Gembroker Disclosure Statement

Gembroker is an online broker that allows New Zealand residents to trade US equities and ETFs with a web dashboard or with advanced systematic investment technology powered by related company Gembot Limited. Gembroker commenced business on 25 May 2022.  

Gembroker is registered as a Financial Services Provider reporting to the Financial Markets Authority to provide the following services:

• Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons;
• Operating a money or value transfer service.

In Plain Language

we are very aware of the rules and we abide by these and ensure that all who we interact with also abide by these rules. 

Currently, Gembroker products do not provide any financial advice. The tools and services enable users to be able to effectively execute their self-directed investing at a more cost-effective level. Our tools include the ability to group assets and schedule orders appropriately for the user's needs.

In Plain Language

our users are welcome to use the tools and capabilities we provide to make the investments they wish to make and we do not provide any financial advice at any time.

Gembroker NZ Limited charges fees for certain services we provide. These fees will be payable when you opt-in to receive the relevant service. Before you opt-in to receive any service from us, we will advise the applicable fee regime and any relevant terms of payment for such fees.

Our current fee schedule is as follows:

1. Stock and ETF Trade Fees - 0.4% maximum with fees as low as 0.2%
2. Interest on Cash Balances - 50/50 revenue share with Alpaca
3. Payment for Order Flow - 50/50 revenue share with Alpaca
4. Spread on Crypto Transactions up to 0.75% - a 50/50 revenue share with Alpaca
5. Foreign Exchange for $NZD Deposits and Withdrawals - up to 1% - a 50/50 revenue share with Wise.com and other money remittance providers
6. Subscription offering for Gembroker Plus which enables users to access cheaper transactions and other premium services and features

In Plain Language

All applicable fees are clearly published and transparently shared with you and there should be no surprises at all.

Gembroker NZ Limited has the following interests that may influence the financial services that we and our Platform provides:

1. Gembroker NZ Limited is wholly owned by Maddition Limited.
2. Maddition Limited is a holding company that has a number of subsidiaries that strategically align with the mission of the company to democratise wealth generation for everyone.
3. Gembot Limited owns the IP and technology that we have created and all Gembroker customers must sign up to Gembot Limited first.
4. Alpaca Securities LLC is our broker-dealer partner which provides the infrastructure for Gembroker NZ Limited's trading capabilities. 

In Plain Language

We created a company called Maddition Limited which is owned by the founders, investors and employees. Maddition Limited then created subsidiaries that provide specific business functions. Gembot Limited and Gembroker NZ Limited are the current subsidiaries. Gembot owns all the IP for the platform and offers subscriptions and Gembroker NZ Limited which allows NZ residents to trade US equities, ETFs and Cryptocurrencies. 

If for any reason you are not satisfied with our financial services, you should notify us directly in the first instant via email [email protected].

If the matter is not resolved to your satisfaction, or you do not wish to raise it with us directly, you can make a complaint through the following channels:

1. By mail at [email protected]
2. In writing to the Complaints Manager, Gembroker NZ Limited, Level 8, 23 Customs Street East, Auckland 1010
3. In person at our office
4. Or by telephone 0212236249 to our Complaints Manager

All complaints received will be considered in accordance with our internal complaints handling process.

We will acknowledge receipt of the complaint within 2 working days of receipt.

Ae will aim to respond to your complaint at the earliest possible time, but no later than 14 working days from receipt of such a complaint.

To facilitate an effective investigation, we may reach out directly to you to seek additional information.

We will contact you via email or in writing to let you know the outcome of our investigation into your complaint.

If we cannot resolve your complaint, or if we fail to provide you with a reasonable response within 40 working days of your lodging the said complaint, you can contact Financial Dispute Resolution Service, a Financial Ombudsman Service and our external independent dispute resolution provider.

Financial Dispute Resolution Service provides a free, independent dispute resolution service that may help investigate or resolve any retail client’s complaint where we have not been able to resolve the complaint to your satisfaction.

You can contact Financial Dispute Resolution Service by:

Emailing [email protected]

Calling (locally) 0508 337 337

Calling (international) +64 4 381 5047

Completing a complaint form on their website here

You can also write to them at: FDRS, Free Post 231075, P O Box 2272, Wellington, 6140, New Zealand.

In Plain Language

We have a very simple complaint escalation and resolution process with independent parties involved. Should you not be happy with our processes, you are most welcome to escalate this with the Financial Ombudsman Services at any time.

Gembroker NZ Limited has obligations under the Financial Markets Conduct Act 2013 relating to the way that we give financial service.

We are required to

• Give priority to your interests;
• Ensure our financial service is not materially influenced by our own interests;
• Exercise care, diligence and skill in providing you with advice;
• Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Services; and
• Meet standards of ethical behaviour, conduct and client care.

This is a brief summary of our duties. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz

In Plain Language

we adhere to defined duties under the law to ensure that we provide our customers with the opportunity to get the best outcomes we can for you.