Just 2 weeks ago, I uploaded a blog mentioning that eToro was closing inactive Philippine accounts but allowing active users to continue using their platform.
Alas, here comes the dreaded news. eToro is already closing its doors to Philippines residents. Users residing in the Philippines with active trade/ports are advised to close their trades and request a withdrawal on or before December 8, 2024.
What does it mean?
You have until December 8, 2024, to close all your positions/trades and withdraw your money to your local bank account.
Can you still trade until then? Absolutely. But it’s a 2-month notice to ensure that you have successfully pulled your investments out of the platform.
Here’s the exact newsletter that users in the Philippines have received in their inboxes:
Blogger’s corner
People in the Philippines have limited access to the US stock market, and eToro’s announcement is definitely a blow to their investment strategy.
Currently, we only have one SEC-registered company that offers US stock market trading: Shari-Shari. That said, due to the fees, I’m not inclined to reactivate my account with them.
Our next hope is GCash’s GStocks Global. Unfortunately, there’s still no update on when it will be available.
By the way, I have already closed all my trades and requested a withdrawal from eToro.
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