New Zealand's Financial Markets Authority licenses around 17 derivatives issuers — the category forex and CFD brokers fall under — as of March 2026 (FMA, 2026). Every broker offering leveraged forex or CFD products to New Zealand residents must hold a Derivatives Issuer Licence, a requirement that came into force in March 2021 under the Financial Markets Conduct Act 2013. Before that, the FSPR registration requirement was much weaker, and New Zealand had a reputation — fairly or unfairly — as a soft regulatory jurisdiction.
The current licensing framework is meaningfully tougher. FMA-licensed brokers must maintain minimum net tangible assets of NZD 1 million, segregate client funds in trust accounts with daily reconciliations, and run client-facing operations (KYC, AML, account handling) from a physical New Zealand office with a licensed Compliance Director on site. There is no investor compensation scheme. That last point matters more than most comparison articles acknowledge.
We checked the FMA's licensed providers list and the FSP Register directly for every broker below. Every licence number and status is sourced from official FMA sources.
Last verified: 18 March 2026 | Brokers checked: 11 | Source: FMA Licensed Providers + FSP Register
TL;DR: FMA-NZ regulation requires a Derivatives Issuer Licence, NZD 1 million minimum capital, and a physical New Zealand office. There is no investor compensation scheme — client funds in segregated trust accounts are your main protection if a broker fails. As of March 2026, there is no statutory leverage cap, though the FMA has proposed a 30:1 limit for major forex pairs. Verify any broker at fma.govt.nz/business/licensed-providers.
FMA-NZ: Regulator Quick Reference
| Detail | Value |
|---|---|
| Full Name | Financial Markets Authority |
| Abbreviation | FMA-NZ |
| Jurisdiction | New Zealand |
| Established | 2011 (Financial Markets Authority Act 2011) |
| Licence Type for Forex Brokers | Derivatives Issuer Licence |
| Licensed Derivatives Issuers | ~17 (as of March 2026) |
| Minimum Capital Requirement | NZD 1,000,000 or 10% of 3-year average revenue; half held as cash or liquid assets |
| Compensation Scheme | None |
| Dispute Resolution | Financial Dispute Resolution Service (FDRS) |
| Client Fund Segregation | Required — trust accounts, daily reconciliations |
| Max Retail Leverage | No statutory cap (30:1 proposed; not yet in force) |
| Physical Office Required | Yes — NZ office with Compliance Director mandatory |
| Public Registry URL | fma.govt.nz/business/licensed-providers |
| Warning List URL | fma.govt.nz/library/warnings-and-alerts |
FMA-NZ Verified Broker Database
Every broker below was checked against the FMA's licensed providers list and the FSP Register as of 18 March 2026. "UNVERIFIED" means we could not confirm that data point from official sources at time of writing — verify yourself using the links provided.
| Broker | FSP Number | Entity Name | Status | Since | Protection | Verify |
|---|---|---|---|---|---|---|
| BlackBull Markets | FSP403326 | Black Bull Group Limited | ✅ Active | 2020 | FDRS (up to NZD 350,000) | FMA → |
| CMC Markets | FSP41187 | CMC Markets NZ Limited | ✅ Active | 2014 | FDRS (up to NZD 350,000) | FSP Register → |
| IG | FSP684191 | IG Markets Limited (NZ) | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| TMGM | FSP569807 | TF Global Markets (NZ) Limited | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| Plus500 | FSP486026 | Plus500NZ Limited | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| Axi | FSP518226 | AxiCorp Financial Services Pty Ltd | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FMA → |
| ThinkMarkets | FSP623289 | TF Global Markets (Aust) Pty Ltd | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| KVB Kunlun NZ | FSP1762 | KVB Kunlun New Zealand Limited | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| Pacific Financial Derivatives | UNVERIFIED | Pacific Financial Derivatives Limited | ✅ Active | 2015 | FDRS (up to NZD 350,000) | FSP Register → |
| ACE Markets | UNVERIFIED | ACE Markets Limited | ✅ Active | UNVERIFIED | FDRS (up to NZD 350,000) | FSP Register → |
| Rockfort Markets | UNVERIFIED | Rockfort Markets Limited | ❌ Revoked | Revoked July 2024 | None | FMA Notice → |
All FSP numbers and licence statuses should be independently verified. Data sourced from official FMA and FSP Register records at time of writing. "UNVERIFIED" entries: we could confirm the broker holds an FMA Derivatives Issuer Licence but could not confirm the specific data point from official sources.
