Those interested to trade stocks in the Philippine Stock Exchange (PSE) can choose to employ a live broker or an online stock brokerage firm. Either method has its own advantages and disadvantages and will be the subject of a separate article in the future.
For now, we’ll focus on online stock trading platforms. A list of available online stockbrokers in the Philippines can be found in this link.
Two of the most popular online stock trading platform providers are CitisecOnline (COL) and BPITrade. We have previously explained how to open a Citisec stock trading account. In this article, we will discuss how to open a BPITrade account.
What is BPITrade?
BPITrade is an online stock trading facility offered by BPI Securities Corporation, a wholly-owned subsidiary of the Bank of the Philippine Islands (BPI), one of the Top 3 banks in the Philippines.
How to open a BPITrade online account?
1. First, you need to be an existing BPI or BPI Family Bank account holder in order to apply for a BPITrade account. If you’re not an existing client, you need to open at least a savings account with them in order to proceed.
2. Visit the website www.bpitrade.com and click on the link “Apply Now.”
3. On the site, fill out the Online Application Form and print the documents when done.
4. Go to a BPI or BPI Family Bank branch and submit the following:
- printed Application Form
- two (2) valid IDs, such as driver’s license, passport, company ID, SSS or GSIS ID, credit card with picture, or other valid IDs acceptable to the bank
- photocopies of the IDs
Take note that at this point, you are not making any deposit yet to your BPITrade account.
5. At the branch office, you will be asked to fill out some forms and the branch officer will verify your signatures. Once everything is complete, you will be told to wait for a confirmation email on how to fund your stock trading account.
6. The confirmation email normally arrives within 1-2 weeks. It will tell you if your BPITrade bank account has already been activated. In order to fund your account and to start trading, you will need your BPITrade bank account number. Look this up by logging on to the BPITrade website and going to the “Portfolio” menu.
7. How to fund your BPITrade online stock trading account:
- Branch Deposit – Go to any BPI branch and make an over-the-counter deposit to your BPI Trade bank account
- Through BPI Express Online – Enroll your BPITrade bank account in your BPI online banking account and make fund transfers via the internet anytime
- Through ExpressPhone or ATM – Enroll your BPITrade bank account to BPI ExpressPhone and ATM in order to use these facilities to make fund transfers
- Wire or Telegraphic Transfer – If you’re outside the Philippines, you can still fund your account by sending a money transfer via wire to your account (Swift Code for BPI: BOPIPHMM)
8. Once your BPITrade account is funded, you can now start trading stocks online!
What is the minimum deposit needed to open a BPITrade account?
There is no minimum amount needed to open a BPITrade account. Take note, though, that if there is no deposit balance in the BPITrade bank account, it is not possible for you to purchase stocks. Also, BPI requires that you maintain a monthly Average Daily Balance (ADB) of P500.00 so that your account won’t be charged a service fee of P200.00 per month.
How to withdraw funds from BPITrade account?
1. Login to your BPITrade account.
2. On the left-hand sidebar menu, click “Services” and go to “Withdrawal Request.”
3. Fill out the withdrawal request form. Make sure the amount (in figures) you are withdrawing matches the amount (in words) on the form.
4. Your withdrawn funds will then be transferred to your designated BPI settlement account after one banking day.