Singapore has some good options in terms of online trading. With some international brokers providing their services in Singapore, POEMS is a trading platform that is specifically made for Singapore’s public. As it comes among the best trading platforms in Singapore, here we will cover every aspect of POEMS in this POEMS Singapore review.
What is POEMS?
POEMS by Philip Securities is a Singaporean trading platform that has been there since 1975. It is one of the most established brokerage platforms in Singapore and it is also one of the biggest players in the local market. This is the reason why it offers a wide range of products and trading options.
It is known for its reliability in terms of trading experience and the list of features and functionalities it brings. There are a lot of products and features which will take some time to get used to using it. However, each of its features is amazing in a unique way bringing benefits for the traders and investors that we will discuss in this POEMS Singapore review.
Trading products at POEMS
The following are some of the trading products available at POEMS:
- Unit trusts
- Swings plan
- Gold and such commodities
With this long list of trading products, it also brings amazing trader-friendly services including attractive minimum balance requirements and fee structure.
Reasons to select POEMS
Every platform has some pros and cons but there are a few things that make it unique. These things are the reasons why you should go with a platform. When we talk about the trading platforms, the smallest things can end up making the biggest differences.
This means that a slight mistake while selecting the wrong platform can ruin your whole experience. Here are some of the reasons why POEMS can be the best platform for you.
Reliable platform with decades of reputation
Reliability is among the most critical things these days. There are scams everywhere and people are more concerned about making the right choice. When we talk about POEMS, we are talking about over 4 decades of reliability. Considering that it has been there for more than 45 years while maintaining an amazing reputation, you can easily go with it.
Provides a range of account types
Some trading platforms bring a lot of attractive and beneficial things but there is one issue and that is having only one standard account type.
This is not the most attractive thing for a lot of traders and investors. So, POEMS comes with different account types that you can choose according to your trading and investing needs.
Lots of trading and investment options
These are already listed above but the thing here is that there is rarely a platform that provides this many trading options. So, with this long list of trading products, POEMS is your one-stop trading platform.
Most platforms charge fees when funding the accounts. Additionally, their processing time is not that quick, and you often have to meet their minimum deposit requirements. POEMS makes sure that funding and withdrawals are user-friendly.
Most of the time there is no funding or deposit fee, and the payment processing is also done within 15 minutes. Moreover, the list of finding options is very attractive including both traditional and modern-day ways. Some funding options include:
- Google Pay
- Internet Bill Payment
- CPF/SRS and more.
Pros and Cons of POEMS
The following are some pros and cons of POEMS worth including in the POEMS review.
- Its fees are set very competitively in comparison to all other platforms by all means
- It brings different investment plans so you can select the one that is the most feasible for you
- Although there are many tools and functionalities, its user interface makes it an easy and simple platform to use
- Provides a lot of educational resources including videos as well as seminars
- The commission fee can be higher depending on different factors
- The inactivity fee is higher than most of its competitors
- Trading fee at POEMS
POEMS charge different commissions on trades but it starts at 0.08% which is the minimum. In dollars, it is $8. However, this is not the same for every market and every product.
Things that you need to be careful about when going with POEMS
There are not a lot of things that you need to be careful about when selecting POEMS because it comes with MAS regulations. However, being inactive can be troublesome. If you have a Cash Plus Account at POEMS and you stay inactive for one quarter, then you will have to pay $15.
The good part is that this fee stays the same per quarter no matter how long you have been inactive.
How to open an account here?
Knowing how POEMS works is important because if it does not match your requirements and vice versa then you will not have the best experience. So, here are the steps you need to follow for opening an account here along with the requirements that you need to fulfill.
- You need to visit the POEMS website and go to the account opening page
- Select the account type that you want to get and the services that you need
- Complete the process and you will have your account set up
With these 3 simple steps, you can open your POEMS account and start trading right away. However, if you are a new trader then you may need a demo account to practice things. The good part is that a demo account is also available at POEMS. You can use this for 30 days and apply for it also needs you to apply online.
There is no wrong in saying that POEMS is one of the best trading platforms in Singapore. With every aspect covered in this POEMS Singapore review, we hope that you have a better understanding of how valuable it will be for you. However, you can also compare it with other popular forex brokers operating in Singapore to know which of these is the best choice for you.
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