NZ Investing Platforms Compared 2026

Seven platforms dominate investing in NZ. They differ in what you can buy, how much they charge, and what minimums they require. Sharesies and InvestNow have the lowest entry points. Hatch and Tiger Brokers focus on US market access. Kernel offers index funds only. ASB Securities and Jarden Direct have higher minimums and broader market access.

Here's how they compare across fees, investment options, and tax treatment.

Forge Money's comparisons are based on fees, features, and suitability — not commercial relationships. See our editorial methodology for how we evaluate products.

Platform comparison at a glance

Platform	NZX brokerage	US brokerage	Fund fees	Min. investment	PIE available	FIF reporting
Sharesies	0.5% (capped at $25)	0.5% (capped at $25) + 0.5% FX	Fund-dependent	$1	Yes (some funds)	Provided
InvestNow	None (funds only)	N/A	Fund-dependent (from 0.20%)	$50 per fund	Yes (many funds)	N/A (NZ funds only)
Hatch	$3 per trade	$3 per trade + 0.5% FX	N/A	No minimum	No	Provided
Kernel	N/A (funds only)	N/A	0.25% to 0.39% p.a.	$1	Yes	N/A (NZ-domiciled funds)
ASB Securities	0.30% (min $30)	N/A	N/A	$500 per trade	No	N/A
Jarden Direct	0.30% (min $30 NZX)	0.40% (min US$35)	N/A	$1,000 per trade (NZX)	No	Guidance provided
Tiger Brokers	$6.99 per trade (NZX)	US$1.99 per trade + FX	N/A	No minimum	No	Annual tax statement

All fee data sourced from each platform's website as at February 2026. Fees can change, so always check the platform directly before opening an account.

Platform-by-platform breakdown

Sharesies

Sharesies is NZ's most popular investing app by user numbers, with over 700,000 accounts (Sharesies). It's designed for beginners who want to invest small amounts across NZ, Australian, and US shares, plus managed funds and ETFs.

What you can invest in: NZX shares, ASX shares, US shares (NYSE, NASDAQ), NZ and international ETFs, managed funds.

Fee structure: Sharesies charges 0.5% per transaction on NZX and ASX trades, capped at $25 per order. US trades cost 0.5% per order (capped at $25) plus a 0.5% foreign exchange fee. There's no annual account fee for standard accounts. Managed fund fees are set by the fund provider and charged on top (Sharesies).

Minimum investment: $1. You can buy fractional shares, making it possible to own a slice of expensive stocks without needing the full share price.

Account type and tax: Sharesies offers access to some PIE funds through their platform. NZ shares are taxed on dividends at your marginal tax rate. US and Australian shares attract FIF tax if your total overseas holdings exceed $50,000 at any point during the tax year (IRD). Sharesies provides an annual tax report that includes FIF calculations.

Key features: The lowest entry point in NZ. Fractional shares and a $1 minimum make it easy to start. The app is clean and simple.

InvestNow

InvestNow is a fund platform, not a share trading app. You pick from a menu of over 200 managed funds and term deposits from dozens of NZ and international providers (InvestNow).

What you can invest in: Managed funds (NZ and international), term deposits, PIE funds. No direct share trading.

Fee structure: InvestNow charges zero platform fees and zero transaction fees. You pay only the underlying fund's management fee, which varies by fund (from about 0.20% for passive index funds to over 1% for active funds). This makes InvestNow one of the cheapest ways to access managed funds in NZ (InvestNow).

Minimum investment: $50 per fund investment, with $50 minimums on regular investments.

Account type and tax: Many funds available on InvestNow are structured as PIE funds, meaning your returns are taxed at your PIR (capped at 28%) rather than your marginal tax rate. This is a significant advantage for anyone earning over $53,500 (IRD). InvestNow does not offer direct overseas shares, so FIF is generally not relevant.

Key features: Zero platform fees. The widest selection of NZ managed funds on a single platform. The go-to for passive investors who want low-cost index funds through providers like Vanguard (via NZ-domiciled wrappers), Milford, Harbour, Nikko AM, and others.

Hatch

Hatch gives you direct access to US shares listed on the NYSE and NASDAQ, and Australian shares on the ASX. It's purpose-built for Kiwis who want to own international companies directly (Hatch).

What you can invest in: US shares and ETFs (NYSE, NASDAQ), ASX shares. No NZX shares or managed funds.

