year founded

2023

Trading platform

FXRoad web & mobile platforms

IMGFX

IMGFX Broker Review – Your Best Trading Experience

Minimum deposit

$50

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4

FXOpen

FXOpen Review – The most experienced broker

Minimum deposit

1 USD

Regulation

ASIC, FCA

Bonus

10 USD

Maximum leverage

1:500

Year founded

2005

Trading platform

MT4, MT5, WebTrader

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 understand how CFDs work and whether you can afford to take the high risk of losing your money.

Who regulates the Forex in New Zealand?

It was on April 1st, 2014, when the Financial Conduct Markets Act was introduced, with the purpose of this legal document being to introduce greater stability and security to the financial sector. The FMCA is still active, and NZ Forex brokers all have to comply with the rules and regulations that this act prescribes. For instance, the brokers now gain a “derivatives issuer” license, and the reforms from 2014 have tightened the legal framework when it comes to Forex transactions in New Zealand.

Despite this fact, experts and analysts still claim that New Zealand’s government is using relatively limited regulation policies to monitor the Forex NZ market, and this is sometimes deterring certain investors who may have doubts about the safety of the market and the legality of Forex trading. Another particular feature of the Forex scene in New Zealand is that three separate regulatory bodies are active at the same time, with each of them having their own respective fields of responsibility, collectively ensuring the security of Kiwi traders.

n z forexFMA

The FMA or the Financial Markets Authority, is a regulatory body responsible for setting out the general rules that all Forex brokers operating in New Zealand have to abide by. It’s also a body responsible for penalising brokers that are observed in illicit activities. The FMA uses strict guidelines to keep New Zealand brokers under control, issuing fines and various penalties to those companies who are not conducting their operations in a transparent and professional manner. Furthermore, additional changes in regulations are expected sometime in 2022, and according to unofficial announcements – the brokers will now have to prepare a minimum capital requirement when they are starting the company. The amount of the net tangible asset will be $1 million, which is the same amount that Cyprus Securities and Exchange Commission (CySEC) is asking in Cyprus.

This fact gives FMA a more proactive position when trying to regulate the market, playing the vital role in ensuring the proper functioning of NZ Forex trading. The integrity of FMA is solid, and the impeccable reputation and long-lasting tradition of this organization are a strong foundation ensuring a bright future for New Zealand traders.

FSP

nz forex tradingThe FSP, or the Financial Services Provider Register, is a government registry, with whom all the brokers operating in New Zealand registered. The agency regularly updates the list of all Forex brokers that are active in New Zealand, and provide a reliable source for traders when checking the legitimacy of the broker they are planning to sign up with. Retail Forex brokers New Zealand must have physical locations in the country, and FSP does not have any enforcement roles regarding irregularities and frauds.

FSCL

Finally, the FSCL, or the Financial Services Complaints agency, is a regulatory body that handles all the claims or the complaints made by either brokers or traders in New Zealand.

Trade with AvaTrade – an FMA regulated broker

Is Forex trading taxed in New Zealand?

As of May 2021, your annual Forex profits that are over 180,000 USD are a subject to the Capital Gain Tax of 39%. Although it may seem like a significant portion of your profits, when compared to the same tax in Australia, which is at 45% of your annual profits, Kiwi traders are actually in a comparably better position.

Are NZD pairs available?

Most definitely yes, all NZ Forex brokers have NZD currency pairs available, and as a matter of fact New Zealand dollar (NZD) is the tenth most used currency in the Forex world, and this is a pretty impressive ranking for such a small country. However, geography is not always so relevant when it comes to business, and financial operations in New Zealand are stronger than ever.

The country is sharing the number one spot together with Denmark as the least corrupt country in the world, according to Transparency International Index from 2013. Forex Brokers New Zealand are also benefiting from this fact, as investors are less hesitant when it comes to creating accounts and depositing money to start trading currency pairs in the country. The safety of the trading environment is crucial for the traders in the first place, as they will need to spend less time and energy worrying over the possible frauds and scams.

Speaking of business, according to the World Bank Report from 2014, New Zealand was the third easiest country in the world to do business, and this element can have a profound significance in attracting new traders and new investors. Forex brokers NZ are prepared to host the traders from New Zealand, and their trading platforms are full of promotions, educational materials, deposit bonuses, and other goodies that are designed to attract clients and guide them into the exciting arena of trading in the foreign exchange market.

Start trading NZD with AvaTrade

Is there a cap leverage for New Zealand Forex brokers?

As of summer 2021, New Zealand Forex brokers are not a subject to cap on leverage. Although no official cap exists, you should expect a market average to be around 1:300, and anything above that can be considered suspicious if the broker does not hold a local license. Thus we strongly advice to refrain from trading with such brokerages, and if possible report them to relevant authorities.

What payment systems are available to NZ Forex traders?

There is a variety of payment options available if you are trading from New Zealand. Some of the most popular options include MasterCard, Visa, Paypal, POLi and the good old wire transfer. Each of these systems have their conversion own commission fees, but Forex brokers usually cover those for you. Most Kiwis prefer to use POLi or Paypal due to the speed of transaction, which is usually around 1 working day, next is Visa or MasterCard, which is up to 5 working days, followed by the wire transfer, which can take up to 10 working days.

Trade on Avatrade using PayPal

best forex trading platform nz

What should you look out for when trading Forex in New Zealand?

What makes trading Forex in New Zealand particularly special is its geographic position, as New Zealand traders are the ones that start the trading day, with the rest of the world looking at it each morning.

One thing to look out for, especially if you are just starting your trading career, is the fact that the entire Forex industry in New Zealand is essentially making its baby steps, and  just like with any other emerging market, where there is a lack of experience, there are those who are looking for ways to exploit it, and scammers are out to pray upon inexperienced Kiwi traders who are just now starting their trading journey. While the regulatory framework does seem to be well set out, caution is still of utmost importance, and doing rigorous research before you sign up with a broker is essential. To make sure that your are equipped with all the necessary tools to succeed, we offer numerous guides for beginner traders, focusing on crucial aspects, such as how to read currency pairs, picking trading strategy suited for you, and explaining trading basics that every trader should know.

In order to ensure the safety of traders, Forex brokers in New Zealand are obliged to provide Negative Balance Protection, which is enforced through margin calls, meaning, that if you lose 90% of your equity in a single trade, all of your position will be closed, ensuring that you do not go into debt with your broker.

FAQs on top Forex brokers in New Zealand

Is Forex trading legal in NZ?

Yes, trading Forex is legal in New Zealand. Moreover, the market is also regulated locally by numerous regulatory bodies. Apart from the legal framework, the government also runs various regulations to protect the traders and guide the brokerage companies to comply with the market standards and rules.

Is Forex trading taxed in New Zealand?

Yes, from May 2021,  your profits generated through Forex trading is a subject to a 39%  Capital gain tax, if your annual profits exceed 180,000 USD.

What time does the New Zealand Forex market open?

The trading day starts at 8 AM local time in Wellington, with the trading week lasting until 11 AM on Saturday, local time. Given this, New Zealand Forex market is one of the first to start trading globally.