Best Forex Brokers in New Zealand 2020

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If you live in New Zealand and want to trade currencies one of the key things to know is how to choose the broker you will trade with. We have conducted research into the very best brokers for New Zealand traders based on service, product quality and reliability.

The Brokers below represent the best Brokers in New Zealand

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
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75% of retail CFD investors lose money




cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade


Market Maker, No dealing desk, STP

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75% of retail CFD investors lose money

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76.4% of retail CFD accounts lose money






No dealing desk

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76.4% of retail CFD accounts lose money

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Your capital is at risk




MT4, MT5


ECN, No dealing desk, STP

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Your capital is at risk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers in New Zealand

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.


Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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75% of retail CFD investors lose money

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform


Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors


Regulated By:CySEC, IFSC

Foundation Year:2009


Min Deposit:$1

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Your capital is at risk

FBS is a Forex ECN and CFD broker which was established in 2009 and is regulated by the IFSC in Belize and the CySEC in Cyprus. Since then, the brand has grown in size, capacity and technology and now supports 12 million traders from over 190 countries trading across Forex, Commodities, Metals, Cryptocurrencies and more.

FBS uses the hybrid broker model of Straight Through Processing (STP) and an Electronic Communications Network (ECN). There is no dealing desk as orders are passed directly into the systems of the liquidity providers at the actual market prices.

Pros Cons
  • Broker is regulated by CySEC and the IFSC
  • Access to investor compensation in case of broker fraud
  • Comprehensive trader education
  • Good variety of research tools
  • Low capital requirements for account opening
  • Spreads are higher than many retail brokers
  • Regulation of global brand is not as robust as the EU brand
  • Leverage offered on global brand is too high (careful risk management is a must)

How to choose a broker as a New Zealand trader

First and foremost, you want to use a broker who is regulated in your country. An unregulated broker does not account to anybody, so you can never know whether your money is safe or he will take it and disappear one day without notice. Int his case an FMA regulated broker should be your choice.

Secondly, a trading platform is something you want to check with your broker. It is your tool to trade, so if it is too complicated or non user friendly we would suggest finding another one.

Commission and spreads come next. You want to find  broker with the lowest spreads and no hidden fees.

A good broker will offer you at least a few types of accounts to choose from. Whether you come with 50$ or with 50000$ service provider should offer a type that suits your interests and possibilities best.

Customer care and service is another thing you should look into when you are in search of a broker. Brokers that do not respond to their customer requests in a timely manner should be avoided altogether.

General Regulation and New Zealand Regulation

As Forex is a vast global market it will have different legal authorities regulating it in a specific country or even region. US and Europe are two good examples. FX brokers in US are regulated by NFA and CFTC. Those are very strict regulators and they will take severe legal actions against brokers who are not registered under them. Current capital requirement for US brokers is 20 million $ and a lot of small companies cannot afford them, so the number of players in FX market is not that big.  Leverage that is allowed would be between 50:1 to 20:1 depending on currency pairs traded.

In Europe, on the other hand, requirements for FX companies are more loose and the leverage can be 200:1. In Europe Forex trading was harmonised so a broker that has a licence in one member state can legally function in any other one. Each European country will have its local regulator, some like in UK (FCA) more strict ones and some like in Cyprus (CYSEC) more loose ones.

Forex brokers in New Zealand are regulated by FMA (Financial Markets Authority). It is quite a strict regulator that was given regulation powers in 2011 after the Securities Commission of New Zealand was dismissed as an incompetent regulator that failed to curb fraud, price manipulation, excessive risk trading by local market operators and inside trading that ultimately led to huge losses for individual investors. More strict rules and regulations apply now for those who offer financial services in the country. Lots of brokers lost their licenses and new ones coming to offer their services have to comply with new rules, open their books for regular audits and share whatever requested information is needed. So, trading with FMA regulated broker is pretty safe now.

Trading Platform & Software

 It is only natural to expect that a good broker will offer you to test their trading platform on a demo version before you start trading on a real money account.  Their platform should be user friendly and easy to use, but also offer you a lot of other features and options that you might need for analysis and application of your specific trading strategies: various charts with indicators, the ability to draw and write notes, a large variety of time frames, the possibility of opening multiple windows and be able to study them separately, incorporated news feed, strategy tester, the possibility to copy other traders and etc.

Most brokers will offer you a downloadable software for Metatrader (MT 4) platform that you can launch right from your desktop and trade after logging in or they will offer you an online platform, which does not have to be downloaded, but can be used straight from your browser. Social trading platforms are also a good choice, because you will be able to use social investing platform by copying traders that are successful and make profits. Lastly, this is the age of mobile phones, so a good broker will probably have a mobile application and you will be able to trade currencies on the go on your mobile phone.

Commissions & Spreads

Most Forex brokers are compensated by spreads, which is the difference between the bid and ask price. Some companies use fixed, some variable spreads. As an example, a broker that has a fixed spread would probably offer 1-3 pips for the most popular Forex pair eur/usd. For a variable spread this range can be smaller. Under normal market conditions, where no news is expected or released the spread for the pair can be 0.2-0.5 pip. However, when news comes variable spread can increase to 10-30 pips for the pair and much more for less popular currency pairs such as gbp/jpy or eur/cad.

Account Types

Depending on your capital size most brokers will offer you a number of choices for an account. The most popular structure is micro (with micro lot size 1000$), mini (with mini lot size 10000$) and standard (with standard lot size 100k $). So, if you have only 100 $ you may apply for a micro account and start trading having gone through verification process. The same is true with other account types. Other brokers may even offer you up to 9 types of accounts. So, be sure to check them when you visit your broker‘s website and choose the one that fits your needs best.

Customer Service

Good customer service is a feature of a reliable broker. Most good New Zealand brokers will definitely have a customer service line where you can ask a question, have a query, send a complaint and get an answer 24/7. More serious complaints should also be solved by a customer care department between 24-72 hours. If you ask a question and wait for a week for a response from your broker, do not even think about opening an account with them. Trading involves a lot of risk and you need a broker whom you can trust and who deals with your problems responsibly.

Additional Services

Extra services that you would expect a broker to offer would be education  and those should be free of charge. They should offer you materials explaining basics of currency trading, fundamental and technical analysis, Central Banks‘ policy, interest rates, risks, trends and etc. You would also expect webinars on various educational topics ranging from beginner to advanced traders. Look through a brokers website to find out what they offer to see for yourself.


As you may see the choice of a good broker relies on a number of factors explained in the article. We have created a list based on all of these factors showing the most recommended brokers. If you trust your broker you will be able to concentrate on your trading and trade with a peace of mind without worrying whether your broker will implement some manipulative scheme against you or not. Confidence and trust will help you to make more rational decisions that will ultimately contribute to you becoming a more successful trader.

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