POEMS (Phillip’s Online Electronic Mart System)

MAS Regulated - High Trust

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7.8

Trust Score

Pros

Regulated by Monetary Authority of Singapore (MAS) providing strong client fund protection and oversight
Competitive spreads with $0 commission on forex trades and no platform fees
Free account opening with no maintenance fees making it accessible for all traders
Comprehensive multi-asset trading platform covering stocks, forex, CFDs, and other instruments
Proprietary POEMS 2.0 platform offers advanced trading features and real-time market data
Established since 1996 with strong reputation in Singapore financial markets
Part of PhillipCapital Group serving over 1 million traders worldwide

Cons

Limited educational resources compared to other major brokers
Customer support primarily focused on Asian trading hours
Platform interface may feel dated compared to modern competitors
Minimum commission fees apply for certain trading instruments
Higher trading costs for some international markets compared to local competitors

Basic Information

Company

POEMS (Phillip's Online Electronic Mart System)

Region

Singapore

Established

1996

talktophillip@phillip.com.sg

Phone

+65 6531 1555

Website

www.poems.com.sg

User Reviews

Michael Chen

★★★★☆

I've been trading with POEMS for the past 2 years, primarily focusing on SGX stocks and US markets. The platform is reliable and execution is fast, especially during SGX trading hours. Their commission rates are competitive, particularly for US stocks at $3.88 flat fee. The mobile app works well for monitoring positions and placing quick trades. Customer service is responsive during Asian hours, though it can be harder to reach them during US market hours. The research materials and market analysis are decent, but could be more comprehensive. Overall, a solid choice for Singapore-based traders.

Sarah Tan

★★★☆☆

Started using POEMS about 6 months ago for forex and US stock trading. The platform is stable and functional, though the interface feels somewhat dated compared to newer brokers. The main advantages are the strong regulation and competitive fees. However, I've experienced occasional delays with customer support response times, especially during busy market periods. The forex spreads are average - not the best but acceptable. The account opening process was smooth but required quite a bit of documentation. Suitable for serious traders who prioritize security over fancy features.

David Wong

★★★★★

Have been using POEMS for over 3 years now, managing a portfolio exceeding $200,000. What impresses me most is their reliability and strong regulatory backing. I mainly trade SGX and Hong Kong stocks, and the execution is consistently good. Their multi-currency facility is excellent for managing international positions. The POEMS 2.0 platform has all the features I need for technical analysis and portfolio management. Made numerous withdrawals ranging from $5,000 to $20,000, all processed smoothly within 1-2 days. Excellent choice for long-term investors focused on Asian markets.

Regulation Analysis

POEMS operates under the primary regulation of the Monetary Authority of Singapore (MAS), Singapore’s central bank and integrated financial regulator. This regulatory oversight ensures strict compliance with Singapore’s Securities and Futures Act and Financial Advisers Act. As a Capital Markets Services license holder, POEMS is required to maintain substantial capital adequacy requirements and segregate client funds in separate trust accounts. The broker adheres to strict anti-money laundering (AML) and know-your-customer (KYC) protocols. Client funds are held in segregated accounts with major Singapore banks, providing an additional layer of security. Through its parent company PhillipCapital Group, POEMS also maintains regulatory compliance in multiple jurisdictions where it operates. The broker has maintained a clean regulatory record with no significant violations or sanctions. For international clients, it’s important to note that regulatory protections may vary depending on the specific PhillipCapital entity they are dealing with. The Singapore entity provides strong investor protection under MAS oversight, including participation in the Singapore Investor Protection Scheme.

Trading Products

Forex Trading: Wide range of currency pairs with competitive spreads and $0 commission, including major pairs (EUR/USD, USD/JPY, GBP/USD) and Asian currencies with focus on SGD pairs
Stocks: Access to multiple exchanges including SGX, NYSE, NASDAQ, HKEX with competitive commission rates starting from US$3.88 for US stocks
CFDs: Trading available on indices, commodities, and stocks with flexible leverage options
Futures: Access to major global futures markets including Singapore, US, and Hong Kong
Unit Trusts: Extensive selection of funds through Fund SuperMart platform
Bonds: Trading in Singapore government securities and corporate bonds

Trading Platforms

POEMS 2.0: Proprietary trading platform offering comprehensive trading features, real-time market data, advanced charting tools, and multi-asset trading capabilities
POEMS Mobile 2.0: Mobile trading app for iOS and Android devices providing full trading functionality and market monitoring on-the-go
POEMS Professional: Advanced platform for professional traders with enhanced features and market depth information
Web Trading: Browser-based trading interface requiring no software download
Fund SuperMart: Dedicated platform for unit trust trading and management

Deposit and Withdrawal

Deposit Methods: Bank transfer, FAST transfer, PayNow, GIRO, and credit/debit cards accepted
Minimum Deposit: No minimum deposit requirement for account opening
Processing Times: Electronic transfers processed same day during business hours
Withdrawal Methods: Bank transfer, FAST transfer
Withdrawal Processing: 1-2 business days for local transfers
Fees: No deposit fees charged by broker
Base Currencies: SGD, USD, and multiple other major currencies supported

Customer Support

Customer support at POEMS is primarily focused on Asian business hours, with service available through multiple channels including phone, email, and live chat. The main support center operates from Singapore with service in English and Chinese. Response times are generally quick during Asian trading hours, with phone support typically answered within minutes. Email queries are usually responded to within 24 hours. The broker maintains physical offices in Singapore for face-to-face assistance. Technical support is available for platform-related issues, while dedicated trading representatives can assist with more complex trading matters. Online resources include comprehensive FAQs, video tutorials, and user guides.

FAQ

Q: Is POEMS a safe and regulated broker?
A: Yes, POEMS is regulated by the Monetary Authority of Singapore (MAS) and has been operating since 1996. As part of the PhillipCapital Group, it maintains strict regulatory compliance and client fund segregation. The broker has a strong reputation in Singapore’s financial markets and serves over 1 million clients worldwide.

Q: What are the trading costs with POEMS?
A: POEMS offers competitive trading costs with zero commission on forex trades and no platform fees. For US stocks, commissions start from US$3.88. Other markets have varying commission structures, with SGX trades starting from 0.08% commission. There are no hidden fees or account maintenance charges.

Q: What trading platforms are available?
A: POEMS offers several trading platforms including their proprietary POEMS 2.0 platform, POEMS Mobile 2.0 for mobile trading, POEMS Professional for advanced traders, and a web-based trading interface. Each platform provides real-time market data, charting tools, and comprehensive trading features.

Q: How long do withdrawals take to process?
A: Withdrawals are typically processed within 1-2 business days for local Singapore transfers using FAST or bank transfer. International withdrawals may take 3-5 business days. The broker prioritizes secure and efficient fund processing while adhering to regulatory requirements.