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New Zealand Financial Markets Authority (FMA) Brokers 2025

Written By

James Barra

Edited By

William Berg

Fact Checked By

Jemma Grist

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

BlackBull

Go To BlackBull
BlackBull Review

Ratings

Regulation & Trust 3.8 / 5

Accounts & Banking 4.3 / 5

Assets & Markets 4 / 5

Fees & Costs 3.8 / 5

Platforms & Tools 4.5 / 5

Customer Support 4 / 5

Research 4 / 5

Education 4.3 / 5

iOS App 3.7 / 5

Android App 3.7 / 5

Minimum Deposit $0

Minimum Trade 0.01 Lots

Leverage 1:500

Regulator FMA, FSA

Instruments CFDs, Stocks, Indices, Commodities, Futures, Crypto

Platforms BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist

Payment Methods Neteller, Skrill, Visa, UnionPay, FasaPay, Mastercard, Credit Card, Bitcoin Payments, Debit Card, Boleto, Wire Transfer, Airtm, Ethereum Payments

Account Currencies USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD

Go To BlackBull
2

CMC Markets

Go To CMC Markets
CMC Markets Review

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

Regulation & Trust 4.8 / 5

Accounts & Banking 4.5 / 5

Assets & Markets 4.5 / 5

Fees & Costs 4.3 / 5

Platforms & Tools 4 / 5

Customer Support 4.5 / 5

Research 4.5 / 5

Education 4.3 / 5

iOS App 4.1 / 5

Android App 3.7 / 5

Minimum Deposit $0

Minimum Trade 0.01 Lots

Leverage 1:30 (Retail), 1:500 (Pro)

Regulator FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA

Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting

Platforms Web, MT4

Payment Methods Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal

Account Currencies USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Go To CMC Markets
3

Plus500

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Plus500 Review

82% of retail CFD accounts lose money.

Ratings

Regulation & Trust 3.5 / 5

Accounts & Banking 4.1 / 5

Assets & Markets 3.5 / 5

Fees & Costs 4 / 5

Platforms & Tools 3.1 / 5

Customer Support 4 / 5

Research 2 / 5

Education 3 / 5

iOS App 4.1 / 5

Android App 4.3 / 5

Minimum Deposit $100

Minimum Trade Variable

Leverage 1:30

Regulator FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA

Instruments CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto

Platforms WebTrader, App

Payment Methods PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay

Account Currencies USD, EUR, GBP, AUD, ZAR, CZK

Go To Plus500
4

Axi

Go To Axi
Axi Review

72.4% of retail investor accounts lose money when trading CFDs with this provider

Ratings

Regulation & Trust 3.8 / 5

Accounts & Banking 3.5 / 5

Assets & Markets 3 / 5

Fees & Costs 3.8 / 5

Platforms & Tools 3.5 / 5

Customer Support 3.8 / 5

Research 3.5 / 5

Education 3.8 / 5

iOS App 3.6 / 5

Android App 4.2 / 5

Minimum Deposit $0

Minimum Trade 0.01 Lots

Leverage 1:500

Regulator FCA, ASIC, FMA, DFSA, SVGFSA

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Platforms Axi Copy Trading, MT4, AutoChartist

Payment Methods Neteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, Airtel

Account Currencies USD, EUR, GBP, CHF, PLN

Go To Axi
5

TMGM

Go To TMGM
TMGM Review

New Customer Bonus Offer Point-based loyalty system

Ratings

Regulation & Trust 3.9 / 5

Accounts & Banking 3.8 / 5

Assets & Markets 4.3 / 5

Fees & Costs 3.5 / 5

Platforms & Tools 3.9 / 5

Customer Support 3.8 / 5

Research 3.5 / 5

Education 1.3 / 5

iOS App 0 / 5

Android App 0 / 5

Minimum Deposit $100

Minimum Trade 0.01 Lots

Leverage 1:500

Regulator ASIC, FMA, VFSC

Instruments CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex

Platforms MT4, MT5, TradingView, TradingCentral

Payment Methods Credit Card, Debit Card, Visa, Mastercard, UnionPay, Neteller, Skrill, Wire Transfer, FasaPay, Alipay

Account Currencies USD, EUR, GBP, CAD, AUD, NZD

Go To TMGM
6

MultiBank FX

Go To MultiBank FX
MultiBank FX Review

New Customer Bonus Offer 20% deposit bonus

Ratings

Regulation & Trust 3.8 / 5

Accounts & Banking 3.8 / 5

Assets & Markets 3 / 5

Fees & Costs 3.3 / 5

Platforms & Tools 4.2 / 5

Customer Support 4 / 5

Research 3.3 / 5

Education 3.3 / 5

iOS App 0 / 5

Android App 0 / 5

Minimum Deposit $50

Minimum Trade 0.1 Lots

Leverage 1:500

Regulator SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC

Instruments Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies

Platforms MultiBank-Plus, MT4, MT5, cTrader

Payment Methods Wire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay

Account Currencies

Go To MultiBank FX

This is why we think these brokers are the best in this category:

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.
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 - 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.
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.
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
Regulated by FMA	NZD Account	Minimum Deposit	Markets
✔	✔	$0	CFDs, Stocks, Indices, Commodities, Futures, Crypto
✔	✔	$0	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
✔	-	$100	CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
✔	-	$0	CFDs, Forex, Stocks, Indices, Commodities, Crypto
✔	✔	$100	CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
✔	-	$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 Account	Yes
Instruments	CFDs, Stocks, Indices, Commodities, Futures, Crypto
Regulator	FMA, FSA
Platforms	BlackBull Invest, BlackBull CopyTrader, 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

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.
With three ECN-powered accounts (Standard, Prime, and Institutional), BlackBull accommodates beginners, experienced traders, and professionals, offering flexibility based on trading needs and capital.
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.

Cons

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.
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.

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 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 offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
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.

Cons

While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.

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 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	Variable
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 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities

Cons

Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
Algo trading and scalping are not supported, which may deter some day traders
Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners

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 Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Crypto
Regulator	FCA, ASIC, FMA, DFSA, SVGFSA
Platforms	Axi Copy Trading, MT4, AutoChartist
Minimum Deposit	$0
Minimum Trade	0.01 Lots
Leverage	1:500
Account Currencies	USD, EUR, GBP, CHF, PLN

Pros

The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
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.
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.

Cons

Despite performing well whenever we use it, Axi's support is unavailable 24/7, which can be inconvenient for traders in different time zones or those needing assistance outside standard trading hours.
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 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

Good range of rewards and bonuses offered through a points-based loyalty system
Huge range of assets including 10,000 global stocks
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

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 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

MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading
24/7 multilingual customer support available across all accounts
Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading

Cons

$5,000 minimum deposit required to access ECN spreads
$60 monthly inactivity fee
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:

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.

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.

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:

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).

💡

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.

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

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