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  Are you shopping around for the best forex broker as New Zealand residents? We've covered New Zealand's local forex policy, market conditions and are committed to providing you with comprehensive analysis and assistance.

  The forex market in New Zealand, overseen by the Financial Markets Authority (FMA), has seen growing popularity, with the New Zealand Dollar being among the top 10 traded currencies globally. 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.


Top 7 Best New Zealand Forex Brokers for 2024

Low spreads and competitive pricing, maximum leverage varies by assets, multiple trading platforms including MetaTrader 4 and Next Generation.

Extensive market coverage, comprehensive educational resources, advanced charting tools, and exceptional customer service.

Tight spreads, up to 1:100 leverage, diverse trading platforms like SaxoTraderGO and SaxoTraderPRO.

Broad market access, extensive research offerings, comprehensive educational materials, and 24/7 customer support.

Australia-based, regulated forex broker, making traders enjoy diverse trading instruments and outstanding conditions with low deposit, high leverage.

A world of finance at your fingertips with our regulated broker. Designed for beginners and experts alike, offering versatility and speed at affordable costs.


Comparison of the Best Forex Brokers in New Zealand

Forex Broker


Minimum Spread

Maximum Leverage

Minimum Deposit

Open account




Best Forex Brokers in New Zealand for 2024 Overall

  CMC Market

  CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.

CMC Market Snapshot⭐⭐⭐⭐⭐
Regulatory Authorities FCA, FMA, MAS, IIROC
Minimum initial deposit $0
Maximum leverage N/A
Minimum spread 0.7 pips onwards for EURUSD
????Pros ????Cons
Wide range of trading instruments May face platform stability issues during high volatility moments
Multiple trading platform Higher stock CFD fees
Regulated by multiple reputable authorities Not available in certain countries
No minimum deposit requirements The high minimum deposit for guaranteed stop loss orders
Access to comprehensive market news and analysis Overnight financing costs

  Saxo Bank

  Saxo Bank is an established Danish investment bank originating from 1992. Saxo Bank adheres to the regulations set by numerous financial authorities, including the Danish Financial Supervisory Authority, the UK Financial Conduct Authority, and the Monetary Authority of Singapore.

????Pros ????Cons
• Wide range of financial instruments available • High minimum deposit requirement
• Access to multiple markets and exchanges • Fees and commissions may be higher than competitors
• User-friendly trading platforms • Inactivity fee for dormant accounts
• Advanced trading tools and research • Limited educational resources
• Regulated by top-tier financial authorities • Limited customer support options

SAXO Snapshot⭐⭐⭐⭐⭐
Market Instruments Forex, stocks, futures, options, bonds, ETFs and CFDs
Leverage 1:100
Minimum spread 0.4 pips

  VT Markets

  VT Markets, headquartered in Sydney, is a regulated subsidiary of Vantage International Group with over a decade in global financial markets. Operating under the Financial Sector Conduct Authority (FSCA), it offers trading in a wide range of instruments including currencies, commodities, indices, and more. The broker ensures competitive trade conditions, a $100 minimum deposit, fast execution, and up to 1:500 leverage. Both MetaTrader 4 and 5 platforms are supported for a durable, flexible experience with extensive features, indicators, and automated trading options.

VT Markets
VT Markets Snapshot⭐⭐⭐⭐⭐
Regulation Regulated by FSCA
Market Instrument forex, precious metals, soft commodities, indexes, cryptocurrencies, energy, US stocks and Hong Kong stocks
Account Type STP & Raw ECN
Maximum Leverage 1:500
Trading Platform MetaTrader4, MetaTrader5, WebTrader, Mobile App
Minimum Deposit $200
????Pros ????Cons
Wide range of trading instruments Limited regulatory oversight
Low trading fees Limited educational resources
Multiple account types Limited customer support options
Multiple trading platforms, MT4, MT5 and Webtrader No demo accounts
Flexible leverage up to 1:500 Limited research and analysis resources
Swap-free options available
Wide selection of payment methods
Social Trading Available
Deposit and welcome bonuses offered


  Plus500 is an online trading platform that offers Contracts for Difference (CFDs) on a range of financial instruments including stocks, forex, commodities, cryptocurrencies, options, and indices.The platform is available in more than 50 countries and supports over 30 languages.

