Discover the Best New Zealand Forex Brokers 2020
If you’re looking for the best forex brokers in New Zealand, we have good news for you. Here at TopRatedForexBrokers, we’ve reviewed hundreds of different forex brokers, who accept traders from New Zealand, to create a definitive list of places to trade.
Our forex experts put each broker through a rigorous testing process to ensure that it offers a high-quality experience to New Zealander traders. This means that, as well as offering competitive fees, extensive trading instruments and convenient banking options, they also offer features specific to New Zealand.
The best forex brokers in New Zealand offer regulation from the FMA (The New Zealand Financial Markets Authority) and good spreads on NZD pairs. Customer support during local hours is also vital for Kiwi traders, as the country has the first trading session of the world.
By offering all these features, the brokers recommended on this page are reputable and appropriate for you as a New Zealander forex trader. Check out the list below to find your perfect forex broker now or read on to learn more about forex regulation within the country.
Our list of the best forex brokers in New Zealand are:
- XM Group
Best and most trusted forex brokers in New Zealand October 2020
Forex trading in New Zealand – preliminary information
Forex trading in New Zealand is quite similar to trading in all other countries like Cyprus and UK, for instance. Wherever you are in the world, including in New Zealand, the rules for making trades are quite the same and usually, the brokers are very alike, too. This means that if you already have your own established Forex strategy, you can apply it here, in New Zealand with no doubt whether it will suit the local conditions. However, New Zealand has its individual rules and regulations regarding Forex trading and you’ll have to do your homework in advance – to learn more about them, to be aware what you can do and what you cannot do, to be extremely attentive for the details and brokers here. There are many options for trading Forex in case you are based in New Zealand. What really matters is choosing a method that suits you. Besides, if you find some difficulties in trading or you need to expand your knowledge and skills, you will be able to find some decent websites with such information that is usually offered for free and that will let you increase you daily or monthly profit.
What is the regulation of Forex brokers based in New Zealand?
Experts say that Forex regulation is missing in New Zealand and what we can see here is not exactly a plan or strategy for making things quite official and legal here, but a way to simplify traders to gain more profits. In general, there are three main regulating bodies here in the country. Each of them has its own mission and methods to influence Forex world in NZ. Check out more about these three New Zealand regulators now:
FSPR is the abbreviation behind Financial Service Providers Register. 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. But if agencies like this in other countries do offer both – official licenses and safety measures – Financial Service Providers Register is also in charge for the singing of the brokers.
FSCL is also well-known by its full name Financial Services Complaints. Here is the place, where both – traders and brokers – can fill in documents for making a claim, complain or even a suggestion. The agency has a whole bunch of measures that must be provided to all brokers that are based in New Zealand, respectively they need to be obeyed, too. But if some broker does operate thanks to a fraud or there is a problem with a trader`s activity, FSCL takes the whole responsibility to investigate the case and to make its punishment, if there`s guilt.
Last, but not least, FMA or Financial Markets Authority represents the main regulator of the whole Forex world here in New Zealand. If the previous two agencies have their own authorities to make something, to ban or to punish, Financial Markets Authority is the big leader among the three organizations. FMA can accept complaints, by the way, too, but it is also responsible for the right registration of the brokers. Transparency, though, looks to be the main mission Financial Markets Authority has acquired through the last few years and since then, the brokers in New Zealand have indeed, become fairer and cleared as to their rules, navigation, website support and performance of the trades.
Trading in New Zealand is safe, funny and really profitable. You will not make a mistake, if you try your luck and test your Forex skills here, because we do guarantee you, this is a country with really good brokers and even better regulation no matter how many people claim it`s missing.