Best New Zealand Forex Brokers for 2023
ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Trading forex (currencies) in New Zealand (NZ) is popular among residents. Before any fx broker in New Zealand can accept forex or CFD traders as clients, they must become authorised by the Financial Markets Authority (FMA), which is the financial regulatory body in New Zealand. The FMA's website is fma.govt.nz. We recommend NZ residents also follow the FMA on twitter, @FMAmedia.
The FMA was formed in May 2011 as part of the Financial Markets Bill passed by New Zealand's Parliament. For a historical breakdown, here's a link to Financial Markets Authority webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.
Best New Zealand Forex Brokers
To find the best forex brokers in New Zealand, we created a list of all FMA authorised brokers, then ranked brokers by their Overall ranking.
Here is our list of the top forex brokers in New Zealand:
- CMC Markets - Excellent overall, best platform technology
- Plus500 - High Trust Score, great for beginners
- BlackBull Markets
New Zealand Forex Brokers Comparison
Compare New Zealand authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
|Company||Accepts NZ Residents||Regulated by FMA||Average Spread EUR/USD - Standard||Minimum Deposit||Overall Rating||Visit Site|
|FP Markets||1.2||$100 AUD|
|Libertex (Forex Club)||N/A||$10|
How to Verify FMA Authorisation
To identify if a forex broker is regulated as a Financial Services Provider (FSP) by the FMA, the first step is to identify the register number from the disclosure text at the bottom of the broker's New Zealand homepage. For example, here's the key disclosure text from KVB Kunlun's website,
KVB Kunlun Financial Group of Companies (including KVB Kunlun Pty Limited, KVB Asset Management Limited, KVB Kunlun New Zealand Limited, KVB Kunlun International (HK) Limited, KVB Kunlun Securities (HK) Limited, KVB Kunlun Asset Management (HK) Limited, KVB Kunlun Canada Inc, KVB Global Markets Limited, KVB Global Markets Pty Limited).
Next, look up the firm's NZ entity name on the FMA website to validate its current regulatory status and FSP number. Here is the official FMA page for Financial Services Providers that lists KVB Kunlun New Zealand Limited.
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2023 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.