Best Forex Brokers in New Zealand of 2023

Since 2011, we’ve traded with and reviewed over 150 brokers in New Zealand. To find the best brokers in New Zealand for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.

By: Vladimir Zernov
Reviewed By: FX Empire Editorial Board
Updated: Nov 19, 2023
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CFD trading is rapidly gaining popularity in New Zealand, with multiple brokers offering their services to New Zealand-based clients.

To operate legally in New Zealand, brokers must obtain authorization from the Financial Markets Authority (FMA), the national regulatory body. Being authorized by the FMA is considered a positive attribute for brokers, providing a sense of legitimacy for forex traders. However, there are brokers regulated outside New Zealand that still offer forex trading services to local residents.

Choosing the right broker is a critical step toward financial success. Traders should thoroughly assess key aspects such as regulation, fees, available instruments, trading platforms, and more. With over ten years of experience reviewing forex brokers, FX Empire is an industry leader. We apply our unique methodology, evaluating over 250 variables across nine key categories, to identify the best brokers for you.

Considering the diverse needs of traders, we’ve broken down this list into four major categories.

List Of Top Forex Brokers and Trading Platforms In New Zealand

  • TMGM — Best Overall
    FMA-regulated. Fast MT4 execution. Competitive fees. IRESS and ECN accounts. 10,000+ share CFDs. HUBx tool.
  • PFD – Best MT4
    New Zealand-based, FMA-regulated. MT4, FIX API. Competitive trading fees. 6 account base currencies.
  • BlackBull Markets — Best for Professional Traders
    New Zealand-based, FMA-regulated. A wide range of trading platforms. FIX API, Autochartist, Zulu Trade, MyFXBook.
  • Plus500 — Best for Beginners
    FMA and other top-tier regulators. NZD as a base currency. 2800+ instruments. User-friendly and intuitive trading platform. +Insights tools.
  • IG — Best Low Spreads
    FMA and other top-tier regulators. Very competitive trading fees. Proprietary platform. Over 18k+ instruments. NZD-denominated CFD contracts.

How Did FX Empire Select the Best Brokers in New Zealand?

To choose the best brokers in New Zealand, we used the FX Empire’s 250-point rating system to find the leaders in each category. We focused on the following key features:

  • We chose brokers that accept New Zealand residents.
  • We selected trustworthy and transparent brokers with top overall scores from our rating review system.
  • We focused on brokers regulated by the Financial Markets Authority (FMA).
  • We preferred brokers offering localization in payment methods, offices, or customer support, and those that have NZD as a base currency
  • We focused on brokers that provide low trading fees.
  • We listed brokers that have user-friendly and feature-rich platforms.

Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. I subsequently used my 16 years of forex trading experience to examine and analyze all our findings, resulting in the selection of the best brokers for traders in New Zealand across various categories. You can read more about it and how we conduct our tests here.

With no further delay, let’s look at the selected brokers.

Best Overall


The information provided on this website is general in nature only and does not constitute personal financial advice. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Investing in CFDs and Margined FX Contracts carries significant risks and is not suitable for all investors. You may lose more than your initial deposit. You don’t own, or have, any interest in the underlining assets. We recommend that you seek independent advice and ensure fully understand the risks involved before trading. It is important that you read and consider disclosure documents before you acquire any product listed on the website. The information and advertisements offered on this website are not intended for use by any person in any country or jurisdiction where such use is contrary to the local laws and regulations. Products and Services offered on this website is not intended for residents of the United States.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2013, TMGM offers trading in forex, commodities, stocks, indices, and cryptocurrencies. The broker is regulated by ASIC (Australia), FMA (New Zealand), and VFSC (Vanuatu).

Regional Features:

  • FMA regulation No 569807
  • Leverage: Up to 1:500
  • Local office: Level 20, The Sap Tower, 151 Queen Street Auckland CBD, Auckland 1010
  • NZD in trading pairs
  • NZD as a base currency
  • Local customer support

My research revealed that TMGM provides a balanced offering suitable for the needs of various traders. The broker features the popular MetaTrader 4 platform, as well as the sophisticated IRESS platform, tailored for stock traders. MetaTrader 4 is accessible on desktop, Mac, tablet, and mobile devices. Clients also benefit from HUBx, a specialized tool that enables fund managers to oversee clients' accounts.

