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- 1. Compare top 6 best forex brokers New Zealand for 2023
- 2. What is the best forex broker in New Zealand?
- 3. Top 6 online forex brokers in New Zealand, reviewed
- 4. More about the best forex trading platforms in New Zealand
- 5. How to choose a forex broker in New Zealand
- 6. How we chose the best New Zealand forex brokers
- 7. FAQs
Compare top 6 best forex brokers New Zealand for 2023
Our expert panel tested all the best forex brokers in New Zealand and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.
The panel set out to answer the question: what’s the best forex trading app in New Zealand for Kiwi users?
Read our verdict for New Zealand below to compare the best forex trading platforms.
What is the best forex broker in New Zealand?Copy link to section
Our experts rank Plus500 as the best forex broker in New Zealand.
The list below shows the three best Kiwi forex brokers. These are the top forex trading apps in New Zealand for their security, service, and support.
86% of retail CFD accounts lose money.
Top 6 online forex brokers in New Zealand, reviewedCopy link to section
1. Plus500. Best for international stock trading*
Pros & Cons
We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1.
Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.
For accurate instrument availability, visit plus500.com.
The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months.
*Based on a comparison of 60+ leading brokers and trading platforms.
86% of retail CFD accounts lose money.
2. AvaTrade. Best regulated broker for secure trading
Pros & Cons
We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade 55 forex pairs with leverage up to 30:1 for retail clients and 400:1 for professional accounts.
AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.
The fees: There is no commission on any forex trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start from 0.7 pips and positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months.
3. Pacific Union. Best for social trading & customer support
Pros & Cons
We love Pacific Union because its beginner friendly platform comes loaded with lots of educational content, including how to guides and video learning. Pacific Union offers over 30 forex pairs, including majors and minors.
It’s an award-winning broker with a proprietary social trading application that makes it easy for beginners to follow the strategies and positions of the platform’s top traders. Pacific Union uses the popular Metatrader 4 software alongside its mobile and web based apps. Traders can choose the amount of leverage they want to use, all the way up to 500:1.
The fees: There are fees with Pacific Union, but it depends on your account type. Its standard account is commission free, but Bid/Ask spreads start at 1.3 pips. Pro accounts are charged a $3.5 RT per lot commission and have spreads starting from 0 pips. Swap charges for holding a trade overnight vary depending on size.
4. Capitality. Best for trading like a pro
Pros & Cons
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
More about the best forex trading platforms in New ZealandCopy link to section
Is forex trading legal in New Zealand?Copy link to section
Yes, forex is completely legal for residents of New Zealand. The forex market in New Zealand is regulated by the Financial Markets Authority (FMA), the government entity responsible for overseeing all financial market activities in the country.
The FMA requires any forex broker offering services to New Zealand traders to register with the regulator and hold a derivatives issuer licence.
All licensed forex brokers are listed on the Financial Service Providers Register (FSPR) and given an FSP number. This regulation provides oversight and helps ensure the best forex brokers meet certain financial standards.
By trading with an FMA regulated forex broker, New Zealand residents can have confidence they are dealing with a reputable, compliant company and are protected should issues arise.
The FMA promotes fair and efficient financial markets and provides regulatory protections for New Zealand forex traders.
Are forex brokers regulated in New Zealand?Copy link to section
Yes, regulation is mandatory for any forex broker wanting to offer trading services in New Zealand legally. The Financial Markets Authority (FMA) oversees the regulation of retail forex in New Zealand.
Under the Financial Markets Conduct Act 2013, any company or entity wanting to provide financial services or products to retail clients in New Zealand must register on the Financial Service Providers Register (FSPR). New Zealand forex brokers are classified as derivatives issuers and must apply for this licence from the FMA.
The licence application process is comprehensive to ensure forex brokers are properly capitalised, follow all compliance procedures, and have sufficient risk management controls. FMA regulated forex brokers must also participate in an approved dispute resolution scheme.
