Poli Forex Brokers

POLi is easily one of the banking solutions that come in the focus of more and more users. The company that is responsible for this payment service is POLi Payments Pty Ltd, and it was established back in 2006 in Melbourne, Australia. For the time being, POLi operates exclusively in New Zealand and Australia, but as it seems, the company has the intention to expand its footprint in the near future.

POLi is an online payment option that has made its position to the top because of its efficiency and user-friendliness. This banking solution has a constantly-growing user base, and it enjoys the approval of many Forex traders as well. One of POLi’s most outstanding benefits is that taking advantage of the payment method does not involve having a credit or a debit card. Instead, you will have the opportunity to purchase goods or transfer funds to your Forex trading account using your online banking.

How to Fund a Forex Account with POLi

POLi is exceptionally manageable, which is easily one of the most outstanding benefits of the payment method. What traders might be pleased to hear is that they will be saved the hassle to go through lengthy registration procedures before they are able to handle their payments via POLi. As it seems, what makes many traders plump for this way of payment is that they do not need to remember extra login credentials, which is the case with e-wallets, for example. What POLi does in practice, is to perform the function of a mediator between the bank where you have an account and the broker. Thus, traders will be saved the inconvenience that typically arises when they are asked to input their personal and banking details after they have opted for bank transfer, for example.

The only requirement they should fulfill in order to put the payment method to use, however, is to have an account in one of the financial institutions POLi cooperates with.

POLi works together with six banks in New Zealand, including the Bank of New Zealand, Kiwibank, TSB Bank, Westpac, ASB, and ANZ. Australians can manage their funds through POLi, provided that they have an account at the Bank of Melbourne, Bankwest, Commonwealth Bank, NAB, ME Bank, ANZ, BOQ, BankSA, Bendigo Bank, Citibank, CUA, IMB Building Society, Newcastle Permanent, People’s Choice Credit Union, Suncorp, or St. George Bank.

As long as you have seen your bank listed above, you are all set up to get down to uploading funds in your Forex trading account. What traders need to do is to visit their broker of choice and navigate to the page where all funding methods that are ready for use will be listed. Once you have picked POLi as your preferred transfer option, you need to find the bank where you have an account, pick the currency in which the transaction will be carried out, as well as to settle on the amount you wish to load your account with. What makes for greater convenience is that traders will not be asked to enter any extra information as POLi will fill all the requisite details for them.

If you have never made use of POLi before, you might wish to seize the opportunity to execute a payment in a demo mode, which will certainly help things fall into place.

When the pop-up window appears, traders will need to make use of their online banking credentials so as to log into their accounts. Immediately after you have authorized the transaction, you will be able to engage in Forex trading as when depositing through POLi, there is almost no downtime.

How to Withdraw from a Forex Trading Account with POLi

When speculating on Forex, you should be satisfied that you have a convenient banking solution you can rely on also when withdrawing your profit. Despite the fact that POLi shines brightly when deposits are concerned, one of the biggest shortcomings of this payment solution is that it is not at hand when the time comes to retrieve your profit.

In other words, there is no other way out but to find another payment method that will allow you to take out your money in a stress-free fashion. As it turns out, most traders tend to settle on bank transfers when they have decided to request a cashout, but sometimes, there might be better options as well.

Thankfully, most brokers do not fall short of banking solutions that are available for withdrawals, which makes traders less likely to end up struggling to find another payment option for cashing out their profit.

Benefits of Using POLi for Forex Trading

POLi has gained huge popularity in the last few years, and this is why many brokers are offering it as one of the best ways to fund your account. Still, in order to be sure that POLi will do the trick for you as well, it might be better if you juxtapose the benefits and the shortcomings of this payment solution.

First off, unlike most websites offering the same services, POLi does not require any registration fee, which renders the payment option easy on the budget. So are payments through the banking solution as whenever you decide to handle your payments through the banking method, you will not be required to pay extra charges. As it turns out, the company endeavors to make for transactions that are cost-free for all its customers, which is laudable.

POLi has removed the registration requirements, which were nothing but annoying, and in most cases, may even stop users from making use of the payment service. Completing your payment through POLi only takes logging into your online banking and confirming the transaction.

As likely as not, at this point, some of you might have misgivings about making use of their online banking. The company puts great stress not only on the satisfaction of its customers but also on the safety of their personal and banking details. In order to attain this, the company will never store the username and password traders utilize to get access to their online banking. Moreover, the system undergoes regular checks so as to guarantee that any vulnerabilities will be detected and dealt with in due course.