Traders have plenty of accounts to choose from, including two retail and three IRESS account types. Such diversity allows for a more personalized trading experience. TMGM also offers a substantial number of deposit and withdrawal methods, available in multiple currencies including USD, EUR, GBP, AUD, NZD, CAD, and CNY, adding to the overall convenience.

Our tests indicated that TMGM's fees were in the low-to-medium range compared to the industry average. For example, spreads for EUR/USD stood at a competitive 0.9, while spreads for Gold fell within the 15 - 24 range, reflecting industry standards.

  • Competitive fees.
  • Fast order execution with Equinix data centers for MT4 platform.
  • Diverse account types.
  • Comprehensive research tools.
  • High inactivity fee.

Best MT4


Your capital is at risk.
  • Min Deposit
  • Tradable Instruments
  • Fees

Pacific Financial Derivatives (PFD), headquartered in Auckland, stands out as a leading and reliable forex and CFD broker in New Zealand. Established in 1999, PFD provides trading opportunities in forex, commodities, indices, and cryptocurrencies. It operates under the regulation of the Financial Markets Authority (FMA) in New Zealand through a single entity.

Regional Features:

  • FMA regulation No 28944.
  • Leverage: 1:300
  • NZD as a base currency.
  • NZD in trading pairs.
  • Local customer support.

PFD offers the renowned MetaTrader 4 platform for desktop and mobile, including the Expert Advisors feature for automated trading. Additionally, it enhances execution with a FIX API.

The broker presents a selection of 70 trading instruments, featuring 49 currency pairs, 8 commodities, 11 indices, and 2 cryptocurrencies. Traders have the choice of one spread-based and two commission-based accounts, available in 6 base currencies: EUR, USD, NZD, AUD, GBP, and JPY.

Our fee analysis reveals that PFD generally undercuts industry averages. Spreads for EUR/USD typically range from 0.3 to 0.4, with WTI oil spreads at about 0.07 to 0.08. Swap fees were found to be low to average. Moreover, under ideal conditions, the broker averages execution speeds of around 30 milliseconds, ranking it among the best brokers in the world.

  • Local presence in New Zealand.
  • Reliable customer support.
  • Diverse accounts.
  • Competitive trading fees.
  • A limited number of tradable instruments.

Best for Professional Traders

Your capital is at risk.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2014, BlackBull offers trading in forex, indices, commodities, equities, and cryptocurrencies. The broker is regulated by FMA and FSA (Seychelles).

Regional Features:

  • FMA regulation No403326
  • Leverage: Up to 1:500
  • Local office: Level 20, 188 Quay Street, Auckland Central, 1010
  • NZD as a base currency
  • NZD in trading pairs
  • Local customer support

BlackBull provides access to a diverse range of trading instruments including forex pairs, indices, cryptocurrencies, commodities, and stocks. The broker stands out with a rich stock offering, encompassing 26,000+ stocks, ensuring that professional-level traders have a vast array of tradable instruments to select from.

BlackBull has a solid platform offering featuring multiple trading platforms such as MetaTrader 4, MetaTrader 5, TradingView, and Share Trading. These platforms are complemented by a wide range of tradable instruments and several account types, available in multiple base currencies. Clients who choose MetaTrader gain access to Autochartist, a valuable technical tool that identifies key support and resistance levels, chart patterns, and more. Additionally, the BlackBull Social platform enables traders to follow the strategies of traders from any MT4 or MT5-based broker, fostering a collaborative trading community.

My tests showed that BlackBull offers attractive spreads for certain instruments, including GBP/JPY, Gold, Apple, Tesla, and Dow Jones. For example, spreads for GBP/JPY were found to range between 1.6 and 2, demonstrating the broker's competitive positioning. BlackBull also provides a generous number of deposit and withdrawal options, accessible in various currencies, including cryptocurrencies.

