Best Forex Trading Platforms In New Zealand: 2024 Guide


I opened accounts with the forex brokers regulated by the Financial Markets Authority (FMA) and determined the top NZ forex broker. Below are the unique strengths of each broker and what type of trader each one best suits.


What are the 6 Best Forex Brokers in NZ?

Of all the regulated forex brokers in New Zealand which I reviewed, the six most popular firms offering the best forex trading platforms, lowest trading costs, and most advanced trading tools were:

  1. BlackBull: Best NZ Forex Broker Overall
  2. CMC Markets: Best Proprietary Trading Platform
  3. Plus500: Best Trading Platform for Beginners
  4. TMGM: Best Forex Broker for Low Spreads
  5. IG: Best Range of CFD Products
  6. RockGlobal Markets: Best for Forex and Share Trading


1. BlackBull Markets – The Best NZ Forex Broker Overall

We compared the fees of all the NZ trading accounts and BlackBull Markets had one of the lowest. The main fee is the spread, and for BlackBull the most traded currency pair (EUR/USD) spread is just 0.23 pips.

We also tested the execution speed and with trades taking just 72ms, BlackBull was the clear winner with larger brokers such as CMC Markets testing at 138ms and IG Markets at 174ms.

Our testing was done across their forex trading platforms which included MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If you’re interested in primarily trading currency then I recommend MT4 while MT5 is more suited for CFD trading like shares.

What I find important to note is that BlackBull allows forex traders to trade with automation including scalping. This means you can set your trading strategies to work around the clock, while the backtesting functionalities ensure those strategies stand the test of hypothetical scenarios.

Compared to other New Zealand CFD brokers, I found BlackBull to offer the best up-to-date market news. Additionally, add-ons to MetaTrader are available including advanced charting tools and advanced expert advisors (EAs) for algorithmic trading.

Other key strengths of BlackBull markets:

  • No minimum deposit
  • No  deposit and withdrawal fees
  • 23,000+ CFD instruments
  • 64 currency pairs and 11 cryptocurrencies

Another key strength that I found important is that BlackBull were founded in New Zealand and remain based in Auckland. This allows them to provide locally based 24/6 customer support from a fellow New Zealander. Finally, their primary licence is the FMA unlike most other brokers who use the FMA as a secondary or additional licence. This showcases BlackBull's commitment to adhering to the stringent regulatory standards set by New Zealand's top financial watchdog


2. CMC Markets Has The Best ProprietaryTrading Platform

CMC Markets has distinguished itself as the apex contender in the forex trading industry thanks to its sophisticated proprietary platform . The Next Generation trading platform offers both a basic mode for beginners and more advanced interface for experienced traders, while integrating sophisticated charting tools, copy trading and social elements, and various risk management tools.


The platform is enhanced with advanced charting tools catering to both novices like myself and seasoned traders. With 115 indicators and 70 chart patterns, it’s a dream come true for technical analysis enthusiasts like me.

Features available on the Next Generation platform include:

  • Sophisticated technical analysis tools
  • 12,000+ CFDs including Deposits and withdrawals via debit card, credit card, bank transfer, and e-Wallets like PayPal and Skrill.
  • Over 330 currency pairs
  • Desktop and mobile apps for iOS and Android devices
  • Risk management tools such as stop loss order types
  • Client sentiment data and fundamental analysis tools
  • Deposits and withdrawals via debit card, credit card, bank transfer, and e-Wallets like PayPal and Skrill.

CMC Markets offers a staggering 330 forex pairs, ensuring we have access to major currencies like the NZD, AUD, GBP, and USD. Beyond forex, we gain access to a plethora of global markets. With 12,000 CFDs spanning indices, shares, ETFs, commodities, treasuries, and even crypto, ensures we have a broad spectrum of assets.

Trading, especially in leveraged products, always comes with its risks. In my experience, CMC Markets provides tools to manage risk by allowing traders like us to set stop loss orders. This feature can protect us from significant losses by automatically closing a position once a specified level is reached.

In today's fast-paced world, mobility is everything to me. CMC Markets recognises the need for traders like us to access our accounts and monitor the markets on the go by offering efficient desktop and mobile trading apps. These applications ensure that no matter where I am, the global markets are always just a tap away.

CMC Markets is regulated around the globe including the FMA (NZ), ASIC (Australia), BaFin (Germany), FCA (UK), MAS (Singapore), and IIROC (Canada).


