Best FSPR (New Zealand) Regulated Forex Brokers 2018
New Zealand was once a place where brokerages would setup in the country due to the lack of regulatory oversight, and the low requirements for financial firms to enter the forex markets. This sprung a slew of fraudulent brokerages, causing numerous scams and financial abuse incidents in the market. The New Zealand authorities were quick to catch on resulting in the formation of the Financial Monetary Authority (FMA). This authority is the main source of regulation over financial brokerages. But New Zealand authorities didn’t stop there, they also developed the Financial Service Providers Register (FSPR).
Introduction to FSPR Regulation
Along with the FMA, the FSPR works to provide a safe and secure environment for the trading of financial instruments. However, the FSPR does not regulate brokerages or impose any rules or regulatory guidelines for them. They are solely an online registry, providing information on all the companies, individuals, and firms operating in the country. It provides this information publicly on a single platform, making it easy to search and find the relative information investors are looking for in a brokerage. All brokerages listed on the FSPR should be regulated by the FMA to offer trading services in New Zealand. That being said, the FSPR is not a certified regulatory body for brokerages. It is simply an online platform providing information on the brokerages regulated by the FMA.
The FSPR may not be a regulatory authority providing licenses to financial brokerages and setting guidelines for them to follow, but they still have some very important responsibilities. The FSPR is responsible for providing complete and viable information on only competent and trustworthy brokerages. They exclude any brokerages with financial malpractices within the last 5 years. As well, they are responsible on listing and providing information on FMA regulated brokers while excluding non-regulated brokerages.
How FSPR Regulation protects you
Knowledge is a powerful thing, and this is exactly what the FSPR provides investors. The FSPR protects investors by providing them with a wealth of important information when it comes to making decisions on which brokers to trust. It protects investors by listing only competent brokers on their platform, excluding brokers with financial malpractices within the last 5 years. As well, the FSPR provides additional information on what to look out for and how to choose the right brokerage for you and your needs.
Guidelines for FSPR Regulated Brokers
In order for brokers to be listed on the Financial Service Providers Register, they must meet the following guidelines set forth by the FSPR.
- Brokerages must have a clean record with no financial malpractices in the past five years.
- Must be a brokerage residing and operating out of New Zealand. No offshore brokerages are listed on the online platform.
- Brokerages must be regulated by the Financial Monetary Authority (FMA).
Above are the three main guidelines for all brokerages listed on the FSPR. There are more however, and investors can find more complete information in the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|