Compare top 6 best forex brokers New Zealand for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in New Zealand to trade forex for beginners.
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Updated: Feb 14, 2024
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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 below to compare the best forex trading platforms in NZ.

What is the best forex broker NZ?

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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.

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1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2
Min. Deposit
$ 100
Best offer
User Score
9.8
Powerful Forex trading platforms, both automated and manual
Access to over 50+ currency pairs including major, minor and exotic pairs
Enjoy competitive spreads, starting at only 0.8 pips per trade
Start Trading
Payment Methods:
American Express, Bank Transfer, Credit Card, Debit Card, Discover, Mastercard, MoneyBookers, PayPal, Rapid Transfer, SEPA, Visa, WebMoney, Wire Transfer, neteller, , skrill
Full Regulations:
ASIC, FSA, FSCA, MiFID
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Min. Deposit
$ 50
Best offer
User Score
9.0
Global online trading brokerage
Optimal trading conditions
Premium multilingual customer service
Start Trading
Payment Methods:
Credit Card, Debit Card, Wire Transfer
Full Regulations:
Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

Top 6 online forex brokers NZ, reviewed

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1. Plus500. Best for international CFD trading*

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

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.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. AvaTrade. Best regulated broker for secure trading

From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform
Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

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.

Highlights

Visit AvaTrade AvaTrade Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. Pacific Union. Best for social trading & customer support

pacific union logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

70+ forex pairs and 200+ financial assets available to trade Extremely low minimum trade sizes Multilingual support in 18+ languages
Minimum withdrawal of $100 Fewer assets than many competitors

Overview

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.  

Highlights

Visit Review
Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

More about the best forex trading platforms in NZ

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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.

Can I trade other assets with a forex broker in New Zealand?

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You can, though it depends on the type of broker you choose. The best NZ CFD brokers usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best trading platforms in NZ or the best crypto exchange in NZ.

How to choose a forex broker in New Zealand

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Step 1. Check broker regulation

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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 platforms

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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 account

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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 support

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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 reviews

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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 account

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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 brokers

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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.
Choose the best forex broker in NZ

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Fact-checking & references
Risk disclaimer
James Knight
Editor of Education

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Prash Raval
Financial Writer

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.