PLUS500 Snapshot⭐⭐⭐⭐⭐
Regulation FCA, CySEC, ASIC, FMA, MAS
Market Instruments forex, cryptocurrencies, stocks, indices, commodities, and options
Leverage 1:30 (forex), 1:20 (indices), 1:10 (commodities), 1:2 (cryptocurrencies), 1:5 (stocks)
EUR/USD Spread 0.5 pips
Trading Platforms own proprietary trading platform (desktop, web, and mobile)
Minimum deposit $/€/£100
????Pros ????Cons
• Simple and easy-to-use trading platform • Limited product offering
• Commission-free trading • Limited research and educational tools
• Tight spreads • No support for MetaTrader platform
• Negative balance protection • Limited customer support options
• Regulated by reputable financial authorities • No phone support
• Free demo account • Withdrawal fees for some payment methods

• Limited trading tools and features


  Vantage is an online forex broker that offers trading services for individuals and institutions around the world. The company was founded in 2009 and is headquartered in Australia, with additional offices in the United Kingdom, Cayman Islands, and China. Vantage provides a variety of trading instruments, including forex, commodities, indices, and cryptocurrencies, and offers multiple trading platforms, such as MetaTrader4 and5.

Vantage Snapshot⭐⭐⭐⭐
Market Instruments Forex, Indices, Precious Metals, Soft Commodities, Energy, ETFs, Share CFDs, Bonds
Leverage 500:1
EUR/USD Spread From 1.0 pips
Trading Platforms MT4, MT5
Minimum deposit $50
????Pros ????Cons
• Wide range of trading instruments • Too many complaints about withdrawals from clients
• Low minimum deposit requirement • No Canada, China, Romania, Singapore, the United States clients allowed
• User-friendly trading platforms
• Regulated by multiple top-tier authorities
• Negative balance protection for clients

  BlackBull Markets

  BlackBull is an STP (Straight Through Processing) forex broker that provides online trading services to retail and institutional clients. The company was founded in 2014 and is headquartered in Auckland, New Zealand. BlackBull is regulated by the Financial Markets Authority (FMA) of New Zealand and offers over 26,000 tradable instruments including forex, energy, indices, cryptocurrencies, equities, and metals. The broker provides clients with multiple trading platforms such as MetaTrader 4/5 and various trading tools.

BlackBull MarketsSnapshot⭐⭐⭐⭐⭐
Regulation FMA
Market Instruments forex, energy, indices, cryptocurrencies, equities and metals
Leverage 1:500
EUR/USD Spread From 0.0 pips
Trading Platforms TradingView, MT4, MT5, BlackBull Trader and BlackBull Shares
Minimum deposit $0
????Pros ????Cons
• Regulated by FMA • Negative reviews from clients regarding withdrawal issues
• Wide range of tradable instruments • Limited range of payment options
• Demo accounts available
• Multiple trading platforms and tools
• No minimum deposit requirement
• Rich educational resources

  Admiral Markets

  Admiral Markets based in Australia and regulated by ASIC, FCA and CYSEC, has been providing services for 10-15 years with a variety of trading instruments. Minimum deposit is 1 USD, offering a flexible 1:10 to 1:1000 leverage. They offer multiple trading platforms and withdrawal methods.

Admiral Markets
Admiral Markets Snapshot⭐⭐⭐⭐⭐
Regulated by ASIC/FCA/CYSEC
Trading instruments Forex, Indices, Stocks, Commodities, Bonds, ETFs
Minimum Initial Deposit 1 USD or equivalent
Maximum Leverage 1:1000
Minimum spread From 0.6 pips
Trading platform MT4, MT5, Webtrader
????Pros ????Cons
Diverse trading instruments covering Forex, shares, indices, metals, and energy Limited range of cryptocurrencies
Innovative trading platforms Charges for dormant accounts
Low minimum deposit requirement Trading platform could be complex for beginners
Strong regulation by FCA, ASIC and CYSEC Relatively slower withdrawal times
Access to market analysis and trading ideas Non-trading fees could be high

Forex Trading Knowledge Questions and Answers

What is FMA and what does it mean for forex traders?

