Best Investment Platforms NZ 2026
Updated Reviewed monthly
10 retail platforms compared on fees, FX, market access, and tax — for buying NZ + US ETFs from New Zealand.
In 30 seconds: There are 10 FMA-regulated investment platforms NZ investors can use to buy shares and ETFs. Which one suits you depends on what you’re buying: Sharesies for mixed NZ+AU+US small trades, Hatch or Stake for US-only investing, Interactive Brokers for the lowest published FX margin at scale, Kernel direct for zero-ticket-fee NZ-PIE funds, InvestNow for zero-commission Smartshares ETFs. All listed platforms are FMA-regulated.
- Best for beginners: Sharesies — NZ$0 minimum, fractional shares, NZ+AU+US
- Cheapest for US ETFs at scale: Interactive Brokers — US$0–0.35/trade, FX ~0.002% (US$2 min)
- Cheapest for NZ-PIE funds: Kernel direct (zero ticket fee on Kernel) / InvestNow (zero fee on Smartshares)
- Best for ASX: Sharesies, Tiger, Invest Direct, ASB Securities, IB
- All platforms FMA-regulated — Stake + IB dual-regulated under ASIC/SEC
- Updated: 2026-09-05
All NZ investment platforms — at a glance
Reviewed 2026-09-05. Fees subject to change — verify on each platform’s site before committing.
| Platform | Markets | Fees |
|---|---|---|
 SharesiesSharesies | NZXASXNYSE/NASDAQ | 1.9% per trade · per-market caps NZ$25 / AU$15 / US$5 · 0.5% FX |
 HatchHatch | NYSE/NASDAQ | US$3 per trade (≤300 shares) · 0.5% FX · 1% order-value cap |
 StakeStake | NYSE/NASDAQ | US$0 trades · 0.7% FX (free Stake Black tier optional) |
 Interactive BrokersInteractive Brokers | NYSE/NASDAQNZXASX+3 | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min |
 Tiger BrokersTiger Brokers | NYSE/NASDAQNZXASX+1 | US$2 flat per US trade (to 200 shares) · NZX 0.1% + 0.2% platform fee, min NZ$2 each |
 KernelKernel | Kernel fundsNZX | Three tiers · NZ$0–150/yr account fee · NZ$0 brokerage · FX 0.40–1.50%3 pricing tiers —see the breakdown |
 InvestNowInvestNow | Smartshares ETFsInvestNow funds (managed) | NZ$0 platform fee on most funds · Foundation Series 0.5% buy + 0.5% sell |
 Invest DirectInvest Direct | NZXASXNYSE/NASDAQ+1 | From NZ$29.90 per trade · no account fee on NZ/AUNot independently verified —check the rate card |
 ASB SecuritiesASB Securities | NZXASXNYSE/NASDAQ+1 | NZ$30 per NZX trade · US$70 per US tradeNot independently verified —check the rate card |
 Smart (direct)Smart (direct) | NZX (Smart ETF family only) | NZ$30 one-off set-up · NZ$0 brokerage · NZ$500 min per ETF |
FIF = Foreign Investment Fund (applies to overseas shares > NZ$50K cost-basis). PIE = NZ Portfolio Investment Entity (max 28% PIR). Click a platform name for full detail below.
Match a platform to your use case
Beginner-friendly options
Sharesies covers NZ + AU + US in one account, NZ$0 minimum, fractional shares. Kernel is suited to investors who want PIE-tax NZ funds only.
US ETF access (SPY, VOO, QQQ, SCHD, JEPI)
Hatch (US$3 flat) and Stake (commission-free) cover most US-listed ETFs. Interactive Brokers has the lowest published FX margin for larger trade sizes.
Avoiding FIF tax with PIE-structured funds
Kernel and InvestNow offer NZ-domiciled PIE funds and NZX-listed Smartshares wrappers (USF for S&P 500, etc.). PIE-structured holdings sit outside the FIF regime for NZ investors. See all NZ ETFs.
Suited to larger portfolios
Interactive Brokers offers global market access and low FX margin. Invest Direct and ASB Securities offer sponsored NZX/ASX holdings.
