Forex Broker New Zealand List: Best 2024 FMA-Regulated
Eightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders. Ensure the platform and account structure adhere to Sharia principles. After you have done your research and decided on the forex broker that you want to choose, then you should proceed with opening your trading account. The steps involved are generally the same for all forex brokers.
Finally, forex brokers are not mandated to provide negative balance protection if you are a professional trader. In this article, we’ll compare the best forex brokers that accept traders from New Zealand. To arrive at the comparison, we’ve thoroughly researched each broker and have also spoken to their customer support executives to find out about their services in detail. In this list, we’ve only talked about brokers that hold licenses from the FMA of New Zealand. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today.
While BlackBull limits its selection of trading platforms to MetaTrader 4 and MetaTrader 5, it also offers a wide variety of third-party trading tools and add-ons to increase functionality. In New Zealand, forex traders must pay tax on the profits made from selling a currency, if the currency was bought with the intention of resale. If you are also classified as a self-employed trader, you may have to pay income tax. To ensure you are fully compliant with New Zealand forex tax laws, it’s best to speak to an accountant before trading. Yes, forex trading is perfectly legal in New Zealand and the industry is regulated by the Financial Markets Authority of New Zealand. There is nothing illegal about choosing a broker which does not offer FMA regulation either, however.
BlackBull Markets
- We handpick the best forex brokers based on our trading data and experience as a trader.
- According to TravelandLeisure.com, ECN execution clocks in at a blistering 300ms – 25% faster than standard execution.
- It is really important to practice risk management on a demo account for some months before going live.
Forex traders are offered high leverage, brokers are regulated by a business-friendly but professional regulator, and several brokers offer advanced technological and ECN solutions. The popularity of commodity trading in New Zealand resulted in many international Forex brokers offering commodities prices in the New Zealand Dollar, mainly for listings of gold and silver. All New Zealand Forex brokers offer commodities, but the range of choice will vary from broker to broker. Forex trading is 100% legal in New Zealand and regulated by the FMA. New Zealand Forex traders may also open trading accounts with any offshore broker, and most accept Forex traders from New Zealand. Although beginners can engage in forex trading by first lexatrade review setting up a demo account and practising with virtual money to get familiar with how it works and the platform, before putting their real money.
BlackBull was founded in 2014 and has made a name for itself in a short time. The broker brings the latest financial technology to online trading. Further, you can contact them through phone call or email, however, they do not have a dedicated handle for traders from New Zealand. Additionally, a group entity of CMC Markets is also regulated by the FCA of the UK, which is a tier-1 regulatory authority.
Plus500 ensures that novices can experiment with different asset classes with its solid if not terribly extensive, range of financial instruments to trade. BlackBull requires a minimum deposit of NZ$2000 to open an ECN Prime account. BlackBull does not require a minimum deposit to open an ECN Standard account. You might also want to test how fast they attend to customer inquiries. You can do this by sending the broker an e-mail or calling their NZ phone number. When you get the regulation details from your broker, you can choose to verify independently.
How does the available leverage of FMA-regulated brokers compare to those of brokers regulated offshore?
You can use it to verify if they have this risk management tool without waiting for an email or live chat response. From the image, you can see that 76% of retail investors lose their money. In this review, CMC Markets, IG Markets, and Plus500 are UK-regulated brokers so they have this data on their websites. Here is a screenshot from the UK version of CMC Markets’ website. You should also know that there are brokers with one single account type.
Islamic account traders may face increased spreads or special commissions to cover the absence of swap rates on leveraged overnight positions. Forex traders in New Zealand must only trade via FMA-licensed forex brokers. Traders should go to the FMA website via /business/licensed-providers/ and check if their broker is on the list of licensed forex brokers. Most retail forex traders don’t have the required capital to buy or sell thousands of units of currency pair, so they leverage their position. Good MT4 brokers such as Pepperstone and IC Markets offer low spreads and risk management features to support both beginner and advanced forex traders.
The restoration of its licence by the FMA suggests all is well, but we remain cautious in our recommendation. Rather than overwhelm new traders with multiple options, Plus500 keeps things simple with a single account type with no commissions when trading forex. IG is one of the largest FX brokers worldwide, marketing itself as an all-in-one trading solution provider.
What’s the Most Popular Forex Trading Platform in NZ?
If you are trading JPY-based pairs, then you will also find liquidity during the Asian session. In short, the Central bank plays a major role in deciding the value of a currency. Plus500 is not only FMA regulated; the broker is licensed in several financial jurisdictions such as Australia (ASIC), South Africa (FSCA), Singapore (MAS) and Europe (CySEC). One weakness of choosing Plus500 is that the broker does not have an office in New Zealand as the broker operates out of their Australian subsidiary Plus500AU Pty Ltd. With this in mind, it is possible, issues should occur should you wish to engage with the CFD provider in person.
The page shows the multiple payment methods available with this broker. On the response page, enter your broker’s registered name which is Plus500AU Pty Ltd. Each category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories. For the sell limit, you place your sell order at an entry price above the current price, with the hope that the price will fall from there.
It is regulated by vantage fx five tier-1 regulators (high trust) and one tier-2 regulator (average trust). We picked Plus500 as the best forex broker with the lowest spread and trading fees in New Zealand. CMC Markets offers trading on the industry-standard MT4 platform, as well as its proprietary Next Generation Platform. We opened a real account and deposited between $4,000 and $5,000 with each broker.
This is an agency that as you can guess by its name is responsible for the gathering and collecting data about all Forex brokers that are based and registered in New Zealand. But if agencies like this in other countries do offer both – official licenses and safety measures – Financial Service Providers Register is also in charge for the singing of the brokers. Forex trading in New Zealand is quite similar to trading in all other countries like Cyprus and UK, for instance.
Overall, RockGlobal may be well-suited if you are looking to trade a range of CFDs alongside a selection of longer-term investments such as stocks and ETFs. TMGM also use a liabilities program with a limit of $6,000,000 to cover situations that may lead to financial loss to its clients. This liability insurance covers professional indemnity, statutory liability, crime cover and director and officer liability, among others.