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 6 FMA-regulated trading platforms stand out as the best for day traders:
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1BlackBull Markets
Ratings
$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 -
2CMC 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
$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 -
3Plus50082% of retail CFD accounts lose money.
Ratings
$100Variable1:30FCA, 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 -
4Axi81.6% 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, Alipay, AirtelUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
5TMGMPoint-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 -
6MultiBank 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
Here is a short overview of each broker's pros and cons
- 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.
- 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
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
- CopyTrader, ZuluTrade, HokoCloud and Myfxbook copy trading
- Commission-free trading with spreads from 0.0 pips
- Autochartist plugin
Cons
- Withdrawal fees with some methods
- US traders not accepted
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
- 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.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
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.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
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
- 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
- You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
- The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
Cons
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
- 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
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."
William Berg, Reviewer
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
- Among other educational resources, there’s an excellent selection of free eBooks for newly registered beginners
- The $0 minimum deposit, zero-commission pricing structure, and user-friendly copy trading service will appeal to beginners
- Traders can choose between 10 base account currencies plus a wide range of free deposit methods, including cryptos
Cons
- There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
- The demo account expires after only 30 days - many alternative brokers that we test allow you to practice for 60 days or more
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
- Well-regulated and reputable brand with a solid client base
- Free VPS for automated trading
- Accommodates new and time-poor traders with copy trading support from HUBx
Cons
- Shares are only available on the IRESS account, and not tradeable via MT4 and MT5
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
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
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
- MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading
- Vast range of local payment methods with fast withdrawals within 24 hours
Cons
- $5,000 minimum deposit required to access ECN spreads
- $60 monthly inactivity fee
- Average education and market research
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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