Research was recently published in conjunction with CompareForexBrokers which involved in-house testing of brokers technology, as well as analysing data on average spreads and trading fees. Our research found that Blackbull Markets has the lowest spreads and is the best New Zealand forex broker best overall.
All accounts compared and discussed in this article are regulated by the Financial Markets Authority (FMA).
Best Forex Brokers Regulated by the FMA
Our curated list focuses on regulated brokers with low spreads (trading fees), as well as looking at factors like execution speed, trading platform options, and CFD trading instruments.
1. BlackBull Markets - Best NZ Forex Broker Overall
2. TMGM - Best Broker with Low Spreads
3. Plus500 - Best Broker for Beginner Traders
4. CMC Markets - Best Copy Trading Broker
5. IG - Broker with Best Range of CFDs
6. RockGlobal Markets - Best Share and Forex Broker
Here's why these FMA regulated forex brokers came out on top in their categories.
1. BlackBull Markets - Best NZ Forex Broker Overall
For New Zealand traders interested in scalping or high-volume trading strategies, the research shows BlackBull Markets is an excellent choice.
Justin Grossbard, CompareForexBrokers’ Strategic Head of Research, says this broker has distinguished itself by focusing on ECN-style trading conditions, with industry-leading execution speeds and direct access to top liquidity providers.
BlackBull Markets' speed is what really sets it apart from competitors. Having researched the execution speeds of 40 leading brokers, CompareForexBrokers.com found that BlackBull Markets reliably outperformed other brokers with a limit order speed of 72ms and a market order speed of 90ms. BlackBull’s performance against the industry average was also impressive – 46.8 percent faster for limit orders and 36.5 percent faster for market orders.
"In a market where every millisecond counts, BlackBull Markets' exceptional speed gives traders in New Zealand a distinct advantage," says Grossbard. "It's not just about being fast; it's about being consistently reliable – and that's where BlackBull excels."
In terms of spreads, two pricing options are available. A standard account type with no commission fees and spreads from 1.2 pips, and tiered ECN trading accounts with spreads as low as 0.0 pips plus commission starting from USD 4 per lot.
The CFD broker also boasts a 'no dealing desk' model, the analysis found, which means it uses straight-through processing (STP) to source liquidity from major global banks like Barclays, Citibank, and HSBC.
Many traders prefer this trading environment, as it often correlates to tighter spreads and eliminates any conflict of interest between the broker and the trader.
2. TMGM - Best Broker with Low Spreads
In forex trading, it’s desirable to keep your spread – the difference between the bid price and the ask price for a particular currency pair – as low as possible, as it can save you money and give you greater potential for profit.
The latest analysis found TMGM (formerly TradeMax Global Markets) consistently delivers tighter spreads than competitors – including for the major EUR/USD currency pair.
In fact, TMGM's Edge account averages just 0.1 pips for EUR/USD, compared to the industry average of 0.22 pips – that’s approximately 54.5 percent lower. Spread costs across multiple other currency pairs like the EUR/GBP were better than their competitors as well, the analysis found.
Other advantages of TMGM are its choice of trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Iress – and its in-house 'academy', which offers educational resources both to those learning the basics of forex trading, and those wanting to take their trading strategies and market psychology comprehension to the next level.
TMGM's commitment to customer support is also evident, offering 24/7 assistance through live chat, phone, email, and social media.
For forex traders with an eye on cost-efficiency and growth, TMGM is a compelling option.
3. Plus500 - Best Broker for Beginner Traders
When you’re just starting out in forex trading, it makes sense to choose a broker that gives you all the resources you need to learn the ropes and eventually excel.
Plus500 is a standout performer in this category for this very reason, boasting a well-rounded package featuring a user-friendly proprietary trading platform, a suite of risk management tools that help newer traders find their feet, and a basic no commission pricing structure.
Plus500 has invested in its own platform, rather than offering the likes of MetaTrader or cTrader, which has enabled it to tailor its offering to the needs of its user base.
