Forex Brokers in New Zealand

Richard Montana | November 23, 2022

Trading forex is popular amongst residents of New Zealand. It allows them to buy and sell currency pairs and speculate on forex market prices. Forex traders in New Zealand can choose to use any regulated forex broker, but it can be advantages to look for brokers that are regulated by the Financial Markets Authority (FMA), which is the financial regulatory body in New Zealand. The FMA is the New Zealand government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges, and setting and enforcing financial regulations.

Best forex brokers New Zealand

To find the best forex brokers in New Zealand, we created a list of all the regulated forex brokers that accept traders who are based in New Zealand, then ranked them depending on our overall rating. Below you can see the list of our top forex brokers for New Zealand.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

FMA, FSPR

$200

2014

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, FMA, VFSC

$100

2013

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, FCA, FMA, IIROC, MAS

$1

1989

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, CySEC, FCA, FSA, FSCA, FMA, ISA, MAS

$100

2008

1:30

79% 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.

FMA forex brokers in New Zealand

FMA stands for the Financial Market Authority, and in New Zealand it is the organisation in charge of regulating the country’s financial markets. The role originally fell on the shoulders of the Securities Commission of New Zealand.

The Securities Commission was an independent Crown entity of the government of New Zealand and the main regulator of investments. It was replaced on 1 May 2011 by the Financial Markets Authority in a wake of criticism over the failure of the previous regulatory regime to halt the failure of many finance companies and to stem investor losses in the period between 2006 and 2010.

The FMA is now the primary regulatory authority of NZ that has clear-cut responsibilities to regulate and supervise all types of financial firms including forex brokers.

The FMA has minimum capital requirements that are in line with the capital requirements of regulated brokers in the European Union. However, there are many brokers that choose to register with the FMA due to the location, the strong local economy and the available work force that is considered highly educated in the financial sector.

Forex brokers under the FMA regulation have to follow certain rules and be responsible for their conduct. When brokers do not follow the set rules and regulations, the FMA can impose strict punishments and fines, and in some cases, even ban the broker.

  • Hold at least $1,000,000 to cover the indemnity and operational responsibilities
  • Provide transparent data and an advanced level of customer protection

New Zealand is a politically stable country with a strong legal framework based on English common law. It is therefore often considered safe for traders to trade with New Zealand forex brokers, and most brokers operating there are well-capitalized companies.

In the unlikely event that any kind of dispute occurs between a forex broker in New Zealand and a trader, the trader is free to file a complaint with the FMA or FSPR. The Financial Service Providers Register (FSPR) is the financial regulatory body in New Zealand. The FSPR oversees and ensures that all FSPs are registered with them before they can legally provide financial services. The FSPR aims to achieve greater accountability and transparency in the financial sector.

How to verify FMA regulated brokers in New Zealand

For forex traders who are looking for a regulated broker in New Zealand, the authority to look for is the FMA (Financial Markets Authority) New Zealand. It might prove to be a challenge, as New Zealand’s market regulation has some limitations compared to other top tier regulators such as the ASIC and FCA. However, finding FMA regulated brokers is a step in the right direction.

To identify if a forex broker is authorised and regulated as Financial Services Provider (FSP) by the FMA, you can get the brokers regulation number from the disclosure text which you can usually find at the bottom of the brokers homepage. Once you have that, you can look up the FSP number on the FMA website to confirm if the broker is licensed in New Zealand. The FMA register has the full list of registered brokers in NZ with a valid licence.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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