Reason for this visit

Despite being in a small scale, New Zealands forex market is relatively efficient, with gradually declining spread trading. The comparatively low intraday trading volume in the market is largely made during the London and New York session. Forex brokers in New Zealand are required to be licensed and regulated by the central bank, which demands that brokers should provide adequate risk disclosure and investor education. In recent years, smaller local brokers have faced competitive pressure from foreign brokers, with the rapid development of trading automation and mobile trading. In order to help investors or practitioners gain a more comprehensive understanding of the country's forex brokers, WikiFX survey team decides to go to New Zealand for on-site visits to local companies.

On-site visit

In this issue, the survey team went to New Zealand to visit forex broker Rich Smart as planned according to its regulatory address that L8W5/300 Queen Street, Auckland Central, Auckland 1010, New Zealand.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker Rich Smart at 300 Queen Street in central Auckland.

300 Queen Street is located in the core area of Auckland's Central Business District (CBD), surrounded by a thriving commercial environment with retail stores, restaurants, and office buildings. The building is a modern high-rise featuring the “300 Queen” signage on its exterior. The elevator lobby at the entrance is equipped with digital directory screens, presenting a bustling atmosphere. The inspection team successfully entered the main lobby, where the tenant directory clearly showed that unit “L8W5” was leased to Dynamic Payment Pty Ltd, with no mention of Rich Smart or any related names.

The team took the elevator to the 8th floor, where company nameplates were visible along the corridor walls, some displaying Chinese characters. Following the directory, Suite 5 was located on the western side of the floor, with its door and wall prominently marked with “Dynamic Payment Pty Ltd” and UnionPay logos. However, no logos or text related to Rich Smart were found.

Although the team reached the floor and confirmed the location of Suite 5, they were unable to enter the office. The access control system required keycard authorization or internal approval, and repeated contact attempts were unsuccessful. Through the glass door, the interior appeared to be a standard office space with no visible signs of active operations. The inspection team confirmed that Suite 5 was an independently leased office, not a shared workspace, and there was no indication of Rich Smart's presence, ruling out the possibility of co-tenancy or brand representation.

Through an on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to New Zealand to visit forex broker Rich Smart as scheduled, but did not find the company at its regulatory address. This suggests the broker maintains no physical business premises and uses the address solely for registration purposes. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

The content is used for informational purposes only, and shall not be taken as a final order for making a choice.