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How to OPEN an ONLINE STOCK TRADING account in the PHILIPPINES

Stock investment is one of the mostly considered among different kind of investments. Online stock trading traits such as the fast and easy process is one of the reasons why many considered opening stock trading account. Here are steps on How to OPEN AN ONLINE STOCK TRADING ACCOUNT in the PHILIPPINES. I recommend doing research first or reading some reviews before opening an account for online stock trading.

(Disclaimer: Sharing my experience on opening 2 online stock trading accounts with COL FINANCIAL. I’m not DIRECTLY AFFILIATED WITH, OR SPONSORED BY said ONLINE STOCK BROKER)

WHAT ARE THE REQUIREMENTS to OPEN AN ONLINE STOCK TRADING account in the PHILIPPINES

In every application, identification documents are required to verify the information filled up with the forms. Requirements depend on the citizenship and residency. Above all, YOU MUST HAVE A TAX INFORMATION or TAX IDENTIFICATION NUMBER (TIN) as this is required in filling up the forms.

FILIPINO CITIZENS:

1. Photocopy of one (1) valid government issued ID (Photo and signature must be clear)

-IDs like Social Security System, TIN(tax), Passport can be use.

RESIDENT FOREIGN CITIZENS:

1. Photocopy of one (1) valid government issued ID (Photo and signature must be clear)

2. Alien Certificate of Registration (ACR) or Work Permit from DOLE

NON-RESIDENT FOREIGN CITIZENS:

Authentication of a photocopy of one (1) valid passport (Photo and signature must be clear)

IN-TRUST-FOR (ITF) ACCOUNTS:

1. Photocopy of one (1) valid government issued ID of the parent (Photo and signature must be clear)

2. Birth Certificate of the minor applicant

*Upon assessing your application, additional requirements might be asked for verification purposes. When i sent my first application, i was required to submit signature verification form through e-mail.

CHOOSE the ACCOUNT TYPE

After preparing the requirements, choose the account type that best suits on what you want or need. Below is the account type and respective features of each. Keep in mind though that each account type has required minimum balance.

image from COL FINANCIAL

Fill out the application FORMS

Online stock broker has their respective required application forms along with the other requirements. COL FINANCIAL has the following FORMS

1. Customer Account Information Form (CAIF)

2. Foreign Account Tax Compliance Act (FATCA)

3. The Online Securities Trading Agreement (OSTA)

SUBMIT the forms and REQUIREMENTS

You can personally submit or send the forms and requirements to the ONLINE BROKER Centers. In my first application, I send the forms and requirements through express courier. And track the documents. I ask the COL FINANCIAL helpdesk on the status of my application after two days as I wasn’t heard back yet that time.

After back and forth of emails for the status of application, they confirm the receipt of my application.

During my first application, May 2016, COL Financial conducts an interview through skype for additional verification.  But on my second application, October 2017, no interview held but still went through same procedure of application. After some verification held, they give me an account details to fund, which is the next step.

Take note that they have restriction on sending the application through mail.

image from COL FINANCIAL

FUND THE ACCOUNT

Finally, COL FINANCIAL sent account details through emailed along with the instruction on how to fund the account. There are different ways of funding your account specified on the website. I recommend funding the account through online or ENROLLING YOUR ACCOUNT TO YOUR ONLINE BANKING for easy and fast future funding.

Last but nor the least, funding your account on your desired type of account.  For the initial reason of opening the account, I started with funding with just the minimum required PHP 5,000 (around USD$ 92 at the time of writing). Furthermore, I make additional funding until the fund was valid to be COL PLUS account type. The account is automatically changing its type upon reaching the required minimum balance on each account type.

 

I hope you find this How to OPEN AN ONLINE STOCK TRADING account in the PHILIPPINES post helpful. And keep in mind that journey of investing doesn’t stop by opening an online stock trading account.

For information on steps on how to withdraw from stock trading account, I shared my experience here : EASY STEPS TO WITHDRAW FROM COL FINANCIAL

I would love to hear from you! Please send me an email therandomlady.chai@gmail.com

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