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Best Forex brokers For New Zealand Traders In 2019
New Zealand residents that want to trade forex must choose a broker based out of the country after evaluating their service, reliability, and the quality of the products they offer. In addition, they should also go through user reviews.
How to choose a forex broker in New Zealand
First of all, New Zealand traders must choose a broker that is regulated in the country. A broker that is not regulated will not be accountable to anyone. Therefore, it is impossible to predict whether your hard earned money will be safe with them. In New Zealand, the Financial Markets Authority (FMA) regulates the forex brokers’ operations. The second aspect to be checked is the trading platform. Traders must make sure that it is not very complicated and is easy to use. Thirdly, they should ascertain the commission and spreads offered by the broker. Brokers that offer the lowest spreads without any hidden fees are the best to work with.
Now, New Zealand traders must choose only brokers that offer at least a couple of different account options. This shows that the broker is ready to work with those capable investing only $50 and those having the capability to invest $50,000. Finally, traders should make sure that the broker provides highly responsive customer care service.
1. New Zealand Regulation
The FMA is responsible for regulating the operations of forex brokers in this country. The regulatory agency which was vested with the power to regulate forex brokers exercises strict controls to safeguard investors’ interests. The FMA was given the responsibility after the Securities Commission of New Zealand failed to effectively control price manipulation, fraud, insider trading, and local market operators’ high-risk trading habits. Many individual investors suffered huge losses during their regime. Financial services providers in New Zealand are now faced with more stringent rules and regulations. Many brokers have lost their licenses and the new companies that crop up are required to comply with revised rules, present their books of accounts for regular audits, and provide whatever information that the FMA asks for. As a result, it is safer now to trade with FMA-regulated brokers.
2. Trading Platform
Good brokers always make available a demo version of their real platform. This enables prospective traders to get a feel of the main platform by using virtual money. When trying out a broker’s platform, traders must ascertain that it is easy to use and they can navigate quickly. The platform should also offer features and options that enable traders to apply their specific strategies. They include charts with indicators, tools to draw lines and write notes, varied time frames, and the capability to open many windows and study them independently. The broker should also provide news feed, strategy tester facility, and the ability to copy the trades of other successful traders, among others.
Most forex brokers offer downloadable MetaTrader 4 trading platform software. Traders can launch the platform right from their desktop and place trades after logging in. Most of them also offer online platforms for those that do not want to download software. Non-downloadable platforms can be accessed straight from the browser. Social trading platforms providers can be helpful to beginner New Zealand traders because they can copy the successful trades of experienced traders and earn some money early on. Finally, traders that are always on the go must check whether the broker provides mobile ready platforms.
3. Spreads and Commissions
Most Forex brokers earn money through spreads. While some brokers offer fixed spreads, some others offer variable spreads. For example, brokers that quote fixed spreads might offer 1 to 3 pips when it comes to the most popular currency pair EUR/USD. The spread may tighter in the case of brokers that offer variable spreads. When the market condition remains normal and no news release is expected the spread for this pair may be 0.2 to 0.5 pip. However, during news releases, spreads may be raised to 10 to 30 pips for the same pair. The spread increase may be much more for currency pairs that are less popular.
4. Types of Accounts
The account type is dependent on the capital you can invest. Always choose a forex broker that offers a couple of different types of accounts. This enables you to select one that suits you the best. Most forex brokers offer the following accounts:
The most popular type is the micro account. The lot size allowed in this case is $1,000.
Mini accounts come with a lot size of $10,000.
The lot size for standard accounts is $100,000.
Therefore, New Zealand traders that can invest only $100 should opt for a micro account. Some brokers offer up to 9 different types of accounts.
5. Customer Service
If the goal of the trader is to succeed in forex trading, then he/she must work with a broker that provides responsive customer service. Reliable forex brokers ensure good service 24/7. Such brokers resolve even serious complaints within a period of 24 to 72 hours. Traders should never open accounts if the customer service department of a broker does not respond quickly to their queries.
6. Other Services
The broker that the trader is planning to work with should provide educational material free of charge. They should take the trouble to explain the basics of trading, fundamental and technical analyses, policies of Central Banks, interest rate decisions, risks, and trends, among others. They should also organize webinars on various topics for beginners and advanced traders. Read through the broker’s website and have a clear idea as to what they are offering to traders in terms of education.
From the above, it is clear that New Zealand traders must choose the right broker to work with based on the factors explained above. This is not an exhaustive list of factors to be considered when choosing a broker. These are the most important ones to be considered. If the broker is trustworthy, the trader will be able to focus more on trading. Confidence and trust are essential for traders to make decisions in a rational manner.
Source Article: https://fxdailyreport.com/new-zealand-forex-brokers/