What Account Types and Fees Does Poems Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Cash Plus Account |
Active traders and investors |
Low brokerage fees, access to multiple markets |
Suitable for those wanting low-cost trading with up to 3.5x leverage |
| Cash Management Account |
Investors using CPF/SRS funds |
Linked to CDP, no maintenance fees, flexible funding options |
Ideal for long-term investors seeking diversified exposure |
| Corporate Account |
Corporate clients |
Custom services, tailored trading solutions |
Requires corporate documentation and trading volume qualifications |
| Islamic Account |
Traders seeking compliance with Sharia law |
Swap-free trading, tailored for Islamic finance |
Available to all eligible traders adhering to Islamic principles |
| Demo Account |
Beginners and new traders |
Practice trading with virtual funds |
Useful for testing strategies without financial risk |
Account Opening Process
To open an account with Poems, users must follow a straightforward process that includes several steps. First, applicants need to provide personal information, including name, contact details, and identification. Following this, employment and financial information must be submitted to assess eligibility. An essential part of the process is identity verification, where users must submit valid identification documents and proof of address. Once the account is set up, there is flexibility to upgrade to a professional account in the future, should trading needs evolve.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive rates for major pairs |
| CFDs (Singapore) |
N/A |
0.128% (min. S$25) |
Applicable for stocks and ETFs |
| CFDs (US) |
N/A |
0.18% (min. US$15) |
Low commissions for US stocks |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable based on market conditions |
Other Fees
In addition to trading fees, Poems has several other costs to consider. These include deposit and withdrawal fees, which may vary depending on the payment method used. There are also inactivity fees applied if an account remains dormant for a specified period. Users should be aware of platform usage fees, if applicable, and overnight interest charges (swap rates) for positions held overnight. Currency conversion fees may apply when trading instruments in different currencies, impacting overall trading costs.