  FMA stands for Financial Markets Authority. It's the government agency in New Zealand responsible for financial regulation. For Forex traders, the FMA provides a trusted regulatory framework. This means that it sets standards, monitors compliance, and takes action when these standards are not met, ensuring fair, efficient and transparent financial markets, which protects traders and contributes to the integrity of the Forex trading environment.

How to choose a forex broker in New Zealand?

  Just like Forex trading in any country, there are a few nuances to consider with Forex trading in New Zealand as well, despite it having relatively few restrictions and a generous maximum leverage of 500:1.

  Here are three key tips for choosing the best Forex broker:

  •   Prioritize brokers regulated within New Zealand: Always ensure that your broker is regulated by the FMA. If you ever need to consider brokers outside this parameter, opt for those regulated by other top global regulators such as CySEC, FCA, and ASIC.

  •   Choose a broker that keeps costs low: In Forex trading, keeping costs low is crucial. Choose a broker that offers a low spread and minimal non-trading fees. Preferably, the broker should also allow NZD deposits and base currencies to reduce currency conversion costs.

  •   For beginners, choose a broker who offers negative balance protection:In the volatile Forex market, it's vital to protect yourself. In Europe, all brokers must apply negative balance protection due to ESMA regulations. This is not mandatory in New Zealand, which means a significant market swing could result in a negative balance. A broker providing negative balance protection will automatically close your position once your balance hits zero, preventing a negative balance.

  • How to choose a forex broker in New Zealand?

What fees should you focus on when choosing the broker?

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

  1. Spread Costs:These are the differences between the buy and sell prices. Brokers either charge a wider spread or a commission for each trade. Some offer tighter spreads, but charge a separate commission.

  2. Trading Commissions: Some brokers charge a trading commission on each trade, which can be a fixed fee or a percentage of the total trade volume.

  3. Swap Rates or Overnight Financing: These are fees that you pay or receive for holding a trade open overnight.

  4. Inactivity Fees:Some brokers charge a fee if your account is inactive for a specific period of time.

  5. Withdrawal fees:Some brokers may charge a fee for withdrawing money from your account.

  It's essential to read and understand a broker's fee structure before opening an account. The goal is to keep trading costs as low as possible while still receiving valuable services from your broker.

What fees should you focus on when choosing the broker?

Do you need to pay taxes for forex trading in New Zealand?

  Yes, Forex trading is likely to be subject to income tax in New Zealand. Any kind of trading that is conducted with the intent of gaining profit is usually classified as a business income and, thus taxable. However, the specifics of tax rates and regulations can vary.

Pros and Cons of forex trading in New Zealand

  Forex trading in New Zealand offers benefits like a solid FMA regulatory framework, high 1:500leverage, favorable conditions for ECN brokers, excellent tech infrastructure and innovative fintech disruption.

  Yet, drawbacks exist including fewer trading opportunities due to time zone variances, potential high trading costs during NZ business hours, and uncertainty regarding FMA leverage cap post-ASIC's reduction. Deciding to trade Forex in New Zealand requires careful consideration of these factors.

????Pros ????Cons
FMA provides a trusted regulatory framework Less frequent Forex trading opportunities
Maximum leverage of 1:500 Trading costs can be higher
ECN brokers operate with favorable trading conditions and NZ maintains a business-friendly environment New Zealand business hours do not match the highest liquidity periods in major Forex currency pairs
FinTech companies set to disrupt the traditional brokerage model Relatively high personal tax rates

To Summarize

  WikiFX have included many brokers from around the world. When choosing brokers, we always follow professional and objective principles. We have discussed the best forex brokers in New Zealand. You will understand multiple aspects of these brokers through our analysis, and choose the one that suits you best.

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