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 has expanded from index-fund-only into direct US shares, an on-call savings account, and a KiwiSaver scheme — making it one of the broadest platforms now. ASB Securities and Invest Direct (formerly Jarden Direct) have higher minimums and broader market access.

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

Better 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	1.9% (capped at $25 NZD)	1.9% (capped at $5 USD) + 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	Not available	$3 USD per trade + 0.5% FX	N/A	No minimum	No	Provided
Kernel	N/A	$0 brokerage + tiered FX (0.4–1.5%)	0.25% to 0.50% p.a. (funds)	$1	Yes (funds)	Funds: handled in fund; shares: user calcs
ASB Securities	0.30% (min $30)	N/A	N/A	$500 per trade	No	N/A
Invest Direct	$29.90 flat (up to $15k)	Not confirmed post-rebrand	N/A	No stated minimum	No	Guidance provided
Tiger Brokers	0.1% (min NZ$2)	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 11 May 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 1.9% per transaction on NZX trades, capped at $25 NZD per order. ASX trades are 1.9% capped at $15 AUD. US trades are 1.9% capped at $5 USD, plus a 0.5% foreign exchange fee. There are optional monthly plans ($3, $7, or $15/month) that include transaction credits. There's no annual account fee on the pay-as-you-go tier. 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. Note: the US trade cap dropped from $25 to $5 USD, so Sharesies' US brokerage is now competitive only for small orders (under ~$160 USD per trade). 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 started as an index-fund manager and has since broadened into a multi-product platform: 27 NZ-domiciled funds, direct US shares and ETFs, an on-call savings account ("Smart Saver"), and a KiwiSaver scheme (Kernel).

What you can invest in:

• Kernel funds (27): NZ shares (NZ 20), global shares (Global 100, Global ESG), US large-cap (S&P 500 with NZD-hedged option), thematic funds (Clean Energy, Moonshots Innovation, EV Innovation, Property, Infrastructure), NZ Bond, Cash Plus, and others. All NZ-domiciled, all PIE.
• US shares & ETFs: 3,000+ US-listed shares and 300+ ETFs (Vanguard, Invesco, SPDR), bought in NZD with fractional sizing from $1.
• Smart Saver: on-call cash savings account, 2.25% p.a. (variable). No term, no withdrawal penalties.
• Kernel KiwiSaver Plan: three diversified funds (High Growth, Balanced, Cash Plus) plus access to specialty single-sector funds for members who want to build a custom mix.

Fee structure:

• Funds: 0.25% p.a. across most index funds. Actively managed funds and specialty funds top out at 0.50% p.a. No transaction fees, no member fees, no $25k admin threshold (Kernel removed the old $60/year admin fee).
• US shares & ETFs: $0 brokerage on every trade. FX fees are tiered by membership plan — Core (free): 1.5% · Plus ($5/month): 0.6% · Premium ($15/month): 0.4%.
• Smart Saver: no fees.
• KiwiSaver: 0.25% p.a. for diversified and core funds; 0.45% p.a. for three specialty funds (S&P Kensho Moonshots, EV Innovation, Global Clean Energy). $0 member fee (Kernel Help Centre).

Minimum investment: $1 across funds, US shares, and Smart Saver. KiwiSaver has no minimum.

Account type and tax:

• Funds: All PIE — taxed at your PIR (capped at 28%). Kernel handles the tax. International funds are NZ-domiciled PIE structures, so you avoid FIF on Kernel's own funds.
• US shares & ETFs: Held directly in your name (non-PIE). Kernel provides trade confirmations and monthly statements with values, dividends, and US withholding tax — but you (or your accountant) calculate FIF tax yourself once total overseas holdings exceed $50,000 in cost. This is different from Hatch and Sharesies, which provide a calculated FIF report (Kernel Help Centre, IRD).
• Smart Saver: PIE structure not disclosed publicly; treat interest as taxable until confirmed.
• KiwiSaver: PIE structure, PIR up to 28%, employer match and govt contribution apply as normal.

Key features: One of the few NZ platforms that combines low-cost PIE index funds, direct US share trading at $0 brokerage, on-call savings, and KiwiSaver in a single login. The trade-off vs Hatch/Sharesies for US shares: you save brokerage and possibly FX (if you upgrade to Plus/Premium), but you do your own FIF maths.

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.

Platform in transition: In November 2024, ASB announced a strategic partnership with UK-based CMC Markets to replace the current ASB Securities platform with a new offering called ASB Share Central, expanding access to 15+ international markets. ASB has indicated the integration would take 12–18 months. As of May 2026 the existing ASB Securities platform is still operating; ASB Share Central's fees, account-migration mechanics, and launch date have not been publicly confirmed at the time of writing. Existing customers should expect to hear from ASB directly about migration. Verify current pricing and platform status at asb.co.nz before opening a new account (ASB media release Nov 2024, CMC Markets, BusinessDesk).

