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New Zealand Financial Markets Authority (FMA) Brokers 2025

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Edited By
William Berg
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Edited By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Updated
Oct 22, 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 6 FMA-regulated trading platforms stand out as the best for day traders:

Click a broker for details
  1. 1
    BlackBull
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    3.7 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:500
    FMA, FSA
    CFDs, Stocks, Indices, Commodities, Futures, Crypto
    BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist
    Neteller, Skrill, Visa, UnionPay, FasaPay, Mastercard, Credit Card, Bitcoin Payments, Debit Card, Boleto, Wire Transfer, Airtm, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
    Go To BlackBull
  2. 2
    CMC Markets
    Spread 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
    4.8 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4.1 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
    Web, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal
    USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN
    Go To CMC Markets
  3. 3
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500
  4. 4
    Axi
    72.4% of retail investor accounts lose money when trading CFDs with this provider
    Ratings
    3.8 / 5
    3.5 / 5
    3 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    3.6 / 5
    4.2 / 5
    $0
    0.01 Lots
    1:500
    FCA, ASIC, FMA, DFSA, SVGFSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Axi Copy Trading, MT4, AutoChartist
    Neteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, Airtel
    USD, EUR, GBP, CHF, PLN
    Go To Axi
  5. 5
    TMGM
    Point-based loyalty system
    Ratings
    3.9 / 5
    3.8 / 5
    4.3 / 5
    3.5 / 5
    3.9 / 5
    3.8 / 5
    3.5 / 5
    1.3 / 5
    0 / 5
    0 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FMA, VFSC
    CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
    MT4, MT5, TradingView, TradingCentral
    Credit Card, Debit Card, Visa, Mastercard, UnionPay, Neteller, Skrill, Wire Transfer, FasaPay, Alipay
    USD, EUR, GBP, CAD, AUD, NZD
    Go To TMGM
  6. 6
    MultiBank FX
    20% deposit bonus
    Ratings
    3.8 / 5
    3.8 / 5
    3 / 5
    3.3 / 5
    4.2 / 5
    4 / 5
    3.3 / 5
    3.3 / 5
    0 / 5
    0 / 5
    $50
    0.1 Lots
    1:500
    SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC
    Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies
    MultiBank-Plus, MT4, MT5, cTrader
    Wire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay
    Go To MultiBank FX

Here is a short overview of each broker's pros and cons

  1. BlackBull - BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 26,000 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
  2. 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.
  3. 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.
  4. Axi - Established in 2007, Axi is a multi-regulated forex and CFD broker that has made strides to improve its trading experience over the years, from expanding its suite of stocks and upgrading the Axi Academy to launching its own copy trading app.
  5. 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.
  6. 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.

New Zealand FMA Brokers Comparison

New Zealand FMA Brokers Comparison
Broker Regulated by FMA NZD Account Minimum Deposit Markets
BlackBull logo
✔ ✔ $0 CFDs, Stocks, Indices, Commodities, Futures, Crypto
CMC Markets logo
✔ ✔ $0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
Plus500 logo
✔ - $100 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
Axi logo
✔ - $0 CFDs, Forex, Stocks, Indices, Commodities, Crypto
TMGM logo
✔ ✔ $100 CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
MultiBank FX logo
✔ - $50 Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies

BlackBull

"After improving its trading infrastructure with Equinix servers in New York, London, and Tokyo, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing."

Christian Harris, Reviewer

BlackBull Quick Facts

Demo AccountYes
InstrumentsCFDs, Stocks, Indices, Commodities, Futures, Crypto
RegulatorFMA, FSA
PlatformsBlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD

Pros

  • BlackBull offers every ingredient for day traders; fast execution speeds of <100ms, leverage up to 1:500, and tight spreads from 0.0 pips.
  • BlackBulls’s research is superb, especially the daily ‘Trading Opportunities’ articles that break down complex market movements into easy-to-understand insights, making it simpler to capitalize on emerging trends.
  • After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, BlackBull offers one of the most comprehensive copy trading experiences we've seen.

