New Zealand forex and CFD trading has expanded quickly over the past ten years. Oversight comes from the Financial Markets Authority (FMA), which works to keep markets fair, efficient, and transparent. For traders in New Zealand, understanding who regulates a broker is the first step before comparing spreads or platforms.
Understanding the regulatory framework in New Zealand
Any company serving New Zealand clients must be listed on the Financial Service Providers Register (FSPR) and have an FSP number. However, registration on the FSPR is not the same as holding an FMA license, and it does not mean the firm is supervised by the FMA.
Always read the entry carefully to see which regulator actually oversees the firm. The FSPR entry shows the legal entity, its FSP number, and the services it is registered to provide. That detail matters, because the entity you open an account with determines which rules and protections apply to you.
Why some brokers are regulated in Australia instead
Many brokers regulated by ASIC in Australia also appear on the FSPR so they can market or offer limited services in New Zealand. They may look “registered” locally, but their main regulator is still ASIC, not the FMA.
This is a common setup, and it can still be a legitimate route to market. However, it means your primary protections come from a different authority, so you should know which one it is before you deposit funds.
For official guidance on the rules that apply to financial service providers, you can visit the FMA homepage.
How to choose a broker in New Zealand
The right broker depends on your goals, your trading style, and how much risk you are prepared to take. Keep these core points in mind when you compare firms:
- Regulation and licensing: FMA oversight offers the strongest local protection. Many reputable firms also hold licenses from ASIC (Australia), FCA (UK), or CySEC (Cyprus). Check a firm’s status on the official Financial Service Providers Register (FSPR).
- Spreads and commissions: Costs affect your results over time. Compare spreads and fees for the products and volumes you actually trade. Tight pricing matters even more for active traders and scalpers.
- Trading instruments: A wide product list supports diversification. Look for forex, indices, shares, commodities, and more, all within one account if possible.
- Trading platforms: The platform should be stable and easy to use. MT4 and MT5 are popular choices. Some brokers offer strong proprietary platforms with advanced charting and order tools.
Cost is only one part of the picture. Before you open a live account, also consider your position sizing and leverage. Our guide on forex risk management, position sizing, stops, and leverage explains how to protect your capital whichever broker you choose.
Best forex brokers for New Zealand traders
The brokers below are a mix of FMA-regulated firms and brokers that hold local registration while being supervised by other regulators. Each entry notes the regulator and FSP number so you can verify it yourself.
Plus500
Plus500 is a global CFD provider operating in New Zealand through Plus500AU Pty Ltd. It is not regulated by the FMA, but it appears on the FSPR with FSP number FSP486026. Plus500 holds licenses from ASIC, FCA, CySEC, MAS, and FSCA, and reports serving more than 30 million traders worldwide.
You can trade CFDs on forex, indices, commodities, shares, options, ETFs, and cryptocurrencies. All products are available on the Plus500 platform for web, desktop, and mobile. Pricing is based on variable spreads that move with market conditions. The EUR/USD spread is around 0.9 pips, with no commission on trades.
Risk warning: 82% of retail investor accounts lose money when trading CFDs with this provider.
IG
IG is a long-standing broker known for its pricing, tools, and range of products. In New Zealand, it operates via IG Australia PTY Ltd, listed on the FSPR as FSP684191. While not under the FMA, IG is regulated by ASIC, FCA, CySEC, BaFin, and other authorities.
IG offers more than 17,000 instruments, including CFDs on shares, forex, indices, commodities, and ETFs. Supported platforms include MetaTrader 4, MetaTrader 5, L2 Dealer, TradingView, and ProRealTime. Spreads are tight, and pricing is transparent. The average spread on EURUSD is about 0.6 pips.
Risk warning: 70-74% of retail investor accounts lose money when trading CFDs with this provider.
BlackBull Markets
BlackBull Markets is a New Zealand broker fully regulated by the FMA under Black Bull Group Limited, FSP number FSP403326. Founded in 2014 in Auckland, it also holds regulation from the FSA in Seychelles. For traders who want local FMA oversight, this is one of the most direct options on this list.
Clients can access over 26,000 instruments, including CFDs on forex, commodities, indices, shares, and cryptocurrencies. Platforms include MetaTrader 4, MetaTrader 5, cTrader, TradingView, BlackBull Invest, and BlackBull CopyTrader.
Pricing is competitive across three ECN accounts. Standard offers spreads from 0.8 pips with no commission. Prime provides spreads from 0.1 pips with a $6 commission per lot. Institutional features 0.0 pip spreads with a $4 commission per lot.
CMC Markets
CMC Markets is regulated in New Zealand by the FMA under CMC Markets NZ Limited, FSP number FSP41187. It also holds licenses from the FCA and ASIC. This combination makes it a solid choice for traders who want FMA supervision alongside major international regulators.