BlackBull Markets — ✅ Active Licence
Licence: FMA-NZ FSP403326 | Entity: Black Bull Group Limited | Since: 12 August 2020
Verify on FMA Licensed Providers →
BlackBull is Auckland-headquartered — genuinely New Zealand-based, not a foreign firm that picked up a local licence and runs everything offshore. I find that distinction meaningful when assessing FMA licences. The FMA requires that client handling, KYC, and AML procedures be performed from the New Zealand office with a licensed Compliance Director present. For BlackBull, that office is actually there. For some other FMA-licensed brokers, you'd want to check more carefully.
Black Bull Group Limited has held its Derivatives Issuer Licence since August 2020 with no conditions or restrictions noted on the FMA's page. The licence is clean. No enforcement actions appear on the FMA's public record for this entity, no formal warnings, no direction orders.
The entity is New Zealand-incorporated. For traders concerned about what happens if a broker fails and who actually has regulatory authority over the entity, an NZ-incorporated company with its operations in Auckland gives the FMA more direct reach than a foreign company with a local compliance presence.
Key finding: New Zealand-incorporated, Auckland-based broker with an unrestricted active FMA Derivatives Issuer Licence and no enforcement history on record.
Full safety investigation: Is BlackBull Markets Safe? — Coming soon.
CMC Markets NZ — ✅ Active Licence
Licence: FMA-NZ FSP41187 | Entity: CMC Markets NZ Limited | Since: 2014
CMC has been on the New Zealand register since 2014, which puts it among the longer-running FMA-licensed derivatives issuers. FSP41187 belongs to CMC Markets NZ Limited — a local entity, separate from CMC Markets UK plc (FCA-regulated) and CMC Markets Asia Pacific Pty Limited (ASIC-regulated). Which entity you're actually contracting with matters because each has different regulatory protections attached. Check your account agreement.
CMC Markets is listed on the London Stock Exchange under the ticker CMCX. A publicly listed company answers to shareholders and stock exchange listing rules on top of its regulatory obligations. That extra layer of financial reporting and governance transparency is worth something when assessing a broker's operational stability.
There are no enforcement actions against CMC Markets NZ in the FMA's public record.
Key finding: Long-standing NZ entity licensed since 2014, publicly listed parent company, no FMA enforcement history.
TMGM — ✅ Active Licence
Licence: FMA-NZ FSP569807 | Entity: TF Global Markets (NZ) Limited
TMGM holds licences from ASIC (Australia), FMA-NZ, and VFSC (Vanuatu). The FMA-NZ entity is TF Global Markets (NZ) Limited. When a broker holds both an FMA licence and a Vanuatu licence, it's worth checking which entity your account actually sits under. Vanuatu-regulated entities offer essentially no investor protections. The FMA licence is the one you want.
TMGM was founded in 2013 and offers forex, commodities, stocks, and indices. No enforcement actions appear on the FMA's public record for the NZ entity.
Key finding: Active FMA licence — confirm your account is under the NZ entity, not the Vanuatu entity.
Plus500 NZ — ✅ Active Licence
Licence: FMA-NZ FSP486026 | Entity: Plus500NZ Limited
Plus500 runs NZ operations through Plus500NZ Limited. The parent group (LON: PLUS) holds licences in eight jurisdictions — FCA, CySEC, ASIC, MAS, FMA, FSCA, EFSA, and FSA Seychelles. I'd note that the Seychelles licence is on that list, which is the least regulated of the group's entities. As always: verify your account contract shows Plus500NZ Limited if you want the FMA protections.
No FMA enforcement actions on record.
Key finding: Active FMA licence through Plus500NZ Limited; multinational parent group with multiple regulated entities.
