Compare the best forex trading NZ brokers for 2025 based on spreads or costs, Forex trading platforms and financial instruments to trade with.
This content was prepared by PropCompanies and is being published by NZME as advertorial.
Who Are The Best Forex Brokers In NZ?
Our experience of forex trading in NZ has given us plenty of insight into what makes a good broker. We drew on this insight to help you find the best brokers for your own strategy in New Zealand.
To make this guide as valuable as possible, we also conducted comprehensive analysis and testing. This involved opening trading accounts with each broker, to test their platforms and compare fees. We also deployed automated bots to measure execution speeds and analyse pip spreads.
According to our research, the best FMA-regulated brokers in New Zealand for 2025 are:
1. BlackBull Markets - Best Forex Broker For New Zealand Traders
2. TMGM - Best Low Spread Forex Broker
3. https://bit.ly/3qzh8TJ - Best Range Of CFDs
5. CMC Markets- Best MetaTrader 4 Broker
6. Plus500 - Best Forex Broker for Beginners
1. BlackBull Markets - Best NZ Forex Broker Overall
Our testing found that BlackBull Markets was the stand-out broker overall, thanks to their excellent ECN Standard Account. This account does not require a minimum deposit, and offers competitive spreads starting from 0.8 pips for major forex pairs like the EUR/USD.
If you want even tighter spreads (starting from 0.1 pips), we found that BlackBull also offers the ECN Prime Account. With a minimum deposit of USD$2,000, this account is best for high-volume trading as you will save on commission costs, paying just USD$6.00 round-turn for each trading lot.
BlackBull Markets stands out for us by posting the fastest execution speeds of any broker worldwide. This conclusion is drawn from our extensive testing across 20 top brokers using MetaTrader 4 bots.
Our analysis revealed that BlackBull Markets achieves truly remarkable speeds, with limit orders averaging 72ms and market orders averaging 90ms.
You can see our comparative test results in more detail below.
In our view, fast market order execution speeds are a huge advantage for traders. Minimising the time between order and execution will help you protect your positions against negative slippage.
Our CompareForexBrokers colleague and co-founder Justin Grossbard highlighted some of the unique strengths that stood out to him from BlackBull Markets:
“Their diverse account offerings cater to a wide spectrum of traders,” Justin said.
“The broker’s clear sweet spot is the ECN Prime account for active traders, with execution speeds unmatched by their competitors.”
We were pleased to see that BlackBull supports the best forex trading platforms in the industry, including:
- MetaTrader 4 (the most popular forex platform)
- MetaTrader 5 (the most popular CFD platform)
- cTrader (best for trading with automation)
- TradingView (best interface and charting for technical analysis)
All four trading platforms are available as iOS and Android mobile apps, as well as in webtrader and desktop versions.
One of our favourite BlackBull advanced features is VPS Trading for reliable high-speed execution. We also really liked the FIX API Trading for custom algorithms, Autochartist for market analysis, and social trading options through Myfxbook and ZuluTrade.
It is not just us who thinks highly of the Auckland-based broker. BlackBull Markets has some of the strongest ratings from the TradingView community, with traders rating the broker 4.5 out of 5 stars based on 1200+ votes.
Customer service is available 24/7 via email, live chat, or phone support. With the ability to trade over 26,000 financial instruments from forex markets to cryptocurrencies, and even a stockbroking service, BlackBull Markets is our clear standout for NZ traders.
Between positive reviews, low trading fees, the choice of the best trading platforms and the fastest execution speeds it’s easy to understand why BlackBull Markets is one of the fastest growing NZ brokers.
2. TMGM - Best Low Spread Forex Broker
We feel that TMGM (formerly TradeMax Global Markets) caters especially well to beginner traders, with their Edge account requiring just NZD$100 as minimum deposit.
The broker offers competitive trading costs, charging NZD$3.50 per side (NZD$7 round turn) per lot. Our testing also found spreads starting from 0.0 pips on major forex pairs, including GBP/USD and AUD/USD.
During these tests, we found that TMGM provided zero-pip spreads on its EUR/USD market 100% of the time (outside rollover), giving you the best possible spreads for this market.
We also found that the Edge account achieved minimum spreads 100% of the time on AUD/USD and GBP/USD. This meant we had to put TMGM in at number 2 for its low spreads.
Take a look at this table to see how often TMGM offered 0.0 pip spreads in our testing across the major currency pairs.
Thanks to its ECN execution, we believe TMGM provides a solid trading environment with high liquidity and fast execution. This helps you ensure that your orders are executed efficiently and without suffering slippage or requotes.
TMGM complements its low spreads by offering the forex industry’s most popular trading platform – MetaTrader 4. With 30 in-built technical indicators, the ability to buy or create your custom indicators, 24 analytical objects, and automated trading, MetaTrader 4 is one of our favourite platforms. It has all the essential features you need for informed trading decisions.
The updated MetaTrader 5 platform is another of our favourites. For some traders, MT5 actually works out better than MT4.
