Upcomers New Zealand Review (2026): Evaluation Rules, Drawdown & Payouts

The Verdict: Is Upcomers Worth It for New Zealand Traders?

Upcomers is a newer European prop firm offering 1-Step and 2-Step evaluations on MT5, cTrader, and TradeLocker with an 8% Phase 1 / 5% Phase 2 target structure. While its web dashboard is modern and clean, it has a much shorter operational history than FTMO and enforces strict anti-HFT, IP-consistency, and lot-size rules during payout audits.

Contractual snapshot for Upcomers (Upcomers S.R.O. / Offshore Prop Operator (Prague / Europe)): account sizes range from $5,000 to $200,000 USD with profit splits of Up to 85%–90%. Evaluation targets are 8% (Phase 1) / 5% (Phase 2) under a drawdown framework of 10% Maximum Loss (Static) / 5% Maximum Daily Loss, with a minimum requirement of 4 to 5 minimum trading days (Unlimited time limit).

Onboarding, KYC & NZD Billing Audit

Upcomers provides instant dashboard access after USD checkout and conducts KYC verification upon passing Phase 2. New Zealand traders should ensure they connect from a consistent domestic ISP connection rather than rotating VPN endpoints, which can trigger IP-sharing flags during compliance review.

Illustrative prop evaluation dashboard tracking daily loss limits, maximum drawdown floor, and phase profit targets.

Platform Architecture, Server Routing & Rollover Rules

Upcomers supports MT5, cTrader, and TradeLocker routed through European servers (~190ms–240ms latency from New Zealand). Daily drawdown resets at European server midnight (10:00 AM NZST / 12:00 PM NZDT).

Because New Zealand sits in the UTC+12 (NZST) / UTC+13 (NZDT) time zone, the daily interbank market rollover (5:00 PM New York close) occurs at 9:00 AM or 10:00 AM NZT. During this 60-minute window, liquidity thins and simulated spreads on forex cross pairs (especially AUD/NZD, GBP/NZD, and EUR/NZD) widen substantially. Holding open positions with tight stops or heavy floating drawdown into the 9:00 AM NZT rollover can trigger an automated daily loss breach even without a genuine trend move.

Challenge Fees, Spreads & Drawdown Math

Challenge fees start around $49 USD for $5,000 and ~$450–$490 USD for $100,000 before promotional discounts. Spreads on major forex pairs average 0.5–1.1 pips with standard round-turn commissions, though exotic and cross pairs widen significantly during the NZ morning rollover.

FMA Jurisdiction & IRD Tax Rules in New Zealand

Upcomers (Upcomers S.R.O. / Offshore Prop Operator (Prague / Europe)) operates offshore and is not registered on the New Zealand Financial Service Providers Register (FSPR) or licensed by the Financial Markets Authority (FMA) as a Derivatives Issuer. Because prop evaluations are commercial contractor assessments conducted on simulated demo accounts, New Zealand residents have no statutory client-money segregation rights or access to local dispute schemes (FSCL, IFSO, or FDRS). Compare how regulated derivatives brokers are supervised in our Is Forex Trading Legal in New Zealand? and Forex Trading New Zealand guides.

For New Zealand tax purposes, profit splits received from Upcomers via Rise, Deel, bank wire, or cryptocurrency are classified by the Inland Revenue Department (IRD) as assessable contractor service income—not tax-free capital gains. You must declare gross payouts converted into NZD on your annual IR3 return at your personal marginal tax rate (10.5% to 39%).

Who Upcomers Suits (and Who Should Avoid It)

Upcomers is an option for traders wanting a modern dashboard and 8%/5% 2-Step targets on cTrader or TradeLocker, but conservative New Zealand traders should weigh its shorter operational track record against established firms like FTMO or FundedNext.

Pros & Cons