CHESS-sponsored ASX coverage
Invest Direct and ASB Securities are CHESS-sponsored NZX participants.
Asian-market coverage
Tiger Brokers covers HK + US + NZ + AU. Interactive Brokers covers most global exchanges.
Platform detail
SharesiesSharesies
NZ retail-friendly platform with NZ, ASX, and US market access.
Browse all compatible ETFs →Fees
Brokerage 1.9% of order value on every order; per-market fee caps NZ$25 (above NZ$1,316), AU$15 (above AU$805), US$5 (above US$264). Currency-exchange fee 0.5% on NZD↔AUD and NZD↔USD. Optional subscription plans NZ$3 / NZ$7 / NZ$15 per month buy down brokerage for higher-volume users.
Markets & minimum
NZX, ASX, NYSE/NASDAQ · Min NZ$0
Tax & custody
Direct (FIF on US shares > NZ$50K) / NZ-PIE on Smartshares ETFs · Nominee · FMA
✓ Pros
- • NZ$0 minimum
- • Three markets
- • Fractional shares
- • NZ tax reporting helper
✗ Cons
- • 1.9% rate inefficient on micro orders
- • Hatch ~US$2 cheaper per US trade on capped orders
Suited to: Beginners, fractional shares, mixing NZ + US ETFs
HatchHatch
NZ-built US share platform owned by Kiwi Wealth (now part of Fisher Funds).
Browse US-listed ETFs →Fees
US$3 flat per trade for the first 300 shares; US$0.01 per additional share after that. FX 0.5% on NZD↔USD (one-way). Per-trade fee capped at 1% of order value. No monthly account fee.
Markets & minimum
NYSE/NASDAQ · Min NZ$0 (US$1 to invest)
Tax & custody
Direct (FIF on holdings > NZ$50K) · Nominee (DriveWealth-linked) · FMA
✓ Pros
- • No monthly fee
- • Clean US-focused interface
- • Free kids-account auto-invest
✗ Cons
- • US markets only — no NZX or ASX
- • No fractional shares
- • Higher FX fee than IBKR
Suited to: NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI)
StakeFees
Standard: US$0 trades, 0.7% FX. Stake Black: 0% FX above tier minimums.
Markets & minimum
NYSE/NASDAQ · Min NZ$0
Tax & custody
Direct (FIF on holdings > NZ$50K) · Nominee · FMA / ASIC
✓ Pros
- • Commission-free
- • Fast execution
- • Decent mobile app
✗ Cons
- • US markets only
- • FX fee is on the high side at standard tier
Suited to: Frequent US-share traders who hate per-trade fees
Interactive BrokersInteractive Brokers
Global broker. Among the lowest all-in fees of platforms reviewed once the interface curve is climbed.
Browse all compatible ETFs →Fees
IBKR 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.
Markets & minimum
NYSE/NASDAQ, NZX, ASX, LSE, HKEX, TSE · Min US$0
Tax & custody
Direct (FIF on holdings > NZ$50K) · Nominee, SIPC-protected · FMA notified · SEC / FCA / ASIC etc.
✓ Pros
- • Cheapest FX in NZ
- • Global market access
- • Professional tools
✗ Cons
- • Steep learning curve
- • Tax reporting onus on you
- • No NZ retail support team
Suited to: Larger portfolios, frequent traders, multi-market investors
Tiger BrokersTiger Brokers
Singapore-listed broker with NZ retail license; US/AU/NZ markets.
Browse all compatible ETFs →Fees
US: US$1.99 commission, US$0.005/share. NZX: NZ$2/trade. ASX: AU$2/trade. FX 0.50%.
Markets & minimum
NYSE/NASDAQ, NZX, ASX, HKEX · Min NZ$0
Tax & custody
Direct (FIF on holdings > NZ$50K) · Nominee · FMA
✓ Pros
- • Multi-market
- • Low per-trade cost
- • Strong Asian-market coverage
✗ Cons
- • Newer NZ presence
- • UI is denser than Sharesies/Hatch
Suited to: NZ investors who want NZ + US + Asian markets in one account
KernelFees
Tiered since 2026. Core: no account fee, fund management 0.25–0.50% p.a., FX 1.50% on US investments. Plus: NZ$5/month or NZ$50/year, management from 0.12%, FX 0.60%, adds the Total World Fund and PIE Save. Premium: NZ$15/month or NZ$150/year, management from 0.12%, FX 0.40%. Every tier has NZ$0 transaction fees on funds, NZ$0 brokerage on US shares and ETFs with a NZ$1 minimum, and KiwiSaver with no member fee. The FX margin is the figure that moves most between tiers — on the free Core tier it is the highest of any platform listed here.
