Do you know that you can open your online stock trading account for Philippine stock market with zero capital?
In case you still don’t have your online broker in the Philippines because you say you don’t have enough capital to start with, this is the answer to your dilemma.
If you remember, COL Financial(formerly Citiseconline) lets you open an account with just 5000 pesos. It’s the same with online broker Philstocks by Accord Capital, my first online broker. But hey, they’re not the only online brokers in the Philippines.
You can read here a review of the most popular online stockbrokers in the Philippines.
But if you have zero capital, you can open an account with online stockbrokers BPI Trade and FirstMetroSec with the only requirement that you should have an account with their bank counterparts, namely BPI and Metrobank respectively. So if you already have an existing account with them, you can simply download their forms from their website and submit them to a branch of their bank.
Here are their websites:
Once they approved your account and you received your log-in details in your email, you can then start navigating their website and familiarize yourself with the features of their online platform and have access to their researches and market updates as well.
Though you can open an online trading account with zero capital this way, BPI Trade will require that you have at least 500 pesos maintaining balance in your BPI Trade account. With FirstMetroSec, there’s no whatever deductions being made even if you have zero balance.
Here’s the better part of it – opening an account with these stockbrokerage firms also gives you the convenience of depositing and withdrawing your money into and out of your trading account through paperless transactions. That means everything can be done online including the deposits and withdrawals from and to your bank account. It’s unlike the case for COL Financial where you have to email or fax an accomplished withdrawal form before it gets transferred to your nominated bank account. With BPI Trade and FirstMetroSec, you can do the same transactions with just a few clicks and types in their website.
That’s it! So even with zero capital, you can learn how stock market really goes with these brokers.
Have fun investing (with no excuses whatsoever)!
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