[NEWBIE] POEMS quarterly fee?

XiiaoJinx

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Welcome to the world of Shares/Stocks.
I started very late (33) coz partly influence by my dad since young dun touch shares.
Anyway I got my own set of strategy very diff from his.

Of course they are nice coz this means biz for them. Lol.

Buy prudently and initially you are bound to run into problems buying.
I believe they set a certain buying limit for new accounts. So after some buying might hit with buying limit message.
Dont be shy to call your broker and he/she will settle for you.

Thanks bro for sharing! My parent's don't touch shares as well, I decided to start now (19) so that I can take more risk when younger and accumulate throughout my life.

Guess I will be looking at value investing in blue chips and local ETF at first, before going out to overseas markets when I know much more :)

If you have any advice/tips from your experience so far please do let me know, will be much appreciated.
 

Bedokian

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Welcome to the world of Shares/Stocks.
I started very late (33) coz partly influence by my dad since young dun touch shares.
Anyway I got my own set of strategy very diff from his.

Of course they are nice coz this means biz for them. Lol.

Buy prudently and initially you are bound to run into problems buying.
I believe they set a certain buying limit for new accounts. So after some buying might hit with buying limit message.
Dont be shy to call your broker and he/she will settle for you.



My first n only one so far still POEMs.
Their website looks crappy enough compare to others like DBS, OCBC.
Took sometime starting to use.
But it works nonetheless. :s22:

For me, I started slightly later than you, and in the first few years my strategy was more of trading than investment, where I buy, hold for a few months, at most 1 year, then sell. Later on I shifted more towards investment in mid to long term, looking for dividend, defensive and growth shares, although I still do allocate some funds for trading. :zotto:
 

Bedokian

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Thanks bro for sharing! My parent's don't touch shares as well, I decided to start now (19) so that I can take more risk when younger and accumulate throughout my life.

Guess I will be looking at value investing in blue chips and local ETF at first, before going out to overseas markets when I know much more :)

If you have any advice/tips from your experience so far please do let me know, will be much appreciated.

Good that you have started early. I came into the investment world quite late in life, and back then my definition for investment is fixed deposits and unit trusts.

As you go along you will learn, either through your own experiences and/or other people's (such as this forum). Soon you will see different strategies and approaches, and of course some will argue theirs is better than others. Then you will find a style that will suit you most. Of course, when you have settled on one style, there is still no harm in learning others and probably you could amalgamate some of theirs into yours.
 

XsenseX

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IMO, those POEMS, FSM, Philips securities and what nots are good to have, but money suckers.

Maintenance fee, quarterly fee, managing fee, this fee what fee. Before you start earning any money, you've already minus 3-5% of your profits to those brokers.

Say your ETF earns you (remotely) 6% returns.

6% returns, less fees 3%, less inflation 3%. You earn nothing. You'll need supernormal profits to get some real money.

Try CDP/Standchart. No fixed "monthly/quarterly/annual" fees. You manage your own portfolio. Save some money for yourself.

Do you have any advice for my situation since u mention poems is expensive.

I've been trading under vickers for 5 years. I only trade US market.
My charges under vickers are (for a USD$100k trade)
1. USD$330+ for each trade after all add-in.
2. No admin fees, no maintenance fee, no quarterly fee.


I recently switch to poems for their prepaid account.
My charges under poems are (for a USD$100k trade)
1. USD$10+ for each trade after all add-in. (Promo period, after promo is USD$20+)
2. No admin fees, no maintenance fee, Yes to quarterly fees IF i don't trade at least 1 per quarter)
3. The fees info are all gathered and 'promised' as i kept digging them to tell me the exact fees involved. I've not been charged any extra fees as yet.


In all, i'm saving $300 per trade. Every entry and exit costs me USD$700 with vickers. Now is $20+.

Can you advice if i could get a better deal elsewhere OR do you think they will start chopping me down with additional fees that they promise there won't be any?

Thanks!
 

zawoo86

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Hi,

Newbie question, 19yo here with around 10k that I want to put into ETF's.

Can anyone advise if POEMS is a good broker to go with? I plan to hold the ETF's for the long term. Here is poems fees which includes:

Quarterly Maintenance Charge S$16.05 per quarter
(Quarterly trading activity is assessed at Mar, Jun, Sep, and Dec month end)
Waiver Condition: At least 1 trade per quarter for the account

Does this mean that if I hold my ETF for a year I will incur $16.05 x 4 charge just for letting it sit in my philips account? Isn't this outrageously expensive for such a small volume?

To the best of my knowledge only POEMS has a quarterly maintenance charge for holding shares. Can anyone currently with POEMS advise if they incur this charge and why you are still sticking with POEMS despite it?

Thanks!

Hi there.

I am planning to open a Prepaid cash account at POEMs too, wanna ask a few things.