Markets & minimum
Kernel funds, NZX · Min NZ$1
Tax & custody
PIE · NZ Trust · FMA
✓ Pros
- • Cheapest TER on Kernel funds
- • PIE = no FIF
- • NZ-based support
✗ Cons
- • Kernel-funds focused (limited share range)
- • Not for active traders
- • Free Core tier carries a 1.50% FX margin on US investments
Suited to: PIE-tax simplicity, low-cost passive NZ + global index funds
InvestNowInvestNow
NZ-based fund supermarket with Smartshares ETFs and a wide range of wholesale managed funds.
Browse US-listed ETFs →Fees
No platform fee, no account fee, no transaction fee on Smartshares ETFs or most third-party managed funds. Each fund has its own TER (Smartshares lowest 0.34%, range 0.34–0.75%). Caveat: InvestNow's own Foundation Series funds charge 0.50% buy + 0.50% sell transaction fees. Minimum NZ$50/fund on a Regular Investment Plan, NZ$250 for one-off lump-sum investments.
Markets & minimum
Smartshares ETFs, InvestNow funds (managed) · Min NZ$50 (regular) / NZ$250 (lump)
Tax & custody
PIE (most funds) · NZ Trust · FMA
✓ Pros
- • Zero platform fee on most funds
- • Wide fund choice
- • PIE tax simplicity
✗ Cons
- • No direct shares
- • Per-fund minimums
- • Foundation Series transaction fee
- • No live pricing
Suited to: Buy-and-hold investors stacking Smartshares + multi-manager funds
Invest DirectInvest Direct
NZ broker for NZX, ASX, US and UK markets — formerly Jarden Direct, and before that Direct Broking. Operated by Hatch Invest NZ, executing through Jarden Securities.
Browse all compatible ETFs →Fees
Brokerage starts at NZ$29.90 per trade, with a lower rate when the account is pre-funded with cleared settled funds before the order is placed. No account or subscription fee on NZ- and Australian-listed shares. US and UK trading is opt-in — it has to be switched on by emailing support — and covers roughly 1,000 NYSE/NASDAQ and 250 LSE securities rather than the whole market. US/UK holdings also attract a six-monthly custodial administration fee on top of brokerage. Per-market rates are published on the pricing page, which needs JavaScript to read.
Markets & minimum
NZX, ASX, NYSE/NASDAQ, LSE · Min NZ$0
Tax & custody
Direct · NZX Sponsored (NZ/AU) · FNZ Custodians (US/UK) · FMA / NZX Participant
✓ Pros
- • Sponsored NZ/AU holdings registered in your own name, not a nominee
- • NZX, ASX, US and UK from one NZ-licensed broker
- • No account or subscription fee on NZ/AU shares
- • Cheaper brokerage when the trade is pre-funded
✗ Cons
- • Per-trade brokerage is steep for small or frequent orders
- • US/UK access must be activated by email and covers a curated list, not the full market
- • US/UK holdings are custodial via FNZ and carry a six-monthly admin fee
- • FX conversion margin is not published on the rate card
- • Pricing page cannot be read without JavaScript, so fees are hard to verify
Suited to: Larger NZX and ASX trades, and sponsored NZ holdings in your own name
ASB SecuritiesFees
NZX: NZ$30 (≤ NZ$1K), 0.30% above. ASX: AU$30 or 0.30%. US: US$70/trade (high). NZ$0 platform fee with ASB account.