Axi — ✅ Active Licence
Licence: FMA-NZ FSP518226 | Entity: AxiCorp Financial Services Pty Ltd
Verify on FMA Licensed Providers →
Axi is Australian-headquartered and holds licences from ASIC, FCA, DFSA, and FMA-NZ. The entity holding the NZ licence is AxiCorp Financial Services Pty Ltd — an Australian company, not a New Zealand-incorporated entity. The FMA permits this structure provided the firm meets the physical presence and compliance director requirements in New Zealand.
No FMA enforcement actions appear for this entity.
Key finding: Active FMA licence, Australian parent company, no NZ enforcement history.
ThinkMarkets — ✅ Active Licence
Licence: FMA-NZ FSP623289 | Entity: TF Global Markets (Aust) Pty Ltd
ThinkMarkets also operates from an Australian parent entity for its NZ licence, similar to Axi. The FMA licensing requirements around physical presence and Compliance Director apply regardless of where the parent company is incorporated. No enforcement actions on the FMA's public record.
Key finding: Active licence through Australian entity; verify NZ office compliance requirements are met.
How to Verify a Broker's FMA-NZ Licence Yourself
You don't have to take our word for it — or any other site's. Here's exactly how to check a broker's licence status directly.
Step 1: Go to the FMA's Licensed Providers Page
Visit fma.govt.nz/business/licensed-providers. This is the FMA's official list of all licensed entities by category. Under "Derivatives Issuers," you'll find every firm currently holding this licence. The page isn't a searchable database — use Ctrl+F (or Cmd+F on Mac) to search for a broker name. Search both the trading brand name and any legal entity name you can find.
Step 2: Search the FSP Register for the Specific Entity
Go to fsp-register.companiesoffice.govt.nz. Search by the legal entity name rather than the brand name — these frequently differ. BlackBull Markets' trading name is "BlackBull Markets"; its registered entity is "Black Bull Group Limited." If you search the trading name and get nothing, try searching the legal entity name from your account agreement or the FMA's licensed providers page.
Step 3: Check the Licence Type
On the FSP Register, look specifically for "Derivatives Issuer Licence" under the listed financial services. An FSPR registration alone is not the same as being licenced. Many businesses register on the FSPR without holding a Derivatives Issuer Licence. For a broker to legally offer forex or CFD trading to New Zealand retail investors, the Derivatives Issuer Licence is the specific thing you need to see.
Step 4: Confirm the Licence Is Currently Active
The entry should show the licence as currently active, not expired, surrendered, or revoked. Rockfort Markets appeared on the register as a licensed Derivatives Issuer for years — right up until the FMA cancelled that licence in July 2024. Old third-party comparison sites may still list Rockfort as FMA-regulated. Check the official source, not the aggregators.
Step 5: Check the FMA's Warning List
Visit fma.govt.nz/library/warnings-and-alerts. The FMA has published more than 600 investor alerts. Search the broker name and any variations. Clone firms impersonate legitimate brokers and sometimes copy their FSP numbers in marketing. The warning list is where you'll find them. SuperForex, for example, appeared on this list in November 2024 — operating without any NZ registration, using aliases including "Jack Williams" and "James Brown" to solicit New Zealand investors via Telegram.
What FMA-NZ Regulation Means in Practice
The no-compensation-scheme point deserves more than a mention in a comparison table. New Zealand is one of the few developed-world regulatory jurisdictions where forex brokers are properly licensed with real capital requirements, but retail traders still have no government-backed deposit protection if the broker fails.
In the UK, the FSCS covers up to £85,000 per trader if an FCA-regulated broker becomes insolvent. In the EU, CySEC's Investor Compensation Fund covers up to €20,000. In New Zealand, there is no equivalent fund (FMA, 2026). If an FMA-licensed broker goes insolvent, your claim goes into the general insolvency process along with all other creditors.
What you do get under FMA regulation:
Segregated client funds. Licensed Derivatives Issuers must hold client money in trust accounts entirely separate from company funds (FMA, 2024). Daily reconciliations are required. In insolvency, client money in trust accounts is not automatically available to pay the firm's creditors — it remains separate. This provides meaningful protection, though the quality of that protection depends on how rigorously the broker actually maintained the segregation.
