Smartbit Boost New Zealand has been flagged by Financial Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Do not use Smartbit Boost New Zealand for anything serious. I used them for about three months for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Automated trading options|Detailed reporting|Full transparency|Good mobile app
Cons: Wait times can be long during peak hours|Slow to add new assets
Smartbit Boost New Zealand offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Fast execution|Portfolio tracking tools
Cons: Minimum deposit could be lower|No integrated tax optimization
Several red flags with Smartbit Boost New Zealand: (1) They promise unrealistically high returns, (2) They're not registered with Financial Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Unauthorized firm|Found in IOSCO warnings database
I was contacted by Smartbit Boost New Zealand through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
I wanted to transfer my portfolio from another broker to Smartbit Boost New Zealand. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Fast deposits|Helpful community forum
Cons: Desktop app not available on Linux
What really bothers me about Smartbit Boost New Zealand is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them through word of mouth in my investment club and I fell for the polished exterior. Never again.
Pros: Detailed reporting|Clean UI
Cons: Slow to add new assets