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POLi Brokers 2021 - Which Brokers Accept POLi?
POLi is an online payment company based in Australia. The system offers customers an alternative to credit card payments, meaning traders can make instant transfers to their investing accounts through an internet banking login process.
In this review, we’ll help you answer some key questions about POLi broker payments: how does it work and is it safe? We’ll also cover the facts and figures around security, fees, supported banks and how to sign up. Find out if you should deposit funds into your day trading account with POLi.
Based in Melbourne and part of the Australia Post company, POLi Payments Pty Ltd is Australia’s leading online payment system, established in 2006.
POLi currently has over 33 million users and is partnered with over 20 major Australian and New Zealand banks. Some of its largest merchants include Jetstar and Virgin Australia, as well as popular online casino and bookmaker companies in Australia, such as Sportsbet.
POLi enables convenient payments using the debit funds available in the trader’s bank account. This means no credit card details or lengthy payment forms are needed, as the payment portal connects directly to the trader’s internet banking feed.
Pros Of Trading With POLi Payments
Easy To Use
Using POLi Payments is quick and easy, with no need to register for an account or download any applications. Traders can simply choose POLi from the available payment methods in their broker’s account and make a deposit.
POLi uses secure communication channels to protect client data and ensures that no sensitive banking information is stored. It is also worth checking any security procedures or fund safety measures offered by your broker for extra peace of mind.
Traders receive an immediate confirmation of payment. To save time, the system also auto-fills payment details for you. Note that your forex broker may have longer processing times, which you can check by visiting their website.
You can make payments via POLi at numerous well-known brands and established brokers including TransferWise, Western Union, Pepperstone, IC Markets and CMC Markets. The payment provider also supports a number of major Australian and New Zealand banks, including ANZ, Citibank, Commonwealth Bank and Westpac.
Cons Of Trading With POLi Payments
Only Available To AU & NZ
Currently, the service is only available in Australia and New Zealand, which will rule out a lot of traders. The company does state on the website that more territories may be added in the future.
No Customer Support
Other than the FAQ section, POLi does not offer any support for customers if their payment isn’t working. This means if the online transfer console is down, traders will need to contact their broker or bank for assistance. This is disappointing as most payment methods will at least provide a contact number or offline support.
No Refund Or Chargeback
Unlike some other payment methods, POLi does not offer any kind of payment protection or reversal of funds. However, the company can assist your broker with some disputes via the dedicated merchant phone number, which can be found on the website.
Payments are processed instantly and traders receive a notification confirming their deposit immediately. Note that your broker may have their own processing times which may cause a slight delay in funds reaching your trading account.
All communication is transmitted over Secure Sockets Layer using 2048 bit SSL Certificates. The company also uses a proxy server between the customer and the internet banking site, with advanced security to protect against DNS (Domain Name System) threats.
Furthermore, during a transaction, no third party can access a trader’s login credentials and no sensitive data is stored.
Deposits & Withdrawals
To make payments, simply locate the POLi logo from within your trading account and enter the amount you wish to deposit. POLi Payments will then start asking for your bank login details on the first screen, where you can then check the transfer amount. Make sure the details are correct, as you will not be able to reverse the payment.
Once you have logged in, you may need to confirm the transaction with a verification code, depending on your bank. Note that your broker may have a minimum or maximum deposit limit. You may also need to check whether your broker permits withdrawals via POLi.
POLi does not charge any fees to use their service, however, your broker may have their own processing charges on certain payment methods. Deposits are usually free at top brokers such as FP Markets and Vantage FX, however, it’s worth check for any withdrawal fees before you make a request.
Is POLi A Good Choice For Traders?
POLi offers a fast and secure online transfer system which is free from any charges and doesn’t require registration. However, the service does lack customer support, as well as payment protection or refund options. Also, unless you have an Australian or New Zealand bank account, the payment provider will not be available.
Are POLi payments safe for traders?
POLi payments are safe to use at your broker, as data is encrypted and never stored. However, it’s worth checking the regulation status of your broker and what fund safety measures are in place to protect deposits.
Is POLi payments legit?
POLi Payments Pty Ltd is a legitimate company established since 2006 and owned by SecurePay Holdings, a privately owned subsidiary of Australia Post.
Are POLi payments secure?
POLi payments are protected by SSL encryption certificates. The broker also ensures that no sensitive client data such as login credentials or banking information is stored on their servers.
Are POLi payments instant?
POLi payments are processed and receipted instantly to the customer, but note that your broker may take a little longer to process payments on their end.
Do POLi payments work on weekends?
You can make payments using POLi at the weekend, however, the time it takes for funds to reach your trading account may be slower depending on your broker.