How are you handling your online trading platform? Do they assign you a broker?
 

Shiny Things

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In all, i'm saving $300 per trade. Every entry and exit costs me USD$700 with vickers. Now is $20+.

Can you advice if i could get a better deal elsewhere OR do you think they will start chopping me down with additional fees that they promise there won't be any?

It depends what you're trading $100k clips of, but Interactive Brokers might be cheaper - budget about one cent per share.

I have to admit I'm not sure how Poems can keep up that sort of pricing - it's a phenomenal deal, but they have to be losing money on it somewhere (maybe they're making it up on the FX spread?). Might as well milk it while it's there, though.
 

C32B

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For me, I started slightly later than you, and in the first few years my strategy was more of trading than investment, where I buy, hold for a few months, at most 1 year, then sell. Later on I shifted more towards investment in mid to long term, looking for dividend, defensive and growth shares, although I still do allocate some funds for trading. :zotto:

My first account is Poems as well, and same as other members encounter. The website is crappy, the mobile app is more to I-OS rather than Android. Still, able to do trading over the internet apps in Andoird.

I using defensive strategy as I do not have much capital to start with and am also starting late. My investing happens every month as I hardly do trading.
 

Bedokian

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It depends what you're trading $100k clips of, but Interactive Brokers might be cheaper - budget about one cent per share.

I have to admit I'm not sure how Poems can keep up that sort of pricing - it's a phenomenal deal, but they have to be losing money on it somewhere (maybe they're making it up on the FX spread?). Might as well milk it while it's there, though.

If the board lot size for SGX is to be reduced to 100 shares, then I think the various brokerage firms here may reduce the commission charges proportionately. Any investor/trader who is financially savvy enough will know that paying more for commission than the actual shares themselves is not pragmatic, a la buying an item online whose postage fee is more than the goods itself.
 

XsenseX

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It depends what you're trading $100k clips of, but Interactive Brokers might be cheaper - budget about one cent per share.

I have to admit I'm not sure how Poems can keep up that sort of pricing - it's a phenomenal deal, but they have to be losing money on it somewhere (maybe they're making it up on the FX spread?). Might as well milk it while it's there, though.

I'm just trading normal stocks on NASDAQ ... LVS, Citi, all that ...

They can't earn my FX spread cause my money is all in USD, there is NO conversion for every trade ... But its a prepaid account so my limit is the amount i have inside which is what i'm always trading with cause i don't contra nor do i trade over the limit.

One thing they ask me to sign but i refuse .... The form that entitles them to put the money that is in my account and didn't use for buying stocks INTO a 'fund' of theirs that they say will have 2-3% annual gain ... LOL ... I will never ever believe brokers or banks, wait kena another lehman brothers.
 

Cklimm

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Sorry for necroing the thread, but unker have a similar problem, and worse.
If I want to close the Poems custodian account, do I need to mail them a signed form all the way down from Kuala Lumpur;
Or just empty the cash in account, and it will the closed for good the next quarter?
 

appl888

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Congratulations in opening your POEMS account.

As for me, my very first online trading portal is from POEMS, and somehow I am used to their user interface.

Along the way I have opened up accounts with other brokerages (to "support" friends, ex-colleagues and reservist buddies), and after comparing their platforms with POEMS's, I felt POEMS is better. "First love" is always the sweetest, eh? ;)

But you may want to consider SCB after you reach age 21. I am now primarily using SCB to do my RSP on ETFs and a platform to overseas markets, although their exchange rate spread is not ideal. Once SGX finalises on reducing the lot size, I would likely be using SCB more due to lower commission charges.

Any info on sgx lots size?
Will it reach 1 share per lot?
 

appl888

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Sorry for necroing the thread, but unker have a similar problem, and worse.
If I want to close the Poems custodian account, do I need to mail them a signed form all the way down from Kuala Lumpur;
Or just empty the cash in account, and it will the closed for good the next quarter?

Why don’t you call them?
tel:6531 1555
Use online chat during trading hours?
 

Cklimm

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Wont it be rude, by telling them directly that I am going to leave them for good in the face?
 

appl888

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Wont it be rude, by telling them directly that I am going to leave them for good in the face?

i sold my shares in a custodian acct then buy back using scb same day
nothing wrong i guess
 

dgeralds

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Do you all problems with poems? Seems like their attitude is 'don't care' ...

I opened poems online account. I bought unit trust using funds in CPF-SA on 24 Oct. The poems shows DONE and my CPFSA has already deducted the funds.

Today 29 Oct, the poems under alert it says CPFSA insufficient funds. Please contact Advisor /representative for immediate action.

When I call poems, they like don't care and say may be system error. They just want me to make sure my CPFSA has enough funds and to ensure CPFSA deduction took place.

This is my first time buying unit trust, using poems and using CPFSA. And this is my tryout before I buy large amount of unit trust using CPFSA...
 
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