  • A wide range of trading platforms.
  • A huge stock offering.
  • Strong educational and research support.
  • Social trading capabilities.
  • Swap fees are rather high.

Best for Beginners

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.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2008, Plus500 offers trading in forex, commodities, stocks, indices, ETFs, and cryptocurrencies. The broker has multiple regulations, including CySEC, FCA, MAS, ASC, FMA, FSCA, EFSA, and FSA Seychelles.

Regional features:

  • FMA regulation No 486026
  • Leverage: Up to 1:300
  • NZD as a base currency
  • NZD in trading pairs
  • Local customer support

Plus500 offers its proprietary WebTrader platform, renowned for its user-friendly design. Such platforms are an excellent choice for beginner traders who want to concentrate on their trades rather than on sophisticated platform design. While the lack of 1-click trading may make the platform less appealing to scalpers, positional traders are likely toappreciate the +Insights analytical tool provided by Plus500. This tool shares data on what traders at Plus500 are buying and selling, allowing users to gauge market sentiment. I find it a highly valuable insight, especially considering Plus500's extensive client base.

With Plus500, traders have plenty of options to choose from as the broker provides a broad selection of 2,800+ tradable instruments in various asset classes, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies. Plus500 also offers CFDs on options, although I’d advise beginner traders to start their trading journey with less sophisticated instruments to minimize complexity.

Regarding fees, our tests revealed that Plus500's fee structure varies from average to competitive, depending on the specific instrument in question. For example, spreads for EUR/USD were at 0.8, which is relatively tight.

  • Multiple regulations around the world.
  • A user-friendly and intuitive trading platform.
  • Innovative tools such as +Insights.
  • A wide range of tradable instruments.
  • No phone support.

Best Low Spreads


Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 1974, IG provides trading opportunities in forex, stocks, indices, commodities, cryptocurrencies, and bonds. IG stands as one of the most regulated brokers in the industry, authorized by top-tier regulators, including the FMA, FCA, ASIC, FINMA, MAS, JFSA, among others.

Regional features:

  • FMA regulation No 684191
  • Leverage: Up to 1:300
  • NZD as a base currency
  • NZD-denominated CFD contracts
  • NZD in trading pairs
  • Local customer support

Our tests revealed that IG's trading fees are highly competitive. For instance, spreads for EUR/USD pair fluctuated between 0.6 and 0.9, while spreads for WTI oil were at mere 0.02. Additionally, the overnight swap fees were found to be better than the industry average.

In addition to its appealing trading fees, IG's strength lies in its extensive stock offering, encompassing over 16,000 stocks. The broker also surpasses the industry average by providing access to more than 100 forex pairs.

Clients of IG also benefit from its custom-built web platforms and mobile app, designed for seamless trading on the go. Other platforms, such as L2 Dealer, MetaTrader 4, and ProRealTime, are also available, catering to advanced-level traders. Meanwhile, beginners will likely appreciate the user-friendly interface of the IG platform, allowing for an approachable entry into the trading world.

  • Highly competitive fees.
  • Well-regulated broker.
  • Feature-rich web and mobile platforms.
  • 18,000+ financial instruments.
  • Cryptocurrency trading is only available to professional traders on international accounts.

How to Choose a Forex Broker in New Zealand?

Use our guide to choose the best forex broker in New Zealand.

How to choose a safe broker as a New Zealand-based trader?

The process of choosing a broker begins with learning where your potential broker is regulated. New Zealand-based traders may choose between FMA-regulated brokers as well as brokers authorized by other regulators. Some traders would find the domestic regulation more comfortable to work with. In our research, we divide regulators into three tiers: Tier-1, Tier-2, and Tier-3.

