de | cn | ru

New Zealand forex brokers

A couple of years ago, New Zealand forex brokers were required to follow a simple registration procedure with the FSPR in order to provide financial services. The regulatory requirements for forex brokers and financial services providers in general used to be very loose, however after a number of signals and complaints from clients received, New Zealand’s authorities have begun cleaning up the mess. Many brokerages established their operations in the country and subsequently shut down and a number of those companies proved to be connected to offshore owners so authorities started deleting registrations and introducing some new rules.


Currently, in order to be registered as financial services providers, applicants must comply with the following:


1) The companies must be registered in in New Zealand and must have a physical office there;
2) Within the office must be employed a at least one Director (having adequate financial competence), who is a New Zealand resident;
3) All client record keeping, KYC and AML procedure must be handled from a New Zealand office (in order to facilitate on-site compliance inspections);
4) The company must comply with the business laws within the jurisdiction of New Zealand.


Furthermore, Financial Markets Conduct Act 2013 introduces licensing regime for providers offering certain types of financial services. Forex brokers, addressed as “derivatives issuers” must be regulated by the Financial Markets Authority (FMA) and must meet a set of standards for financial resources and professional indemnity insurance.


Additionally, a minimum capital requirement for forex brokers is about to be introduced in 2016. Forex brokers will be required to hold net tangible assets amounting to at least $1,000,000. in order to see “the big picture”, the minimum capital requirement for a obtaining a forex broker license is $20 million in USA; CHF 20 million in Switzerland, EUR 1 million in Cyprus and 730 000 EUR in UK.

New Zealand forex brokers

Broker Platforms Spread Leverage Min.deposit Review
MT4, MT5,
IRESSTrader
1.0 1:500 $100 Review Website
MT4, Web,
ProRealTime,
2Dealer
0.6 1:200 $0 Review Website
Next Generation 0.9 1:100 $25 Review
MT4, Kiwi
Trader
0.9 1:500 $1 Review
MT4 1.8 1:500 $200 ($50 in NZ) Review
MT4, Web,
MahiFX
1 1:100 $1 Review
MT4 1.7 1:300 $300 Review
MT4 1.5 1:500 $100 Review
MT4, MT5 1.4 1:500 $300 Review
MT4, Web 2,4 1:500 $100 Review
MT4 1.5 1:400 $50 Review
MT4 1.1 1:500 $200 Review
MT4 1.2 1:200 $100 Review
MT4 2 pips 1:400 None Review
MT4, Direct
Trading
Software
3.0 1:400 $500 Review
MT4, Web 0.9 1:100 $100 Review
MT5 2.5 1:500 $200 Review
MT4 1:100 $200 Review
MT4 N/A 1:100 N/A Review
MT5 1:400 $500 Review
MT4 1.3 1:500 $10 Review
MT4 1.3 1:500 $300 Review
MT4 1.8 1:500 New Zealand Review
MT4 1.5 1:500 $50 Review
MT4, Web 2.2 1:400 $250 Review
MT4 1.7 1:500 $100 Review
MT4 0.4 1:200 $1000 Review

Related News

New Zealand’s FMA blacklists Profitix and Dang Kang

Aug 21 2019 12:33:57 Jonathan Smith in Market

    Unregulated Forex brokerages Profitix and Dang Kang International Group have been blacklisted by the New Zealand’s Financial Markets Authority (FMA) on Wednesday   The official warning against the first entity – Profitix - reads that individuals from the bro... Read more

New Zealand’s FMA warned against Fuerfx.com and Olympus Markets

Jul 26 2019 09:22:44 Jonathan Smith in Market

  New Zealand’s Financial Markets Authority (FMA) has recently updated its warning list of suspected scams with Fuerfx.com and Olympus Markets. Here are some more details of the two suspected fraudsters.   Fuerfx. Read more

Unregulated brokerage TradeFintech ends up on FMA’s blacklist

Jan 29 2019 14:34:31 Jonathan Smith in Market

  New Zealand’s Financial Markets Authority (FMA) has updated its warning list of suspected scams with TradeFintech earlier today. Read more

New Zealand’s FMA adds Ainvestments and Alliance Investment Limited to its warning list

Jan 22 2019 11:35:13 Jonathan Smith in Market

  New Zealand’s Financial Markets Authority (FMA) added unregulated forex providers Ainvestments and Alliance Investment Limited to its list of suspected scam this week. Read more

New Zealand’s FMA blacklisted unregulated forex brokers MYfintec and Golden Financial

Dec 19 2018 14:18:25 Jonathan Smith in Market

  New Zealand’s Financial Markets Authority (FMA) added two more unregulated forex brokers to its warning list on Wednesday. The regulator issued a formal warning against Golden Financial, while MYfintec was flagged as a suspected scam.   MYfintec is operated by Kin Ltd. Read more

de | cn | ru