Terms & Conditions

Being informed is a key part of being a good investor. We strive to make all information easily accessible to all our customers.

Gembroker New Zealand Limited Terms and Conditions

Effective Date: 02 October 2023

Gembroker Background

Gembroker New Zealand Limited is part of the Maddition Group which is a global wealth management technology business that powers wealth building platforms like Gembroker and Gembot.

Gembroker partners with global companies to give you access to investment products. We do not create, issue  or own these products, so we are not responsible for them. It's important for you to carefully review the terms of each product to determine if it suits your needs and understand the associated risks before deciding to invest.


The Gembroker Service or associated products and businesses do not give financial advice.

The information  presented by Gembroker New Zealand Limited and provided in its website, videos  and/or mobile applications (Platforms) is factual information of a general nature only

Any information contained in the Gembroker Service  is general information only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any information contained through the Gembroker Service and before making any investment decision  you should  consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. 

We provide information on  potential investment options for you to consider , but we don't give  financial advice. We do not provide any opinion or recommendation as to what you should invest in. It's up to you to make decisions about which products to invest in, taking appropriate advice prior to actioning any investment decision . When you invest real money, there is a real risk that you may lose some or all of your investment. You are solely responsible for your investment decisions and any losses you experience as a result, and not us or any of our partners.

Account Creation

To create an account, you must be:

  1. At least 18 years of age;
  2. A physical and tax resident of New Zealand;
  3. Possess the legal right and ability to enter into a legally binding agreement with us; and
  4. Agree and warrant to use the Gembroker Service in accordance with these Terms.

We retain the right to cancel your account for any reason, or refuse your account activation request.

Additionally you must:

  1. Sign up for Gembot.ai;
  2. Complete the Gembroker onboarding application;
  3. Provide complete and accurate information that we and our partners need during the sign-up process;
  4. Upload necessary documents that we and our partners need to verify your identity as required by law;
  5. Gembroker will use electronic identity verification services to confirm your identity and perform customer due diligence checks, including checking for politically exposed persons (PEPs);
  6. By applying for Gembroker, you give your consent for the company to verify your identity and conduct checks using these electronic services; 
  7. Sign up for an individual brokerage account with Alpaca Securities LLC and Alpaca Crypto LLC [Process to be discussed/confirmed]
  8. Agree that we and our partners can communicate with you electronically about all matters.

It is essential for us to have your updated information at all times. Please review your account details regularly and inform us promptly of any changes. We will provide you with a secure login to access your Gembroker Account via the Gembot Platform. It is your responsibility to keep your account secure at all times by choosing a strong password and updating it as needed, ensuring that nobody else has access to your account. If we receive an order from your account, we will assume it is from you and proceed accordingly.

Please note that we are not liable for any unauthorised use of your Gembroker Account or any financial losses resulting from such unauthorised use. Please take necessary precautions to prevent unauthorised access and protect your account.  If there is suspicion or a report of unauthorised use of your Gembroker Account, we have the right to suspend access to it. Additionally, we may suspend access if we believe the account's security is compromised, if it is being used for illegal purposes, or if required by law or regulatory authorities.

Whenever possible, we will inform you in advance if we are going to suspend your Gembroker Account and provide reasons for the suspension. However, in some cases, we may be required to act swiftly to ensure the account's security or may be prohibited by law or regulatory restrictions from notifying you. Please note that while your account is suspended, we are not responsible for any financial losses or missed opportunities you may experience.

You need to report any unauthorised use of your Gembroker Account to us immediately, by emailing us at [email protected]

We have made all reasonable efforts to secure the information you provide to us, but you understand and accept that you use Gembroker and provide information at your own risk. We are not responsible for any misuse of your information that may occur due to a breach of our security measures.

