Shari-Shari: Investing in US Stocks for Filipinos
Investing in the stock market has become a popular way for individuals to grow their wealth and secure their financial future. In the Philippines, accessing international stock markets, such as the US stock market, has traditionally been difficult for individuals. However, with the rise of online trading platforms, it has become much easier for Filipinos to start investing in the stock market. One such platform is Shari-Shari.
What is Shari-Shari?
Shari-Shari is a registered trading platform in the Philippines that provides Filipinos with the opportunity to invest in the US stock market and other financial markets. It is a BSP Registered Operator of Payment System (OPS) with registration number: OPSCOR-2021-0030.
Pros of Using Shari-Shari
Ease of Funding
The main reason why most Filipinos are having difficulty entering the US stock market is due to the limited funding options of other trading platforms. Luckily, it’s easy to do so with Shari-Shari. Here are the available options:
- InstaPay bank transfer
- e-Wallets like GCash, Maya, or Coins.ph
- Unionbank online
- PESONet bank transfer
Low minimum deposit amount
You can fund your account for as low as 1000 pesos.
BSP-registered company
Since it’s a Philippine company, Shari-Shari is a BSP Registered Operator of Payment System (OPS).
Cons of Using Shari-Shari
Potential for high fees
There are several fees that you will incur when using Shari-Shari.
- Onboarding fee – a one-time fee of 599 pesos
- Funding fee – it will cost you an admin fee when you fund your account (the exact amount can be checked once you log into the app)
- Withdrawal fees – there’s an admin fee of $5 aside from wire transfer fees which is about $50 for international wire transfer
- Monthly account fee – $0.2 per month
- Other brokerage fees
Limited withdrawal option
Although you can use eWallets to fund your account, you need to have a bank account to be able to withdraw your money. In addition, you can only use banks that are PDDTS (Philippine Domestic Dollar Transfer System) participants.
How to create an account
Creating an account on Shari-Shari is a straightforward process. Here are the steps to follow:
- Go to the Shari-Shari registration page.
- Using the link above will take you directly to the sign-up page where you need to fill out the required fields. The fields include your full name, email address, and password.
- Click on the “Sign up” button.
- You will receive a confirmation email from Shari-Shari.
Note: Before you can start investing, you will still need to verify your identity. The verification process is done via the platform once you sign in to your account. Verifying your identity will require the submission of documents such as a valid ID and proof of address. You will also be required to pay the onboarding fee (599 pesos).
Blogger’s Corner
I no longer have an active account with Shari-Shari. At one point, I paid for the onboarding fee and was planning to use it but the additional fees made me think twice about funding my account completely. In the end, I opted to use eToro to get into the US stock market.