Dispute resolution access. FMA-licensed brokers must belong to an approved dispute resolution scheme. Most forex brokers use FDRS (Financial Dispute Resolution Service, fdrs.org.nz). FDRS provides free independent dispute resolution for retail clients with claims up to NZD 350,000. This covers billing errors, unauthorized transactions, and service disputes — not trading losses from market moves, and not broker insolvency.
Capital adequacy minimums. FMA-licensed derivatives issuers must maintain minimum net tangible assets of NZD 1 million, or 10% of the average revenue from the past three years — whichever is higher (FMA, 2024). Half must be held as cash or easily liquidated assets. This is a genuine capital floor. It doesn't match the FCA's £750,000 minimum for market makers (which converts to roughly NZD 1.6 million), but it's not nothing.
Physical presence requirement. Client handling, KYC, and AML must run through a New Zealand office with a licensed Compliance Director actually present. This reduces the risk of shell arrangements where a broker technically has a local address but runs everything offshore.
Leverage Under FMA-NZ Rules
This is where New Zealand stands apart from nearly every other developed-world forex regulator. As of March 2026, there is no statutory leverage cap for retail traders under FMA regulation (FMA, 2024). Some FMA-licensed brokers offer leverage up to 500:1 on major forex pairs.
The FMA has been consulting on proposed standard conditions that would introduce leverage limits comparable to ESMA, FCA, and ASIC standards. The proposed caps are not yet finalized or in force as of March 2026.
| Asset Class | Current FMA Cap | Proposed Cap (Consultation) |
|---|---|---|
| Major Forex Pairs | No statutory limit | 30:1 |
| Minor Forex Pairs | No statutory limit | 20:1 |
| Gold / Major Indices | No statutory limit | 20:1 |
| Commodities / Minor Indices | No statutory limit | 10:1 |
| Individual Equities | No statutory limit | 5:1 |
| Cryptocurrencies | No statutory limit | 2:1 |
Source: FMA Consultation on Standard Conditions for Derivatives Issuer Licences, 2024. Proposed conditions are not yet legally binding. Check fma.govt.nz for current status.
High leverage is genuinely dangerous for most retail traders. That's not opinion — the FMA's own consultation documentation noted that some licensed derivatives issuers were offering 500:1 leverage, and the regulator was concerned about retail investor losses. The fact that New Zealand currently permits it doesn't mean it's a good idea to use it.
Red Flags: When "FMA-Regulated" Doesn't Mean Safe
A Derivatives Issuer Licence is not proof of honesty, competence, or financial stability. Here's what to watch for.
Offshore Entity Routing
A broker group might hold a legitimate FMA Derivatives Issuer Licence through one New Zealand entity, but open your account under an offshore entity registered in Vanuatu, Seychelles, or the Marshall Islands. Your contract is with the offshore entity — not the FMA-licensed one. FMA protections don't follow you to the offshore arm.
This matters more than it sounds. Some brokers display the FMA badge prominently in New Zealand marketing while quietly routing new clients through the less-regulated entity where leverage limits are higher and reporting requirements are thinner. Check the entity name in your account opening agreement. It must match the FMA-licenced firm.
FSPR Registration Is Not a Derivatives Issuer Licence
Any business providing financial services in New Zealand must register on the Financial Service Provider Register. The FSPR registration is a baseline requirement — not a regulatory endorsement. An FSP registration alone does not authorise a broker to offer forex or CFD products to retail investors.
Some overseas brokers register on the FSPR, then market themselves as "registered in New Zealand" or "on the New Zealand financial register" without holding a Derivatives Issuer Licence. Technically accurate. Substantively misleading. Prospero Markets was warned by the FMA in 2024 for offering CFD trading products without the required FSP licence — which is a different issue but illustrates the same basic point: registration and licensing are not the same thing.
