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Online trading platform eToro recently announced it will be closing operations in the Philippines, leaving many Filipino investors uncertain about the future of their portfolios.
The decision, which eToro attributes to regulatory challenges, has raised questions about the withdrawal process and alternative investment options.
Despite concerns, some investors have reported positive experiences in closing positions and withdrawing funds.
Reddit user M8k3sn0s3ns3 shared, “I decided to close my positions yesterday and successfully withdrew all my funds, which were credited to my account today without any fees.”
Etoro closing in the Philippines and Funds withdrawal
byu/M8k3sn0s3ns3 inEtoro
They noted that any difficulties likely stem from the user’s bank or chosen withdrawal method rather than eToro’s platform.
However, others expressed frustration about having to close positions prematurely, especially those with long-term investments currently in the red.
User shymd15 lamented, “I’m uncertain about my next steps. I was prepared to hold onto my cryptocurrency investments for 5 to 10 years in hopes of seeing profits, but if I decide to withdraw now, I could end up losing around 900,000 pesos.”
Alternative platforms
As Filipino eToro users seek new investment platforms, suggestions have emerged, including Robinhood, Webull, Coinbase, Interactive Brokers, Fidelity and Charles Schwab.
Each alternative offers unique features catering to different trading styles and goals. However, concerns remain about the registration status of these platforms with the Philippine Securities and Exchange Commission (SEC).
Hopes for return
Despite the challenges, some investors remain hopeful for eToro’s eventual return to the Philippines. User M8k3sn0s3ns3 stated, “For the time being, I plan to invest locally. Once Etoro resumes operations in the Philippines, I’ll definitely return!”
Others echoed this sentiment, expressing a preference for eToro’s user-friendly interface and copy trading features.