Markets & minimum
NZX, ASX, NYSE/NASDAQ, LSE · Min NZ$0 (ASB customer)
Tax & custody
Direct · NZX Sponsored · FMA / NZX Participant
✓ Pros
- • ASB-integrated
- • CHESS sponsored
- • NZ + AU + US + UK
✗ Cons
- • US trades expensive
- • FX is bank-rate, not wholesale
Suited to: Existing ASB customers wanting one login for banking + brokerage
Smart (direct)Smart (direct)
Buy Smart (formerly Smartshares) ETFs directly from the issuer through its investor portal, without brokerage — on a monthly cycle rather than live on market.
Browse Smart-issued ETFs →Fees
NZ$30 one-off set-up fee for a new investor, then no fee on subsequent contributions and no brokerage. Minimums: NZ$500 per ETF to start, NZ$250 per additional lump sum, or NZ$50 per month on a regular plan. Purchases settle through a monthly unit-creation cycle — payment is taken around the 20th and units are applied around the 3rd business day of the following month — so you cannot buy at a price you see today. Selling means trading existing units on market through a broker, at that broker's fees. The ETF's own TER applies either way.
Markets & minimum
NZX (Smart ETF family only) · Min NZ$500 per ETF (NZ$50/mo regular plan)
Tax & custody
PIE · Registry (units held on the Smart register) · FMA (Smart as issuer)
✓ Pros
- • No brokerage on direct purchases
- • NZ$50/month regular plan
- • PIE-taxed and NZ-domiciled, so no FIF
- • Distributions can be reinvested
✗ Cons
- • Monthly buy cycle — no live pricing and no same-day execution
- • Selling still requires a broker, and their fees
- • NZ$30 set-up fee and NZ$500 per-ETF entry minimum
- • Smart funds only
Suited to: Regular contributors who want Smart ETFs at no brokerage and do not need to trade intraday
Frequently asked questions
What is the cheapest NZ investment platform for ETFs?▾
It depends on what you are buying and how often you convert currency. For US ETFs, Interactive Brokers has the lowest published all-in cost (From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min). For NZ funds, InvestNow charges no platform fee on Smartshares, and Kernel charges none on its Core tier — but Kernel's Core tier carries a 1.50% FX margin on US investments, so the cheapest tier for NZ funds is not the cheapest way to hold US ones. Sharesies is competitive for very small trades (≤ NZ$1K) because of fractional shares. These are published rates, not a recommendation.
Which NZ platform has access to NZ, AU, and US markets?▾
Sharesies, Tiger Brokers, Invest Direct, ASB Securities, and Interactive Brokers all offer NZX + ASX + NYSE/NASDAQ access. Sharesies and Tiger are the most retail-friendly; Invest Direct and ASB are full-service brokers; IB has the lowest fees but the steepest learning curve.
How does FIF tax work when buying US ETFs through NZ platforms?▾
FIF (Foreign Investment Fund) rules apply once your overseas-share holdings exceed NZ$50,000 cost-basis. You pay tax on a deemed return (typically 5% of opening market value under the Fair Dividend Rate method) regardless of actual gains. NZ-domiciled PIE wrappers like Smartshares USF or Kernel S&P 500 avoid FIF entirely — they're taxed at your Prescribed Investor Rate (max 28%).
Sharesies vs Hatch — which is better for NZ investors?▾
Hatch is marginally cheaper per US trade (US$3 flat vs Sharesies' 1.9% capped at US$5), while FX is 0.5% on both, making it slightly cheaper for larger US-only trades. Sharesies offers fractional shares, NZ + AU + US in one account, and is friendlier for small/regular investing. If you only buy US ETFs and trade > NZ$500 at a time, Hatch wins on cost. For mixed market exposure or small trades, Sharesies wins on convenience.
Are NZ investment platforms regulated?▾
All platforms listed are regulated by the Financial Markets Authority (FMA) of New Zealand or are notified under the Financial Markets Conduct Act 2013. NZX participants (Invest Direct, ASB) are also regulated by NZX. Stake and Interactive Brokers are dual-regulated under FMA + ASIC/SEC respectively.
What is the best investment platform in NZ for beginners?▾
Sharesies is the most-used beginner platform — NZ$0 minimum, fractional shares, NZ + AU + US in one account, and a clean mobile app. For investors who only want NZ-PIE funds, Kernel direct is a simpler alternative with zero ticket fees on Kernel-issued ETFs. Hatch is a step up in cost-efficiency once trades are larger than ~NZ$500 of US ETFs.