Its lineup includes more than 12,000 products, covering CFDs on forex, indices, cryptocurrencies, commodities, individual stocks, stock baskets, and government bonds. You can trade on the Next Generation platform, MetaTrader 4, and TradingView. Spreads on major pairs start from 0.5 pips, which is sharp for active traders.
Interactive Brokers
Interactive Brokers (IBKR) is regulated in New Zealand by the FMA under Interactive Brokers LLC, FSP number FSP1005789. It is also overseen by the FCA, ASIC, and the Canadian CIRO, among others. Its strength is breadth: the offering goes well beyond forex and CFDs.
Trading is available on Trader Workstation (TWS) and the IBKR Platform. Markets include CFDs on forex pairs, stocks, options, futures, bonds, funds, and crypto. Fees are among the lowest in the industry. Major forex spreads can be as low as 0.1 pip, with a volume-based commission.
ThinkMarkets
ThinkMarkets serves New Zealand clients under FMA oversight via TF Global Markets (Aust) Pty Limited, FSP number FSP623289. It is also regulated by CySEC, FCA, ASIC, and FSCA.
Products include CFDs on forex, indices, cryptocurrencies, precious metals, commodities, and shares. Supported platforms are MetaTrader 4, MetaTrader 5, ThinkCopy, and ThinkTrader. Pricing depends on the account type. Standard and ThinkTrader accounts offer spreads from 0.4 pips on major pairs with no commission. ThinkZero offers 0.0 pip spreads on major pairs with a $3.5 per side commission.
Axi
Axi is regulated in New Zealand by the FMA via AxiCorp Financial Services Pty Ltd, FSP number FSP518226. Founded in 2007, Axi also holds regulation from ASIC, FCA, and the FSA in St Vincent and the Grenadines.
You can trade CFDs on forex, shares, indices, commodities, and cryptocurrencies using MetaTrader 4, MetaTrader 5, and the Axi Trading Platform. There are three account types. Standard features spreads from 0.9 pips with no commission. Pro and Elite offer spreads from 0.0 pips on major pairs, with commissions of $7 and $3.5 per round trip, respectively.
Quick comparison of New Zealand brokers
The table below summarises the regulator and platform details from each review. Pricing varies by account and market conditions, so check current terms before trading.
| Broker | NZ entity and FSP number | FMA regulated | Main platforms |
|---|---|---|---|
| Plus500 | Plus500AU Pty Ltd, FSP486026 | No | Web, desktop, mobile |
| IG | IG Australia PTY Ltd, FSP684191 | No | MT4, MT5, L2 Dealer, TradingView, ProRealTime |
| BlackBull Markets | Black Bull Group Limited, FSP403326 | Yes | MT4, MT5, cTrader, TradingView |
| CMC Markets | CMC Markets NZ Limited, FSP41187 | Yes | Next Generation, MT4, TradingView |
| Interactive Brokers | Interactive Brokers LLC, FSP1005789 | Yes | TWS, IBKR Platform |
| ThinkMarkets | TF Global Markets (Aust) Pty Limited, FSP623289 | Yes | MT4, MT5, ThinkCopy, ThinkTrader |
| Axi | AxiCorp Financial Services Pty Ltd, FSP518226 | Yes | MT4, MT5, Axi Trading Platform |
Final thoughts on trading in New Zealand
New Zealand offers a strong regulatory base and access to respected global brokers. The firms above provide a solid mix of safety features, tools, and a wide range of markets. Local FMA oversight is the clearest form of domestic protection, but many well-known brokers rely on ASIC or other major regulators, so read the details for each firm.
Each broker has its own strengths, so match your choice to your strategy, risk tolerance, and experience. Always confirm a broker’s details on the official Financial Service Providers Register. Testing a demo account is a smart way to check pricing, platforms, and support before you commit real money.
FAQ
Is FSPR registration the same as an FMA license?
No. Registration on the Financial Service Providers Register confirms that a firm has an FSP number, but it does not mean the FMA supervises the firm. Check which regulator is listed for the entity you would be dealing with.
Which brokers are regulated by the FMA?
In this review, BlackBull Markets, CMC Markets, Interactive Brokers, ThinkMarkets, and Axi are listed with FMA oversight through their New Zealand entities. Always confirm the current status on the FSPR before you open an account.
Why do some brokers say they serve New Zealand but are not FMA regulated?
Many firms are authorised by ASIC in Australia and register on the FSPR to offer services locally. Their main regulator is then ASIC or another authority, not the FMA.
How do I check a broker’s FSP number?
Search the broker’s name and FSP number on the official Financial Service Providers Register. Make sure the entity name matches the company you plan to open an account with.
Should I test a broker before funding an account?
Yes. A demo account lets you check platform stability, order execution, and support without risking capital. It is a practical way to compare brokers before you commit.