Etoro is one of the popular online brokers if you decide to trade global stocks from the Philippines. In this post, you will find the simple steps to open an eToro account from the Philippines. Furthermore, this guide will also show you the different ways to deposit or fund your Etoro account.
Just like you, I am also a stock trader on the Philippine stocks exchange (PSE). I also wake up early in the morning or stay late at night to prepare my watchlist and plan my trade. To be honest, i enjoyed what I do, ahem making money trading philippine stocks hahaha wearing Sando and boxers.
However, I also want to expand and explore other markets. The main reason is PSE is not always blue skies and butterflies at least for me.
The reason is there are months when the market is hard or down-trending. Allow me to explain that. Based on my trading system, when the overall psei’s price /candle goes below the 100 moving average that’s the first signal that the market’s overall sentiment is shifting. From bulls to bears or downtrend, at least for me.
To give you an illustration, here is the photo of what I am talking about.
So when that happens trading the stocks becomes difficult because setups and plays become short-lived. Often there is no follow-through.
Since there is no shorting in the Philippines, I will just take whatever gains I can get from my winning long positions. There will be few outliers play but the majority of stocks are going down.
While waiting for the PSE market to be easy again. I decided to explore other stock exchanges and trade other financial instruments.
This is the reason I open an Etoro online trading account from the Philippines. With eToro you can trade global stock exchanges such as from the New York Stock Exchange (NYSE), NASDAQ in USA, Hong Kong stock exchange in Asia, London SE in Europe, and other Stock Exchange. Furthermore, you can also trade cryptocurrencies, ETFs, indices, commodities, and forex. Just a reminder, if you will trade global stocks you need to consider the time that the global market opens.
How to create an Etoro account in the Philippines
Surprisingly, opening an etoro account is quite easy. I was able to create my account and be able to verify it in less than 1 hour.
Step 1. Go to etoro website to open your account
The official website of etoro is www.etoro.com. At the upper right-hand part of the website you will see the “Join Now.”
It will redirect you to a new page where you can type in your chosen username, email, and your chosen password. Afterward, tick the two boxes and create your account.
There are also options to sign up with your Facebook or Google account. It is your choice.
However, I suggest that you create a separate account. The reason is so you will not mixed up your login details.
Step 2. Verify your email account for eToro
You need to verify your email account. Login to your email account that you register with etoro. The online broker will send there a link for you to verify your identity Because they have to confirm that you are a real person.
Step 3. Login to your account and complete your profile info
Based on my experience, Before you can deposit to your account, you have to complete your profile with them. You need to type in your preferred username, the complete name that matches the details on your ID cards. Furthermore, you have to provide your Mailing address, mobile phone numbers, and Tax identification number (TIN).
In addition, in your profile, you need to tick the choices that match your profile. Such as your reason for opening an eToro account, your market experience, and your risk to reward preferences.
If you want to do a copy trade, you have to select leverage, and higher risk to reward preference.
Initially, I was not allowed to do copy-trading because I select a very conservative option in the two items I have mentioned. So I decided to update my profile to update my risk torelance preferences.
Step 4. Verify your etoro account
In this part also, you need to verify your identity. There are three options but I decided to be verified using my phone number. This is the easiest option among the choices.
Etoro will send a verification number on your phone which you need to type in on your online account.
The second option is “proof of identity,” where you need to send to etoro a scanned copy of your identity. The last option is what they called “proof of address,” where you have to send them a copy of your statements such as billing, bank, social insurance. It should be a statement that shows details of your name, and residential address.
That’s basically it. Follow these steps and In less than 30 minutes you can create your etoro account even if you are in the Philippines.
How to deposit funds in eToro in the Philippines
Depositing funds is also easy you can deposit in Philippine peso using your locally based debit/credit cards, local online banking, Paypal, bank transfer, and Neteller.
These fund transfer options have their own minimum deposit amount. But if it is your first time funding your account, the minimum is 200 USD or roughly Php 10,000.
The second time you fund your account, the minimum becomes lower. For example, the minimum for local online banking, Neteller, and PayPal is 50USD.
In my case, since it is my first time doing it. I decided to fund my etoro account using a debit/ credit card from a bank. It is more convenient on my part.
Step 1. Login to your etoro account
Go to the official website and login into your account. At the lower left-hand portion of your account, you will see the “deposit funds.”
Expect that a new window will pop up after.
Step 2. Select the method of payment to use
In the popup window, you need to type in your preferred amount. The minimum is 200 USD for first-timers.
If you are from the Philippines, you can fund in peso, you need not worry as your bank will be the one to convert it to USD depending on the current foreign exchange value.
Follow the next instruction that etoro will tell you. Afterward, deposit it.
Note: Before doing this I suggest that you complete your profile first by supplying the information that etoro needs. Make sure that your status is “Bronze.” Otherwise, etoro will ask you to complete your profile before you can fund your account.
Another note is that you can try first their available demo account so you will be familiar with their user interface. Basically, your demo account will allow you to trade any instrument you want that is available in the etoro platform. For example Cryptocurrencies, foreign exchange, ETFs, and Stocks.
The difference is you are only using virtual funds to trade. But it is still a good experience to be familiarized with the UX.
Based on my experience, I was able to open an etoro online trading account, complete my profile, and deposit on it in less than two hours. I did not expect that it is very easy!!!