New Zealand Financial Markets Authority (FMA) Brokers 2024
Once a relatively lax regulatory jurisdiction, attracting online trading scams, New Zealand overhauled its financial regulatory framework in 2011, introducing the Financial Markets Authority, or FMA.
New Zealand’s FMA now enforces strict rules for brokers, maintains a list of more than 195 unregistered firms, takes legal action against violators – notably handing out a $900,000 fine to Tiger Brokers – and frequently issues warnings for online investors, with over 600 alerts published.
Explore the best brokers regulated by New Zealand’s FMA. We’ve personally checked every platform recommended is authorized on the FMA’s Financial Services Register.
Top New Zealand FMA Brokers
These 8 FMA-regulated trading platforms stand out as the best for day traders:
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1
BlackBull Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500FMA, FSAForex, CFDs, stocks, indices, energies, metals, commodities, cryptosMT4, MT5, cTrader, TradingView, AutoChartistNeteller, Skrill, Visa, UnionPay, FasaPay, Mastercard, Credit Card, Bitcoin Payments, Debit Card, BoletoUSD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD -
2
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading 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.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
3
Plus50080% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, CryptoWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK -
4
Axi81.6% of retail investor accounts lose money when trading CFDs with this provider
$00.01 Lots1:400FCA, ASIC, DFSA, FMAForex, CFDs, indices, shares, commodities, cryptocurrenciesMT4, AutoChartistNeteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, AlipayUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
5
ThinkMarkets71.89% of retail investor accounts lose money when trading CFDs with this provider.
$00.01 Lots1:500FCA, ASIC, CySEC, FSCA, JFSA, FSA, DFSA, FMACFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)ThinkTrader, MT4, MT5, AutoChartist, TradingCentralMastercard, POLi, BPAY, Credit Card, Visa, Skrill, Neteller, Wire Transfer, Google Wallet, Apple PayUSD, EUR, GBP, AUD, JPY, CHF -
6
RockGlobal30% deposit bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:500FSP, FMACFDs, Forex, Stocks, Indices, Commodities, Crypto, Options, FuturesTrader Workstation (TWS), MT4Visa, Mastercard, POLi, Wire Transfer, Debit Card, Credit Card, BitwalletUSD, EUR, AUD, NZD, JPY -
7
MultiBank FX20% deposit bonus
$500.1 Lots1:500SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSCForex, CFDs, indices, shares, metals, commodities, cryptocurrenciesMultiBank-Plus, MT4, MT5, cTraderWire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay -
8
TMGMPoint-based loyalty system
$1000.01 Lots1:500ASIC, FMA, VFSCCFDs, Stocks, Energies, Indices, Metals, Cryptos, ForexMT4, MT5, TradingView, TradingCentralCredit Card, Debit Card, Visa, Mastercard, UnionPay, Neteller, Skrill, Wire Transfer, FasaPay, AlipayUSD, EUR, GBP, CAD, AUD, NZD
This is why we think these brokers are the best in this category:
- BlackBull Markets - BlackBull is a New Zealand-based CFD broker with trading opportunities on forex, stocks, indices, commodities and cryptos. The broker supports the MetaTrader 4 and 5 platforms as well as TradingView, cTrader and a proprietary mobile app. Clients can trade with high leverage and tight spreads from 0 pips on the broker's ECN accounts.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- Plus500 - Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
- Axi - Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
- ThinkMarkets - Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.
- RockGlobal - RockGlobal is a New Zealand based and regulated CFD broker. They offer competitive spreads from 0.1 pips and a large range of day trading assets, trading platforms and educational services, with up to 1:500 leverage. Operating in a Tier 1 regulated environment, RockGlobal offers peace of mind and excellent customer support.
- MultiBank FX - MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.
- TMGM - TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.
New Zealand FMA Brokers Comparison
| Broker | Regulated by FMA | NZD Account | Minimum Deposit | Markets |
|---|---|---|---|---|
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✔ | ✔ | $0 | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos |
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
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✔ | - | $100 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto |
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✔ | - | $0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies |
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✔ | - | $0 | CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only) |
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✔ | ✔ | $200 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Options, Futures |
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✔ | - | $50 | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies |
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✔ | ✔ | $100 | CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex |
BlackBull Markets
"BlackBull Markets will suit traders of all experience levels with a growing suite of thousands of tradable instruments, tight spreads and the familiar MetaTrader platforms."
