We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. FXEmpire has been reviewing brokers since 2011 and has developed an in-depth review program of CFD brokers. We have more than a decade of experience testing brokers and abide by strict guidelines for editorial integrity.
What platforms do FP Markets offer?
His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. He earned a Bachelor’s degree in Economics and International Relations. Plamen’s broad experience has equipped him with the legacyfx review expertise to recommend the best forex brokers. We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. FP Markets offers popular trading platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), and IRESS, which provide advanced charting tools and analytical features.
It is a reputable international brokerage that offers its clients various trading options. In addition, the broker is incorporated under the laws of St Vincent and the Grenadines, further enhancing its trustworthiness. This is the seventh forex broker on our list and is globally recognized. With its headquarters in Australia, the brokerage is regulated by the FSC and has over 180,000 clients from 200+ countries.
Different brokers offer different combinations of trading platforms and accounts, and it’s important to choose one that supports your trading style. Most NZ traders will trade with a mainstream forex trading platform including MetaTrader 4, MetaTrader 5, cTrader or TradingView. Each platform has its own unique benefits but by determining which software you prefer, you can rule out the brokers that don’t offer that platform. Market maker brokers like IG offer commission-free spreads, making them a good option for traders looking for a simpler cost structure. Traders also benefit from various risk management tools and industry-leading educational resources. We recommend IG Group for its stellar reputation, earned over nearly four decades of providing financial services to retail investors.
All forex pairs are quoted in terms of one currency versus another, Forex trading is the act of simultaneously buying one currency while selling another. The base currency is the currency on the left of the currency pair and the counter currency is on the right. For example, in EUR/USD, EUR is the «base» currency and USD the «counter» currency.
How does economic data influence the value of the New Zealand Dollar?
- To ensure you are fully compliant with New Zealand forex tax laws, it’s best to speak to an accountant before trading.
- IG provides a variety of educational materials including webinars, articles, and online courses, making it a great choice for beginners and advanced traders looking to improve their trading knowledge.
- Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.
- Plus500 is an excellent option for beginner traders, primarily for its emphasis on risk management and educational support.
- However, there are swap fees on certain trades, and spreads start from as low as 0.7 pips for Forex.
Yes, FXTM provides beginner-friendly accounts like the Cent account, demo accounts, and extensive educational resources to help new traders. An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. Some ECN brokers that service the New Zealand market prefer to implement the cTrader platform of Spotware Systems.
- Yes, HYCM is suitable for beginners due to its user-friendly platforms, educational resources, and low minimum deposit requirement.
- You should be aware that you may lose a significant portion of your portfolio.
- A forex broker refers to a financial institution that provides traders with access to the foreign exchange market, enabling them to buy and sell currency pairs.
- Some brokers will accept deposits in NZD but you might need to convert them to a major currency accepted by your broker like euros, U.S. dollars or pounds sterling when you open an account.
- We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
- This means that, as well as offering competitive fees, extensive trading instruments and convenient banking options, they also offer features specific to New Zealand.
Comparing trading platforms between New Zealand forex brokers
The FMA also acts as an intermediary in cases of disputes and performs regular audits on locally regulated brokerages. One of the downsides of trading in this jurisdiction stems from the absence of investment compensation schemes to protect New Zealand traders against the possible liquidation of the brokerages. The new requirement came into effect in December 2017 and applies to all brokers, regardless of whether they are based in the country or abroad. However, the regulatory authority did not mention any restrictions on leverage or bonuses. The FMA only specified that standard spot Forex contracts are exempt from compliance with these rules.
The software links some of the funds of the copying trader to the account of the person they copy. This is an independent scheme for dispute resolution that has been given the thumbs-up under forex broker rating the Financial Service Providers (Registration and Dispute Resolution) Act of 2008. The FSCL deals with all sorts of complaints related to financial services, including foreign exchange, card services, insurance, and money transfers. To obtain a license, binary options brokers must fulfill specific requirements. For example, they must have physical offices in the country and protect their customers’ funds by storing them in segregated accounts. Licensed brokers must carry out internal assessments of their compliance levels and provide reports to the regulator so that it can conduct its own assessment.
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Try any of ICM, Tradeview , XTB, IG, Saxo Bank, CMC Markets, and ThinkMarkets. FOREX trading is considered to be an activity that can lead to gainful profits, as such it is highly regulated, making it easy to keep it legal. The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips).
What instruments can New Zealand customers trade with?
With a solid collection of assets to trade, low trading costs and a well-known trading platform, AXI has plenty to recommend for New Zealand forex traders. The restoration of its licence by the FMA suggests all is well, but we remain cautious in our recommendation. Forex traders devoted to MetaTrader 4 will appreciate AXI’s commitment to the beloved trading platform. Customers can access the full suite of built-in MT4 technical indicators and drawing tools, as well as the Expert Adviser (EA) marketplace. Myfxbook can be integrated with MT4 for those wanting to social trade. Spreads start at 0.0 pips, however, traders will pay a NZ$7 commission per round-turn trade.
These regulations ensure a secure trading environment, enabling traders to make better trading decisions with confidence in the broker’s reliability and integrity. Founded in 1989, CMC Markets is a well-established global brokerage offering trading services across Forex, CFDs, and more. With over 800 employees and more than 60,000 active traders, the company operates in key regulated markets, including the UK, Australia, Canada, and Singapore. It is publicly traded and boasts a solid reputation for offering competitive spreads, advanced trading tools, and comprehensive customer support. Trading platforms grant access to the foreign exchange market and allow you to analyze market conditions, manage positions, and execute trades.
IG has won countless Annual Awards from our sister site, ForexBrokers.com, and is a fantastic choice for forex traders of all experience levels. Saxo Bank is considered one of the best investment banks in financial markets activ trades review and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders’ needs. HF Markets is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5.
Forex market regulation in New Zealand is designed to ensure transparency and fairness in trading activities, as enforced by New Zealand’s regulatory authorities. The New Zealand dollar (NZD) is a popular currency to trade against other major currencies such as the US dollar (USD), the Japanese yen (JPY), and the Euro (EUR). The NZD is known for its volatility and is often affected by changes in global economic conditions, as well as by the interest rate decisions of the Reserve Bank of New Zealand. Online brokers must be authorized and submit to oversight by New Zealand’s financial regulator known as the Financial Markets Authority (FMA). Trading losses prompted the Financial Markets Bill by New Zealand’s parliament. This is an agency that as you can guess by its name is responsible for the gathering and collecting data about all Forex brokers that are based and registered in New Zealand.
The criteria we judged the brokers on are their spreads, trading platform, customer service and overall trading experience including execution speeds. HFM is suitable for both beginner and advanced traders, offering educational resources, demo accounts, and various promotions, depending on the region. Its strong regulatory oversight and transparent trading conditions make it a reliable choice, though traders should carefully consider the account types and leverage options that fit their trading needs. These brokers offer excellent regulatory standards, competitive trading conditions, and reliable platforms, ensuring traders in New Zealand can trade forex confidently. Choose based on your specific needs, from advanced trading tools to social trading options, and start your forex journey securely. The choice of the right broker is critical, not only for enhancing the overall trading experience but also for boosting profitability and accessing valuable educational and analytical tools.