Updated Reviewed monthly
Interactive BrokersInteractive Brokers
NYSE/NASDAQ · NZX · ASX · LSE · HKEX · TSE
From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min
Tiger BrokersTiger Brokers
NYSE/NASDAQ · NZX · ASX · HKEX
US$2 flat per US trade (to 200 shares) · NZX 0.1% + 0.2% platform fee, min NZ$2 each
Side-by-side comparison for NZ investors — fees, FX, markets, custody, tax structure.
Side-by-side
| Feature | Interactive Brokers | Tiger Brokers |
|---|---|---|
| Markets supported | NYSE/NASDAQ · NZX · ASX · LSE · HKEX · TSE | NYSE/NASDAQ · NZX · ASX · HKEX |
| Per-trade fee summary | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min | US$2 flat per US trade (to 200 shares) · NZX 0.1% + 0.2% platform fee, min NZ$2 each |
| FX margin | ~0.002% (US$2 min) | 0.50% |
| Minimum deposit | US$0 | NZ$0 |
| Custody model | Nominee, SIPC-protected | Nominee |
| NZ tax structure | Direct (FIF on holdings > NZ$50K) | Direct (FIF on holdings > NZ$50K) |
| Regulator | FMA notified · SEC / FCA / ASIC etc. | FMA |
| Fees verified | 2026-05-25 | 2026-09-04 |
Fee detail
Interactive BrokersIBKR Pro Tiered: US$0.0035/share, US$0.35 minimum per order, max 1% of trade value. IBKR Pro Fixed: US$0.005/share, US$1 minimum per order. NZ residents typically open IBKR LLC accounts on the Pro plan. FX conversion: ~0.002% spread on interbank rate, US$2 minimum per FX trade. No inactivity fee for accounts opened after July 2021.
Source: Interactive Brokers pricing page
Tiger BrokersUS: US$1.99 commission, US$0.005/share. NZX: NZ$2/trade. ASX: AU$2/trade. FX 0.50%.
Source: Tiger Brokers pricing page
Suited for
Larger portfolios, frequent traders, multi-market investors
NZ investors who want NZ + US + Asian markets in one account
Reviewed against each platform's published rate card on the verification date. Verify with the platform before opening an account or transacting.
FAQ
Both are multi-market brokers accessible to NZ investors covering US + NZX + ASX. Interactive Brokers (IBKR) is a global broker with the lowest published FX margin of any platform reviewed on this site (~0.002% (US$2 min)); Tiger Brokers is a Singapore-listed NZ-FMA-licensed broker with simpler UX and US$1.99 per-US-trade pricing. IBKR is typically chosen for larger portfolios and frequent trading; Tiger is positioned for smaller-to-mid-size NZ retail investors wanting multi-market exposure with friendlier onboarding.
IBKR: From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min. Tiger: US$2 flat per US trade (to 200 shares) · NZX 0.1% + 0.2% platform fee, min NZ$2 each, plus 0.50% FX. For very large US trades, IBKR's ultra-low FX is typically the deciding factor; for smaller US trades, Tiger's flat per-trade commission is often comparable on total cost.
Both support NZX. Tiger charges NZ$2 flat per NZX trade. IBKR tiered pricing also applies on NZX — typically slightly higher per-trade brokerage than Tiger on NZX but lower FX on cross-currency settlement. For NZX-only investors, Tiger's flat structure is usually simpler.
Both are accessible to NZ investors. Interactive Brokers operates via IBKR LLC (US-SEC-regulated) with NZ-FMA notice. Tiger Brokers (NZ) Limited is FMA-licensed in New Zealand specifically. For NZ regulatory protection, Tiger's direct NZ-FMA licence is the more straightforward arrangement; IBKR's SIPC-protected US custody is the equivalent international protection.
Both support HKEX. IBKR offers a wider list of additional Asian markets (Tokyo, Singapore exchange, etc.) for traders wanting global multi-Asian exposure. Tiger covers the main HKEX + has growing Singapore-exchange access via its Singapore-listed parent. For most NZ retail investors HKEX support alone is sufficient.
Both provide annual tax-event reports (consolidated FIF cost-basis + dividend + withholding). IBKR's tax reporting is more comprehensive but the UX is denser. Tiger's tax reporting is simpler but covers fewer asset classes. Both require manual FIF filing on the IR3; neither auto-files for you.
Detailed Interactive Brokers platform review.
Detailed Tiger Brokers platform review.
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