Which platform has the lowest fees for buying ETFs in NZ?▾
For US ETFs at scale, Interactive Brokers has the lowest published all-in cost (US$0–0.35/trade + ~0.002% FX). For NZ-PIE Smartshares ETFs, InvestNow charges zero platform fee. For Kernel-issued funds, Kernel direct is zero-fee. For mixed small trades (≤ NZ$1K), Sharesies wins on convenience even though its 1.9% fee is higher per trade.
Are there investment platforms in NZ with no FX fees?▾
No platform offering US market access is genuinely FX-free — the FX margin is just how they earn revenue. Interactive Brokers has the lowest published FX margin in our comparison (~0.002% (US$2 min)). Hatch is a flat 0.5%. Sharesies is 0.5%. For NZ-only platforms (Kernel direct, InvestNow for NZX-listed Smartshares), no FX applies because trades settle in NZD.
What can I actually buy on these platforms?
For NZX-listed (PIE-tax) ETFs, see the full Smartshares + Kernel lineup. For US ETFs, browse our SPY / VOO / QQQ / SCHD / JEPI / VYM detail pages.
NZ investment platforms — quick facts
- Sharesies: 1.9% per trade · per-market caps NZ$25 / AU$15 / US$5 · 0.5% FX. Markets: NZX, ASX, NYSE/NASDAQ. Min deposit NZ$0. Tax: Direct (FIF on US shares > NZ$50K) / NZ-PIE on Smartshares ETFs. Regulator: FMA.
- Hatch: US$3 per trade (≤300 shares) · 0.5% FX · 1% order-value cap. Markets: NYSE/NASDAQ. Min deposit NZ$0 (US$1 to invest). Tax: Direct (FIF on holdings > NZ$50K). Regulator: FMA.
- Stake: US$0 trades · 0.7% FX (free Stake Black tier optional). Markets: NYSE/NASDAQ. Min deposit NZ$0. Tax: Direct (FIF on holdings > NZ$50K). Regulator: FMA / ASIC.
- Interactive Brokers: From US$0.35 / trade (Tiered) or US$1 flat (Fixed) · ~0.002% FX + US$2 min. Markets: NYSE/NASDAQ, NZX, ASX, LSE, HKEX, TSE. Min deposit US$0. Tax: Direct (FIF on holdings > NZ$50K). Regulator: FMA notified · SEC / FCA / ASIC etc..
- Tiger Brokers: US$2 flat per US trade (to 200 shares) · NZX 0.1% + 0.2% platform fee, min NZ$2 each. Markets: NYSE/NASDAQ, NZX, ASX, HKEX. Min deposit NZ$0. Tax: Direct (FIF on holdings > NZ$50K). Regulator: FMA.
- Kernel: Three tiers · NZ$0–150/yr account fee · NZ$0 brokerage · FX 0.40–1.50%. Markets: Kernel funds, NZX. Min deposit NZ$1. Tax: PIE. Regulator: FMA.
- InvestNow: NZ$0 platform fee on most funds · Foundation Series 0.5% buy + 0.5% sell. Markets: Smartshares ETFs, InvestNow funds (managed). Min deposit NZ$50 (regular) / NZ$250 (lump). Tax: PIE (most funds). Regulator: FMA.
- Invest Direct: From NZ$29.90 per trade · no account fee on NZ/AU. Markets: NZX, ASX, NYSE/NASDAQ, LSE. Min deposit NZ$0. Tax: Direct. Regulator: FMA / NZX Participant.
- ASB Securities: NZ$30 per NZX trade · US$70 per US trade. Markets: NZX, ASX, NYSE/NASDAQ, LSE. Min deposit NZ$0 (ASB customer). Tax: Direct. Regulator: FMA / NZX Participant.
- Smart (direct): NZ$30 one-off set-up · NZ$0 brokerage · NZ$500 min per ETF. Markets: NZX (Smart ETF family only). Min deposit NZ$500 per ETF (NZ$50/mo regular plan). Tax: PIE. Regulator: FMA (Smart as issuer).