  • Tier-1 regulators have strict oversight and impose certain limits on services offered to retail clients (for example, the leverage for retail clients is usually limited at 1:30). Such regulators usually provide access to investor compensation schemes. Tier-1 regulators include CySEC, ASIC, and UK FCA.
  • Tier-2 regulators also offer strict oversight but usually do not limit leverage for retail clients. In addition, investor compensation schemes are typically not available at Tier-2 regulators. FSCA is a good example of such a regulator.
  • Tier-3 regulators are offshore regulators that do not impose limits on leverage for retail clients and do not provide access to compensation schemes. FSA Seychelles and FSC Mauritius are among Tier-3 regulators.
  • Traders should note that some entities are not regulated. Usually, such entities are registered in St. Vincent and the Grenadines. The absence of any regulator leads to the lowest level of protection for traders.

Traders should focus on important protection options like negative balance protection, segregated funds, and the compensation fund which will cover your back if the broker has financial problems. In our system we consider FMA as a Tier-1 regulator. Brokers regulated by FMA offer negative balance protection and segregate their funds from the funds of clients.

Check out our comprehensive guide on the best regulated forex brokers.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

  • The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. We consider spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. See our guides for the best lowest spread and best zero spread forex brokers.
  • A commission is a fixed cost of entering the trade. Usually, accounts that charge commissions offer low spreads. Commissions below $3 are considered to be low for forex pairs and gold.
  • A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. For forex pairs, a swap rate below 0.5 pips is viewed as a good result.
  • An inactivity fee is a fee that is charged by the broker if your account is dormant. In this case, a certain amount of money is charged on a monthly basis. An inactivity fee below $10 is considered to be low.

How to choose a trading platform in New Zealand?

Most brokers typically provide access to MetaTrader 4 and/or MetaTrader 5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders. Hence, beginners may have to spend some time learning the ropes.

Some brokers have also developed their own in-house trading platforms. Such platforms are usually focused on the needs of traders of varying levels of experience. They are easy to navigate and simple to use.

The choice of trading platform depends on personal preferences and trading experience. Novice traders are advised to begin with a user-friendly platform or a mobile app, whereas experienced traders typically opt for MT4/MT5.

Read more about the platforms in our detailed guides on the best MT4  and best MT5 brokers.

What leverage is available for traders in New Zealand?

Leverage allows traders to use borrowed funds to increase their profits. The higher the leverage, the higher your potential profits are. However, always keep in mind that leverage is a double-edged sword, and using high leverage can also boost your potential losses. Thus, beginners will be better off starting with low levels of leverage to avoid outsized losses.

For those comfortable with these dynamics, FX Empire offers a guide on the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

In our list of the best forex brokers in New Zealand, the maximum available leverage is 1:500.

What to avoid when choosing a forex broker in New Zealand?

Here are the five things to avoid when choosing a broker in New Zealand:

  • Failing to verify regulatory compliance.
  • Overlooking broker fees, such as spreads, commissions, and swap rates.
  • Selecting an account type that does not match your requirements.
  • Neglecting to review the range of instruments provided by the broker.
  • Avoiding direct communication with the support team before opening an account.

How to avoid forex and CFD scams?

To avoid forex scams, traders should first check the broker’s regulations. If the broker is licenced by a Tier-1 regulator, you are generally well-protected. An unregulated broker is, by definition, the most suspicious. In addition to regulations, be mindful of the following red flags:

  • The broker offers a substantial cash bonus for opening an account.
  • The broker aggressively promotes automatic trades and/or trading signals from unknown sources.
  • A broker promises profits and cites unrealistic success rates.
  • You cannot find the broker’s employees on specialized websites.
  • The broker’s stated address doesn’t seem suitable for a serious company (e.g., too small, located in a strange area).
  • The support team does not respond or responds rarely.
  • Clients report problems with funds’ withdrawal on specialized sites that publish broker reviews.

We’ve also compiled a comprehensive list of reliable brokers by jurisdiction here, to help you navigate the complex world of forex trading safely.

Our Methodology

FX Empire has been reviewing brokers since 2011 and developed an in-depth review program of CFD brokers. We have more than a decade of experience testing brokers and abide by strict guidelines for editorial integrity. Our review process follows a thorough protocol that results in a score that is based on objective criteria and measurable data. As a result of our work, we publish a comprehensive and unbiased reviews, which are meant to help traders choose the broker that best suits their needs.