Gembroker Terms

When you open an account with Gembroker, which includes an individual brokerage account with Alpaca Securities LLC and Alpaca Crypto LLC (Alpaca), we refer to it as your "Gembroker Account". It's important for you to read and understand these  terms and agree to follow them throughout your lifecycle with Gembroker. We have the right to modify these terms at any time. We will notify you by email four weeks prior if the changes significantly impact the meaning or effect of these terms. However, minor changes that are inconsequential may be made without prior notification. 

If you disagree with any changes to the terms, you have the option to cancel your Gembroker Account before the new terms come into effect. By continuing to use Gembroker after the changes, we will consider you to have accepted the new terms. In addition to these general terms, there are specific terms that apply to each product available on Gembroker. To use those products, you will need to agree to the respective specific terms.

Your Gembroker Account    

We properly account for your funds in your Gembroker Account and display the value of your funds  and investments held with Gembroker. It's also where you place orders for your trading account.  When you deposit money into your Gembroker Account, it is received in a New Zealand bank account in trust with Gembroker NZ Limited and we then take the appropriate actions to transfer the funds to Alpaca Securities and then to the appropriate custodian. By signing up to the Gembroker Service you give us the authority to use the appropriate intermediaries to get the funds to your broker account as soon as possible. Funds will appear in your account generally within three (3) business days, however we endeavour to get the funds available in your account within one (1) day. We will get the best rate possible for foreign exchange and all fees charged will be clearly communicated via email confirmation upon the funds becoming available.

Funding an Account

 Before you can provide an Instruction to buy securities, you must fund your account. Gembroker retains the discretion to allow purchase of securities prior to any funding.

We may offer different payment methods and speeds for you to deposit funds to your account and transfer funds between New Zealand  and United States of America currencies. Gembroker is not liable for any losses arising from funding delays or errors, including transfers between New Zealand  and United States of America currencies. We may charge you a fee for certain payment methods or speeds. We reserve the right to change the type of payment methods and speeds, and fees associated with them, at our sole discretion.

You agree that funds deposited via any funding method may not be available for withdrawal until the funds have cleared at Gembroker, which generally takes up to seven (7) business days. After this time, if the funds have cleared they may be withdrawn by you.

You authorise Gembroker, relevant intermediaries and any Service Provider, if required, to facilitate the transfer of funds deposited into your account (which are not the result of a withdrawal from the United States of America) to the United States of America client account of Gembroker’s broker-dealer (Alpaca Securities, LLC or ‘Alpaca’) (the ‘Alpaca Account’).

You may also receive funds deposited into your account by Gembroker as a result of promotions Gembroker may run from time to time.

Where you initiate a foreign exchange transfer on Gembroker, you authorise Gembroker to book a deal with Foreign Exchange Partners, such as Wise (TransferWise  Pty Limited) to convert your funds into United States of America dollars. The applicable exchange rate will be the rate at the time the funds are received (rather than when they are sent by you). We may provide an estimated exchange rate at the time you initiate the transfer, however if you do not select an instant payment method (for example a  bank transfer), the actual exchange rate applied at the time that the funds are received may vary from the estimate provided.

Funds transferred will be sent to one of our  Foreign Exchange Partners , and then remitted to your United States of America client account in United States of America dollars. Gembroker has contracted with its Foreign Exchange  Partners directly and you are not entering into a contractual relationship with that Foreign ExchangePartner (unless explicitly disclosed).

You will be notified once the funds have cleared in the Alpaca Account and are available to invest through Gembroker.

You confirm that the intention of using these funds is not for any improper or illegal activity.

If you fund your Gembroker Account directly (not explicitly within the Gembroker Service, but through your own channel) you acknowledge that Gembroker is not responsible or liable for any loss. Gembroker does not support third party deposits. You acknowledge that third party deposits may be rejected and sent back to source and Gembroker may take any other action in respect of your account, including suspension and/or charging a fee.

You must not fund your Gembroker Account from an international source.

Gembroker is responsible for maintaining accurate records of your money and ensuring the correct amount is transferred to your Alpaca Account. However, Gembroker is not liable for any losses resulting from fluctuations in the exchange rate or delays caused by Gembroker or the banks it works with.