Fee structure: $3 per trade for both US and ASX orders. There's also a 0.5% foreign exchange fee when converting NZD to USD or AUD. No annual account fee. Compared to Sharesies, Hatch is cheaper for trades over $600 (where Sharesies' 0.5% exceeds $3) (Hatch).

Minimum investment: No minimum. However, you can't buy fractional shares on Hatch, so you need enough to purchase at least one whole share.

Account type and tax: Hatch accounts are non-PIE. US dividends have 15% withheld at source under the NZ-US tax treaty. If your total overseas holdings exceed $50,000 at any point in the tax year, FIF tax applies. Hatch provides a detailed annual tax report with FIF calculations (Hatch, IRD).

Key features: Cheap, direct access to US and Australian markets. Simple pricing. Strong tax reporting.

Kernel

Kernel is an NZ fund manager that builds and manages its own low-cost index funds. It's not a share trading platform. You invest in Kernel's funds, which track NZ and international indices (Kernel).

What you can invest in: Kernel's own index funds covering NZ shares (NZX 20), global shares, US large-cap (S&P 500), and thematic funds. Also a cash fund and a fixed income fund.

Fee structure: Management fees range from 0.25% to 0.39% per year depending on the fund. There are no transaction fees to buy or sell. No platform fee for balances under $25,000. A $60/year admin fee applies for balances above $25,000 (Kernel).

Minimum investment: $1. Regular automatic investments can be set up for any amount from $1.

Account type and tax: All Kernel funds are structured as PIE funds. Your returns are taxed at your PIR (capped at 28%), and Kernel handles all the tax for you. Because Kernel's international funds are NZ-domiciled PIE funds, you don't face FIF tax personally, even though the underlying investments are overseas. The fund pays tax on your behalf (Kernel, IRD).

Key features: The simplest path to low-cost, diversified index investing in NZ. Set-and-forget automatic investing. Full PIE tax treatment with no FIF hassle.

ASB Securities

ASB Securities is a traditional online broking service offered by ASB Bank. It's aimed at people who want to trade NZX and ASX shares directly with the backing of a major NZ bank (ASB Securities).

What you can invest in: NZX shares, ASX shares. No US shares, no managed funds through the platform.

Fee structure: 0.30% of trade value with a minimum of $30 per trade for NZX. ASX trades also cost 0.30% (min A$35) plus an FX fee. This pricing structure works best for larger trades. On a $10,000 trade, you'd pay $30. On a $1,000 trade, you'd still pay $30 (ASB Securities).

Minimum investment: $500 per trade (practical minimum given the $30 fee).

Account type and tax: Non-PIE. NZ dividends are taxed with RWT credits. ASX dividends may come with franking credits that need NZ tax treatment. No FIF applies on ASX shares (Australia is not a FIF-taxable jurisdiction for most Kiwis) (IRD).

Key features: Bank-backed security and integration with ASB accounts. Suits investors making larger, less frequent trades on the NZX and ASX.

Jarden Direct

Jarden Direct (formerly First NZ Capital Direct) is a full-service online broker offering access to NZ, Australian, and international markets. It targets more experienced investors with larger portfolios (Jarden Direct).

What you can invest in: NZX shares, ASX shares, US shares, selected international markets, NZ bonds, IPOs.

Fee structure: NZX brokerage is 0.30% with a $30 minimum. US brokerage is 0.40% with a US$35 minimum. There's also a foreign exchange spread on international trades. An annual custody fee of $36 applies if you hold international shares (Jarden Direct).

Minimum investment: $1,000 per trade for NZX shares.

Account type and tax: Non-PIE. Jarden provides guidance and tax statements to help with FIF reporting for overseas holdings, but the tax obligation is yours. Access to NZ bond market and IPOs is a genuine differentiator for larger investors (Jarden Direct).

Key features: Broadest market access among NZ-headquartered brokers. Access to NZ corporate bonds and IPOs. Research and analyst coverage. Best for experienced investors with portfolios above $50,000.

Tiger Brokers NZ

Tiger Brokers is a Singapore-headquartered platform with a NZ presence, offering low-cost access to US, Hong Kong, Singapore, Australian, and NZX markets (Tiger Brokers NZ).

What you can invest in: NZX shares, US shares (NYSE, NASDAQ, AMEX), ASX shares, Hong Kong shares, Singapore shares. Also options trading on US markets.

Fee structure: NZX trades cost $6.99 per order. US trades cost US$1.99 per order. ASX trades cost A$6.99. Foreign exchange fees apply on international trades. No annual account fee (Tiger Brokers NZ).