Invest Direct (formerly Jarden Direct)

Invest Direct (formerly Jarden Direct, now owned by Hatch/FNZ and available at investdirect.nz) is an online broker offering access to NZ, Australian, US, and London markets. It targets more experienced investors who want direct market access and bond/IPO exposure (Invest Direct).

What you can invest in: NZX shares, ASX shares, US shares (NYSE/NASDAQ), London Stock Exchange shares, NZ bonds, IPOs.

Fee structure: NZX brokerage is $29.90 flat for trades up to $15,000, then 0.20% on the value above $15,000. ASX brokerage is A$29 flat for trades up to AU$30,000, then 0.30% above. A 0.89% currency conversion margin applies on international trades. No annual custody or account fees (Invest Direct).

Minimum investment: No stated minimum trade size.

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

Key features: Direct access to NZX, ASX, US and London markets. NZ bond and IPO access. No annual fees. Best for experienced investors with portfolios above $50,000 who need multi-market breadth and fixed-interest access.

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. The main NZ platform is at itiger.com/nz (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 and HK markets. Fractional US shares available on S&P 500 constituents and select ETFs.

Fee structure: NZX trades cost 0.1% of trade value with a minimum of NZ$2 per order. US trades cost US$1.99 for up to 200 shares, then US$0.01 per additional share. ASX trades cost A$2.99 per order. Foreign exchange fee: 0.35%. No annual account fee (Tiger Brokers NZ).

Minimum investment: No minimum investment.

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: Among the lowest US brokerage of any NZ-accessible platform at US$1.99 per trade. NZX brokerage is percentage-based (0.1% min NZ$2) rather than a flat fee — cheaper for larger NZX trades, pricier for very small ones. 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 low-cost fund platforms. Kernel offers its own index funds (0.25% to 0.50%) with PIE tax treatment and automatic investing — and Kernel now also offers direct US share/ETF trading at $0 brokerage if you want to mix index funds with individual picks. 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 US shares frequently, Kernel offers $0 brokerage on every US trade (FX fee is the only cost: 1.5% on Core, 0.6% on Plus, 0.4% on Premium). For occasional traders not on a paid plan, Tiger Brokers at US$1.99 and Hatch at $3 USD per trade are competitive with a flat 0.5% FX. For NZX trading, ASB Securities at 0.30% (min $30) is competitive for larger trades above $10,000. Sharesies charges 1.9% capped at $25 NZD — cheapest for NZX trades under ~$1,300. Invest Direct charges $29.90 flat on NZX trades up to $15,000. Note on Kernel: you do your own FIF calculation once overseas holdings exceed $50,000 in cost; Hatch/Sharesies/Tiger provide a calculated FIF report.

Larger portfolios wanting breadth

Invest Direct gives you the widest range of markets among NZ-headquartered platforms, plus NZ bonds and IPO access. ASB Securities offers bank-backed NZX and ASX trading for those who value institutional security. Both suit portfolios above $50,000 where the 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, Invest 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 Invest 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. Note: Kernel's direct US share & ETF holdings are not inside the PIE wrapper — for those, you (or your accountant) calculate FIF yourself using the trade confirmations and monthly statements Kernel provides.

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; Hatch charges $3 USD flat. For NZX shares, Sharesies charges 1.9% capped at $25 NZD — cheapest for trades under ~$1,300. For NZX trades above $10,000, ASB Securities at 0.30% (min $30) or Invest Direct at $29.90 flat (up to $15,000) 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 Invest 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 Invest 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 (Tiger Brokers also offers fractional US shares). ASB Securities has a practical minimum around $500. Invest Direct has no stated minimum trade size.

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

---

Last updated: 11 May 2026. Sources: Sharesies (sharesies.nz), InvestNow (investnow.co.nz), Hatch (hatchinvest.nz), Kernel (kernelwealth.co.nz), ASB Securities (asb.co.nz/asb-securities) and ASB/CMC Markets partnership announcement (asb.co.nz media centre, Nov 2024), Invest Direct (investdirect.nz, formerly jardendirect.co.nz), Tiger Brokers NZ (itiger.com/nz), IRD (ird.govt.nz), FMA (fma.govt.nz). ASB Securities is mid-migration to ASB Share Central (CMC Markets-powered) — verify current pricing and platform status at asb.co.nz before opening an account. Fees and features can change. This is financial information, not financial advice.