We particularly like MT5′s depth of markets tool. With this tool, you can view the liquidity provider’s order book to discover market strengths and weaknesses based on order flow.
3. IG Group - Best Forex Broker for Range of CFDs
Based on our testing, IG Group ranks third for its vast range of CFDs. Established in 1974, the IG Group has a longstanding history of being one of the best brokers worldwide. At the heart of IG Group’s offering is its wide selection of financial markets with over 17,000 products available.
As we tested the top NZ brokers, we looked at IG’s expansive range of trading instruments, finding over 80 currency pairs as well as indices, shares, ETFs, commodities, and cryptocurrencies.
In addition to the standard asset classes, we were also able to trade specialised markets such as options, sector CFDs, and Digital 100s.
We feel that this provides you with a true multi-asset experience while accessing financial instruments that offer unique ways of forex trading. Or, if you have longer-term trading aims, you can use the futures market to reduce your costs. This helps you avoid the overnight financing fees applied to CFDs.
IG Group’s platform options are another highlight for us, offering a user-friendly interface and a large range of charts. We found 30+ indicators on the proprietary platform, including Bollinger Bands.
Alternatively, you can use MetaTrader 4, ProRealTime, or L2 Dealer if you’re looking for more advanced technical analysis options.
ProRealTime has the most advanced charting and automation, while L2 Dealer is good for Direct Market Access (DMA) trading – although we stress that these options are really only suitable for more advanced traders.
Justin Grossbard from CompareForexBrokers praised IG Group for its comprehensive market coverage:
“IG Group’s strength lies in its ability to offer traders access to a vast range of markets. Whether you’re interested in traditional forex trading or looking to explore other asset classes like bonds or cryptocurrencies, IG Group provides the platform and tools to do so effectively.”
5. CMC Markets - Best Broker for MT4
When we analysed each broker’s trading tools, CMC Markets stood out to us, simply because of its MetaTrader 4 (MT4) offering. The broker adds a collection trading tools that really enhances the platform. You can choose from 12 add-ons covering risk management tools to trading signals through Autochartist.
Our favourite add-on was the mini terminal EA. This improves on the one-click trading feature by letting you add stop-loss and take profit orders with your instant execution.
Features like this save you time when placing your trades, as your risk management will be automatically added. This also adds a welcome bit of extra protection as you trade, which is always recommended.
Another nice bonus we found during tests was the Autochartist MT4 plugin. With the plugin, we were able to set up alerts and analyses on the CMC desktop platform. This tool for MT4 scans CMC Markets’ assets to find potential trade ideas based on chart patterns, support and resistance levels, and Fibonacci patterns.
All of this provides a solid foundation for manual trading, but there are nice automated trading features too. You can either use an MT4 Expert Advisor, or create your own according to your desired trading and risk management rules.
You can take advantage of CMC Markets’ free Beeks VPS. This is a really good feature in our book, as it lets you use your Expert Advisors on a 24/5 basis across multiple trading sessions.
If your focus is on forex trading specifically, then we think the FX Active account is a great choice. This was where we found spreads starting from 0 pips on some forex pairs, with no minimum deposit.
There is a commission on these spreads – you’ll pay $2.50 per lot traded. But this is around 30% cheaper than the forex trading industry average.
6. Plus500 - Best for Beginners Forex Trading
If you are a beginner trader we recommend Plus500, because of its user-friendly trading platform, solid risk management tools, and +insights tool for finding market trends easily. We liked that you can test and use over 100+ trading indicators on the platform.
With the innovative +insights tool, you get a top-down view of current client trading patterns and market trends.
The tool highlights key metrics like “Most Profit-Making Positions” and “Highest Sell Ratio,” helping new traders identify potentially profitable opportunities while avoiding risky markets. We think this is a great tool if you’re new to trading as it can help filter out poor trades before entering the market.
A key feature that we think will be really helpful for beginners was Plus500′s guaranteed stop-loss (GSLO) order. This is only offered by some brokers in NZ, so it’s good to see it here. This premium order type allows you to set the specific price at which your position will close, protecting you from losses caused by market volatility and gapping.
Plus500 also provides an extensive educational resource base packed with detailed guides, tutorials, and webinars all designed to enhance your forex knowledge. The webinars are a strong option if you prefer to learn through interactive videos – we found some interesting topics here, covering technical analysis and trade management tips.
Choosing the Best New Zealand Forex Broker
When choosing the best forex broker in New Zealand, we recommend considering several factors. First and foremost – FMA regulation. A licence from the FMA ensures that the broker operates under strict guidelines and standards within New Zealand, providing a layer of safety and reliability for your trading activities.
In addition to selecting a regulated forex broker, we advise considering the range of trading instruments offered, the platform features, spreads and trading costs, execution speeds, and the level of customer support.
It’s also beneficial to look at the educational resources and tools the broker provides, especially for those new to trading forex.
