The ForexBrokers.com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. 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.
- IG - Best overall broker 2021, most trusted
- CMC Markets - Best web platform, most currency pairs
- Plus500 - Best for beginners 2021
- BlackBull Markets - 3.5 Stars
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.
| Forex Broker | Accepts NZ Residents | Regulated by FMA | Average Spread EUR/USD - Standard | Minimum Deposit | Overall | Visit Site |
|---|---|---|---|---|---|---|
| IG | Yes | Yes | 0.745 | £250.00 | Visit Site | |
| CMC Markets | Yes | Yes | 0.740 | $0.00 | N/A | |
| Plus500 | Yes | Yes | 0.600 | €100 | N/A | |
| BlackBull Markets | Yes | Yes | 0.76 | $200 | N/A | |
| Saxo Bank | Yes | 0.800 | $2,000.00 | N/A | ||
| Interactive Brokers | Yes | 0.600 | $0 | N/A | ||
| AvaTrade | Yes | 0.910 | $100.00 | N/A | ||
| XM Group | Yes | 1.600 | $5-100 | N/A | ||
| FP Markets | Yes | 1.200 | $100 AUD | N/A | ||
| Tickmill | Yes | 0.270 | $100.00 | N/A | ||
| FxPro | Yes | 1.510 | $100.00 | N/A | ||
| Vantage FX | Yes | 1.100 | $200 | N/A | ||
| Moneta Markets | Yes | 1.360 | $50.00 | N/A | ||
| HYCM | Yes | 2.00 | $100 | N/A |
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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Methodology
For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. 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." Learn more.
