POLi Brokers 2024
POLi is an online payment company operating in New Zealand. 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 in New Zealand
After testing dozens of brokers, these are the top 4 that offer POLi:
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1
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
2
RoboForex$30 No Deposit BonusRoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000IFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, FuturesR StocksTrader, MT4, MT5, TradingViewVisa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPayUSD, EUR -
3
Axi81.6% of retail investor accounts lose money when trading CFDs with this provider
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:400FCA, ASIC, DFSA, FMAForex, CFDs, indices, shares, commodities, cryptocurrenciesMT4, AutoChartistNeteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, AirtelUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
4
Global Prime
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
A$2000.01 Lots1:200ASIC, VFSC, FSAForex, indices, commodities, cryptocurrencies, shares, bondsMT4, TradingView, AutoChartistCredit Card, Visa, Mastercard, FasaPay, Neteller, Skrill, Wire Transfer, POLi, BPAY, Dragonpay, PayPal, JetonCashUSD, EUR, GBP, CAD, AUD, SGD
Here is a short overview of each broker's pros and cons
- 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.
- 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.
- 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.
- Global Prime - Global Prime is a multi-regulated trading broker offering 150+ markets. Traders can get started with a $200 minimum deposit and trade with leverage up to 1:100. The firm also has a high trust score and a good reputation with a license from the ASIC.
POLi Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
|
|
$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) |
|
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 |
|
|
$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist | 1:400 |
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A$200 | Forex, indices, commodities, cryptocurrencies, shares, bonds | MT4, TradingView, AutoChartist | 1:200 |
IC Markets
"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."
Christian Harris, Reviewer
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| 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) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
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.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- 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.
RoboForex
"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."
RoboForex Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| 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 |
| Account Currencies | USD, EUR |
Pros
- 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.
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
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.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC 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.
Axi
"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."
William Berg, Reviewer
Axi Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies |
| Regulator | FCA, ASIC, DFSA, FMA |
| Platforms | MT4, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:400 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- The broker's inactivity fee terms are fairly generous, only charging a $10 fee after a long inactivity period of 12 months - some brokers charge after only 3 months
- Among other educational resources, there’s an excellent selection of free eBooks for newly registered beginners
- Traders can choose between 10 base account currencies plus a wide range of free deposit methods, including cryptos
Cons
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
- There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
- The demo account expires after only 30 days - many alternative brokers that we test allow you to practice for 60 days or more
Global Prime
"Global Prime is suitable for both beginners and seasoned traders with excellent market access, low fees and a range of tools including copy trading."
Global Prime Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, indices, commodities, cryptocurrencies, shares, bonds |
| Regulator | ASIC, VFSC, FSA |
| Platforms | MT4, TradingView, AutoChartist |
| Minimum Deposit | A$200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, SGD |
Pros
- ECN account
- 24/7 customer support
- Segregated client funds
Cons
- Clients from US and Canada are not accepted
- Narrow range of account options
- No MetaTrader 5 integration
How Did We Choose The Best POLi Brokers?
To identify the top POLi brokers, we:
- Determined which firms accept POLi payments from our database of 500 online brokers
- Verified that they support POLi deposits and withdrawals for day trading
- Ranked them by their total rating, blending our own evaluations with 100+ data entries
POLi Overview
Established in 2006 and originally part of the Australia Post company, POLi Payments was Australia’s leading online payment system until 2023, when it ceased domestic operations in Australia.
POLi now only operates in New Zealand and is partnered with eight local banks including ANZ and Kiwibank.
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 at POLi brokers like IC Markets, 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, 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 IC Markets.
The payment provider also supports a number of major New Zealand banks, including ANZ, Westpac and Kiwibank.
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 NZ
Currently, the service is only available in 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 does not hold a regulatory license so traders should take care when using this method to deposit to a trading account. The company does, however, stress that they 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.
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 a New Zealand bank account, the payment provider will not be available.
FAQ
Are POLi Payments Legit & Safe For Traders?
POLi Payments is a legitimate company established in 2006 and owned by Merco Limited. However, POLi is an unregulated payment provider and therefore may not be as secure as other options. It’s also recommended to 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.