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.
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.
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
24 Comments
Blair Villanueva
Thanks for sharing your guide. I’m surprised they still use the old school postal services.
Everything On A Plate
These are like the perfect guidelines !
pujarini
Very informative post. I am sure it is helpful for people wanting to open trading accounts in Philippines. Couldnt help to notice that the process is very similar to the same in India.
jeferson
i really need to open account……and do more research……those apps i see ….are they good?
Chai
Apparently, some broker’s app is not that good performing. Stay on the website for transactions. Thank you.
Neil Alvin Nicerio
Nice! This is very informative. I haven’t tried Col Financial but I’m into UITG and Money Market already.:)
Simerbir Singh
It is really interesting to know the rules of other countries. Thanks for the information.
ISHANI NATH
The guide you have provided is so detailed and will benefit many who wants to fill up the form for online stock. Online stocks are a great way for investing and making money.
Chai
Thank you Ishani.
prabashi
Such an easy explanation. Only the much needed information. When i logged in to there main site i guess it would have taken a long time for me to pick out the required information. This was short and easily explained
Yelena
Great tutorial and it’s interesting to see how online stock accounts are opened in other countries.
siennylovesdrawing
Wow!! A very informative post 😀 Love all the captures shared in this posting, really enjoy my reading of it. Thanks for sharing & wish I have the same in my home country too. Cheers, siennylovesdrawing
Sreekar
Wow. The procedure seems pretty similar to India. There is always some paperwork to get through before the account is opened!
La Dolce Musica
Wow, this is really helpful for anyone who’s interested in opening an online stock!
Monidipa Dutta
Online stocks and trading are best means of making income while you do other things. I am not from Philippines but people of your country will get a lot of benefit from it.
Juli
A lot of persons from your country will surely benefit from this post.
Evelyn Hernandez
Online stock and trading can be difficult but it is so convenient. Great way to make an income too!
Scott Gombar
In the US we have numerous options for trading stocks but they all have the same general guidelines. The difference is the price per trade and the software available. This is a good guide
Chai
Thank you, Scott. I’m on early stage of learning US Market.
krish
Investing in stocks is a good option of earning money…most of us go wrong in filling up applications due to lack of knowledge…your writeup is very informative and educative…will certainly help.the aspirants.
Regards
Chai
Thank you, Krish. You are totally right.
Priscilla
Great tutorial! And a good way to make money.
Serena Millet
That is a lot of helpful information! Thanks for telling the minimum amount it takes to fund your account!
kelly collins
Am not from PHILIPPINES but i must say tha online stocks and trading are best means of making income while you do other things with your precious time