Best POLi Brokers 2024
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 top brokers that accept POLi deposits in 2024 to fund your trading account today.
Best POLi Brokers
After testing dozens of brokers, these are the top 5 that offer POLi:
POLi Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) | Visit |
|
$200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | Visit |
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
|
$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist, DupliTrade | 1:400 | Visit |
|
$0 | CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only) | ThinkTrader, MT4, MT5, AutoChartist, TradingCentral | 1:500 | Visit |
|
$50 | CFDs, Forex, Stocks, Cryptos, Commodities | Trading Station, MT4, TradingView, eSignal | 1:30 | Visit |
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$200 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Options, Futures | Trader Workstation (TWS), MT4 | 1:500 | Visit |
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A$200 | Forex, indices, commodities, cryptocurrencies, shares, bonds | MT4, TradingView, AutoChartist | 1:200 | Visit |
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$100 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, bonds, spread betting | MT4, MT5, TradingCentral | 1:30 (EU), 1:500 (Global) | Visit |
#1 - Pepperstone
Why We Chose Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
#2 - IC Markets
Why We Chose IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit: $200
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
#3 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.
Cons
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
- RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
#4 - Axi
Why We Chose Axi
Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
"Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies
- Regulator: FCA, ASIC, DFSA, FMA
- Platforms: MT4, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:400
Pros
- Among other educational resources, there’s an excellent selection of free eBooks for newly registered beginners
- The broker’s free trading resources are geared towards short-term traders, including various market calendars and dividend forecast schedules
- Traders can choose between 10 base account currencies plus a wide range of free deposit methods, including cryptos
Cons
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
- There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
#5 - ThinkMarkets
Why We Chose ThinkMarkets
Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.
"With its diverse asset list, competitive fees and superb charting software, ThinkMarkets maintains its position as a top choice for most CFD traders. That said, experienced traders will particularly appreciate the range of advanced tools, including forex signals and VPS solutions."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)
- Regulator: FCA, ASIC, CySEC, FSCA, JFSA, FSA Seychelles
- Platforms: ThinkTrader, MT4, MT5, AutoChartist, TradingCentral
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Three stable and award-winning platforms plus seamless integration with the broker's Signal Centre
- Reliable 24/7 multilingual support via telephone, email or live chat
- Top-tier regulation from the FCA, ASIC and CySEC plus offshore branches with high leverage
Cons
- Not many payment methods available for UK traders
- $500 minimum deposit for ThinkZero account
- Limited bonus offers, refer-a-friend schemes or trading competitions
POLi Overview
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.
How To Deposit Using POLi
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.
Speed
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.
Security
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.
Charges
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.
Secure Status
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.
Instant Processing
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.
Established Company
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.
Digital Currencies
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.
Licensing
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.
Customer Support
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 – helpdesk@polipayments.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 Good For Day Trading?
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.
FAQ
Are POLi Payments Legit & Safe For Traders?
POLi Payments Pty Ltd is a legitimate company established in 2006 and owned by SecurePay Holdings, a privately owned subsidiary of Australia Post. 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.
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.
Are POLi Deposits Processed Quickly By My Broker?
Yes, POLi processed payments instantaneously. That said, some brokers may also have their own processing times, though deposits are usually fast.