Tobias Robinson, Reviewer
BlackBull Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos |
| Regulator | FMA, FSA |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD |
Pros
- Autochartist plugin
- Responsive customer service during testing
- Excellent educational content for beginners
Cons
- US traders not accepted
- Withdrawal fees with some methods
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
Christian Harris, Reviewer
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
Cons
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
Plus500
"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."
Plus500 Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto |
| Regulator | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, CZK |
Pros
- The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
- Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility
- The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
Cons
- Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
- Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
- Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
Axi
"Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
Axi Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies |
| Regulator | FCA, ASIC, DFSA, FMA |
| Platforms | MT4, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:400 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- The broker’s free trading resources are geared towards short-term traders, including various market calendars and dividend forecast schedules
- Experienced traders can benefit from the Axi Select funded trader programme, offering funding up to $1 million and up to 90% profit share
- Axi is a well-regulated and established broker, with a strong track record since 2007
Cons
- The demo account expires after only 30 days - many alternative brokers that we test allow you to practice for 60 days or more
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
ThinkMarkets
"With its diverse asset list, competitive fees and superb charting software, ThinkMarkets maintains its position as a top choice for most CFD traders. That said, experienced traders will particularly appreciate the range of advanced tools, including forex signals and VPS solutions."
ThinkMarkets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only) |
| Regulator | FCA, ASIC, CySEC, FSCA, JFSA, FSA, DFSA, FMA |
| Platforms | ThinkTrader, MT4, MT5, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, AUD, JPY, CHF |
Pros
- Free VPS hosting available for MT4 and MT5, ideal for traders using Expert Advisors (EAs)
- Unique Traders' Gym simulation tool for testing out strategies on real historical data, with multiple timeframes and custom features
- Advanced charting package from TradingView in ThinkTrader Web - ideal for day traders
Cons
- Not many payment methods available for UK traders
- Limited bonus offers, refer-a-friend schemes or trading competitions
- $500 minimum deposit for ThinkZero account
RockGlobal
"RockGlobal is a great option for short-term CFD traders looking for low fees. The brand will also suit longer-term investors interested in buying shares at discounted rates."
RockGlobal Quick Facts
| Bonus Offer | 30% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Options, Futures |
| Regulator | FSP, FMA |
| Platforms | Trader Workstation (TWS), MT4 |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, AUD, NZD, JPY |
Pros
- There are some helpful learning resources and market analysis for beginners
- High leverage is available up to 1:500
- Direct stock trading with low brokerage fees from $0.02 per US share
Cons
- Payment methods are limited compared to other brokers, with only card payments and wire transfers available
- The $20 inactivity fee is higher than some alternatives
MultiBank FX
"MultiBank FX is a great option for active forex traders with 55 currency pairs, spreads from 0.0 pips and high leverage up to 1:500."
MultiBank FX Quick Facts
| Bonus Offer | 20% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies |
| Regulator | SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC |
| Platforms | MultiBank-Plus, MT4, MT5, cTrader |
| Minimum Deposit | $50 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 |
Pros
- Vast range of local payment methods with fast withdrawals within 24 hours
- Global presence with 10+ regulatory licenses, including ASIC (Australia) and MAS (Singapore)
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
Cons
- $5,000 minimum deposit required to access ECN spreads
- Average education and market research
- $60 monthly inactivity fee
TMGM
"TMGM is a great all-round choice thanks to its huge range of assets, diverse account types and platform choices, plus competitive pricing."