If you have any concerns or disagree with the investment records provided by Gembroker, you must notify us promptly, preferably within two (2) days. If you have any issues with your Gembroker Account statement, please inform us within five (5) days.

In the case we are unable to match the money deposited with a Gembroker customer, we may return the money to its original bank account.

If you or we decide to close your Gembroker Account, we will ensure that any investments held through Gembroker are sold and the resulting funds are returned to your bank account.

Your investments are held by Alpaca, or its sub-custodian, on your behalf and not directly by Gembroker. Refer to the information below regarding our business partners.

Gembroker Availability  

Our Gembroker Services will be fully available between 08h00 to 18h00 New Zealand Time Monday to Friday and our team will be available during these core business hours to address any service failures 

While we endeavour to ensure our services are highly available, we can not guarantee this due to production defects or reasons beyond our control.  As such we are not liable if Gembroker is not available for any reasons beyond the core business hours. 


While we don’t charge any fees to open a Gembroker Account, there are fees for using any of the products and services on the Gembroker Platform. Our current fee schedule is here:

Go to pricing

How we Make Money

  1. Trade Fees - up to 0.4% per trade
  2. Interest on Cash Balance held on your behalf
  3. Payment for Order Flow
  4. Spread on Crypto Transactions 0.75%
  5. Foreign Exchange for New Zealand Dollar Deposits and Withdrawals of 1%
  6. Subscription fees for Gembroker Plus which enables users access to free transactions and other premium services and features


If you have a complaint, please bring it to our attention at Gembroker.

If we are unable to resolve your complaint to your satisfaction, you have the option to escalate it to our external dispute resolution scheme free of charge:

Financial Dispute Resolution Services (FDRS)

 Level 4, 142 Lambton Quay, Wellington 6011, New Zealand

www.fdrs.org.nz | 0508 337 337 | [email protected]

 Our Privacy Obligation 

In order to effectively deliver Gembroker products and services, we and our partners  need to collect personal details from you.  Failure on your part to provide this requisite data will lead to you unable to use our products and services. We treat this information with utmost respect as detailed in our Gembroker Privacy Policy in alignment with New Zealand Privacy Law. 

Additionally some of the information we request is for Alpaca.

It's important to note that Alpaca is not governed by New Zealand law and may not be obligated to protect your information in a manner that provides equivalent safeguards as required by New Zealand privacy laws.

Alpaca handles and safeguards your information according to their Privacy Policy, which you should read and understand. You agree for us to share your information with Alpaca as a result of using Gembroker.

Gembroker Partners With  

Alpaca Securities LLC and Alpaca Crypto LLC (Alpaca)

Alpaca is a United States of America broker-dealer that provides brokerage services on Gembroker and holds investments on your behalf, either directly or through a sub-custodian or another provider.

With your Gembroker Account, you can purchase shares in companies and Exchange-Traded Funds (ETFs)and cryptocurrencies using Alpaca’s brokerage service. You have the flexibility to invest any dollar amount, even if it's a fraction of a share.

Alpaca offers access to shares from over 4,700 well-known companies and  more than 1,200 ETFs.

When you sign up for the United States of America share market product, you agree to Alpaca’s Account Application and Customer Agreement. It is important to thoroughly read and understand this Agreement as it outlines the responsibilities and limitations of both Alpaca and yourself when trading through Gembroker.

Please note at all times that Gembroker does not offer financial advice, and the information on this website should not be considered as a recommendation or opinion   to invest in any specific product or company.  All investments come with risks, and there is always a possibility of losing money, including the initial investment. It is advisable to consult a licensed financial adviser for professional advice before making any investment decisions.

Gembot Terms and Conditions

Effective Date: 01 April 2022


The information  presented by Gembot and provided in its website, videos  and/or mobile applications (Platforms) is factual information only.

