iTrade Stock Broker Review: A Comprehensive Guide for Filipino Investors
Overview and General Information
iTrade Stock Broker, a subsidiary of DA Market Securities, Inc. (DMSI), has been a prominent player in the Philippine financial landscape since its establishment in 1987. This traditional and online brokerage firm offers a comprehensive suite of services tailored to meet the needs of both seasoned and novice investors in the Philippines. With a strong commitment to financial literacy and innovation, iTrade aims to empower Filipinos to make informed investment decisions and achieve their financial goals.
Background and History of the Company
DA Market Securities, Inc. (DMSI), the parent company of iTrade, was founded in 1987. Since its inception, DMSI has focused on providing reliable and comprehensive financial services to individuals and corporations. iTrade, as a subsidiary, embodies this commitment to excellence by offering a user-friendly and feature-rich online trading platform, coupled with a strong focus on financial education.
Certifications and Licenses Held
iTrade's commitment to regulatory compliance and transparency is evident in its membership with the Philippine Stock Exchange (PSE). This membership signifies that iTrade adheres to the strict standards and regulations set forth by the PSE, ensuring a secure and transparent trading environment for its clients.
Products and Services Offered by iTrade Stock Broker
Details of Main Products
- Online Stock Trading:iTrade provides a robust online trading platform that empowers users to actively participate in the Philippine stock market. The platform equips investors with real-time market data, charting tools, and research insights to facilitate informed trading decisions.
- Real-time Market Data and Statistics:Access to accurate and up-to-the-minute market data is crucial for making sound investment decisions. iTrade's platform delivers real-time market data and statistics, enabling users to track price movements, analyze market trends, and stay ahead of the curve.
- Charting Tools:iTrade's platform offers a range of charting tools that allow users to visually analyze market trends and patterns. These tools provide insights into historical price movements, volume fluctuations, and other technical indicators, aiding in identifying potential investment opportunities.
- Broker Assisted Trading:For investors who prefer personalized guidance and support, iTrade offers broker-assisted trading. Experienced brokers are available to provide personalized assistance, answer questions, and execute trades on behalf of clients.
- Margin Facility:iTrade is recognized as the market leader in margin facilities, providing users with the ability to trade with leverage. This feature allows investors to amplify their potential returns but also increases the risk of losses. It's crucial for investors to understand and manage their risk carefully when utilizing margin facilities.
Additional and Special Services
- Financial Literacy Advocacy:iTrade recognizes the importance of financial education for responsible investment decisions. The company actively promotes financial literacy through various initiatives, aiming to empower investors with the knowledge and skills necessary to make sound investment decisions and achieve long-term financial success.
Product Features and Conditions
Key Attributes and Requirements of the Offered Products
- Minimum Investment:To open an iTrade account, a minimum investment of PHP100,000.00 is required. This threshold ensures that investors have a substantial starting balance to begin their investment journey.
- Maintaining Balance:To maintain an active account, users must maintain a minimum balance of PHP100,000.00 in cash or stocks. This requirement is intended to ensure that users have sufficient funds available for trading and to manage potential losses.
- Deposit Reflection:The time it takes for deposits to be reflected in the portfolio depends on the method of deposit:
- Cash Deposits:Cash deposits will be reflected the next trading day.
- Check Deposits:Check deposits require a one-day check-clearing period before being reflected in the account. The cut-off time for check deposits is 3:00 PM.
Contact Channels and Customer Support
Contact Methods
- Phone:+63(2) 8887-6407 / +63(2) 8834-7765
- Mobile:+63917 863 3119
- Email:[email protected]
Service Hours and Support Quality
While iTrade emphasizes its commitment to providing excellent customer support, specific service hours are not explicitly stated on the website. This lack of information might create uncertainty for users seeking assistance outside of regular business hours.
iTrade highlights its dedication to customer satisfaction but doesn't provide detailed information regarding its support quality. This could leave potential users with unanswered questions about the responsiveness, efficiency, and availability of its customer support team.
Pros and Cons of iTrade Stock Broker
Pros
- Leading Brokerage Firm:iTrade stands out as one of the leading stock brokerage firms in the Philippines, with a strong reputation and a wide client base. Its established presence in the market signifies its reliability and experience in the financial industry.
- Comprehensive Services:iTrade offers a wide array of services, including online trading, real-time market data, charting tools, and broker-assisted trading. This comprehensive suite of services caters to diverse investor needs and preferences.
- Financial Literacy:iTrade's commitment to promoting financial literacy is a significant advantage, setting it apart from competitors. This focus on education empowers investors to make informed decisions and navigate the complexities of the financial market effectively.
Cons
- Limited Information on Support Quality:While iTrade emphasizes customer support, its website lacks detailed information regarding the quality of its customer service. This lack of transparency could raise concerns for potential users seeking reassurance about the responsiveness and efficiency of the support team.
- No Information on Specific Service Hours:The website doesn't provide specific service hours for customer support, which could create uncertainty for users seeking assistance outside of regular business hours. Providing clear and readily available information on support hours enhances transparency and user experience.
Summary of iTrade Stock Broker Review
Who is it Best Suited For and Why
- Suitable for Investors:iTrade is best suited for investors seeking a comprehensive online trading platform, real-time market data, and the option for broker-assisted trading. The platform's user-friendly interface and robust features make it suitable for both seasoned investors and those new to the stock market.
- Financial Literacy:iTrade's strong focus on financial literacy makes it an excellent choice for investors seeking educational resources and support to enhance their financial understanding and make informed investment decisions. This commitment to education empowers users to navigate the market with confidence.
