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Which brokers for New Zealand residents?

  • Post #1
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  • First Post: Edited 10:03pm Jun 18, 2019 9:23pm | Edited 10:03pm
Can anyone recommend their broker that caters to NZ residents and allows sign ups now?

I got a call from Oanda on Monday saying they'll be closing all NZ resident accounts before the end of this month (June). After researching on trustpilot.com and forexpeacearmy.com I tried to set up accounts with blueberrymarkets.com and ICmarkets, but both have said no due to the new NZ govt rules for brokers. Blueberrymarkets stopped taking NZ residents about 2 weeks ago and Axitrader about 3 weeks ago.

Any help appreciated!

mag
Quoting magpietrader
Can anyone recommend their broker that caters to NZ residents and allows sign ups now? I got a call from Oanda on Monday saying they'll be closing all NZ resident accounts before the end of this month (June). After researching on trustpilot.com and forexpeacearmy.com I tried to set up accounts with blueberrymarkets.com and ICmarkets, but both have said no due to the new NZ govt rules for brokers. Blueberrymarkets stopped taking NZ residents about 2 weeks ago and Axitrader about 3 weeks ago. Any help appreciated! mag
LMAX New Zealand?
hi,....my accounts are quite substantial and that`s why I have 3 UK accounts for their government guarantee.
so UK brokers accept NZ citizens, but be aware that the leverage is only 30:1.
Quoting KoiFish
{quote} LMAX New Zealand?
Hi, and thanks for the reply - I'd had a brief look at them, but found them at no.3 on this list of worst brokers and decided to give them a miss.
Quoting yonnie
hi,....my accounts are quite substantial and that`s why I have 3 UK accounts for their government guarantee. so UK brokers accept NZ citizens, but be aware that the leverage is only 30:1.
Appreciate the info - would you mind sharing which brokers you use? 30:1 is my max leverage, so I have no issue there.
my best broker is Activtrades.......no commission - reasonable spread, E/U 0.5/0.6 - reasonable swap if you hold overnight - if you trade cfd`s, they have a lot of cfd`s on futures, where they don't charge any swap if you hold overnight....you can always try their demo account to see if you`re happy with what they offer.
Quoting yonnie
my best broker is Activtrades.......no commission - reasonable spread, E/U 0.5/0.6 - reasonable swap if you hold overnight - if you trade cfd`s, they have a lot of cfd`s on futures, where they don't charge any swap if you hold overnight....you can always try their demo account to see if you`re happy with what they offer.
Thanks for info yonnie, much appreciated. Activtrades weren't on my radar, but just double checked with their chat about new NZ resident clients and they take us on after the recent NZ govt rule changes. They seem like a solid outfit too.

I've had some good recommendations from various threads on forexfactory and forexpeacearmy, so, I'm in the process of signing up with Blueberry Markets and Tim, their sales guy has been great so far. I've just received my live account details and have mt4 installed and working. I'll update in a month or two after some trades and a withdrawal or two to test their systems. If there are any problems I'll update here.

Looks like Activtrades and tvmarkets would be next in line (in that order).
Maybe Pacific Financial Derivatives. Google it...
You can give a try to coinexx as well am using them for a long time never had any issue till now, they accept clients from all over the world.
Got same email from Oanda for HK residents( closing forex account due regulations). Now looking for new forex broker. Was looking at Roboforex...Does anyone have experience with them? Thanks
Inserted Video


Check out BlackBull Markets - FMA regulated broker based out of Auckland NZ
I'd be using global prime if I was an Aussie or NZer. They're pure stp.
THESE PEOPLE WITH COLORED BADGES ARE NOT PROFESSIONAL TRADERS
Pizza_Money _&example4Forexfactory All Time Return: 48.7%
Quoting fxjourny
{quote} Hey Buddy, thanks for the heads up... Actually i am considering to open an account with them and so far I can't find anyone else which talks about the FX Industry issues so openly on their YT channel
Do it, all the rest are full of shitt. Even the ones that say they're transparent. If they came to the US I would in a heart beat.

Global prime even gives you trade tickets with the liquidity provider that your order was routed to...NO other Forex broker does this and will not.

IC's general manager left to work for Global prime.

You'll be pleased.
THESE PEOPLE WITH COLORED BADGES ARE NOT PROFESSIONAL TRADERS
Pizza_Money _&example4Forexfactory All Time Return: 48.7%
Quoting fxjourny
{quote} Judging by your knowledge, I can see that you must have put a lot of time in researching FX brokers (Like I did) and their backend business model (A Book Vs B Book). The only other broker I have come across and also being available in US is Interactive Brokers.. Who do you use BTW? This image is quite appropriate here i guess to represent all the B-Book brokers who are NOT passing down the order to the External Liquidity providers {image}
You're kidding right....the requirement for US residents for levered (a paltry 2x) fx is....$10,000,000.00.

Need I say more.
THESE PEOPLE WITH COLORED BADGES ARE NOT PROFESSIONAL TRADERS
Pizza_Money _&example4Forexfactory All Time Return: 48.7%
Quoting fxjourny
{quote} Judging by your knowledge, I can see that you must have put a lot of time in researching FX brokers (Like I did) and their backend business model (A Book Vs B Book). The only other broker I have come across and also being available in US is Interactive Brokers.. Who do you use BTW? This image is quite appropriate here i guess to represent all the B-Book brokers who are NOT passing down the order to the External Liquidity providers {image}

Why do you need External Liquidity providers? To avoid conflict of interest? I mean most brokers will keep you B-booked until they realize that you really have an edge. Then they will A-book you and you may notice deterioration of trading conditions.
Quoting pizd0s
{quote} Why do you need External Liquidity providers? To avoid conflict of interest? I mean most brokers will keep you B-booked until they realize that you really have an edge. Then they will A-book you and you may notice deterioration of trading conditions.
It's just a gimmick for retail traders. Clever marketing, as it plays on retail traders fears surrounding conflict of interest.
It makes sense to internalise "green flow". The backnend aggregateor should manage the brokers risk and send orders to LPs accordingly. Externalising every micro lot order or cumbersome and unefficient.
Well sir, looks like you're playing checkers at a chess match.
Quoting H13
{quote} Do it, all the rest are full of shitt. Even the ones that say they're transparent. If they came to the US I would in a heart beat. Global prime even gives you trade tickets with the liquidity provider that your order was routed to...NO other Forex broker does this and will not. IC's general manager left to work for Global prime. You'll be pleased.
That sounds interesting, where do you see that info?

Would this be in the daily statement?
Quoting split41
{quote} That sounds interesting, where do you see that info? Would this be in the daily statement?
Even if it is truth, you should notice that your execution is slightly worse than with brokers that B-book your orders. It means that Global Prime is pure STP and it is well-known that they are inferior in execution speed as routing order to liquidity provider takes additional time.
imo blackbulls, global prime, pepperstone all should be within consideration.
any particular issue to raise for nz residents?
PDX adjusts risk, not scales..
  • Post #20
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  • Last Post: Oct 3, 2022 2:07pm Oct 3, 2022 2:07pm
Has anyone heard of Baxia Markets?
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