eToro supports users from over 140 countries and that includes residents from the Philippines. If you're a Pinoy, then here are some information that you need to know before you sign-up and trade with this broker.
This page covers a lot of topics regarding investing with eToro particularly for PH traders.
|🇵🇭 Accepts Filipino Traders
|💰 Minimum Deposit
|🛍️ Market Types
|Stocks, Commodities, Currencies, Indices, Crypto, ETFs
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
This particular question is quite common for Filipino traders regarding eToro. The good news answer to that is yes, eToro is legally allowed to accept residents from the Philippines.
It doesn't matter if you are in Luzon, Visayas or Mindanao. As long as you are Filipino, of legal age and currently residing in the Philippines, then you will be able to open an account.
No. eToro currently doesn't have any physical office in the Philippines but this doesn't mean that they do not support Filipino clients.
eToro doesn't have a local phone number for their clients in the Philippines. You can contact their customer service department via the following:
Accessing any of these 2 methods can be done via the Customer Service Center page or this URL: etoro.com/customer-service
Traders from the Philippines can fund their eToro account via the following deposit methods:
If you have GCash, Maya (formerly PayMaya), and GrabPay, you can use the prepaid debit cards that they offer as the payment method for funding your account. Maya and GCash offers both Visa and MasterCard, while GrabPay have MasterCard.
Note: Local payment methods or wallets like ShopeePay and Coins.ph are currently not supported.
Also keep in mind: Your account will primarily be using USD so if your deposit method uses PHP, then it will automatically convert it to the USD currency with a small conversion fee.
The minimum deposit required for a user who is a resident of the Philippines is $50 (around 2800 pesos). This is also the same minimum amount if you're going to make succeeding deposits.
Keep in mind that if you're going to make a deposit via bank transfer, the minimum is $500.
The applicable eToro fees for Filipino traders is the same with other nationalities. For example, if you keep a CFD position open during the duration of the weekend, eToro will charge you with an overnight fee with a rate that is the same for any trader regardless from your country of residence.
The minimum amount that you can take out from your account is $30. Every withdrawal is subject to a $5 charge. This is a fixed free regardless of the amount that you wish to cash out so even if you decide to withdraw $30, $100 or $500, the flat fee is still $5 per transaction.
eToro currently doesn't have stocks that are listed on the Philippine stock exchange (PSE). They currently offer stocks from the following global exchanges:
Take note that you will only be able to trade real stocks if you won't be using leverage. Any stock positions opened with leverage are traded as CFD or contract for difference.
Currently, the top Filipino traders on the eToro Popular Investor program are the following:
|Popular Investor Level
|Ronald Diaz Tagsuan
|Mark Joseph Fernandez
|John Dill Macapagal
This latest data is taken from eToro's Q4 2022 Investor Update (March 2023). Based on this released report, there were 2.8 million funded accounts, 13% of which were from the Asia Pacific, where the Philippines is included, as of December 31, 2022.
Can Filipinos use eToro for trading?
Yes, Filipino citizens and residents can use eToro for trading. eToro is a global online trading platform that is available in many countries, including the Philippines. Filipino traders can sign up for an eToro account, deposit funds, and start trading a variety of assets, including stocks, cryptocurrencies, commodities, forex, and more.
What are the fees for using eToro in the Philippines?
Same as with other eToro countries, this broker basically charges the same fees for its services, including trading fees, withdrawal fees, conversion fees, and inactivity fees. For example, eToro charges a $5 flat fee for every withdrawal, regardless of which country you are from.
How do I open an eToro account in the Philippines?
Here are the steps to open an eToro account in the Philippines:
Go to eToro's website at www.etoro.com and click on the "Join Now" button.
Enter your personal information, including your full name, email address, and phone number.
Create a username and password for your eToro account.
Verify your email address by clicking on the verification link that eToro sends to your email.
Complete the eToro application form by providing additional information, such as your address and date of birth.
Upload a copy of your government-issued ID to verify your account.
It's important to note that eToro may require additional documentation or information to verify your identity or comply with regulatory requirements. Also, make sure to read and understand eToro's terms and conditions before opening an account.
What documents do I need to verify my eToro account in the Philippines?
If you're from the Philippines and you need to verify your eToro account, you will need to provide certain documents. Here are the documents that they usually require for verification purposes:
Government-issued ID: You will need to provide a valid government-issued ID, such as your driver's license, SSS ID, UMID, voter's ID, national ID, or passport.
Proof of address: You will need to provide a document that shows your name and address, such as a utility bill, bank statement, or tax document.
Payment method: If you deposit funds using a credit/debit card or e-wallet, you may need to provide a copy of the front and back of the card or a screenshot of the e-wallet account.
Selfie: eToro may ask you to provide a selfie holding your government-issued ID or a piece of paper with a specific code or message.
The verification process may take a few days to complete, and eToro may request additional documentation or information if necessary. It's important to make sure that the documents you provide are clear, readable, and match the information on your eToro account.
What trading instruments are available on eToro for Philippines traders?
eToro traders from the Philippines can access all the 3000+ instruments on the platform, including forex, commodities, stocks, indices, crypto, and ETFs.
Does eToro offer demo accounts for traders in the Philippines?
Yes, all eToro traders from the Philippines are provided access to a free demo account after opening a live account.
How can I find successful traders to copy on eToro in the Philippines?
If you're interested to copy successful eToro traders in the Philippines, you'll need to access the CopyTrader feature on the platform, and configure the search filter to show only people from the Philippines. You might also want to set the trading style, performance, risk score, and more to find traders who match your preferences
What trading platforms are available on eToro for Philippine traders?
All of eToro's platforms are accessible for eToro traders in the Philippines. This includes the web-based platform, which can be accessed on web browsers, and its mobile app, which can be installed on mobile devices that are powered by either Android or iOS.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
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