June 6, 2019 – When it comes to stock investing and trading, a couple of options are available in the Philippines. There’s COLFinancial, there’s BPI Trade, PhilStocks, etc. For cryptocurrency trading, we have options through the license virtual currency exchanges. However, most of them are not yet live. Which means many still use international cryptocurrency exchanges like Binance and OKEx.
Then there’s Abra where people can put money and invest in not just cryptocurrencies but also international stocks. The same thing is possible for some time now through eToro, a social trading platform. eToro allows trading of international stocks, indices, and even cryptocurrencies. Additionally, eToroX is its pure crypto trading platform.
eToro is popular for users in the Philippines who wish to get exposed to international stocks, like those trading in the US Stock market. Its key feature is “copytrading“. It allows one to view and “copy” an experienced trader’s trades. I would love to talk about it more but we were able to interview Paul Henry Familiaran, head of Southeast Asia Region at eToro to explain it further. He also discussed eToro, eToroX, and his company’s plans in the Philippines.
On Why Filipinos should use eToro and eToroX when trading cryptocurrencies
eToro and eToroX being regulated entities is the primary reason why users should use both platforms, said Mr. Familiaran. Additionally, given the slow start in the local market this year, eToro can offer investors an opportunity to invest in the global markets.
With “Copytrading”, investors can invest and earn by copying the top popular investors, investors who are experienced track record with a proven track record.
Finally, Mr. Familiaran said eToroX will allow Filipinos to diversify their portfolios with tokenized assets, something that they at eToro believes will be the future of finance.
On when a user should use eToro and/or eToroX
On the subject of cryptocurrencies, both platforms offer them. But eToroX offers a wider variety of cryptocurrencies versus eToro. eToro is more of the all-in-one platform that offers thousands of global stocks, indices, commodities, cryptocurrencies, ETFS, and currencies. It works on a brokerage model while eToroX is a fully functioning exchange.
Lastly, only top cryptocurrencies can be bought on eToro while on etoroX, “clients can invest and trade stablecoins and tokenized assets alongside top crypto tokens, and is purely a crypto-to-crypto solution,” Mr. Familiaran added.
On whether or not eToro is active in securing a virtual currency license in the Philippines
In this particular question, Mr. Familiaran only had this to say:
“eToroX has been granted a distributed ledger technology (DLT) licence from the Gibraltar Financial Services Commission under the Investments and Financial Fiduciary Service Act with Licence FSC1333B.” – Paul Familiaran, eToro
Mr. Familiaran said that they are one of the first companies in the world to secure a license for cryptoassets, something only a handful of crypto companies have. He also reminded that eToro is a truly global platform.
“As a global player operating across 140 countries, we try to get regulations that allow us to position ourselves to meet our client’s demand and we will continue to do so as need be.”
On what they think of the current regulations in the Philippines
Mr. Familiaran said he believes that the Philippines is moving in a positive direction with regards to regulations, pertaining to draft regulations regarding initial coin offerings (ICOs) as a step in the right direction.
“It does show that regulators are serious about it and not dismissing cryptocurrencies as a fad or a scam.”
On eToro’s future plans in the Philippines? When will there be more cash-in and cash-out methods?
eToro said opening up more methods is subject to several regulatory requirements and will require serious due diligence on their part.
“We are currently reviewing several options which we hope to open up for our clients once they meet our strict compliance and quality assurance requirements.”
But Mr. Familiaran maintains the Philippines is an important part of eToro’s roadmap moving forward. They have been organizing several offline events and have witnessed positive response among local traders. eToro was a sponsor to this year and last year’s Traders Fair. Mr. Familiaran is actively participating in key trading and crypto events, including last year’s CEZA event in Taguig.
“Filipinos are one of the most active social media users and given the fact that we are a social trading platform, we believe that our userbase in the Philippines will only grow with time as people here are quick to adapt to social trends.”
This article first appeared on BitPinas: [Interview] eToro Talks About Copytrading and Crypto