(If you want a quick guide for beginners how to start investing in the Philippine stock market, you can download your free ebook here.)
I’m excited to share with you in this post another platform you can use for trading US stocks and ETF (Exchange-Traded Funds).
This is a good option for those who simply want to try it out even with little capital (as low as 1USD) and start the easiest way.
I’m talking about Gotrade mobile app.
I tried to open an account and it was very easy indeed.
And that’s actually their business promise: “That you invest with ease.”
In fact, in less than 10 minutes after downloading the app, I was able to place my buy order for a stock of APPLE using 1 USD only. 😃
(I got free $6 too upon sign-up completion.)
What are the features of GoTrade
You buy actual shares
Unlike other US stock trading apps, Gotrade doesn’t have CFDs (contract for difference).
That means you will be trading actual shares directly on the New York Stock Exchange (NYSE) and NASDAQ.
(Practically the same as buying Philippine stocks with COL Financial).
Gotrade also offers Fractional share trading.
This is what allows you to buy any stock from a minimum of $1.
Other US brokers apps have been doing this so this isn’t really new.
However Gotrade makes it even because their minimum fund you can use to buy stocks is $1 only.
For example, if the price of an APPLE stock is $124, you can still buy it even with your extra $1.
In that case, you get around 1/124 = 0.008 fractional share of APPLE.
That’s what happened below.
Another good thing is all trades on Gotrade are commission-free so this helps you maximize your returns.
There’s also no price spread too.
Its main income comes from foreign currency exchange (forex) rate difference during your funding.
Is Gotrade for you?
If you’re already using mainstream US brokers like TD Ameritrade or Interactive Brokers (IBKR ), this probably isn’t for you.
This is perhaps for people who may be looking at investing in US stocks and feeder funds (ETF) and are casual traders and have little capital, as Gotrade offers these assets with fractional shares and easy-to-use mobile app access.
Cost-wise, Gotrade is transparent with its fees.
You will see a lot of side notes during navigation explaining the fees if any.
As mentioned, there’s no commission charged and stock price spread.
Support seems good as well in the short time I’ve used the app.
Upon account approval/activation, subsequent funding can be made via wire transfer, or vi fund transfer from your local banks BPI and Unionbank account thru Dragonpay. This is a plus too that allows simple funding process with no need of opening US dollar bank account
As stated on its website: “Gotrade and its partners are regulated. Your account is protected for up to USD 500,000 by the SIPC.”
The Securities Investor Protection Corporation (SIPC) protects the clients of brokerage firms i.e. you in the event the firm fails by offering insurance of the clients’ assets.
Download the Gotrade app (and get $6 by simply signing up)
If you’re interested to try it out, you can see it for yourself by downloading the Gotrade app in your play store/app store.
You only need to prepare the usual requirements – a photo ID bearing your name, nationality, and address (driver’s license, postal ID for example), or a valid passport with a billing statement under your name for the address.
I was also able to receive an extra $6 upon completing their sign-up process.
It’s still an ongoing promo as of this writing to encourage you to get started.
Gotrade Token Code
At the present, Gotrade is operating on an invite-only basis.
But if you want to skip the waitlist, you can use this token code upon signing up: 318878.
(If that doesn’t work, send me a message here so I can share with you another code you can use.)
Overall, I’m quite impressed with how easy it is to use the app and get your first touch on US stocks.
The fact that you’re able to buy US stocks and not CFD’s with easy steps is its best selling point.
Using the app also gives that feel which makes trading US stocks very doable for many without the clutter information you need.
The only caution is it’s still relatively new in the market though and I hope more options and features be added soon without losing its simplicity. Send me feedback on what you think about it.
You can also sign-up here in case you to join our upcoming webinars using this platform.
PS.Get market updates & stock picks!Get your quick guide for beginners how to start investing in the Philippine stock market and more practical trading tips and tricks. Simply sign-up below (it's FREE!)
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You get a free share of Starbucks too for signing-up.
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