TMGM Quick Facts
| Bonus Offer | Point-based loyalty system |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex |
| Regulator | ASIC, FMA, VFSC |
| Platforms | MT4, MT5, TradingView, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD |
Pros
- Free VPS for automated trading
- Low trading fees with spreads from 1 pip on the classic account and from zero with $7 round-turn commissions on the raw spread account
- Excellent platform support with MetaTrader 4, MetaTrader 5 and IRESS
Cons
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
- Shares are only available on the IRESS account, and not tradeable via MT4 and MT5
Methodology
To pinpoint the top brokers regulated in New Zealand, our experts:
- Leveraged our directory of around 500 brokers to find those claiming to be authorized by the FMA
- Entered their details in the FMA’s register to confirm they were licensed in New Zealand
- Sorted them by their rating, combining 100+ quantitative entries with our qualitative findings
How Can I Check A Broker Is Regulated In New Zealand?
You can check whether a broker is regulated by the FMA by following these three steps, which we took to verify the credentials of every recommended platform:
- Open the FMA’s Financial Services Register
- Type in the broker’s name, FSP number or NZBN number (usually found in the footer of brokers’ websites) and click ‘search’
- Click on the returned results to check their status is listed as ‘Registered’ and to view details like ‘Registration Date’ and ‘Financial Services’
As an example, you can see I verified that BlackBull Markets is regulated by the FMA below.
New Zealand-based BlackBull continues to offer the best selection of instruments I’ve seen after years testing online brokers, with 26,000+ tradable assets on powerful charting platforms.
With execution speeds averaging less than 20 milliseconds combined with ECN pricing delivering spreads from 0.0 pips, BlackBull delivers one of the most optimal environments for day trading I’ve experienced.
What Rules Must FMA-Regulated Brokers Follow?
The New Zealand Financial Markets Authority (Te Mana Tātai Hokohoko in Maori) has strengthened its Broker Obligations over the years. Among the key requirements and safeguards for traders include:
- Brokers must meet minimum capital requirements, typically NZ$1 million, aligning with rules in the European Union.
- Brokers must be part of the Financial Dispute Resolution Service (FDRS), providing a mechanism to settle disputes between brokerages and traders.
- Brokers must not offer leverage trading beyond 1:500, noticeably higher than tightly regulated trading jurisdictions like Australia and the UK where it’s 1:30.
- Brokers must maintain segregated accounts to keep client money and company capital separate.
- Brokers must provide negative balance protection so traders can’t lose more than their deposit.
- Brokers must have an office and at least one director based in New Zealand.
- Brokers must process KYC and AML checks from their New Zealand office.
- Brokers must register as a Financial Services Provider (FSP).
What Powers Do the FMA Have?
Brokers that fail to follow the FMA’s rules risk legal consequences, with New Zealand’s regulator demonstrating a willingness to take proactive action against various trading platforms in recent years.
- The FMA can issue public warnings about unregistered brokers and firms potentially operating trading scams. For example, in 2024 it issued a warning about Prospero Markets after learning it was offering CFD trading products (popular with day traders) without an FSP license.
- The FMA can issue fines and deregister non-compliant brokers. For example, in a high-profile case in 2023, it fined Tiger Brokers $900,000 for “multiple AML/CFT Act breaches”.
- The FMA can educate investors about the risks of online trading and fraudulent platforms. For example, it operates social media channels, notably X (formerly Twitter) and YouTube, teams up with partners like KiwiSaver, and runs campaigns on trending topics, such as ethical investing.
Bottom Line
New Zealand has stepped up its regulatory oversight of online brokers in recent years, with its FMA now on an equal footing with financial bodies like the ASIC in Australia.
For New Zealand residents, opening an account with an FMA-regulated broker is highly advisable. This should give you confidence that the brokerage can be trusted and operates a fair and transparent trading environment.
Still, it’s important to note online trading remains risky, regardless of whether your broker is regulated in New Zealand or not. You risk losing all the New Zealand Dollars you invest.
Article Sources
- New Zealand Financial Markets Authority (FMA)
- Licensed and Reported Entities - FMA
- Unregistered Businesses - FMA
- Warnings and Alerts - FMA
- $900,000 Tiger Brokers Fine - FMA
- Broker Obligations - FMA
- Report A Scam - FMA
- Prospero Markets Warning - FMA
- Ethical Investing Campaign - FMA
- FMA - X
- FMA - YouTube
- KiwiSaver
- Financial Dispute Resolution Service (FDRS)
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