Some of the most well known international forex brokers regulated in New Zealand include eToro, CMC Markets, and Pepperstone. Using an FMA regulated forex broker is strongly advised for all New Zealand residents wanting to trade forex or CFDs.
How do I check if a broker is regulated?Copy link to section
It is simple for New Zealand traders to verify if a forex broker is properly licensed and regulated by the FMA. The regulator provides two public registers that can be searched – the FSPR and the list of approved derivatives issuers.
Traders can search for a broker’s name or FSP number on the FSPR. All registered companies have a unique FSP number. For forex brokers, traders can also cross check the derivatives issuers list. FMA regulated forex brokers will appear on both lists.
Checking regulation is an important first step when evaluating the best forex brokers to trade with. All FMA regulated brokers undergo stringent vetting. Using an unregulated offshore broker comes with substantial risk, so New Zealand traders should avoid them entirely.
Do I have to pay tax on forex profits in NZ?Copy link to section
Yes, any profits generated from forex trading in New Zealand are considered taxable income. Even part-time retail forex traders must pay taxes on profits earned from trading currencies, CFDs, cryptocurrency and other instruments.
The income tax rate on forex trading profits varies based on the trader’s total earnings and income tax bracket. Losses from unprofitable trades can be used to offset other income. Consult a professional tax advisor to properly account for forex profits and losses in your annual tax return.
Also be aware that forex brokers operating in New Zealand must comply with all relevant tax laws. Brokers must collect and report any tax information related to client trading accounts and income to Inland Revenue.
So taxes cannot be avoided by trading with an offshore broker as the New Zealand tax authority will still have access to your financial data.
Can I use MT4 trading platforms in New Zealand?Copy link to section
Yes, the popular third-party trading platform MetaTrader4 (MT4) is available for New Zealand forex traders to use through most top regulated brokers. IG Markets , CMC Markets and Pepperstone all offer MT4 alongside their own proprietary platforms.
MT4 is favoured by active forex traders for its advanced charting capabilities, technical indicators, Expert Advisors (EA) automation and copy trading features. Depending on the account type, brokers will sometimes restrict access to MT4, so traders should check when opening an account.
New Zealand residents have access to all the leading trading platforms like MT4 that are used globally. Opening an account with a well-regulated local or international forex broker will allow traders to choose platforms to suit their requirements.
Is copy trading available?Copy link to section
Yes, copy trading allows forex traders to copy positions opened by other successful traders automatically. This can be a useful tool for new forex traders in New Zealand who lack trading experience.
Popular FMA regulated brokers like eToro and Pepperstone offer copy trading capabilities on their trading platforms. This gives New Zealand traders access to potential signals from experienced traders globally.
What trading instruments can I trade in New Zealand?Copy link to section
FMA regulated brokers offer New Zealand traders access to trade:
- Major, minor and exotic currency pairs like EUR/USD and USD/JPY
- Commodity CFDs, including gold, silver, oil
- Index CFDs tracking NZ, UK, EU, US and Asian stocks
- Cryptocurrency CFDs on Bitcoin, Ethereum, Litecoin
- Shares CFDs on international companies like Facebook, Google, Apple
Brokers like IG Markets offer an extensive range of trading instruments, including forex, shares, commodities, indices and cryptocurrencies. This diversity caters to active traders in New Zealand.
What currency pairs can I trade in NZ?Copy link to section
New Zealand forex traders have access to a wide range of currency pairs to trade including:
- Major pairs. EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF
- Minor pairs. EUR/GBP, EUR/CHF, GBP/JPY, AUD/JPY, AUD/NZD
- Exotics. USD/NOK, USD/TRY, USD/ZAR, USD/MXN, USD/HKD
- NZD crosses. NZD/USD, NZD/JPY, NZD/CHF, NZD/CAD
Brokers like eToro, Plus500, and Pepperstone offer 60+ currency pairs. Having access to majors, minors and exotics allows for greater trading opportunities.
The NZD crosses with the New Zealand Dollar provide excellent trading when local economic events and news impact the NZD price. NZ traders can trade all the major forex currency pairs and crosses.
