Brokers moving NZ customers?

[neilj4]

Hi folks - In the last week I have been notified by two brokers I use that they are moving NZ accounts "back to NZ" - most notably is FXCM (Oz) that is moving my account to a broker in NZ called Halifx?? (still have to check them out!!) - Then lo and behold - yesterday Capital Index say they can no longer offer trading to their "NZ business" - does anyone know what is afoot or is it just me getting these Thx (can't get any info from the brokers "help" line)

[Nick]

Hi folks - In the last week I have been notified by two brokers I use that they are moving NZ accounts "back to NZ" - most notably is FXCM (Oz) that is moving my account to a broker in NZ called Halifx?? (still have to check them out!!) - Then lo and behold - yesterday Capital Index say they can no longer offer trading to their "NZ business" - does anyone know what is afoot or is it just me getting these Thx (can't get any info from the brokers "help" line)

The regulators in NZ are cracking down on offshore companies using domiciled NZ companies trading under an FMA license. From what I hear they're really going to war and even making the job of legit brokers difficult.

[Collector51]

Hi Neil

I had the same thing happen to me as well some weeks ago with Forex.com. They did not try and set me up with anybody else and just gave me a date by which I needed to withdraw my funds. I have yet to find another broker. The situation is very strange as the FMA descriptions on their website of the relevant regulations is fairly clear and would not seem to warrant this type of action by OS regulated brokers. My discussions with various people, including those at the FMA backs up my interpretation.

As far as I am aware, Forex.com doesn't have any kind of presence in NZ and do not need any kind of FMA license to do business with traders resident in NZ. The regulations would only apply to them if they do. Maybe they do, but I yet to have this verified.

[Collector51]

Hi Neil and Nick.

I still haven't been able to confirm that (in my case) Forex.com/Gain Capital has had a commercial and/or legal presence in NZ, but I guess that they and others must have.

In any case, I have done some research, including on Halifax NZ, and think I 've found a goodie. It is Aus based "Pepperstone". I chatted with their support line and found them to be very good, with no presence in NZ. They have many NZ clients already and did not get fingered by the FMA in NZ. I still need to do more DD on them (and others), but they are looking good at the moment.

Does anyone know anything about, or have any experience with, Pepperstone? All comments invited and appreciated.