New Zealand being ranked among the highest rated countries is well-placed with its creditworthiness supported by developed, unrestrictive business environment and world-class orientated governance. In addition, its geographical position on midway between the USA and Asia has the advantage of being the first country to start the trading day that obviously assists in Online Trading and Forex development.
- While the New Zealand trading historically started in agricultural products, with new initiatives it has grown into a financial services powerhouse in the Pacific with regulations that add on support to the industry.
- However, after the number of issues that appeared due to lack in brokerage operation supervision, New Zealand’s authority established even three regulating bodies that are divided by various methods of influence.
New Zealand Forex brokers list:
In order to perform legal trading and offer protective investment opportunities, the company should be a registered financial service provider. Firstly the firm should comply with all settled rules by main authority FMA (Financial Markets Authority) that operates according to the international standards. Then, the broker should be registered with FSPR (Financial Service Providers Register), while the complaints or claims of both traders and brokers can be filled with FSCL agency or Financial Services Complaints, that handles complains of all brokers based in New Zealand.
Forex Regulation in New Zealand
In New Zealand, there are 3 well known institutions: FSPR, FSCL and FMA, but neither of them acts as a regulatory body for New Zealand Forex brokers.
Although brokers are required to follow a simple registration procedure in order to provide financial services, it’s fair to say that Forex trading in New Zealand so far is not fully supervised by any regulatory institution.
Financial Service Providers Register (FSPR) – is a government business registry, where entities providing financial services are required to register. All NZ Forex brokers are registered with FSPR.
Forex trading in New Zealand is quite similar to trading in all other countries like Cyprus and UK, for instance. Wherever you are in the world, including in New Zealand, the rules for making trades are quite the same and usually, the brokers are very alike, too. This means that if you already have your own established Forex strategy, you can apply it here, in New Zealand with no doubt whether it will suit the local conditions. However, New Zealand has its individual rules and regulations regarding Forex trading and you’ll have to do your homework in advance – to learn more about them, to be aware what you can do and what you cannot do, to be extremely attentive for the details and brokers here. There are many options for trading Forex in case you are based in New Zealand. What really matters is choosing a method that suits you. Besides, if you find some difficulties in trading or you need to expand your knowledge and skills, you will be able to find some decent websites with such information that is usually offered for free and that will let you increase you daily or monthly profit