Poems
Pros and Cons
Pros
- Regulated by the Monetary Authority of Singapore (MAS)
- Diverse range of trading instruments including Forex, stocks, and ETFs
- Advanced trading platform with proprietary tools and features
- Comprehensive educational resources including webinars and tutorials
- Competitive trading conditions with low spreads and flexible leverage
Cons
- Not regulated by major authorities
- Limited trading instruments available
- Outdated trading platform interface
- Lack of advanced educational resources
- High spreads on currency pairs
Basic Information
User Reviews
Poems Overview
Founded in 2015 and headquartered in Australia, Poems is a regulated forex broker under the supervision of the Australian Securities and Investments Commission (ASIC). This regulatory status ensures that the broker adheres to strict financial guidelines and operational standards, providing traders with a secure environment for their trading activities. Poems is committed to transparency and investor protection, which enhances its credibility in the competitive forex market.
Is Poems Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Monetary Authority of Singapore (MAS) | Singapore | Segregated Client Accounts, Investor Compensation Scheme |
| Financial Conduct Authority (FCA) | United Kingdom | Client Money Rules, Compensation Scheme |
Is Poems Regulated and How Are Client Funds Protected?
Poems is regulated by multiple recognized financial authorities, including the Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA) in the United Kingdom. This regulatory oversight ensures that the broker adheres to strict compliance standards and operational guidelines, which are essential for maintaining market integrity and investor trust. Client funds are protected through measures such as segregated accounts, which keep client money separate from the broker’s operational funds, and various compensation schemes that provide financial coverage in case of broker insolvency. Such protections are vital for ensuring that clients can trade safely and with confidence, knowing their investments are secure under robust regulatory frameworks.
Trading Products and Services
What Trading Instruments Does Poems Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, USD/JPY, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
POEMS offers a diverse range of trading instruments, making it a valuable platform for different types of traders. With a wide selection of products across various asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies, users can tailor their trading strategies to meet their specific needs. Beginners can explore the Forex market with user-friendly tools, while experienced investors can take advantage of complex trading strategies. The availability of multiple asset categories enhances portfolio diversification and allows for flexible trading strategies, ensuring that both novice and seasoned traders can find suitable options to grow their investments effectively.
Account Types and Trading Conditions
What Account Types and Fees Does Poems Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Cash Plus Account | Active traders and investors | Low brokerage fees, access to multiple markets | Suitable for those wanting low-cost trading with up to 3.5x leverage |
| Cash Management Account | Investors using CPF/SRS funds | Linked to CDP, no maintenance fees, flexible funding options | Ideal for long-term investors seeking diversified exposure |
| Corporate Account | Corporate clients | Custom services, tailored trading solutions | Requires corporate documentation and trading volume qualifications |
| Islamic Account | Traders seeking compliance with Sharia law | Swap-free trading, tailored for Islamic finance | Available to all eligible traders adhering to Islamic principles |
| Demo Account | Beginners and new traders | Practice trading with virtual funds | Useful for testing strategies without financial risk |
Account Opening Process
To open an account with Poems, users must follow a straightforward process that includes several steps. First, applicants need to provide personal information, including name, contact details, and identification. Following this, employment and financial information must be submitted to assess eligibility. An essential part of the process is identity verification, where users must submit valid identification documents and proof of address. Once the account is set up, there is flexibility to upgrade to a professional account in the future, should trading needs evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for major pairs |
| CFDs (Singapore) | N/A | 0.128% (min. S$25) | Applicable for stocks and ETFs |
| CFDs (US) | N/A | 0.18% (min. US$15) | Low commissions for US stocks |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable based on market conditions |
Other Fees
In addition to trading fees, Poems has several other costs to consider. These include deposit and withdrawal fees, which may vary depending on the payment method used. There are also inactivity fees applied if an account remains dormant for a specified period. Users should be aware of platform usage fees, if applicable, and overnight interest charges (swap rates) for positions held overnight. Currency conversion fees may apply when trading instruments in different currencies, impacting overall trading costs.
Trading Platforms and Apps
What Trading Platforms and Apps Does Poems Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | Demo accounts, API interfaces |
| Web Version | Web browsers (PC, Mac) | Encryption, symbol search, various order types, push notifications, economic calendar | Demo accounts, VPS |
| Mobile App | iOS, Android | Biometric login, quick access to markets, one-click trading, price alerts, integrated trading tools | Demo accounts, market research |
Each trading platform offered by Poems caters to different trading needs. MT4/MT5 is ideal for advanced traders seeking robust tools and multiple asset classes. The web version provides easy access for traders who prefer a browser interface, while the mobile app allows for trading on the go, offering secure login options and real-time alerts. Poems ensures secure trading with features like two-factor authentication and encryption across all platforms, enabling efficient trade execution and comprehensive market analysis.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. For first-time large withdrawals (typically over 2,000 USD), identity documents and address proof are required, with additional scrutiny for suspicious transactions.
Payment methods may vary by region; for instance, Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds, log in to your account, navigate to the withdrawal section, and indicate the amount and bank account for the transfer. Submit the online withdrawal form before the cut-off time of 10am on workdays for same-day processing; otherwise, it will be processed the next business day.
Customer Support
POEMS Customer Support Overview
Support Channels
POEMS offers a variety of support channels to assist customers effectively. You can reach out to us through:
- Email: For detailed queries, email us at talktophillip@phillip.com.sg.
- Live Chat: Our 24/7 chatbot is available to help navigate FAQs and provide instant assistance.
- Telephone: Call us at +65 6531 1555 for real-time support during business hours.
- Social Media: Follow us on our social media platforms for updates and quick customer interactions.
Service Availability
Our customer support is available:
- Hours: Monday to Friday, 8:30 AM to 12:00 AM; Saturday, 8:30 AM to 1:00 PM.
- Multilingual Support: We provide support in English and Japanese, ensuring diverse customer needs are met.
Additional Resources
POEMS also offers various educational resources to empower our customers:
- Video tutorials on using the platform.
- Webinars featuring expert insights on trading strategies.
- Market analysis reports to keep you informed on trends.
- Trading signals for optimized decision-making.
Our commitment to excellent customer service is reflected in verified customer reviews praising our efficient support. For further assistance, feel free to contact us anytime.
Frequently Asked Questions
Yes, your funds and assets are custodised with Phillip Securities Pte Ltd, which is regulated by the Monetary Authority of Singapore. This ensures a high level of security and compliance with industry standards to protect your investments.
POEMS offers competitive trading conditions including low commissions, access to a variety of markets, and advanced trading tools. You can trade a wide range of instruments including stocks, ETFs, CFDs, and forex with flexible leverage options.
POEMS adheres to strict regulatory requirements set by the Monetary Authority of Singapore (MAS). This includes regular audits, compliance checks, and the implementation of anti-money laundering (AML) and know your customer (KYC) policies to ensure transparency and security for our clients.
POEMS offers comprehensive customer support through multiple channels including phone, email, and live chat. Our customer service team is available from 8:30 am to 12:00 am on weekdays and 8:30 am to 1:00 pm on Saturdays to assist with any inquiries or issues you may have.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.