3. Plus500 Has The Best Trading Platform For Beginners

In the bustling realm of forex trading, newcomers often find themselves overwhelmed with jargon, complex platforms, and many decisions to make. In this context, I find Plus500 to be a sanctuary for novice traders, particularly in New Zealand.

One of the standout features of Plus500 is its user-friendly interface. This is crucial for beginners like me who need intuitive functionality where we can navigate the intricacies of trading without feeling intimidated. The easy-to-use nature of Plus500 reduces the initial learning curve, allowing us to focus more on developing our trading strategies.

The platform's accessibility further amplifies its appeal to me. Whether I'm on my computer at home or on the move with my mobile device, Plus500 ensures I have all the necessary tools at my fingertips. Their desktop and mobile apps are designed with users like me in mind, making it easier to monitor markets, make trades, and manage portfolios seamlessly.

A significant advantage for traders like me is the low fixed spreads, averaging 0.8 pips with no commission for the EUR/USD.

Plus500 account features:

  • Free demo account
  • Low trading fees and minimum deposit
  • An easy to use trading platform


For those of us who later wish to explore other platforms, Plus500 offers the option of MetaTrader 4. This ensures flexibility as we gain more experience and look for platforms that might offer advanced features.

However, no fx broker is without its drawbacks. One aspect that I find noteworthy is the $10 USD inactivity fee if a trading account remains dormant for 3 months. While this is a standard practice across many brokers, it's something beginners should be mindful of to avoid unnecessary charges.

Another point of consideration for me is the minimum deposit of $100. While this might be modest for some, it could be a barrier for others who wish to start with a smaller amount.

Plus500 is regulated by the Financial Markets Authority (FMA) as well as top-tier regulators like ASIC (Australia), MAS (Singapore), and FCA (UK) and offers negative balance protection.


4. TMGM Is The Best Broker for Low Spreads

TradeMax Global Markets (TMGM), since its establishment in Australia in 2013, has become a forerunner in the brokerage realm. Now holding an FMA license in New Zealand, I find that TMGM has garnered attention for its impeccable no-dealing desk execution and its ECN trading environment. A few highlights of TMGM include its STP/ECN style brokerage and the strategic utilisation of Tokyo's TY3 Equinix data central ensuring faster transaction execution.

The Edge and Classic trading accounts use swift ECN execution methods and only require a minimum deposit of NZ$100. Remarkably, their use of the Ty3 data centre allows traders like me to experience reduced slippage, given its proximity to Tokyo's liquidity providers.

However, where TMGM truly resonates with me is in its low spreads. On the Edge account, spreads start from 0.0 pips, whilst on the Classic account, they are 1.0 pips. These low spreads, coupled with a diverse range of 15,000 financial instruments, offer both beginners and expert traders an enticing proposition.

Key features of TMGM include:

  • No dealing desk execution
  • ECN trading conditions
  • Low spreads from 0.0 pips
  • The option of MetaTrader 4 and MetaTrader 5


For forex trading, I appreciate the choice between MetaTrader 4 (MT4) and MetaTrader 5 (MT5) offered by TMGM. Each of these platforms is known for its robust capabilities, but I find the inclusion of MT5 particularly appealing as it allows for a broader range of asset classes and more advanced features.

Yet, I must acknowledge that the Classic account does have a higher cost structure compared to the Edge account. While spreads are still reasonable at 1.0 pips, it may deter those who are after the lowest cost possible.

TMGM's commitment to education also resonates with me. They offer webinars, tutorials, market analysis, and one-on-one consultations. In my view, this support goes a long way in helping traders like myself, whether beginners or seasoned experts, to continually develop and refine our trading skills.

Finally, TMGM's wide-ranging support for deposit and withdrawal options (including cryptocurrency) ensures that we have convenient options to manage our trading accounts.


5. IG Has The Best Range Of CFDs

IG has been a staple in the trading community for over 40 years, providing robust and competitive trading solutions to its clients. I regard IG as an industry leader, particularly in New Zealand, where it offers a vast range of CFD products and forex pairs.

With a selection of over 17,000 CFDs, IG presents traders like me with an opportunity to diversify our portfolios across a wide array of markets. Whether I'm interested in trading shares, commodities, indices, or currencies, I find IG to have the tools and offerings that cater to my diverse needs.

