Forex trading in New Zealand is not any different from other countries like Cyprus, UK, and Australia. So if you are into currency trading, the rules and ideas in New Zealand are pretty much the same as anywhere in the world.
You can make a deposit or trade with your demo account for a while, find suitable Forex strategy and apply it in day to day trading and local New Zealand conditions are not going to stop you from it! It is, however, always wise to keep updated regarding New Zealand rules and regulations about Forex trading before you start your profitable adventures. Find out all the details your broker has written in small letters, do your homework in advance, beware of limitations if any and where to turn in case of fraud.
You have various choices when it comes to trading Forex based in New Zealand. Choose the methods and strategies that work for you the best and select the brokerage firm that allows you to do exactly that. The right kind of broker is your gate way to increased daily and monthly profits and easy withdrawals.
Forex Regulation in New Zealand
In New Zealand, you have a selection of 3 regulatory bodies - FSPR, FSCL and FMA. Despite the abundance, none of the authorities are in charge of New Zealand Forex brokers. Interestingly enough, brokers are demanded to complete pretty simple registration process in order to be involved in financial world and provide services. With that in mind, we can openly mention that Forex trading in New Zealand is not strictly supervised by any of the available regulatory bodies for better or for worse of it.
So who receives the registrations of the business entities that wish to provide financial services? It is called Financial Service Providers Register FSPR and all NZ Best Forex brokers are registered with it. Next, look up the firm's NZ entity name on the FMA website to validate its current regulatory status and FSP number.
How to Verify FMA Authorisation
To identify if a forex broker is regulated as a Financial Services Provider (FSP) by the FMA, the first step is to identify the register number from the disclosure text at the bottom of the broker's New Zealand homepage
New Zealand Forex brokers list:
|New Zealand Broker||Rating||Demo||Leverage||Bonus||Platforms||Min Deposit||Payments|
|LiteForex||8||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||10||Webmoney, Bitcoin, Advcash, Credit Card (not working for all clients)|
|Freshforex||8||yes||1:1000||+5% to each cryptocurrency deposit; get 300% for each deposit||Metatrader 4||1||WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking|
|Pepperstone||3||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|Tifia||1||yes||1:1,000||Metatrader 4, webtrader||10||wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay|
|FXOpen||1||yes||1:500||$100||MetaTrader 4||1||Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney|
|Mahi FX||1||yes||1:100||Metatrader 4, MahiFX||1||wire transfer, credit cards|
|Oinvest||0||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||200||Skrill, Neteller, Credit Cards|
|ForexMart||0||yes||1:1,000||$150 no deposit needed||Metatrader 4||1||credit cards, neteller, skrill, paypal, paxum|
What you need to look out for the most:
- Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
- Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
- Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
- Respected regulation authority such as DFSA, FCA UK, Cysec
- Segregated accounts for your trading funds (meaning that your money is kept separately from the company's finances)
- Satisfactory reviews from real forex traders from Kenya and around the globe
- Various payment methods with fast deposit and withdrawal options
- Low spreads and outstanding trading features
- Reputable trading platform such as Metatrader 4
- High quality customer support via chat email and phone
Whether you live in the country or you are a Forex trader who is searching for safe place for your financial trading activities and profit opportunities in 2021, New Zealand possess the face of straight forward, strong and reliable country where financial trading might be just the right decision. What else do we know about Forex in New Zealand and how can this help you make the decision when choosing the brokerage to trade at? So new forex traders from New Zealand or abroad, listen up for the information to come. useful, too!
Is forex trading legal in NZ?
Trading forex (currencies) in New Zealand (NZ) is popular among residents. Before any fx broker in New Zealand can accept forex or CFD traders as clients, they must become authorised by the Financial Markets Authority (FMA), which is the financial regulatory body in New Zealand.
Which brokers in New Zealand trade Crypto?
Most forex brokers trade cryptocurrencies such as Bitcoin as a contract for difference (CFDs). This means you don't tangibly buy and sell crypto but rather speculate on its movement with leverage involved.
The most popular forex trading platform is MetaTrader 4 created by MetaQuotes. Most forex brokers offer MetaTrader 4 to trade with while MetaTrader 5 is also offered for those looking to trade a wider market
Is the NZD getting stronger?
Generally, when the USD gets stronger, the NZD is relatively weaker and vice versa.
Is it a good time to buy New Zealand dollars?
The best time to buy New Zealand dollars is when the pound is highest against the New Zealand dollar.
What countries have reliable forex brokers?
If possible, we suggest sticking with countries that have a solid regulatory body in place:
- US (CFTC)
- UK (FCA)
- Australia (ASIC)
- New Zealand (FMA)
- Switzerland (FINMA)
What currencies are traded in the forex market?
So for beginner , Forex Market has 2 types of Currency Pairs .
1.Major Currency Pairs
2. Minor Currency Pairs
The most traded pairs of currencies in the world are called the Majors. They constitute the largest share of the foreign exchange market, about 85%, and therefore they exhibit high market liquidity. The Majors are:
Now moving to Minor Currency pairs. Here are a few minor currency pairs:
• EUR/GBP — Euro/British pound.
• EUR/AUD — Euro/Australian dollar.
• GBP/JPY — British pound/Japanese yen.
• CHF/JPY — Swiss franc/Japanese yen.
• NZD/JPY — New Zealand dollar/Japanese yen.
• GBP/CAD — British pound/Canadian dollar.
What is the best country for a successful Forex trader?
You need to find a country which has zero capital gains tax. A simple search shows that these countries/territories have zero capital gains taxes:
- Cayman Islands
- New Zealand
- Hong Kong
- The Bahamas
- British Virgin Islands
- Brunei (not recommended)
- Turks and Caicos Islands
- United Arab Emirates
- Isle of Man