What forex markets are available?Copy link to section
The decentralised global forex market consists of three major trading sessions based on geographical location:
- Sydney/Asia session. Available 12am – 8am NZ time
- London session. Available 8pm – 4am NZ time
- New York session. Available 12pm – 8pm NZ time
This means the forex market opens on Sunday evening and closes on Friday evening for NZ traders. Having 24 hour market access allows trading opportunities at any time.
Key forex trading centres connected to New Zealand brokers include London, New York, Sydney, Tokyo and Hong Kong. Top tier brokers offer direct access to interbank liquidity and true ECN pricing. This provides optimal market access for New Zealand forex traders.
How to choose a forex broker in New ZealandCopy link to section
Step 1. Check broker regulationCopy link to section
Only consider forex brokers and trading platforms that are licensed and regulated by the Financial Markets Authority (FMA) in New Zealand. Regulation ensures oversight of the broker and protection for your funds.
Search the FSPR register to confirm brokers are registered and hold a derivatives issuer license. Avoid offshore brokers operating outside of New Zealand regulations.
Step 2. Compare trading platformsCopy link to section
Leading forex trading platforms available in New Zealand include:
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- cTrader ECN
- CMC Markets Next Generation
- Pepperstone cTrader
- Proprietary broker platforms
Compare platforms regarding ease of use, charting capabilities, trading tools, order types, automation features and mobile apps. Choose a platform aligned to your trading style.
You should also consider trading costs when choosing a platform. Trading costs can include things like spreads and commissions. While not specifically regarding as trading costs, payment processing fees should also be considered.
Step 3. Open a demo accountCopy link to section
Test drive your shortlisted platforms using free demo accounts provided by brokers. Execute practice trades and assess key factors like:
- Market execution speeds and slippage
- Navigation and visual interface
- Available technical indicators and chart tools
- Order entry mechanics
Demo trading will determine if a platform suits your preferences.
Step 4. Assess customer supportCopy link to section
Check each broker provides responsive customer support via live chat, phone, email, and local NZ contact numbers. Good customer service is essential when issues arise.
Step 5. Read broker reviewsCopy link to section
Visit comparison sites to read detailed reviews from other New Zealand traders about their experiences using the broker’s trading platform and services. This provides insight into a platforms reliability and satisfaction before opening a trading account.
Step 6. Open a live accountCopy link to section
Open a funded trading account with your chosen FMA regulated broker and their preferred platform. Deposit NZ dollars and start live trading while applying good risk management.
Choosing the right regulated forex broker with a robust, intuitive trading platform designed for currency trading will provide the ideal trading environment for New Zealand forex traders.
How we chose the best New Zealand forex brokersCopy link to section
Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.
Here are the 8 key criteria which the panel used to rate each platform.
- Regulation with a trusted financial institution. We only recommend the best forex brokers for beginners that are regulated in New Zealand and offer top-tier protection to their clients.
- Low minimum deposit requirements. An accessible forex trading platform in New Zealand, with a low minimum deposit, scored higher in our rankings.
- Mobile app availability. Our experts gave preference to the forex brokers in New Zealand with the best forex trading apps.
- Number of currency pairs available to trade. We expect New Zealand forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
- Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local Kiwi regulators.
- Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
- Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
- Compatibility with trading software. Any Kiwi forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
FAQsCopy link to section
The best Kiwi forex platform for beginners is Plus500 . It has a low minimum deposit, a quality demo account, and you can join a community of millions of other users.
The best Kiwi forex app is Plus500 . The app is available on iOS and Android and provides a clean and secure trading interface, with the same features as the desktop platform.
Plus500 is the best low cost Kiwi forex broker. With low commission and tight spreads on major currency pairs, it offers the best value for Kiwi forex traders.
The most secure Kiwi forex trading platform is Plus500 . It’s well-regulated, stores your funds in secure bank accounts, and offers additional security features such as 2FA to protect your account.
The overall best mobile trading app for New Zealand is Plus500 . This is the case for both iPhones iOS and Android phones.
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