Fake Trading Platforms Targeting New Zealand Investors
Fraudulent trading platforms targeting New Zealanders impersonate FMA-regulated brokers or claim to be FMA-licensed to solicit cryptocurrency and forex investments, with the FMA's investor alert list growing consistently as new operations are identified.
Part of: Fake Trading Platforms
Last reviewed: 1 June 2026
The Financial Markets Authority (FMA) of New Zealand publishes an investor alert list that is among the most actively maintained in the Asia-Pacific region, reflecting the persistent targeting of New Zealand consumers by overseas fraudulent trading platforms. Victims report losses of tens to hundreds of thousands of NZD across cryptocurrency, forex, and equities schemes.
New Zealand's FMA has also specifically warned about 'clone firms' — operations that copy the registration details and branding of legitimate FMA-licensed entities to appear credible.
How this scam works on New Zealand
Victims discover a platform through a Facebook or Google ad featuring a New Zealand public figure or a news-style article. The platform has a professional NZD-denominated interface and claims FMA licensing.
A 'senior broker' contacts the victim by phone after account creation, guiding them through trades and encouraging regular deposits. Returns appear strong for weeks. Withdrawal attempts are met with requests for NZD fees, described variously as compliance charges, FMA reporting fees, or profit reservation deposits.
After fees are paid without producing a withdrawal, contact becomes sporadic. The platform eventually becomes unreachable, and no FMA registration for the company exists on the official register.
Common red flags
- Trading platform with a New Zealand phone number but FMA registration that cannot be confirmed at registers.fma.govt.nz
- Proactive broker calls after account creation pushing time-sensitive trading decisions
- Withdrawal blocked by NZD fee requirements payable directly to the platform
- Facebook ad using a well-known New Zealand identity to endorse a specific trading platform
- Platform that provides no FMA disclosure statement or product disclosure statement
How to protect yourself
- Check the FMA investor alert list at fma.govt.nz/investor-alert-list before depositing
- Verify FMA licences at registers.fma.govt.nz
- Request a Financial Advice Provider Disclosure Statement — FMA-regulated advisers are required to provide one
- Report suspicious platforms to the FMA before making any investment
- Contact MoneyTalks for free financial helpline support at 0800 345 123
How to report it
- Report to the FMA at fma.govt.nz or call 0800 434 566
- File a police report at police.govt.nz/use-our-services/report-fraud
- Report to Netsafe at netsafe.org.nz for additional support
Frequently asked questions
What is the FMA investor alert list and how do I use it?
The FMA investor alert list identifies specific firms and platforms that have been flagged as unlicensed or suspected of fraud targeting New Zealanders. Before depositing with any investment platform, search for the firm's name on the list at fma.govt.nz/investor-alert-list. A listing on this list means the FMA considers the entity high risk.