Update (October 12, 2024): eToro has officially announced that they’re closing their doors on Philippine residents. Find out more in this article.
Last week, my sister messaged me saying she received an email stating that her eToro account had been closed. At first, I dismissed it as a possible phishing email since I had not received a similar message in my inbox.
Then I took the liberty to quickly search online to see if there were similar cases to hers. And yes, Filipinos have been reporting as early as last month that they’ve been getting the same email message.
So is eToro closing accounts of Filipino investors?
I opened a ticket with eToro support and here’s what I gathered:
- Philippine accounts that have no active investments in eToro are being closed out
- They no longer accept new accounts from the Philippines
- Accounts that are active or are funded can still freely use the platform
Blogger’s Corner
I have an active account with eToro and will continue using the platform for my US stock holdings as long as they allow active Philippine accounts/users.