- Binary Brokers with POLi
- How POLi Works
- POLi PayID
- Transaction Times
- Pricing Review
- Pros Of POLi Binary Options Brokers
- Cons Of POLi Binary Options Brokers
- How To Make Deposits & Withdrawals To Binary Options Accounts
- Verdict On POLi Binary Options Brokers
- Is Funding My Binary Options Trading Account Via POLi Payments Safe?
- Which Binary Options Brokers Accept POLi Deposits?
- Can I Deposit Money Into My Binary Options Trading Account Using POLi Offline?
- Do I Need To Make An Account To Use POLi Payments For Binary Options Transactions?
- Can I Trade With International Binary Options Brokers And Still Use POLi?
Melbourne-based POLi payments’ digital transfer system has become a popular way for binary options traders in Australia and New Zealand to fund their trading accounts. This guide will review how this payment method works and how to handle transactions with binary options brokers that accept POLi deposits. We also give a rundown on transaction times and common payment fees.
Use our list of the top POLi binary options brokers below to start trading.
Binary Brokers with POLi
How POLi Works
POLi Payments Pty Ltd, originally CentriCom, was founded in 2006 in Melbourne, Australia, where its headquarters are based. In September 2014, the online platform was acquired by the mobile payment gateway SecurePay.
Binary options brokers that accept POLi often use an API to connect the payment solution to their checkout system, so traders can make deposits and request withdrawals safely and conveniently, directly from the brokerage’s website, without the use of a credit card.
POLi is only available within Australia and New Zealand. Participating banks allow traders to make payments to international binary options brokers if the platform accepts customers from Australia and New Zealand.
Binary options brokers that accept POLi payments include BinaryCent, InstaForex and High Low.
However, Neteller also has a partnership with the brand, meaning you can use POLi payments to make deposits to your binary options trading account via Neteller. Binary brokers that accept this payment method include trusted brands Binomo and Expert Option.
This is part of POLi’s new payment platform, allowing account holders and merchants to receive payments instantly using an email address that the system generates as the “ID” to which the payer will send the money.
While you will need to have an account to use PayID, one of the advantages for binary options traders using the firm’s standard payment service is that they do not need to register with POLi to make deposits. The platform will allow them to connect directly to their bank’s server to make a payment to POLi binary options brokers.
Using POLi for depositing money in your binary options account is usually immediate. Most binary options brokers offer instant depositing, meaning you can begin trading straight away. POLi itself is a digital payment system that facilitates real-time transactions, so merchants can receive payments instantly.
Withdrawals can take longer. This is usually not due to the payment service, but to the binary options broker or bank’s policies. Withdrawal policies vary among binary platforms, but usually take 1–5 days and can sometimes take longer to process.
If you do not receive your profits by the end of this period, contact your binary options broker’s customer support team for an update on the status of your payment request.
Typically, binary options brokers that accept POLi do not charge a fee for deposits. In fact, the payment firm’s website specifically asks merchants not to surcharge their customers for using the service, as the company cap their standard rate of establishing the payment channel to POLi binary brokers at $3.
Neteller charges a standard 2.5% fee to use POLi payments, which will apply to you if you use the solution to fund your binary options account through Neteller’s platform.
Note, POLi binary options brokers often differ in their minimum deposit and withdrawal limits. InstaForex, for example, has a minimum deposit of $100 and no withdrawal limit.
POLi is a secure and reputable payment method that holds ISO27001 and ASIO T4 certificates, which confirm that the company follows the necessary standards to ensure its clients’ information is secure.
The firm’s security measures include protecting customer data by not storing usernames and passwords, and its servers do not cache when transactions are requested.
Additionally, all communication via POLi uses HTTPS transport level security and no sensitive information is stored.
However, there have been some controversies over this payment method, as three New Zealand banks – ASB, ANZ and BNZ – issued warnings advising customers not to use POLi due to suspicious activity on the payment service.
The brand has vehemently denied ASB’s claims that it captured customer information while transacting with the bank’s site.
These events occurred around 2012, and POLi has since built a reputation amongst binary options brokers and traders as a trusted payment service. Recent reviews of the payment solution are also positive, and they are still partnered with many well-established banks. Additionally, it is down to banks to issue refunds, not the payment channel.
Pros Of POLi Binary Options Brokers
- POLi payments are often fee-free, making this a cheap solution for binary options trading deposits.
- There is no need to register to use POLi – all you need to do is log into your bank account via a secure server.
- You do not need to enter details of your credit or debit card, which can protect you from fraudulent transactions.
- The company supports many major currencies as well as several emerging currencies. Also ensure you are aware of any currency conversion fees at binary options brokers that accept POLi payments.
- Deposits via POLi binary options brokers are instant, meaning you can begin trading straight away.
Cons Of POLi Binary Options Brokers
- The company’s base currency is Australian dollars (AUD), so transactions with international binary options brokers that accept POLi may come with high currency conversion fees.
- POLi is only available for making payments from Australia or New Zealand, so binary options traders outside of this region cannot use this service.
- If you do not have an account with any of the banks that POLi uses, then you cannot use this payment service.
- Binary options traders may be cautious of the brand due to previous warnings from banks.
How To Make Deposits & Withdrawals To Binary Options Accounts
Once you have registered with a binary options broker, log in and navigate the website or platform to the deposits page. Select the option to deposit via POLi.
You will then have to select your bank from a list before being redirected to your bank’s payment service. Log into your bank and follow the on-screen instructions. You will most likely need to enter your name, your bank account number and the amount you wish to deposit.
The process is very similar to making a deposit. Simply navigate your broker’s website and follow the on-screen instructions in the withdrawal area. The top POLi binary brokers will process withdrawals within 5 working days.
Verdict On POLi Binary Options Brokers
POLi payments is a popular way for traders in Australia and New Zealand to fund their binary options trading accounts. Despite historic security concerns, it has built strong connections with established banks to offer quick, cheap, and easy transactions that help streamline the binary options trading process.
It is perfect for those who already have an account with one of the many partnered banks, and do not wish to create any additional accounts or enter sensitive credit card information into a broker’s web page.
We have ranked the top POLi binary options brokers above to help you get started.
Is Funding My Binary Options Trading Account Via POLi Payments Safe?
POLi places a lot of emphasis on the safety of its clients’ information. Danger to your private information is most likely to come from your binary options trading provider.
If you get any suspicious emails or text messages asking for your banking login information from a sender claiming to be from POLi, do not proceed.
If available, set up two-factor verification (via app or text message to receive a code) on your bank account and brokerage account to maximize security.
Which Binary Options Brokers Accept POLi Deposits?
POLi is a service that is limited to Australia and New Zealand, but nevertheless, several binary options brokers accept POLi as a deposit method. If a broker has the POLi ID or logo in their payments portal, then they accept this transfer method.
Among the top-rated binary options brands that accept POLi payments are InstaForex, High Low, and BinaryCent.
Can I Deposit Money Into My Binary Options Trading Account Using POLi Offline?
It is not possible to use POLi payments offline to fund your binary options trading account. Transactions require a secure and stable internet connection.
Do I Need To Make An Account To Use POLi Payments For Binary Options Transactions?
To use POLi payments to deposit money from your bank account to your binary options trading account, all you need is an existing bank account with one of the banks partnered with the brand. You only need to make a POLi account to use POLi PayID, but this is for inter-account transfers within the system.
Can I Trade With International Binary Options Brokers And Still Use POLi?
You can transfer money internationally from Australia and New Zealand using POLi. This includes payments to international binary options brokers. Be aware of any currency conversion fees though, as payments are typically made in AUD.