As someone who values adaptability and innovation, IG's provision of MetaTrader 4 (MT4) and its proprietary platform appeals to me. Both platforms offer robust functionality and flexibility, allowing me to customise my trading experience according to my preferences and needs.

IG features:

  • 17,000+ CFDs
  • A wide range of forex pairs
  • MetaTrader 4 as a trading platform option
  • Risk management tools including GSLOs


However, I must point out that IG's spreads are slightly higher compared to some of its competitors. While they provide competitive spreads for major currency pairs, some exotic pairs and smaller markets may incur higher costs. This is something I, and other traders, should consider when looking to trade in these markets.

IG is also conscious of risk management, a factor that resonates with me. Tools like guaranteed stop-loss orders (GSLO) allow us to cap potential losses, protecting our capital in volatile markets. This kind of protection is invaluable, especially for beginners who might be prone to substantial losses without proper risk management.


6. RockGlobal Is The Best For Share Trading And Forex

RockGlobal is a New Zealand-based forex broker that has captured my attention. Since its establishment, I've appreciated RockGlobal Markets' dedication to providing services specifically tailored to the NZ trading community.

What strikes me about RockGlobal Markets is its customer-centric approach. The emphasis on personalised services, guidance, and a robust set of educational materials makes it a suitable choice for traders who may require additional support and learning resources to navigate the complex world of forex trading.

RockGlobal Markets’ low spreads for major currency pairs and competitive commissions make it an attractive choice for NZ forex traders. The New Zealand Dollar is available as a base currency and the minimum deposit is $200.

RockGlobal offers NZ traders:

  • NZ based forex broker
  • Strong educational resources with webinars to one-on-one coaching
  • New Zealand based customer support
  • NZD account currency option


Offering both Trader Workstation and the MetaTrader 4 option ensures flexibility and customisation to cater to different trading preferences. Whether I'm a novice or an experienced trader, RockGlobal Markets provides the tools and resources I need to embark on or continue my trading journey.


The commitment to education around financial services sets RockGlobal Markets apart for me. From webinars to one-on-one coaching sessions, I find that their educational offerings align with my learning curve, providing a supportive environment with extensive educational resources.

However, I must acknowledge that RockGlobal Markets' product offering might be more limited compared to some other brokers in the landscape. This limitation might affect my ability to diversify my portfolio extensively, especially if I'm interested in a broad array of forex markets and asset classes.

Overall, RockGlobal Markets offers a compelling locally tailored solution for New Zealand traders. Its emphasis on customer service, education, and accessible entry points make it a notable option, especially for those looking to deepen their understanding of forex trading while enjoying a platform tailored to their needs."


Forex Trading: FAQs 

What is the Best Broker in NZ?

The best brokers in New Zealand offer top trading platforms, low spreads, a diverse range of CFDs, as well as regulatory oversight from the Financial Markets Authority (FMA). Based on my analysis and research, BlackBull takes the number one stop as the best forex broker in NZ for 2024 thanks to tight spreads, fast execution on MT4 or MT5, 23,000+ CFD products, and no minimum deposit requirements. 

CMC Markets was second on my list thanks to its advanced proprietary software and trading tools, while Plus500 came in third as the best option for beginner traders. 

You can read more about The Best Forex Brokers in NZ here.


What  Forex Trading Platforms to Use in NZ?

In my experience, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are leading the industry as forex trading platforms. They're known for their diverse tools and user-friendly interfaces. Other platforms like cTrader, Iress, and proprietary ones offer specialised features. Additionally, methods like social and copy trading, supported by platforms like ZuluTrade, blend automation with community engagement, letting us traders share insights and replicate expert strategies.


What are MetaTrader 4 (MT4) & MetaTrader 5 (MT5)?

MT4 and MT5 are leading trading platforms in the forex world for their diverse trading instruments and user-friendly platforms. I've found that they've set industry benchmarks for forex trading platforms. Additional features include real-time price charting, a multitude of technical indicators, automated trading capabilities (robots), and a customisable interface.

They're available on desktop, web browsers (webtrader), and mobile apps for iOS and Android, ensuring that I can operate seamlessly, regardless of my location. The best forex brokers for MT4 and MT5 offer a range of CFDs and currency pairs, low spreads, good customer support, and low or no fees for deposits and withdrawals.