Another reason why security-conscious traders find POLi a perfect fit for them is that making payments through it does not involve linking their credit or debit card, which often happens with some of the other payment processors. In fact, traders are not even required to possess a debit or a credit card in order to be able to handle their payments through POLi.

Perhaps, the promptness of the transactions is one of the benefits of the banking solution traders might be most thrilled about. When depositing via POLi traders will not waste any of their time as their funds will be credited to their balance in the twinkling of an eye. Needless to say, time-efficiency is of crucial importance for traders.

Disadvantages of Using POLi for Forex Trading

Although there is such a great deal of perks traders will enjoy when managing their funds through POLi, the payment method has a few weak points they should be aware of as well.

First and foremost, traders will only be permitted to handle their payments through POLi, provided that they have an account at one of the banks we already mentioned. Since there are many other payment solutions that shine brightly when their availability is concerned, it is only natural that they might turn out to be much more preferred than POLi.

In spite of the fact that POLi collaborates with a number of banks in New Zealand and Australia, there are still financial institutions the customers of which will not be able to make use of POLi. The alternatives traders have on such occasions is either find another banking solution or establish an account with one of the banks that are on the list.

The other major disadvantage of the payment method is that it does not make for transactions in both directions. One of the main reasons why Forex traders might be indisposed to opt for POLi is that there will be no other way to lay their hands on their winnings but to pick another banking solution.

The fact that payments carried out via POLi cannot be reversed might also be considered a shortcoming by some traders. For that reason, if you are intent on making use of the payment option, you should invariably recheck the transaction details before you confirm it.

Fees and Limits when Using POLi to Trade Forex

It is true to say that one of the most distinctive traits of the payment solution remains its affordability. As is often the case with most of the other banking solutions available out there, payment processors tend to apply extra fees when setting up an account, as well as each time when executing payments.

The fact that the company will never charge extra fees when you are handling your payments via POLi is what gives the payment solution a decided advantage over a good deal of the other banking solutions available out there. Apparently, the company attempts to encourage merchants not to apply extra fees on payments that are executed via POLi as well. The reason why they are doing so is that they want to make payments through POLi completely free of charge, not only on behalf of POLi but in general.

That being said, before they get down to depositing via POLi, traders should check out if the broker applies extra charges on transactions that are executed through that banking processor in particular. Fortunately, the lion’s share of the brokers does not charge such or in the unlikely event that there are any fees, they will be negligible.

POLi Chargeback on a Forex Account

As long as traders have failed to cash out the profit they have in their balance, the first thing they should consider doing is to get in touch with the help desk of the broker. If they fail or do not wish to provide you with an explanation of why this happened, you should give the idea to contact the regulator that has issued the license of the broker a thought.

Chargebacks are also an option to keep in mind, but it would be better if you consider them as an ace in the hole. One of the most vital things traders should be mindful of is that transactions that are executed through POLi cannot be reversed. According to the terms and conditions of the company, POLi users who have figured out that there is a mistaken or unauthorized payment will need to contact the bank where they have an account so as to find out how matters stand.

Despite the fact that cardholders are allowed to dispute transactions, this opportunity is unavailable to POLi users. That is the reason why it would be best to examine brokers with a fine-tooth comb before you set great store by them.

Security when Trading Forex with POLi

Despite the fact that POLi has several downsides, it remains one of the most straightforward and secure ways to top up your Forex trading account. As mentioned above, what POLi does is to act as a proxy that will allow you to gain access to your online banking account instantaneously. As mentioned above, traders will not expose any of their personal or banking details to POLi as they are not required to establish an account in order to handle their transactions through the payment processor.

The fact that the company will not store the credentials you have used so as to log into your online banking also helps fortify the safety of your transactions. Moreover, none of your payment requests will be kept on the servers of the company, meaning that no one can view them even if a fault in the security if detected.

What might give you extra confidence that POLi maintains high security levels is that the company goes through external security checks on a regular basis. Another thing that is worth mentioning is that the company employs a 2048-bit encryption system, which guarantees the safety of communication, which also comes to prove that the company puts great stress on security.

Conclusion

At the end of the day, POLi continues to be a good alternative when speculating on Forex, especially if traders are not uncomfortable with the fact that they need to retrieve their profit through another payment solution. Deposits through POLi are executed on the spot, and more often than not, they are cost-free. Still, one of the biggest issues that have to do with that banking solution is that it is available exclusively to users who have an account at one of the supported banks in New Zealand or Australia.