Rockfort Markets Review New Zealand 2022
Is Rockfort Markets Safe & Legit?
Rockfort Markets is a leading broker based in New Zealand that offers CFD trading of multiple asset classes including cryptocurrency, forex, shares, and commodities. Offering two trading platforms, Rockfort Markets provide leveraged products to a global market.
But is Rockfort Markets safe? With so many moving parts, it’s hard to know which broker is best for you. Rockfort Markets is regulated, offers thousands of instruments, and plenty of ways to learn to trade as a beginner. Read on for our detailed Rockfort Markets review and we explain why you should trade using this top New Zealand CFD trading platform.
Based in New Zealand, Rockfort Markets is a globally reaching CFD and forex broker but does not offer services in the US. Opening an account is easy and new investors can choose to use the MetaTrader 4 and/or the Trade Workstation platform from the outset. Fill in some basic details and your tax residency information, and you’ll be on your way.
Our Rockfort Markets review confirmed that the opening account process is as smooth as some of the top brokers in the industry and the KYC procedure is no different either. During our Rockfort Markets review, we were verified within 48 hours.
A great deal of trading at Rockfort Markets is conducted on the MetaTrader 4 platform. Thankfully, MetaTrader 4 is very intuitive, and beginners will find a reasonably fast learning curve. Market analysis tools are a big draw on this platform and we were impressed during our Rockfort Markets review. You’ll find more than 30 technical indicators built-in to aid your trading experience and improve your performance. Placing orders is fairly simple and the order window is clear and transparent. Our Rockfort Markets review determined that placing an order will be easy for a total beginner.
One of the great benefits to simply the useability of the Trader Workstation platform is its great ability to access API and FIX Access for third-party apps like Multicharts and ProTrader. The platform can even be linked to MetaTrader 4 and we had no problem doing so during our Rockfort Markets review.
During our Rockfort Markets review, we found two account types available to Kiwi residents. There is a standard account and pro account. The standard account is ideal for beginner investors who wish to experience trading using smaller trade sizes and minimal margins. For more experienced investors looking for tighter spreads, the Pro account offers top ECN market access and a dedicated account manager.
Both accounts have a maximum possible leverage of 1:500 and the minimum tradable lot size is 0.01. For our Rockfort Markets review, we confirmed that spreads on the standard account begin at 0.8 pips while Pro accounts start at 0.0 pips. During our Rockfort Markets review, a minimum deposit of $200 was required, while the Pro account requires a minimum deposit of $2,000.
We found , during our Rockfort Markets review, that increased leverage accounts were possible upon request and Rockfort Markets also provided Islamic accounts for Halal trading with swap-free trading.
At Rockfort Markets, there is more than one way to trade. There are two trading platforms on offer at Rockfort Markets and we tested both for our Rockfort Markets review. New Zealand traders can use MetaTrader 4 and the Trader Workstation Platform. Both platforms are available as both Mobile and Desktop apps, while the Trader Workstation is also available as a web trader. Both these platforms are third party applications and can be found at other brokers too – for example, during our Forex.com review we noted the broker leverages MetaTrader 4 also.
The MetaTrader 4 platform can only trade in Forex CFDs and Indices, while the Trader Workstation boasts the full range of financial instruments available at Rockfort Markets. Both platforms benefit from automated trading functionality, news streaming, and a flexible workspace. However, MetaTrader 4 has custom indicators, expert advisors, but lacks the advanced charts and expansive order types of the Trader Workstation. Our Rockfort Markets review uncovered a much larger number of analysis tools on offer using the Trader Workstation too.
During our Rockfort Markets review, we confirmed both trading platforms have a free demo version too. Novice traders can practice trading with real-time market information and the very same functionality as if trading for real.
There are four reliable banking options at Rockfort Markets. Traders from New Zealand can choose to fund their trading account with a Visa or Mastercard payment, Bank Transfer, or POLi transactions. International bank transfers are also accepted too, but fewer New Zealand traders will likely be using this option. Bank Transfer deposits take around 1 – 2 business days, credit/debit payments are around 1 – 2 hours if made between Monday and Friday, and POLi payments will be settled the following working day. During our Rockfort Markets review, we confirmed that all international SWIFT transfers will take between 2 – 4 days depending on currency, country, and bank.
