POLi Brokers 2022 - Which Brokers Accept POLi?
POLi is an online payment company based in Australia. The system offers an alternative to credit card payments, meaning traders can make instant transfers to their investment accounts through an internet banking login process.
In this review, we answer key questions about POLi broker payments: how does it work and is it safe? We also cover the facts and figures around security, fees, supported banks and how to sign up.
Use our list of brokers that accept POLi deposits in 2022 to fund your trading account today.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets. Crypto Trading is offered via eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply.79% of retail CFD accounts lose money.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Based in Melbourne and part of the Australia Post company, POLi Payments Pty Ltd is the country’s leading online payment system, established in 2006.
The platform 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.
Importantly, POLi enables convenient payments using the debit funds available in a trader’s bank account. This means no credit card details or lengthy payment forms are needed, as the digital portal connects directly to the trader’s internet banking feed.
Deposits & Withdrawals
To make payments, simply locate the POLi logo from within your trading account and enter the amount you wish to deposit. The firm will then start asking for your bank login details on the first screen, where you can check the transfer amount. Make sure the details are correct, as you will not be able to reverse the deposit.
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.
Payments are processed instantly and traders receive a notification confirming their deposit immediately. Of course, 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.
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 checking for any withdrawal fees before you make a request.
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 select it from the available payment methods in their broker’s client area 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 deposits or withdrawals. 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 or our detailed reviews.
The payment provider also supports a number of major Australian and New Zealand banks, including ANZ, Citibank, Commonwealth Bank and Westpac.
Digital currencies are supported. Traders can make direct withdrawals in certain cryptocurrencies direct to their account. The broker will also need to offer this as an integrated function.
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. Fortunately, the company does state on the website that more territories may be added in the future.
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.
POLi has an exemption from the Australian Securities and Investment Commission and therefore does not hold an AFSL. The company does, however, act in accordance with industry regulations and standards.
Assistance with payments, log in or functionalities can be accessed via the website where clients can submit a ticket. Alternatively, get in touch via:
- Contact number – 1300 060 653
- Email – email@example.com
Support is available from 8:00 am – 5:00 pm AEST, Monday – Friday.
There is also a series of resources to assist clients and merchants with set up as well as an extensive FAQ section on the website. The topics covered range from processing speeds and availability to consoles and what to do when your account is not working as you had hoped.
Of course, your broker’s customer support team may also be able to help with deposit queries or withdrawal issues.
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. Most brokers also ensures that no sensitive client data such as login credentials or banking information is stored on their servers.
Do POLi Deposits 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. Fortunately, the top trading platforms offer near-instant deposits with POLi.