Minimum investment: No minimum investment. Fractional US shares available on some stocks.

Account type and tax: Non-PIE. Tiger provides annual tax statements including FIF calculations. Your shares are held in custody by Tiger's custodian. Tiger Brokers NZ is registered as a financial service provider on the NZ Financial Service Providers Register (FSPR).

Key features: The lowest US brokerage of any NZ-accessible platform at US$1.99 per trade. Good for frequent US traders. Access to Asian markets that other NZ platforms don't offer.

Platform comparison by use case

Starting out with small amounts

Sharesies and Kernel both accept investments from $1. Sharesies offers fractional NZ, AU, and US shares. Kernel offers low-cost index funds with PIE tax treatment. InvestNow accepts investments from $50 per fund and provides access to over 200 managed funds.

Passive investor wanting index funds

Kernel and InvestNow are the primary fund-only platforms. Kernel offers its own index funds (0.25% to 0.39%) with PIE tax treatment and automatic investing. InvestNow offers funds from multiple providers, including Vanguard-tracking NZ funds, at zero platform cost. The underlying fund fees are the only cost. PIE funds cap tax at 28%, which is lower than the marginal rate for incomes above $53,500 (IRD).

Active trader wanting low brokerage

If you trade frequently, Tiger Brokers offers the cheapest US brokerage at US$1.99 per trade. Hatch is $3 per US trade and has a more established NZ track record. For NZX trading, ASB Securities and Jarden Direct at 0.30% (min $30) are competitive for trades above $10,000. Sharesies' 0.5% rate (capped at $25) is cheapest for NZX trades under $5,000.

Larger portfolios wanting breadth

Jarden Direct gives you the widest range of markets, plus NZ bonds and IPO access, with research to match. ASB Securities offers bank-backed NZX and ASX trading for those who value institutional security. Both suit portfolios above $50,000 where the minimum brokerage fees become proportionally smaller.

Tax considerations for NZ investors

PIE vs non-PIE

A PIE (Portfolio Investment Entity) fund caps your tax rate at 28%, even if your marginal income tax rate is 33% or 39%. For anyone earning above $53,500, PIE funds provide a tax advantage over non-PIE investments where returns are taxed at your full marginal rate (IRD).

Platforms offering PIE options: InvestNow (many funds), Kernel (all funds), Sharesies (some funds). ASB Securities, Jarden Direct, Hatch, and Tiger Brokers are non-PIE for direct share holdings.

If you earn $100,000 and your investments return $5,000, the tax difference between 28% PIR and 33% marginal rate is $250 per year. At 39%, the difference is $550. Over decades, this compounds significantly.

FIF tax on overseas investments

The Foreign Investment Fund (FIF) regime applies when your total overseas shares and funds (excluding Australian-listed shares and certain ASX-dual-listed companies) exceed $50,000 in cost at any point during the tax year. Below $50,000, you're taxed only on dividends received (IRD).

Above the $50,000 threshold, most NZ investors use the Fair Dividend Rate (FDR) method, which taxes you on 5% of the opening market value of your overseas holdings each year, regardless of actual returns. On $100,000 of US shares, that's $5,000 of deemed income, taxed at your marginal rate (IRD).

Hatch, Sharesies, Tiger Brokers, and Jarden Direct all provide FIF tax reports. Kernel and InvestNow's NZ-domiciled PIE funds handle international tax within the fund, so you don't deal with FIF personally.

Dividend withholding

NZ company dividends come with imputation credits that offset your tax liability. The effective tax on fully imputed dividends depends on your marginal rate.

US dividends have 15% withheld under the NZ-US double tax agreement. This can be credited against your NZ tax liability. Australian dividends may include franking credits with different NZ treatment (IRD).

Common questions

Which investing platform is best for beginners in NZ?

Sharesies and Kernel have the lowest minimums ($1) and straightforward sign-up processes. Sharesies offers NZ, Australian, and US shares. Kernel offers low-cost index funds with PIE tax treatment and automatic investing. InvestNow accepts $50 per fund and provides access to over 200 managed funds. All three can be opened online without a broker (Sharesies, Kernel, InvestNow).

What is the cheapest investing platform in NZ?