In CompareForexBrokers' analysis, Plus500's platform was found to be intuitive and easier to navigate than those of other competitors – though it may not quite be the right fit for experienced traders, who might desire more fulsome technical analysis tools.
For beginners, though, it's ideal, and supports trading in a wide range of financial instruments, including forex, stocks, ETFs, commodities, options, and indices.
The CFD brokers risk management support system also helps new traders hone a strategy or master the emotional element of trading to protect their first investment.
Plus500 is among only a few brokers that offer guaranteed stop loss orders, which ensure that your position closes at the exact price you've chosen, regardless of market conditions when the broker manages to fill the order.
Customer support is another big advantage of Plus500's service – it's 24/7, with New Zealand traders receiving help from the local Sydney office.
4. CMC Markets - Best Copy Trading Broker
Copy trading, also known as social trading, allows traders to automatically mirror the movements and strategies of more experienced, successful traders in the forex market.
CMC Markets is a top-tier option in this category because it offers two primary trading platforms – Next-Generation and MetaTrader 4 – which both come with functionalities that streamline this form of trading.
CompareForexBroker.com's research found Next Generation is something of a combination of a social network, trading masterclass and a market research resource that fosters a community and supplies valuable trading insights through its forums and live news feeds.
To complement low spreads, CMC Markets other trading costs are also competitive, with low commission fees and minimum deposits, as well as no deposit or withdrawal fees.
Unlike many top forex brokers, CMC Markets offers the NZ Dollar (NZD) as a base currency option, which many NZ traders will find appealing.
5. IG - Broker with Best Range of CFDs
IG Markets has an extensive range of asset classes and trading platforms and the infrastructure to support advanced trading strategies – making it perfect for traders who want to diversify their portfolio.
This forex broker offers access to thousands of markets, whether you're interested in forex, indices, commodities or cryptocurrencies.
Of all the brokers researched by CompareForexBrokers in its analysis, IG supplied access to the most extensive variety of financial products and markets.
Its platform is user-friendly and offers all the basic features you’d expect, like charting and technical analysis tools, one-click trading, and customisable layouts.
Having been around for close to 50 years, IG is also one of the oldest brokers in the industry, which has bolstered its reputation as a reliable and trustworthy player in the forex market.
6. RockGlobal Markets - Best Share and Forex Broker
Offering a range of assets and trading platforms, online broker RockGlobal Markets appeared in the research as a versatile choice for traders interested in both share and forex markets.
With its headquarters in New Zealand, this broker allows traders to both directly trade company shares, as well as forex pairs via CFDs.
"With brokerage fees as low as AUD 18.95 for Australian shares and USD 9.95 for US shares, traders can truly maximise their investment potential," says Justin Grossbard of RockGlobal.
"This fee structure makes RockGlobal Markets an attractive option for those keen on cost-effective diversification."
RockGlobal also has a broad range of 43 cryptocurrencies, as well as offering a choice between MT4 and TWS platforms.
Choosing a New Zealand Forex Broker
For a safe and secure trading experience, it's recommended to choose a regulated forex broker licensed in your local jurisdiction. For New Zealanders, the local regulatory body is the Financial Market Authority (FMA).
The FMA ensures forex traders, brokers, and derivative markets operate fairly and transparently, while enforcing protections for retail investors such as caps on leveraged products, financial service provider registration, and segregated client funds. The FMA is a well-respected financial authority and follows a similar approach to CFD trading as other top-tier regulators in jurisdictions like Europe (CySEC), Australia (ASIC), South Africa (FSCA), and the UK (FCA).
You can find more information about the best forex trading platforms offered by regulated brokers in New Zealand here.
Disclaimer
Risks and volatility vary between trading instruments, for instance, crypto markets are considered incredibly volatile, while foreign exchange markets differ depending on the forex pair you are trading. If you are new to forex trading, many CFD brokers offer resources like demo accounts, education centres, and comprehensive market analysis tools to help traders learn the ropes.
Article created in partnership with PropCompanies.
