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:
-
- Demo account
- Regulator: FMA, FSA
- Min. deposit: $0
-
- Demo account
- Platforms: WebTrader, App
- Min. deposit: $100
81% of retail CFD accounts lose money. -
- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
-
- Demo account
- Regulator: FCA, ASIC, FMA, DFSA, FSC
- Platforms: Axi Copy Trading, MT4, AutoChartist
-
- Demo account
- Instruments: Cryptos, Futures
- Regulator: SCA, FSC, FMA
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- Demo account
- Regulator: ASIC, FMA, VFSC, FSA, FSC, CMA-Kenya
- Platforms: MT4, MT5, TradingView, TradingCentral
Learn how we test brokers and why you can trust our ratings.
Here is a short summary of why we think each broker belongs in this top list:
- BlackBull 4.5/5 BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 2,180 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.
- Plus500 4.1/5 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.
- IG 4.8/5 Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers a top-tier selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Axi 3.7/5 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.
- Bybit 3.1/5 Bybit is an established crypto exchange aimed at online traders. Clients can speculate on leading tokens like Bitcoin, access crypto staking and loans, or trade NFTs using the firm's digital marketplace. Millions of users have signed up with the firm since it launched in 2018.
- TMGM 3.4/5 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 |
|---|---|---|---|---|
| BlackBull | 1 | ✔Yes | $0 | CFDs, Stocks, Indices, Commodities, Futures, Crypto |
| Plus500 | 1 | - | $100 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Options, Crypto |
| IG | 1 | - | $0 | CFDs (not in US), Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting (UK only) |
| Axi | 1 | - | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Bybit | 1 | - | $0 | Cryptos, Futures |
| TMGM | 1 | ✔Yes | $100 | CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| BlackBull | 3521 | ||||
| Plus500 | 20176 | ||||
| IG | 10208 | ||||
| Axi | 8145 | ||||
| Bybit | - | 7734 | |||
| TMGM | 1157 |
BlackBull
After improving its trading infrastructure with Equinix servers in London, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing. With competitive spreads and no commission on a growing roster of digital tokens paired with USD, BlackBull also works for active crypto traders.
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
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
Pros
- BlackBull is a much greater fit for aspiring traders following the overhaul of its ECN Prime account, now featuring improved spreads averaging 0.16 on EUR/USD and a more accessible minimum deposit of $0 compared to the old $2,000.
- With two ECN-powered accounts (Standard and Prime), plus Prime+ - an active trader rewards program offering trading rebates - BlackBull accommodates beginners through to high-volume active traders.
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, and finally enabling cTrader Copy, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
Cons
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
- 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 2,180+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
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, Options, Crypto
- Regulator
- FCA, CySEC, EFSA, ASIC, FMA, FSCA, MAS, ISA, FSA, DFSA, SCA, JFSA, SCB, CIRO, BAPPEBTI, OJK, BI
- Platforms
- WebTrader, App
- Minimum Deposit
- $100
- Minimum Trade
- Variable
- Account Currencies
- USD, 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 bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended 24/5 hours trading on select stock and ETF CFDs, including SpaceX
- The broker offers low commission 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
- Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
IG
IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and robust trade execution for experienced day traders.
Christian Harris, Reviewer
IG quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs (not in US), Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting (UK only)
- Regulator
- CFTC, NFA, FCA, BaFin, ASIC, FINMA, MAS, JFSA, FMA, DFSA, BMA, CONSOB
- Platforms
- Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus added US-listed futures and options as well as an AI Index, providing diversification opportunities.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- IG obtained a crypto asset license from the FCA, allowing it to re-enter the UK market to provide buying, selling and storing opportunities on 55+ digital tokens with fees from 1.49%, and all within an FCA-licensed environment.
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- IG applies an inactivity fee of $12-$18 per month after 2 years, deterring casual investors.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
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, FSC
- Platforms
- Axi Copy Trading, MT4, AutoChartist
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CHF, PLN
Pros
- 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, which multiple traders have achieved.
- Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.
- The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
Cons
- 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.
- 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.
- 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.
Bybit
Bybit is a good choice for active traders who want a fast and straightforward way to buy crypto tokens and trade crypto derivatives.
William Berg, Reviewer
Bybit quick facts
- Demo Account
- ✔Yes
- Instruments
- Cryptos, Futures
- Regulator
- SCA, FSC, FMA
- Platforms
- MT4, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.001 Lots
- Account Currencies
- EUR, GBP, TRY, RUB
Pros
- ByBit upgraded its Futures Bots in 2026, providing access to perpetual contracts for popular TradeFi assets, including TSLAUSDT, GOOGLUSDT, and tokenized gold
- IPO Express launched making it among first crypto exchanges to provide tokenized IPO access
- Retail clients can easily swap between supported coins within accounts, take profit and stop loss, strategy alerts, and adjust orders
Cons
- While Bybit has strengthened its regulatory credentials, it's still faced warnings and actions in jurisdictions like Hong Kong and Canada
- Its finance markets like TradFi are not available in the EEA due to regional regulatory challenges
- Bybit had a serious security breach in 2025 with around $1.5 billion in Ethereum stolen, though the exchange did recoup customers
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
- Demo Account
- ✔Yes
- Instruments
- CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
- Regulator
- ASIC, FMA, VFSC, FSA, FSC, CMA-Kenya
- Platforms
- MT4, MT5, TradingView, TradingCentral
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD
Pros
- 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
- Good range of rewards and bonuses offered through a points-based loyalty system
Cons
- Not a spotless regulatory record, with a 2024 ASIC action temporarily preventing it from opening new accounts
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
- Despite strong oversight in Australia, some offshore entities offer weaker regulatory safeguards and peace of mind
Methodology
To pinpoint the top brokers regulated in New Zealand, our experts:
- Leveraged our directory of 143 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.
James BarraAuthorWhat 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 maintain segregated accounts to keep client money and company capital separate.
- 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)
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