Clone Firms
The FMA's warning list includes firms impersonating legitimate licensed brokers by copying names, logos, and sometimes FSP numbers. SuperForex is a recent example — the FMA issued a public warning in November 2024 about this unregistered operator using aliases "Jack Williams" and "James Brown" to contact New Zealand investors via Telegram, encouraging deposits (FMA, 2025). The Spanish CNMV also has warnings against SuperForex.
Search the FMA's warning list before depositing. Also verify the broker's actual website matches what's listed on the FMA register — clone firms use slightly different URLs.
Revoked Licences in Old Marketing
Rockfort Markets held a Derivatives Issuer Licence for years. The FMA cancelled it on 19 July 2024 (FMA, 2024). Many comparison sites and review pages still list Rockfort as an FMA-regulated broker because they haven't updated their data. Always check the current FMA licensed providers list — not third-party aggregators — before depositing funds with any broker.
FMA-NZ Enforcement Activity
The FMA does enforce its rules. Slowly in some cases, but it follows through.
| Date | Entity | Action | Reason | Source |
|---|---|---|---|---|
| 19 July 2024 | Rockfort Markets Limited | Derivatives Issuer Licence cancelled | 8 licence obligation contraventions including false and misleading advertising; failure to comply with March 2021 Direction Order | FMA Notice → |
| 2023 | Tiger Brokers (NZ) Limited | NZD 900,000 penalty (High Court) | AML/CFT Act breaches — failure to conduct due diligence on 3,768 clients; NZD 60.8 million transacted without proper checks between April 2019 and January 2020 | FMA Case → |
| November 2024 | SuperForex | Public warning — unregistered operator | Operating in New Zealand without FSPR registration or Derivatives Issuer Licence | FMA Warning → |
| 2024 | Prospero Markets | Public warning — unlicensed | Offering CFD products without required FSP licence | FMA Warning List |
The Rockfort Markets case illustrates the FMA's enforcement timeline. The FMA first flagged advertising problems in 2019 and 2020. Rockfort did not fully comply with removal requests. The FMA issued a formal Direction Order in March 2021. By August 2022, the problematic advertising was still on the website. Initial cancellation decision came in March 2023. Rockfort appealed to the High Court. Justice Edwards dismissed the appeal in November 2023. Final licence cancellation: July 2024. That is five years from first complaint to completed enforcement action.
The FMA gets there. It's not the fastest regulator in the world. But Rockfort doesn't have a licence anymore.
The Tiger Brokers case is different in character. NZD 60.8 million passed through New Zealand's financial system between April 2019 and January 2020 without proper due diligence checks on 3,768 customers. That's an AML failure, not a consumer protection case — but it shows the FMA will pursue financial crime matters against licensed firms too, and it will go to the High Court to get the penalty it considers appropriate.
The Bottom Line on FMA-NZ Regulated Forex Brokers
FMA-NZ regulation provides real structural protections — a Derivatives Issuer Licence requirement with genuine capital minimums, segregated client funds in trust accounts, mandatory dispute resolution access, and a physical New Zealand compliance presence. What it does not provide is an investor compensation scheme if a broker fails. For traders comparing regulatory environments, FMA-NZ sits meaningfully above unregulated offshore registrations (Vanuatu, SVG, Marshall Islands) and also above the FSPR registration era that preceded the 2021 licensing requirements. It sits below FCA and ASIC in terms of total trader protection, primarily because of the missing compensation backstop and the current absence of leverage caps. For a direct comparison with other regulatory frameworks, see our FCA regulated forex brokers guide and our ASIC regulated forex brokers guide.
Frequently Asked Questions
Is FMA-NZ a good regulator for forex trading?
The FMA-NZ is a legitimate Tier 2 regulator with real enforcement powers and meaningful licensing standards. The Derivatives Issuer Licence framework introduced in 2021 significantly raised the bar compared to the earlier FSPR registration era. The main weakness is the absence of an investor compensation scheme — there is no government-backed fund to cover client deposits if an FMA-regulated broker fails. Compare that to the FCA's FSCS (£85,000) or CySEC's Investor Compensation Fund (€20,000).
How do I check if a forex broker is FMA-NZ regulated?
