Page Summary
In this guide, we go over the best trading platforms in New Zealand. We have analysed 174 brokers and evaluated their platforms in 8 major categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education, customer support and islamic account options.
Trading platforms that reached the highest scoring are considered in the following list:
Top 5 Trading Platforms in New Zealand
- Saxo Bank – Best trading platform
- Interactive Brokers – Great Overall Pick
- TastyWorks – Industry low trading fees
- CMC Markets – Award winning trading experience
- Oanda – Low risk CFD and forex broker
Best Online Trading Platforms New Zealand
| PLATFORM | SCORE | GENERAL INFO | MINIMUM DEPOSIT | |
| #1 | Saxo Bank | 4.9 | Best trading platform | $2.000 |
| #2 | Interactive Brokers | 4.9 | Great Overall Pick | $0 |
| #3 | TastyWorks | 3.2 | Industry low trading fees | $0 |
| #4 | CMC Markets | 4 | Award winning trading experience | $0 |
| #5 | Oanda | 3.8 | Low risk CFD and forex broker | $0 |
Below section breaks down the best trading platforms in New Zealand beginning with the highest rated…
1. Saxo Bank – Best Platform Overall
Min Deposit: $2000
Fees: 4.7
Assets available: 4.9
Total Fees:
69% of retail investor accounts lose money when trading CFDs with this provider.
Saxo Bank is a reputable global brand known for its complete overall offer and exclusive conditions for high volume traders and investors. Users can enjoy cutting edge trading technology paired with a premium interface and great trade execution on mobile and desktop. The Saxo Bank trading platform offers a feature rich trading experience, easy to use interface, competitive margin rates, and trading on over 40,000 financial instruments. This makes them an industry leader in trading assets coverage as an ECN broker.
If you can afford the minimum deposit of $10.000, this is the go to broker for traders and investors at all levels. They combine high-quality in-house research with top-tier third-party providers and a diverse portfolio of investment options.
Investors who are looking to trade in accordance with Sharia Law can open an islamic account. Saxo Bank also offers high quality customer service in Arabic and English language via phone, email or in person at their local office with guaranteed satisfying answers.
Pros
- Industry leading market coverage
- Excellent Trading Features with SaxoTraderGo
- Advanced order type and account protection features
- Intuitive and easy to use mobile trading app
- Great education and research materials
- Competitive fee structure for active traders
Cons
- $10,000 minimum deposit for UAE users
- High time investment to set up
- Only for advanced traders
Key features
- 40.000 tradable symbols available (crypto derivatives, forex options and futures)
- Advanced account protection and order types
- Fast execution of trades
- $2.000 minimum deposit
- “Best in class” educational resources
- Great ease of use level combined with advanced features
2. Interactive Brokers – Great Overall Pick
Min Deposit: 0 ($2000 for margin account)
Fees: 4.9
Assets available: 4.9
Total Fees:
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
Interactive Brokers is a highly trusted global broker with a well-rounded offer of tradable markets, great educational content and sophisticated order type configuration. It is a high trusted and well capitalize company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders.
Professional and seasoned traders will appreciate the great selection of advanced trading tools and order type configurations available on their proprietary Trader Workstation desktop platform (TWS).
Pros
- Best market coverage in the industry (100k+ assets on different instruments)
- Access to 16,500 shares and 8,000 stocks as CFDs
- Professional trading platform suitable for different types of traders
- Intuitive and easy to use mobile trading app
- Industry leading fee structure
- Compatible features for casual and professional traders
- Responsive customer support
Cons
- Few deposit and withdrawal options
- Research and education materials missing
Key features
- Margin loan rates on stocks of 1.3%
- Access to 135+ global markets
- Advanced order types, tools and features
- Access to frictional shares
- Lowest commissions in the industry
3. TastyWorks – Industry low trading fees
Tastyworks is a reputable options broker, known for its sophisticated trading platform, great selection of derivatives and industry low trading fees. Their unique set of trading tools, excellent charting apps and the Tastytrade content network make it a great fit for experienced and active day traders focusing on futures and options. Although Tastyworks offer great educational materials and research tools, we do not recommend this broker to beginners.