All information provided on the Gembot Platform is general in nature and has been prepared without taking into account your specific objectives, financial situation, or needs.No financial advice is provided. It is essential that you do not solely rely on any information within the Gembot Platform. Before making any investment decisions, we strongly advise you to assess whether the information and any investment decision  is suitable for your individual circumstances and to seek relevant financial, taxation, and legal advice. Your unique financial situation requires careful consideration, and seeking professional financial advice is crucial to making well-informed investment decisions.

Account Creation

To be eligible to open an account, you must be:

  1. At least 18 years of age;
  2. Possess the legal right and ability to enter into a legally binding agreement with us; 
  3. Be able to meet any criteria to open and maintain an account; 
  4. Provide all necessary verification information so that we can comply with the New Zealand Anti-Money Laundering and Countering Financing of Terrorism legislations; and
  5. Agree and warrant to use this Platform In accordance with these Terms.

We retain the right, at our complete discretion, to cancel your account , or refuse your account creation request at any time without giving reasons.

If your information changes at any time, you need to advise us immediately.

Collection Notice

We collect personal information about you in order to provide our services and for purposes otherwise set out in our Privacy Policy. That document should be read in conjunction with these terms and conditions.

Accuracy, Completeness and Timeliness of Information

The information on our Platform, sourced from third parties and sites,  is not comprehensive and is intended to provide a summary of the subject matter covered only. While we use all reasonable attempts to ensure the accuracy and completeness of the data and information on our Platform, to the extent permitted by law, we make no warranty regarding the accuracy or completeness of  information on this Platform. We are not responsible for any reliance placed on any of the information provided though the Platform. You need to be aware that information may change and you need to continually monitor any changes (including information) on this Platform on an ongoing basis and all material changes will be communicated via our release note emails and knowledge base updates.

Furthermore we make no commitments in regards to the minimum amount of uptime that our Platform will be maintained, although we will make every reasonable attempt to ensure that the Platform is operational.

We are not liable to you or anyone else if interference with or damage to your computer systems occurs in connection with the use of this Platform or a linked website. You must take your own precautions to ensure that whatever you select for your use from our Platform or a linked website is free of viruses or anything else (such as worms or Trojan horses) that may interfere with or damage the operations of your computer systems.

We may, from time to time and without notice, change or add to the Platform (including the Terms and Conditions or the information, products or services described in it. Whilst we endeavour to maintain the Platform on a regular basis, we do not undertake to keep the Platform updated at all time. We are not liable to you or anyone else if errors occur in the information or the Platform is not up-to-date.

Promotions and Competitions

For certain campaigns, promotions or contests, additional terms and conditions may apply. If you want to participate in such a campaign, promotion or contest, you will need to agree to the relevant terms and conditions applicable to that campaign, promotion or contest. In case of any inconsistency between such terms and conditions and these Terms, those terms and conditions will prevail.


Users are able to purchase premium services from Gembot. These services can be delivered via subscription. We reserve the right to cancel or refuse access to our premium services for any user, at any time without giving reason. The following terms apply to those users that have purchased  premium features.

  • Discounts/Promotional Prices:
    Users that subscribe under a reduced rate shall have the discount applied for that period only (i.e. as advised on the offer, up to a maximum of 12 months). After which time, their rate shall revert to standard pricing at that date.
  • Changes in price:
    Gembot reserves the right to change our pricing at any time, and with reasonable notice to our subscribers. At the end of the notice period the user’s next billing period (i.e. monthly or annually) payment shall be at the revised price.
  • Payment methods and security:
    Payments are via credit card and are handled by a third party payment service called Stripe. Credit card details are not stored on Gembot’s systems.
  • Cancellation:
    Users can cancel their subscription at any time. Users shall not be entitled to a partial refund, however, at our sole discretion, we may choose to give users a partial refund.
  • Refunds:
    We offer a 14 day money back guarantee for all new subscribers only from their sign up date. Past the 14 day period refunds shall be at our sole discretion.
  • Subscription fees:
    If applicable, users authorise Gembot to automatically debit their credit card on their initial registration and then on each subsequent anniversary of their billing cycle (i.e. monthly or annually), until canceled.
  • Sole use only:
    Users are unable to share access to their premium features unless explicitly approved under their subscription level.
  • New Zealand Users:
    Fees charged to New Zealand users are subject to GST.