Final Thoughts on Value and Choosing the Company
iTrade offers a strong value proposition for investors in the Philippines. Its robust platform, comprehensive services, and commitment to financial literacy make it a compelling choice for those seeking online trading solutions and a reliable partner in their investment journey. However, the lack of detailed information on customer support hours and quality could be a drawback for some users.
Frequently Asked Questions about iTrade Stock Broker
- Who Can Open an Account?
- Eligibility:iTrade welcomes a wide range of individuals and entities to open accounts, including:
- Individuals of Legal Age: Filipino citizens, OFWs (Overseas Filipino Workers), and foreign nationals who are at least 18 years old and meet the required documentation criteria.
- Corporations: Businesses registered in the Philippines can also open accounts for investment purposes.
- How to Open an Account?
- Application Process:Follow these steps to open an iTrade account:
- Download Application Form: Obtain the application form from the iTrade website or contact their customer support to request a copy.
- Email Digital Copy: Send a digital copy of the filled-out application form to [email protected] for initial review.
- Submit Physical Copy: Deliver the physical copy of the completed form and other required documents to iTrade's office: Unit 1105 PSE Tower, 5th Avenue Corner 28th Street, Fort Bonifacio Global City, Taguig City.
- Receive Email Notification: You will receive an email notification once your application has been reviewed and approved.
- Fund Account: Deposit the required minimum investment amount (PHP100,000.00) into your new iTrade account.
- Receive Log-in Credentials: You will receive your login credentials via email within 1-2 business days after successful account activation.
- What are the Requirements to Open an Account?
- Required Documents:Gather the necessary documents for account opening:
- Application Form (CAIF): Completely filled out application form.
- Trading Agreement: Signed trading agreement, outlining the terms and conditions of your account.
- Signature Card: Signed signature card, confirming your identity and authorizing transactions.
- Data Privacy Form: Completed data privacy form, acknowledging iTrade's privacy policy and data handling practices.
- FATCA Form: Completed Foreign Account Tax Compliance Act (FATCA) form, required for compliance with international tax regulations.
- Valid Government IDs: Present one valid government-issued ID for verification purposes.
- Taxpayer Identification Number (TIN): Provide your TIN number for tax-related purposes.
- Additional Requirements for Foreign Citizens:
- Resident Foreign Citizens: Alien Certificate of Registration (ACR) or Work Permit from DOLE.
- Non-resident Foreign Citizens: Authentication of a photocopy of one valid passport.
- Additional Requirements for Corporate/Partnership Accounts:Specific documents are required for corporate or partnership accounts, such as a certificate of incorporation, articles of incorporation, and board resolutions authorizing account opening and trading.
- What is the Minimum Investment Required to Open an Account?
- Minimum Investment:The minimum investment required to open an account is PHP100,000.00.
- Is There a Maintaining Balance for My Account?
- Maintaining Balance:Yes, a minimum balance of PHP100,000.00 in cash or stocks must be maintained in your account at all times. This requirement ensures that you have sufficient funds available for trading activities and to manage potential losses.
- How Long Does It Take Before My Deposit is Reflected on My Account?
- Deposit Reflection:The time it takes for deposits to be reflected in your account varies depending on the method of deposit:
- Cash Deposits: Cash deposits will be reflected in your portfolio the next trading day.
- Check Deposits: Check deposits require a one-day check-clearing period before they are reflected in your account. The cut-off time for check deposits is 3:00 PM.
- What If I Forget My Username and Password?
- Resetting Credentials:If you forget your username or password, contact iTrade customer support for assistance:
- Phone: (02) 8887 6407 or (02) 8834 7765
- Mobile: +63917 863 3119
- Email: [email protected]
- iTrade will guide you through the password reset process.
- What If I Want to Update My Account Details?
- Updating Account Details:To update your account details, contact iTrade customer support:
- Phone: (02) 8887 6407 or (02) 8834 7765
- Mobile: +63917 863 3119
- Email: [email protected]
- iTrade will provide instructions on how to update your information securely.
- What If I Want to Change My Password?
- Changing Password:To change your password, log in to your iTrade account and follow these steps:
- Access the "Account" section of your account dashboard.
- Click on the "Change Password" option.
- Enter your new password, ensuring it meets the required security standards.
- Confirm your password change by following the on-screen instructions.
- What Types of Securities Can I Trade?
- Traded Securities:iTrade offers a wide range of tradable securities, including:
- Stocks: Trade shares of publicly listed companies on the Philippine Stock Exchange (PSE).
- Exchange-Traded Funds (ETFs): Invest in a diversified basket of assets through ETFs, offering lower costs and greater diversification than traditional mutual funds.
- Real Estate Investment Trusts (REITs): Access real estate investments through REITs, offering regular dividend income and potential capital appreciation.
Key Takeaways
- iTrade is a leading online brokerage firm in the Philippines, offering a wide range of trading services, real-time market data, and financial literacy advocacy.
- The minimum investment required to open an account is PHP100,000.00, and users must maintain a minimum balance of PHP100,000.00 in cash or stocks.
- iTrade emphasizes its commitment to customer support, but detailed information on service hours and support quality is lacking on the website.
- The platform is best suited for investors seeking comprehensive online trading solutions, real-time market data, and financial literacy resources.
Disclaimer:This review is intended for informational purposes only and should not be construed as financial advice. The information provided here is based on publicly available data and may not be up to date. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
