I started my wealth building journey 20 years ago when I started trading shares through my brother’s account, POEMS. If you are wondering what does POEMS stands for, it is an acronym for Philips Online Electronic Mart System. POEMS is an electronic platform established by Philips Pte Ltd in 1996 for buyers and sellers to trade equities, futures, forex, spot gold, silver and unit trust. POEMS charges commission fees for both buying and selling transactions.
During the late nineties when online trading was still at an infancy stage, many Singaporeans were still very skeptical of trading stocks online. Most people were horrified at the concept of buying stocks without certificates (just think of paying for goods without receipt given to you over the counter). At that time most Singaporeans are also used to rely on their brokers to trade because of tips and advice that stockbrokers can offer. In addition, there is the broker’s fear that their jobs would be on the line once internet trading render their services obsolete.
Due to advancement in technology and the increasing ownership of computers in many Singapore families, a lot of Singaporeans start to realize the advantages of online trading. Furthermore, brokers’ fears that internet trading would spell the end of their careers were unfounded as stockbrokers are still needed to provide value-added expertise views to traders.
Thus, setting the stage for the online trading boom since 2000. Nowadays most Singaporeans prefer online trading because of the convenience and lower transaction costs compared to buying stocks through brokers over the phone. It is during this period of time, POEMS underwent tremendous changes and went to achieve many performance awards. Today, the company has 6 investor centers round the island located in Raffles City Tower, Toa Payoh, Bukit Batok, Raffles Place, Marine Parade and Yishun.
Buying/selling stocks through POEMS
I opened my POEMS account in 2006 at a roadshow when the brokerage firm waived off the $1000 deposit fee. Back then, I thought to myself that the best things in life are free, so why should I pay for an online stock account? My aim was really to become rich through stock investments. So I did not want to waste time and effort learning complicated trading system. Anyway, my elder brother had recommended the system to me earlier, so I thought why not give it a try?
What I like about POEMS is that I can view my portfolio of stocks in a neat manner, access free in-house stock research reports and view the transaction summary in a manner which I am comfortable with. I always thought to myself you can never go wrong with POEMS because to me, it is the best online trading system in Singapore.
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