It depends on what and how much you're trading. For managed funds, InvestNow has zero platform fees, making it the cheapest for funds. For US shares, Tiger Brokers charges US$1.99 per trade. For NZX shares under $5,000, Sharesies' 0.5% (capped at $25) is cheapest. For NZX trades over $10,000, ASB Securities and Jarden Direct at 0.30% are competitive. There's no single cheapest platform across all scenarios.

How do I invest in US shares from NZ?

Open an account with a platform that offers US market access: Sharesies, Hatch, Tiger Brokers, or Jarden Direct. You'll need to complete a W-8BEN form (the platform guides you through this) to get the reduced 15% US withholding tax rate under the NZ-US tax treaty. Your NZD is converted to USD when you buy, and back when you sell, with a foreign exchange fee applied by the platform. Be aware of FIF tax obligations if your overseas holdings exceed $50,000 (IRD).

What is FIF tax in New Zealand?

FIF (Foreign Investment Fund) tax applies when your total overseas investment holdings exceed $50,000 in cost at any point during the tax year. Below that threshold, you only pay tax on dividends actually received. Above it, most people use the Fair Dividend Rate method, which deems your income to be 5% of the opening market value of your overseas investments each year. This deemed income is then taxed at your marginal income tax rate. Australian shares listed on the ASX are generally exempt from FIF (IRD).

Sharesies vs InvestNow: which is better?

They serve different purposes. Sharesies is a share trading platform where you can buy individual NZ, AU, and US shares, ETFs, and some managed funds. InvestNow is a fund platform where you access over 200 managed funds and term deposits at zero platform cost. If you want to pick individual shares or trade US stocks, Sharesies. If you want access to a broad range of managed funds with no platform fees, InvestNow. Many NZ investors use both (Sharesies, InvestNow).

Do I need a broker to invest in NZ?

No. Online platforms like Sharesies, InvestNow, Kernel, and Hatch allow you to invest directly without a traditional broker. You open an account online, verify your identity, and start investing. Traditional brokers like Jarden Direct and ASB Securities still exist and provide research and personal service, but they're not required. Most NZ investors now use self-directed online platforms (FMA).

What is the minimum amount to start investing in NZ?

As little as $1 on Sharesies and Kernel. InvestNow requires a $50 minimum per fund investment. Hatch and Tiger Brokers have no set minimum but you need enough to buy at least one whole share (Hatch doesn't offer fractional shares). ASB Securities has a practical minimum around $500, and Jarden Direct starts at $1,000 per trade.

How are investment profits taxed in NZ?

NZ doesn't have a general capital gains tax on shares. However, if the IRD considers you bought shares with the intent of selling for profit, the gains can be taxable as income. In practice, long-term buy-and-hold investors are generally not taxed on capital gains. Dividends from NZ companies are taxed as income with imputation credits. Returns from PIE funds are taxed at your PIR (capped at 28%). Overseas investments above $50,000 are subject to FIF tax. The tax rules depend on your specific situation, so it's worth getting familiar with them before you start (IRD).

Is my money safe on these platforms?

Your shares are held in custody, separate from the platform's own assets. If a platform goes bankrupt, your investments should still be recoverable. Sharesies, InvestNow, Kernel, and Hatch are all registered on the Financial Service Providers Register (FSPR). InvestNow and Kernel's funds are registered with the Disclose Register and regulated by the FMA. However, no NZ platform has deposit insurance equivalent to the FDIC in the US. Your investment value can still go up or down based on market performance (FMA, FSPR).

Can I transfer my shares between platforms?

In most cases, yes, but the process varies. NZX shares held in a CSN (Common Shareholder Number) can typically be transferred between NZ brokers. US shares held with one platform may need to be sold and rebought on another, as direct transfers between international custodians can be complex and costly. Check the specific transfer process and any fees with both your current and new platform before initiating a move.

What to do next

• Managed funds NZ: How managed funds work, what they cost, and the major NZ providers
• FIF tax explained: How overseas investments are taxed in NZ
• Sharesies review, InvestNow review, Kernel review, Hatch review: Detailed individual platform reviews

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Last updated: 28 February 2026. Sources: Sharesies (sharesies.co.nz), InvestNow (investnow.co.nz), Hatch (hatchinvest.nz), Kernel (kernelwealth.co.nz), ASB Securities (asb.co.nz), Jarden Direct (jardendirect.co.nz), Tiger Brokers NZ (tigerbrokers.co.nz), IRD (ird.govt.nz), FMA (fma.govt.nz). Fees and features are current as at February 2026 and can change. This is financial information, not financial advice.