To choose the best broker for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:

  • Trust and Stability
  • Fees
  • Platform and Tools
  • Tradable Instruments
  • Account Types
  • Deposit and Withdrawal
  • Research
  • Customer Support
  • Education

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. In total, we examine brokers according to over 250 data points.

Each category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

We highlight each broker’s strengths and weaknesses, explain regulatory details and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

In this article, I focused on forex brokers that are best suited for traders based in New Zealand. I have prioritized brokers offering specific features, such as FMA regulation, customer support during local hours, the availability of local deposit and withdrawal methods, and the inclusion of NZD as a base currency or trading pair.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan Blystoneauthor

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan Solankiauthor

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen Stoyanovauthor

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Yes, forex trading is allowed in New Zealand. Forex trading is legal in the country and regulated by the Financial Markets Authority (FMA).
The FMA, or Financial Markets Authority, is a government agency responsible for regulating and overseeing the financial markets in New Zealand. Forex brokers operating in New Zealand must be registered with the FMA and adhere to its regulations. Trading with an FMA-regulated broker generally means a higher level of security and fairness in trading practices.
To verify whether a forex broker is regulated in New Zealand, visit the FMA website and search for the broker’s entity name.
Based on my research, Plus500 is the best option for beginner traders in New Zealand. The broker is highly regulated, offers a user-friendly and intuitive trading platform and a wide range of tradable instruments.
Our research showed that BlackBull is the best option for professional traders in New Zealand. The broker offers 26,000+ tradable instruments, a wide range of trading platforms, and solid research support.
Yes, any profits from forex trading are subject to tax. Note that forex trading can be a complex and risky investment. It is important to understand the tax implications of forex trading and to consult with a tax advisor.
Brokers regulated by FMA are subject to strict regulatory requirements that are designed to protect traders' interests. FMA-regulated brokers are required to comply with rules and regulations that govern how they operate and how they handle client funds. These rules are designed to ensure that brokers are acting in the best interests of their clients and that traders' funds are protected in the event of the broker's insolvency. In contrast, brokers that are regulated offshore may not be subject to the same level of regulatory oversight as FMA-regulated brokers.
FMA does not impose leverage limits, so the available leverage of FMA-regulated brokers depends on the brokers’ policy.
Yes, you can trade with non-FMA-regulated brokers in New Zealand. However, please, note that FMA recommends New Zealanders to use the services provided by FMA-regulated brokers.
Yes, crypto trading is available in New Zealand.
No, you cannot trade forex without a broker.
Negative balance protection is a feature offered by some brokers that protect traders from incurring a negative account balance. In forex trading, it is possible to lose more money than you have in your account due to leverage, which magnifies gains and losses. With negative balance protection, the broker guarantees that the trader's account balance will never go below zero, even in the event of a sudden and significant market move that results in a large loss.
To verify whether your broker has negative balance protection, you can review the terms and conditions of your account agreement, which should outline the broker's policy on negative balance protection. This information is usually available on the broker's website or can be obtained by contacting their customer support team.
A compensation scheme is a type of investor protection program that provides financial compensation to investors who have suffered losses as a result of a broker's insolvency, fraud, or other misconduct. In most countries, compensation schemes are established and regulated by the government or financial regulatory agencies. These schemes typically have specific eligibility requirements, such as a maximum level of compensation per investor or per claim, and may only cover certain types of financial instruments or transactions.
You can check their regulatory status and the terms and conditions of your account agreement. You can also check the website of the compensation scheme in your country or region to see if your broker is listed as a member.
A segregated fund refers to the practice where brokers hold their clients' funds separate from their own operational funds. This is done to protect clients' funds in the event of the broker's bankruptcy or other financial difficulties.
To verify if a broker offers segregated funds, you can check their website, contact them directly, review their regulatory filings, look for independent reviews, or consult with a financial advisor.

About the Author

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.