There are also platforms like cTrader and Iress that I've explored that are known for advanced charting tools, direct market access, and algorithmic trading capabilities. Certain fx brokers, such as IG, offer proprietary platforms, providing unique tools and features specifically designed for traders like me.


What is the Difference Between Social and Copy Trading?

Social and copy trading, two distinct yet interlinked facets of modern trading, offer CFD and forex traders a blend of automation and community engagement. They both champion the idea of collective financial wisdom.

Copy trading permits me to emulate the actions of seasoned professionals in real time. This not only gives us direct access to tried-and-tested strategies but also serves as an entry point for novices like me who might be daunted by the complexities of the financial market. It's akin to having a mentor guiding every step, allowing even those new to trading to dip their toes into the waters with some semblance of confidence.

Social trading immerses me in a community-centric ecosystem. Discussions revolve around strategies, market insights, and lessons from both successes and failures.


What are Examples of Social and Copy Trading Platforms?

I've found that platforms like ZuluTrade have been pivotal in transforming trading, making it possible for traders like me to connect, discuss, and learn from each other. The emphasis is on collective learning, where experiences are shared, strategies are dissected, and insights are gleaned.

The potential benefits are vast. The obvious advantage of potentially consistent returns is that I can replicate strategies that have historically performed well. Additionally, the continuous learning environment ensures I'm always in the loop, benefiting from the community’s collective wisdom.

However, Justin Grossbard from CompareForexBrokers rightly points out the pitfall of copy trading, saying, “The very advantage of copy trading — its passive nature — can be a double-edged sword. By relying solely on others' strategies, traders might miss out on understanding the nuances and rationale behind certain decisions. This could limit their growth and understanding of market dynamics. Similarly, while the social trading community is a treasure trove of insights, it's essential to discern between genuine advice and mere noise.”


What is Forex Trading?

The forex industry, where you engage in buying and selling foreign exchange CFDs through online trading platforms, is part of the world's largest financial marketplace. Regulated brokers and financial service providers act as intermediaries, providing platforms with tools and features that aid me in making trading decisions, executing trades, and managing risk.


What Are Forex Pairs?

As a forex trader, I deal with currency pairs that represent the value of one currency relative to another.

  • Major Currency Pairs: Major forex pairs like EUR/USD, GBP/USD, and USD/JPY are most traded globally. Their high liquidity and low spreads make them popular among traders
  • Minor Currency Pairs: Pairs like EUR/GBP provide opportunities to speculate on the relative strengths of major economies without the influence of the USD
  • Exotic Currency Pairs: These pairs couple a major currency and one from an emerging economy, offering the potential for significant returns due to the volatility of emerging markets

Understanding these pairs is crucial for me when venturing into the intricate world of forex trading


What are CFDs?

CFDs, or Contracts for Difference, allow me to profit from price movements without owning the underlying asset. The key advantage for me is the ability to speculate on price movements in either direction. 
In New Zealand, you can trade CFDs on a range of asset classes including forex, stocks, indices, ETFs, commodities, interest rates, and bonds, among others.


What Should Beginner Traders Know Before They Start Trading?

If you're new to forex markets, starting with demo accounts is essential. Investing time in developing a robust trading strategy and understanding technical analysis helps in making informed decisions.

Many reputable forex brokers offer educational resources, aiding newcomers in navigating the complex world of forex. I always reiterate to beginner traders to read all disclaimers and be aware of scams.


Is Forex Trading Legal in New Zealand?

Yes, forex trading is legal in New Zealand. The Financial Markets Authority (FMA) oversees New Zealand's forex and CFD trading, prioritising transparency, fairness, and retail investor protection, aligning with global standards seen in jurisdictions like ASIC, FCA (formally the FSA), CySEC, FSCA, and MAS. New Zealand forex brokers are issued a derivatives license from the FMA.


Understanding the regulatory landscape in New Zealand compared to the rest of the world is essential, it is important you consider factors like trading conditions and rankings in terms of investor protections and the regulatory environment.

If you are an Australian resident and looking for information about ASIC regulated brokers, you can read about the Best CFD Trading Platforms for Australian Traders here.


"Don’t get caught by Unawares

Before trading forex, you should read and add knowledge as it can be very technical. You should also understand the risks so you know what to expect. You can read more about forex trading in New Zealand here."