The minimum deposit at Tastyworks is $0. Customer support is responsive and well educated.
Pros
- Low, variable, and capped trading fees
- Broad range of tools for advanced options and futures traders
- Great research and educational materials available for both beginner and advanced traders
Cons
- No fractional shares available
- Relatively few instruments offered compared to other brokers
- High margin rates required
Key features
- Access to thousands of stocks, ETFs, futures, options on futures, commodities, and cryptocurrencies
- Advanced trading tools and dynamic charting features available like custom indicators, watch lists, and curve analysis
- Multiple advanced order types available like good until canceled and good until date
- Well-suited for both beginner and advanced traders
- Free monthly portfolio analysis
- Use Expert Advisors and other automated trading software with Tastywork’s API
4. CMC Markets – Award winning trading experience
Min Deposit: 0
Fees: 3.7
Assets available: 3.2
Total Fees:
CMC Markets is a reputable online broker known for its award winning trading experience, excellent selection of tradable instruments and industry leading pricing. With over 12.500 tradable instruments across all asset classes, CMC is among industry leaders in market coverage.
Their proprietary trading platform called Next Generation is reliable, fast executing and fully packed with useful trading tools and indicators. It features an impressive education and research section full of quality in-house and third party content.
CMC Market offers the lowest commissions and fees in the industry. Low spread fees (0.73 pip on EUR/USD) are available for traders at all levels and accounts. Additional bonuses and rebates for active traders makes CMC Markets a market leader in costs and fees.
Pros
- Wide range of available assets
- Free demo paper trading account
- Excellent customer support
Cons
- Offers only CFD trading and spread betting
- Few education and research tools available
- High fees compared to other brokers
Key features
- Access to 9000+ shares and ETF CFDs
- 300+ tradable forex pairs
- Cryptocurrency CFD trading available
- Compatible with metaTrader 4
- Well-suited for beginner and advanced traders
- Gives spread rebates
5. Oanda – Low risk CFD and forex broker
Min Deposit: 0
Fees: 3.1
Assets available: 1.8
Total Fees:
OandA is a low risk CFD and forex broker with an extensive market research section, daily market updates and social trading features. Authorized by 6 tier one regulators, it is considered low risk for traders all across the globe. Their trading platform is intuitive, automate-executing and offers multiple features for algorithmic and social trading. Mobile trading is available through fxTrade on industry leading research and charting tools.
For a low cost broker, their fees and commissions are above industry average across all accounts (core and default).
Pros
- Multiple trading platforms available
- Broad range of research and analysis tools
- Easy account opening process
Cons
- Only CFD and forex trading available
- Customer support is only available during office hours
- Charges inactivity fees
Key features
- Access to over a thousand different CFDs on multiple asset classes and over 50 forex pairs
- Real-time currency conversion and access to 25 years’ historical FX data across 38,000 forex pairs
- Great corporate solutions like payment gateways and currency converters
- Competitive commissions, spreads and other trading fees
- Compatible with both MetaTrader 4 and 5
- Dedicated relationship manager, free VPS, trading fee and wire transfer discounts for professional traders
How To Pick The Right Platform?
The main criteria to consider when choosing a trading platform in New Zealand include: fees, trading platform, mobile trading, deposits & withdrawals, assets, customer support, liquidity and security.
Fees: Choose a broker with a transparent fee structure and avoid brokerage accounts with high fees on trades, overnight fees and hidden fees. Commission and spread fees are common with New Zealand brokerage accounts. Spreads should vary between 0.03% to 0.5% depending on your trading volume.
Trading platforms: They should be user friendly, grant access to trading tools and indicators and suitable to traders at all levels. We recommend you opt for a platform with a technical charting interface and built-in market data. A comprehensive market news feed and access to advanced features are a must.
Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions. Choose mobile platforms with full-screen charting options and social feeds.
Deposit & Withdrawal: Deposit and withdrawal needs to be fast and simple. Choose an broker that offers your preferred payment method and industry leading commission and fee structures.
Assets: Look for coverage of preferred assets. New Zealand traders are allowed to access all tradable asset classes including forex, stocks, indexes, options, FOPs, commodities, futures, indices, bonds, swaps, mutual funds, hedge funds, spot gold, ETFs and cryptos.
Regulation: Brokers with top-tier licenses follow strict rules enforced by a trustworthy regulators and offer high security standards. We recommend users to choose platforms with FCA, CySEC, and ASIC licenses and tier one regulations.
Research & education: Beginner and average traders and investors should choose a broker with research and education tools including: weekly webinars, daily news updates, personal account manager, personal training and room access.
Customer support: Beginner traders should look out for responsive and professional customer support available in their language.
*Islamic Accounts: All platforms from our list offer islamic account options. This gives users the chance to trade online in compliance to the Sharia law.
Online Trading In New Zealand
Online trading in New Zealand is available at the New Zealand Exchange (NZX). On the NZX, people can trade or invest in stocks of New Zealand-based companies. If residents of New Zealand want to invest in international stocks, commodities, ETFs, cryptocurrencies, or other financial instruments they will have to use an internationally operating broker that accepts traders from New Zealand. All brokers and exchanges mentioned in this guide accept traders and investors from New Zealand.
Online Trading Regulation
The financial markets in New Zealand are regulated by both the Financial Markets Authority (FMA) and the New Zealand Exchange (NZX). All companies based in New Zealand that want to offer trading and investment services to residents of the country have to apply for a license with the FMA. Brokers based abroad that want to market their products and services to New Zealand residents don’t need such a license. In most cases, these brokers have an ASIC license in place, which is issued by the neighboring countries’ Australian Securities and Investments Commission.
The Inland Revenue Department (IRD) allows cryptocurrency trading and treats it as a form of property just like gold.
Licence Verification
You can verify the validity of New Zealand-based brokerage firms by going to the official website of the FMA and check the list of licensed and reporting entities. This list contains all of the licensed companies and also shows all company information. If the New Zealand-based broker you are trading with is not on this list, it doesn’t have a valid license. Cryptocurrency exchanges need to have a valid license in order to operate in New Zealand. If a broker, trading platform, or cryptocurrency exchange is based abroad, you can check their license by going to the official websites of the ASIC, CySEC, BaFIN, and FCA and doing the same.
Conclusion
Based on our review, we consider Saxo Bank as the best trading platform for New Zealand residents. They offer a low minimum deposit, competitive fees, advanced charting tools, social trading features and a responsive customer support.
Interactive Brokers is the second best trading platform for New Zealand residents, because of their low fees, advanced trading tools, copy trading features and a responsive customer support. Tastyworks, CMC Markets, and OandA are finishing up our list of top platforms with a great overall offer and above average ratings.
FAQ
Are There Commission-Free Trading Platforms In New Zealand?
Yes, there are trading platforms available in New Zealand that offer 0% commission trading like eToro.
How Much Should I Invest When Trading Online in New Zealand?
You should always invest at least the minimum deposit amount New Zealand and international brokers require you to open an account. In most cases, this is about $50.
Is Crypto Trading Available In New Zealand?
Yes, crypto trading is available to New Zealand citizens. The leading trading platforms offer Bitcoin trading via CFDs.
How To Check If A Trading Platform Has a Valid License?
You can check if a broker or trading platform has a valid license by checking the ‘Registered and Reporting Entities’ databases on the official websites of regulatory bodies like the CySEC, FINRA, ASIC, BaFin, or FCA. For New Zealand-based brokers, you can check the website of the Financial Markets Authority of New Zealand instead.
Disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.