In our review, BlackBull Markets, TMGM, and IG Group took the top three rankings for best forex brokers in New Zealand.
BlackBull Markets stands out as the best overall for us, offering true ECN execution, FMA regulation, and a broad range of markets. TMGM stands out for its low spreads and efficient trading, especially with its Edge Account offering 100% zero-pip spreads on EUR/USD in our tests.
IG Group excels with its extensive range of over 17,000 markets, making it an excellent choice if you want to trade multiple markets under the same trading account.
These CFD brokers, distinguished by their unique strengths, are the preferred choices for NZ forex traders in 2025, balancing strong regulation, favourable trading conditions, and multiple platform options for retail investor accounts.
Frequently Asked Questions
What is the Best Forex Trading Platform?
Choosing the best forex trading platform depends on your individual needs. MetaTrader 4 (MT4) is ideal for forex trading with its user-friendly interface and advanced charting tools. MetaTrader 5 (MT5) improves on MT4 with access to depth of markets tool, economic calendar and share markets.
We think cTrader is a good option for experienced traders executing a scalping strategy. The platform is faster than MT4, while also offering one-click trading and direct market access. TradingView is our pick for technical analysis with its growing library of 110+ indicators and social networking features.
In New Zealand, BlackBull Markets provides excellent access to most trading platforms including MT4, MT5, cTrader and TradingView.
How to Open a Forex Trading Account?
Opening a Forex trading account is a straightforward process, typically completed online. Here’s our quick guide on how to open a trading account for New Zealand forex traders:
1. Choose a Broker: Research and select a forex broker that meets your trading needs and is regulated by a reputable authority like the FMA.
2. Complete the Application Form: Fill in the online application form with your personal and financial details, such as name, address, employment information, and trading experience.
3. Verify Your Identity: Submit identification documents for verification, usually a government-issued ID and proof of address, like a utility bill or bank statement.
4. Wait for Approval: The broker will review your application and documents. This process can take anywhere from a few hours to several days.
5. Fund Your Account: Once approved, you can deposit funds into your account using the methods provided by the broker, like bank transfer, debit card, credit card, or e-wallets such as PayPal and Skrill.
6. Access the Trading Platform: Log in to the trading platform provided by the broker, familiarise yourself with its features, and start trading.
Starting with a demo account is a smart move in our opinion, as you can test the broker’s platforms and services, to get a feel of what it will be like before becoming a client. It also offers a risk-free way to get familiar with the trading platform and sharpen your trading skills before transitioning into live trading.
When moving to live trading accounts it’s important to be aware of inactivity fees. Many forex brokers charge a fee of $5-20 per month if you do not trade on your account for a certain amount of time.
Is Forex Trading A Good Idea?
Yes, forex trading can be a good idea. It is an alternative form of growing your capital, as opposed to using traditional methods like shares and bonds. You’ll need a solid understanding of the forex markets, along with a profitable trading strategy, and the discipline to manage your risk.
Forex trading with CFDs offers flexibility to profit in all market conditions – bullish, bearish, or ranging –by allowing speculation on price direction and capitalising on small market movements throughout the day.
In contrast, traditional investment methods such as shares, bonds, and real estate typically only generate returns in rising markets and often involve higher transaction fees.
Is Forex Trading Legal In New Zealand?
Yes, forex trading is legal in New Zealand and is overseen by the Financial Markets Authority (FMA) which authorises forex brokers to provide financial services to New Zealand traders. As a trader in New Zealand, you can also open trading accounts from brokers regulated by other Tier-1 entities such as ASIC and the UK’s FCA.
About the Financial Markets Authority
The Financial Markets Authority (FMA) oversees brokerage firms and financial service providers such as forex and CFD brokers. This authority plays a crucial role in safeguarding investors from scams, dishonest marketing, and theft of funds. There is an FMA forex trading page detailing the risks and steps to take if considering foreign exchange trading.
The FMA’s rigorous standards are comparable to those in other major jurisdictions. These include the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA, formerly FSA), South Africa’s Financial Sector Conduct Authority (FSCA), and Europe’s CySEC and BaFin.
Financial authorities such as the FMA aim to maintain a fair and transparent global financial regulatory environment. If you are based outside of New Zealand, we recommend trading with a broker licensed in your local jurisdiction, such as an ASIC-regulated broker in Australia.
How to Verify FMA Authorisation
To verify a broker’s FMA authorisation in New Zealand, you should consult the Financial Service Providers Register (FSPR). You will find the FSP Licence number on any financial promotion from a regulated broker, this includes a footer on the broker’s website.
This public register allows you to search for the broker and review their registration details, including their FMA authorisation status, the scope of services they are licensed to provide, and any disciplinary history. This quick check is an important step in ensuring you’re dealing with a compliant and trustworthy forex broker in New Zealand.
Disclaimer
This guide is for informational purposes only and does not constitute financial advice. Trading derivatives involves leveraged products and significant risk and is not suitable for all retail investor accounts.
Advertorial by CompareForexBrokers.