Linked Sites

Our Platform may contain links to websites operated by third parties. Those links are provided for convenience and may not remain current or be maintained. Unless expressly stated otherwise, we do not endorse and are not responsible for the content on those linked websites and have no control over or rights in those linked websites.

Intellectual Property Rights

Unless otherwise indicated, we own or license from third parties all rights, title and interest (including copyright, designs, patents, trademarks and other intellectual property rights) in this Platform and in all of the material (including all text, graphics, logos, audio and software) made available on this Platform (Content).

Your use of this Platform and use of and access to any Content does not grant or transfer any rights, title or interest to you in relation to this Platform or the Content. However we do grant you a licence to access this Platform and view the Content on the terms and conditions set out in this Agreement and, where applicable, as expressly authorised by us and/or our third party licensors.

Social sharing buttons, infographic download feature, or with written permission any reproduction or redistribution of this Platform or the Content is prohibited and may result in civil and criminal penalties. In addition, you must not copy the Content to any other server, location or support for publication, reproduction or distribution is expressly prohibited.

All other use, copying or reproduction of this Platform, the Content or any part of it is prohibited, except to the extent permitted by law.

No Commercial Use

Outside of the affiliate/partnership programs, and the professional membership levels this Platform is for your personal, non-commercial use only. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, commercially exploit, create derivative works from, transfer, or sell any Content, software, products or services contained within this Platform. You may not use this Platform, or any of its Content, to further any commercial purpose, including any advertising or advertising revenue generation activity on your own website.

Unacceptable Activity

You must not do any act that we would deem to be inappropriate, is unlawful or is prohibited by any laws applicable to this Platform, including but not limited to:

  • any act that would constitute a breach of either the privacy (including uploading private or personal information without an individual's consent) or any other of the legal rights of individuals;
  • using this Platform to defame or libel us, our employees or other individuals;
  • uploading files that contain viruses that may cause damage to our property or the property of other individuals; and
  • posting or transmitting to this Platform any non-authorised material including, but not limited to, material that is, in our opinion, likely to cause annoyance, or which is defamatory, racist, obscene, threatening, pornographic or otherwise or which is detrimental to or in violation of our systems or a third party's systems or network security.

If we allow you to post any information to our Platform, we have the right to take down this information at our sole discretion and without notice at any time.

Warranties and Disclaimers

To the maximum extent permitted by law, we make no warranties or representations about this Platform or the Content, including but not limited to warranties or representations that they will be complete, accurate or up-to-date, that access will be uninterrupted or error-free or free from viruses, or that this Platform will be secure.

We reserve the right to restrict, suspend or terminate without notice your access to this Platform, any Content, or any feature of this Platform at any time without notice and we will not be responsible for any loss, cost, damage or liability that may arise as a result.

The Gembot AI Assistant uses GPT3.5 and has been fine tuned to not give any financial advice. Users attempting to manipulate the Assistant to hallucinate will have access revoked and potentially banned. Large Language Models are susceptible to hallucinations and any response should be validated by the user independently.


To the maximum extent permitted by law, in no event shall we be liable for any direct and indirect loss, damage or expense – irrespective of the manner in which it occurs – which may be suffered due to your use of our Platform and/or the information or materials contained on it, or as a result of the inaccessibility of this Platform and/or the fact that certain information or materials contained on it are incorrect, incomplete or not up-to-date.


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Jurisdiction and Governing Law

Your use of this Platform and these Terms are governed by the law of New Zealand and you submit to the non-exclusive jurisdiction of the Courts exercising jurisdiction in New Zealand