Cons

  • BlackBull lacks a proprietary platform, relying on MetaTrader, cTrader and TradingView. While these are excellent, other brokers' exclusive platforms, notably eToro’s, often have unique features for beginner traders.
  • Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
  • Despite a growing selection of 26,000+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
Visit BlackBull
BlackBull Review

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 AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
RegulatorFCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
PlatformsWeb, MT4
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, 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 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.
  • 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.

Cons

  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
  • 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.
Visit CMC Markets
CMC Markets Review

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."

Christian Harris, Reviewer

Plus500 Quick Facts

Demo AccountYes
InstrumentsCFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
RegulatorFCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
PlatformsWebTrader, App
Minimum Deposit$100
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
  • Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs
  • The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders

Cons

  • Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders
  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
Visit Plus500
Plus500 Review

Axi

"Axi is a stand-out option if you want to day trade forex on the MetaTrader 4 platform thanks to the broker’s growing selection of 70+ currency pairs, the MT4 NextGen upgrade, and tight spreads from just 0.2 pips if you opt for the Pro account."

Christian Harris, Reviewer

Axi Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorFCA, ASIC, FMA, DFSA, SVGFSA
PlatformsAxi Copy Trading, MT4, AutoChartist
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CHF, PLN

Pros

  • Axi offers a terrific MT4 experience, enhanced with the NextGen plug-in for advanced order management and analytics, and complete with low execution latency of approximately 30ms.
  • Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.
  • Advanced traders can now sign up for the Axi Select funded trader program through the broker’s offshore entity, providing funding up to $1 million with a 90% profit share.

Cons

  • Despite bolstering its stock CFDs in US, UK and EU markets, it’s still nowhere near as extensive as firms like BlackBull which offer thousands of equities for diverse opportunities.
  • Axi is falling behind by only offering MT4 when many rivals now support MT5, cTrader, TradingView and proprietary software for a slicker experience with more advanced tools.
  • Axi still has our confidence but issues with the ASIC and FMA in recent years mean it needs to continue providing a secure environment while adhering to licensing conditions.
Visit Axi
Axi Review

TMGM

"TMGM is a great all-round choice thanks to its huge range of assets, diverse account types and platform choices, plus competitive pricing."

Tobias Robinson, Reviewer

TMGM Quick Facts

Bonus OfferPoint-based loyalty system
Demo AccountYes
InstrumentsCFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
RegulatorASIC, FMA, VFSC
PlatformsMT4, MT5, TradingView, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD

Pros

  • Accommodates new and time-poor traders with copy trading support from HUBx
  • Free VPS for automated trading
  • 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
Visit TMGM
TMGM Review

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."

Tobias Robinson, Reviewer

MultiBank FX Quick Facts

Bonus Offer20% deposit bonus
Demo AccountYes
InstrumentsForex, CFDs, indices, shares, metals, commodities, cryptocurrencies
RegulatorSCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC
PlatformsMultiBank-Plus, MT4, MT5, cTrader
Minimum Deposit$50
Minimum Trade0.1 Lots
Leverage1:500

Pros

  • Global presence with 10+ regulatory licenses, including ASIC (Australia) and MAS (Singapore)
  • 24/7 multilingual customer support available across all accounts
  • MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading

Cons

  • $60 monthly inactivity fee
  • $5,000 minimum deposit required to access ECN spreads
  • Average education and market research
Visit MultiBank FX
MultiBank FX Review

Methodology

To pinpoint the top brokers regulated in New Zealand, our experts:

  • Leveraged our directory of 216 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:

  1. Open the FMA’s Financial Services Register
  2. Type in the broker’s name, FSP number or NZBN number (usually found in the footer of brokers’ websites) and click ‘search’
  3. 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.

FMA database showing that BlackBull Markets broker is authorized in New Zealand

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.

author image
James Barra
Author

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:

💡
You can report an illegal investment platform or trading scam directly through the FMA website.

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.

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

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com