Go directly to the FMA's licensed providers page at fma.govt.nz/business/licensed-providers and look for the broker under "Derivatives Issuers." Also search the FSP Register at fsp-register.companiesoffice.govt.nz using the legal entity name. FSPR registration alone is not sufficient — you need to see a Derivatives Issuer Licence listed on the FSP entry.
What happens if my FMA-NZ regulated broker goes bankrupt?
There is no investor compensation scheme in New Zealand. Unlike the UK's FSCS (up to £85,000) or CySEC's Investor Compensation Fund (up to €20,000), FMA regulation does not include a government-backed fund to return deposits if the broker fails. Client funds held in segregated trust accounts are not automatically accessible to insolvency creditors, which provides some protection. But recovery of those funds would require participating in the insolvency process, which can be slow and incomplete.
What is the maximum leverage with an FMA-NZ broker?
As of March 2026, there is no statutory leverage cap for retail traders in New Zealand. Some FMA-licensed brokers offer up to 500:1 on major forex pairs; others have voluntarily adopted 30:1 limits. The FMA has been consulting on proposed standard conditions that would cap leverage at 30:1 for major forex pairs, but those proposals are not yet finalized or in force. Check the FMA's website for current status before opening an account.
Can I get my money back if I have a complaint against an FMA broker?
All FMA-licensed brokers must be registered members of an approved Financial Dispute Resolution Service — most use FDRS (fdrs.org.nz). If the broker fails to resolve your complaint, you can lodge a claim with FDRS for free. FDRS can order remedies for claims up to NZD 350,000. This covers disputes about service failures and operational errors — not trading losses from normal market moves, and not broker insolvency.
Are all FMA-regulated brokers based in New Zealand?
No. FMA rules require a Derivatives Issuer to maintain a physical New Zealand office with a licensed Compliance Director present, and all client-facing operations (KYC, AML, account handling) must run through that NZ office. But the entity holding the licence can be incorporated elsewhere — AxiCorp Financial Services Pty Ltd (Axi) is an Australian company holding an FMA-NZ licence. Genuinely NZ-incorporated entities like Black Bull Group Limited (BlackBull Markets) give the FMA more direct corporate jurisdiction.
What is the difference between the FSPR Register and the FMA Derivatives Issuer Licence?
The Financial Service Provider Register lists all businesses providing financial services in New Zealand — any firm must register, and registration is a baseline requirement, not a regulatory endorsement. The Derivatives Issuer Licence is a separate FMA licence required specifically for firms offering forex and CFD products to retail investors. A broker can be on the FSPR without holding a Derivatives Issuer Licence, meaning they are not properly authorised for forex trading. Always verify both the FSPR registration and the Derivatives Issuer Licence.
Did New Zealand always regulate forex brokers this strictly?
No. Before the Financial Markets Conduct Act 2013 and the subsequent Derivatives Issuer Licence requirement (effective March 2021), brokers offering forex products in New Zealand needed only to register on the FSPR — a much lighter requirement. The older regime earned New Zealand a reputation as a permissive jurisdiction that attracted offshore brokers seeking a regulatory badge without real oversight. The 2021 licensing changes were specifically designed to address that.
What is a clone firm and how do I avoid one in New Zealand?
A clone firm copies the name, branding, and sometimes the FSP number of a legitimate licensed broker, then solicits investors using that false identity. The FMA's warning list (fma.govt.nz/library/warnings-and-alerts) is updated regularly with known clone firms. Before depositing with any broker, verify their FSP number on the official FMA register and check that the website URL, registered address, and contact details match the official registered information — not just the number a cold caller or Telegram contact gave you.
Related Resources
- FCA Regulated Forex Brokers — UK regulation with FSCS protection up to £85,000
- ASIC Regulated Forex Brokers — Australian Tier 1 regulation, no compensation scheme
- MAS Regulated Forex Brokers — Singapore's Monetary Authority regulation
- FINMA Regulated Forex Brokers — Swiss regulation with esisuisse deposit protection
- FMA Official Licensed Providers List — Check any broker's current licence status
- FMA Warning List — Alerts on unregistered and fraudulent firms
- FSP Register — Search New Zealand financial service providers