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 1.2 1:200 $1000 Review Website
MT4 1 1:500 $200 Review
Next Generation 0.9 1:100 $25 Review
MT4, Kiwi
0.9 1:500 $1 Review
MT4 1.8 1:500 $200 ($50 in NZ) Review
MT4, Web,
1 1:100 $1 Review
MT4 1.7 1:300 $300 Review
MT4 1.5 1:500 $100 Review
MT4 1.4 1:500 $300 Review
MT4, Web 2,4 1:500 $100 Review
MT4 1.5 1:400 $50 Review
MT4 0.9 1:400 $500 Review
MT4 1.5 1:500 $50 Review
MT4 1.1 1:500 $200 Review
MT5 2.5 1:500 $200 Review
MT4, Web 0.9 1:100 $100 Review
MT4 1.3 1:500 $10 Review

Related News

100% Forex Bonus by XM

Feb 07 2017 12:25:52 Jonathan Smith in Promo

Link:   End Date:  30 calendar days from the first deposit made   Who grants it? XM, formerly known as XEMarkets, a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC). Read more

Plus500 boasts record revenue, new customers in 2016

Feb 07 2017 10:09:08 Jonathan Smith in Brokers

Plus500, one of the leading European forex and CFD brokers, reported record revenue and numbers of new customers in 2016.    According to the preliminary unaudited report for the year, the broker had a net profit of $117.2  million, up 21% from 2015 and revenues of $327. Read more

Withdrawable Cashback Rebates by FXTM

Feb 07 2017 09:21:29 Jonathan Smith in Promo

End Date:  30th of June 2017 Who grants it? Global award-winning brokerage FXTM. The company behind the brand, ForexTime Limited, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and is registered with the FCA. Read more

FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital

Feb 07 2017 08:31:03 Jonathan Smith in Brokers

In a surprising twist of regulatory fate, FXCM – the largest US retail forex broker – got banned from doing business there and was fined $7 million by the CFTC, all in the fateful afternoon of February 6, 2017. The reason: misleading customers and regulators. Read more

FXTM’s clients can now use Gold as trading collateral, with optional physical delivery

Feb 07 2017 08:07:35 Jonathan Smith in Brokers

Global awarding-winning broker FXTM announced on Monday it now offers its clients the opportunity to buy, sell and store physical gold. Furthermore, the monetary value of the gold in a client’s FXTM account can be converted into tradable credit. Read more