Over the years, Etoro has gained much success and popularity with Filipinos and is the world-leading social trading platform. So if you are looking to invest in Stocks, Cryptocurrency, Gold, Sugar, Oil, Cocoa, Wheat, you will most definitely find using Etoro in the Philippines valuable.
In today’s complete guide on how to use Etoro in the Philippines, we’ll cover some basic questions for beginner Filipino investors, such as is Etoro available in the Philippines? and what are the Etoro Philippines requirements? Then we will address today’s leading topic, which is how to use Etoro in the Philippines. Finally, we will end with some important questions such as is Etoro in the Philippines legit? And finally my Etoro Philippines review.
Like every article we write here at Filipino Wealth HQ, we recommend speaking to an independent financial advisor before making any financial decisions. So now, let’s take a look at some of the basics on how to use Etoro in the Philippines.
Is Etoro Available Philippines
Certain countries are blocked from using the Etoro platform. However, the Philippines is not a blocked country which means that if you live in the Philippines, then Etoro is available for you. Like every investment platform, it’s always important to read terms and conditions before investing. However, Etoro does not have, at the time of writing, a division or subsidiary operating in the Philippines. Instead, investors go through the international Etoro website platform.
Etoro Philippines Requirements
Etoro state the following: Verification is a mandatory part of the process of registering for the eToro platform. Regulatory requirements dictate that we verify each new eToro account. This keeps our platform secure and prevents untoward activity.
Once you have signed up to your account, the verification process is the main area to focus on when looking at Etoro in the Philippines Requirements. This is what needs to be completed to gain access to a valid Etoro Philippines account.
Proof of Identity For Etoro
The first requirement to create a valid Etoro account in the Philippines is your proof of identity. This must include your full name, date of birth, a clear photograph, as well as an issue, and expiry date if applicable. Some accounts are delayed as photographs are unclear, so it’s best to take your time to submit your identification.
A passport is often recommended when opening an Etoro account as it’s the quickest form of identity for the Etoro team to check. Still, if you do not have a passport, then you can use your driving license or other official government-issued I.Ds. If any of these identification cards have double-sided, both sides would need to be submitted.
Proof of address For Etoro
The second stage for the Etoro Requirements is documentation that confirms your address. This must include your full name and address, including the date, which is within six months. In addition, the name or logo of the company should also be visible. If you are scanning the document, all four sides need to be visible.
Here are a few examples of proof of address requirements:
- Bank Statement
- Credit Card Statement
- Electric Water Or Gas Bill
- Internet Bill
- Letter From The Local Municipality
- Phone Bill
- Tax Letter Or Bill
On average, the verification process takes between three to five working days (based on feedback and my own experience) but can be as little as a day. You will be notified once your account has been activated, and you will see a verified green tick next to your username. If the documents have been rejected, Etoro sends you an email notification advising you on the following steps.
Aside from these Etoro Philippines Requirements, you will also need to ensure that you fall under the terms and services of the Etoro platform.
How To Use Etoro in the Philippines
Once you have been signed up and verified, the following process is how to use Etoro in the Philippines. The platform has been increasingly popular with Filipinos for many reasons, and one of those reasons is the advanced features. So we will go through a few different options available to investors and traders.
Before you invest and start trading your well-earned pesos, we recommend taking a few days to play around with the virtual account feature on the Etoro platform. You will be given some virtual money once signing up, which will allow you to experiment with the platform. This can include setting stop losses, building investment strategies, and even copying other traders (more on to this below).
This feature has been around for over 10 years and enables Etoro users to follow and copy other trades by other users on the platform. Once a member copies another trader, anything they do is automatically replicated in real-time, and this will show in your portfolio.
With the copy trader feature, you can search for top traders and filter through results to find the most highly successful traders and those trading a particular type of asset. Naturally, this feature, as well as investing in general, carries with it elements of risk.
Begin trading on Etoro Philippines
When looking at how to use Etoro, the first step is trading or investing manually. There are many different types of trading fees included, and this will depend on how much you are investing and what type of investment. In addition, some other expenses will need to be taken into accounts, such as withdrawal fees and conversion fees.
Before you can trade, you will need to deposit your fiat currency (pesos). This is a straightforward process, and funds can be transferred from most mainstream banks in the Philippines to the Etoro platform. Still, in addition, you can also fund your account via PayPal, Rapid, wire transfer, and other methods.
Once you have your funds, you have chosen which assets you would like to invest in and decided on the purchasing price; you can then invest in the Etoroplatform. Once this order has been processed, you will see your current portfolio in the dashboard, including your asset’s live price.
Trading tools in Etoro
Another feature when looking at how to use Etoro in the Philippines includes the unique features of trading tools designed to help you maximize gain and reduce loss. These special trading tools include a stop loss and take profit option (close the deal once you have reached a profit or loss), one-click trading, a personalized watch list including volatility alerts, and others.
Etoro Minimum Deposit Philippines 2023
The minimum deposit to start trading on the Etoro platform in the Philippines is $200, equivalent to approximately 10,000 pesos. After your first deposit, there is a minimum deposit amount of $50, equal to 2500 pesos. There are certain exceptions to this role if you have set up your account in another country.
Is Etoro in the Philippines Legit
Etoro is available internationally and can be accessed from the Philippines. The platform is a legitimate and professional trading platform that allows Filipinos to buy and sell stocks, cryptocurrencies, and other commodities on the Etoro online platform.
As a whole Etoro has received plenty of reviews, with the majority of these being positive. Reviews are often recommended when looking into the legitimacy of a company. From the data, feedback, and trading platforms, the evidence suggests that the Etoro platform is legit.
My Etoro Review from the Philippines
As someone who has been using the platform for a while now, it’s only fair that I give my fair Etoro review. Overall, I’ve been happy with the platform and its features. I do like the Etoro platform because the panel and dashboard, in general, are very user-friendly. There are also several handy guides and step-by-step processes that can be found on the Etoro website.
One of the reasons why I’m a big fan of this platform personally is because it allows you to trade in investments that you may not have invested in previously. In other words, in the Philippines, there is a lot of investment platforms. Some are well-known and professional, while others are slightly shady, but one thing they all have in common is that they are limited in their functionality.
When creating an Etoro review, I have to say that Etoro has much more options for Filipino investors than other investment platforms in the Philippines. When we discovered how to use Etoro Philippines, we found certain features that benefit investors and traders.
On the topic of how to use Etoro, we haven’t gone through a simple guide such as 1… input your name 2… input your email address, and so on because the Etoro platform is super simple to use even for a complete beginner. So instead, we focused on the most pressing challenge: how to use the Etoro Philippines platform, which is also very easy to navigate.
The one drawback I would say on the Etoro platform is the initial deposit. For example, you may wish to invest in Jollibee stocks. You can open up an account with stock trading platforms such as COL financial for as little as 1000 pesos which is 9000 pesos cheaper than the initial deposit needed for Etoro.
In other words, the bar is higher if you are looking to use the Etoro platform compared to other platforms. But I understand why as a business, they have set this limit.
In my “Etoro in the Philippines” review, the last area I would mention is their customer service team. At the time of writing, they have a relatively large customer service team, and during busy periods it can take some time to get a response. Still, on average, responses have always been swift, and they have answered my question thoroughly, so overall, I have had a good experience with the customer service team at Etoro.
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