All withdrawals are sent via bank transfer and the processing time is around 24 – 48 hours. It will then take between 1 and 2 business days to settle the transaction. During our Rockfort Markets review, our withdrawals were indeed settled within these time frames. New Zealand withdrawals incur no charge, but SWIFT withdrawals will cost $15 per transaction. We feel that Rockfort Markets weren’t particularly transparent about deposit fees – merely stating that some charges may occur. During our Rockfort Markets review, we found that Visa and Mastercard payments incurred a 3% fee.
Fees – Is it a Rockfort Markets scam?
There is an inactivity fee at Rockfort Markets. Accounts that have been inactive for 6 months or more, according to the information uncovered during our Rockfort Markets review, will be charged $20NZD a month. Inactivity is defined as an account balance of less than $100. Standard accounts at Rockfort Markets are not subject to any form of commission charges since the fees are already built into the spreads – unlike in our Wirex review. The spread is the difference between the offer price and the quoted bid price. For example, during our Rockfort Markets review, we found the forex spreads to range between 0.9 – 1.4 pips for major pairings and around 1.2 – 5.0 for minor pairs. Spreads on all assets are variable.
The Pro account benefits from lower spreads on average but there are commission charges – for forex trading, commissions start at around $0.07 NZD per micro-lot, while stocks incur a commission of around $9 per trade. The commissions are charged as a percentage of the currency of the market you choose to trade, which means commission costs can be variable also.
Customer support is vital for trading with any broker online. When investing your hard-earned money, you want to be able to contact your broker about even the smallest issue and it shouldn’t be difficult to do so. During our Rockfort Markets review in NZ, we made sure to thoroughly test the brokers customer support. There are multiple communication channels to Rockfort Markets: Telephone, Live Chat, and Email. But as a modern broker, Rockfort Markets are also available on Telegram Messenger and Facebook Messenger.
Rockfort Markets will only provide assistance during office hours which are 09:00 – 17:30 (NZST), Monday through to Friday. That goes for all channels of communication. Other Rockfort Markets reviews from customers have confirmed these hours. We would have liked 24/7 support like that seen in our eToro review.
During our Rockfort Markets review in New Zealand, we uncovered that this broker was formerly known as GPP Markets. Rockfort Markets is a registered Financial Service Provider in New Zealand and maintains a Derivative Issuer Licence that has been issued by the Financial Markets Authority – the government agency responsible for regulating financial services such as brokers and cryptocurrency exchanges as seen in our FPMarkets review.
Our Rockfort Markets review confirmed that client funds are secured and held in segregated accounts from the brokers own funds. This means that your funds are protected in the unlikely event the business were to fail. Customer funds are held at segregated trust accounts with ANZ Bank. During our Plus500 review we noted segregated accounts too. We would also recommend being sure to double-check that any correspondence you receive from Rockfort Markets is legitimate as we did find that there have been many fraudsters pretending to be Rockfort Markets – common Rockfort Markets scams are typically phishing scams.
One of our favourite additional features uncovered during our Rockfort Markets review is the Trade Assistant – a 100% personalised market and trading assistant accessed via the Telegram Messenger app. Rockfort Markets can send you market news and trading indicators directly to your phone.
The Rockfort Academy is a comprehensive learning platform that covers everything from basic trading practices to the unique properties of each tradable asset class. You can also find weekly technical analysis guides provided by market experts. Rockfort Markets even offer educational information on understanding risk management and can teach traders how to correctly use order types like stop losses. After our extensive Rockfort Markets review, we argue that It’ll be hard to beat these educational tools – far more than we ever saw during our XTB review.
Rockfort Markets is a New Zealand based broker offering stock, forex, commodity, and cryptocurrency CFD trading with 2 trading platforms and no commission. With four payment methods providing fast transfers, traders can fund their account with ease. Traders outside of New Zealand unfortunately suffer from withdrawal fees but otherwise receive the same experience as users from the operator’s home country.
There are more than 9,000 CFD assets to trade at Rockfort Markets and there are more than 60 currency pairs too. The range of markets covered is quite expansive, such as 8,000 shares covering Asian, European, US, and UK stock markets. Rockfort Markets is a genuine competitor as a global CFD trader and both beginner and experienced traders will find plenty of benefit using this platform.