MyTrade app URL: https://mytrade.com.ph/.
Is MyTrade a scam? The short answer is NO. The entity’s parent company, Abacus Securities Corporation, is registered by the Securities and Exchange Commission (SEC) of the Philippines. You may verify this information by going to this source. It’s worth noting that an entity’s legitimacy can be demonstrated by its parent company being registered and regulated by a credible authority.
Additionally, Abacus Securities Corporation is one of the leading financial services providers in the Philippines.
What Is Mytrade?
MyTrade is an online trading platform. The service is available both as a web-based platform and a mobile app. It was developed by Abacus Securities Corporation, a financial services company based in the Philippines. The trading portal offers various tools and services designed to improve the trading experience for corporate and individual traders.
Apparently, Abacus Securities Corporation, MyTrade’s parent company, is known as a leading stock brokerage in the Philippines. Mr. Paulino Soo, a prominent Filipino businessman with an extensive career in the banking sector, established the company in 1991. Mr. Soo has worked not only in the Philippines but also in Hong Kong.
MyTrade’s offices are in Pasig City, Philippines at the Philippine Stock Exchange Centre (Tektite Towers) along Exchange Road.
MyTrade Minimum Deposit?
Ten thousand pesos (Php10,000.00), approximately 180 US dollars.
How Do I Fund my MyTrade Account?
The online trading platform allows you to deposit money into your account through three methods:
- A bank transfer.
- A check.
- An online payment gateway, such as PayMaya and GCash.
- Credit and debit cards.
Bank transfer:
- Get MyTrade’s bank account details such as the company’s bank name, branch, account name, and account number from the company’s website.
- Log in to your MyTrade account.
- Go to “Deposit”.
- Choose “Bank Transfer”.
- Initiate the transfer and enter MyTrade’s bank details.
- Submit the transaction and wait for your bank to process it.
Check:
- Get MyTrade’s check deposit details from the company’s website.
- Write and mail the check.
- Inform MyTrade about this transaction.
- Wait for the check to be processed.
Online payment gateway:
- Obtain the payment gateway details from the company’s website, mytrade.ph.
- Go to your MyTrade account.
- Navigate to the “Deposit” section.
- Choose “Online Payment Gateway”.
- Initiate, confirm, and submit payment.
- Wait for the system to process the payment.
To fund your MyTrade account through a credit or debit card, follow the steps below:
- Obtain card payment details from the company’s website, mytrade.ph.
- Go to your MyTrade account.
- Navigate to the “Deposit” section.
- Choose “Credit/Debit card”.
- Key in your card details.
- Verify, confirm, and complete the transaction.
- Wait for the system to process the payment.
MyTrade Transaction Fees?
The online trading platform charges a commission rate of 0.25% of the gross amount per buying or selling transaction, in addition to a 12% VAT. Further, it charges an account inactivity fee of $50. Lastly, it deducts 0.01% of the gross trade amount, which goes to the Securities Clearing Corporation of the Philippines (SCCP), in addition to 0.6% of the gross trade amount as a sales tax. Supervised and regulated by the Philippine Securities and Exchange Commission (SEC).
SCCP is a private corporation that facilitates the clearing and settlement of securities transactions.
MyTrade Minimum Balance?
Ten thousand pesos (Php10,000.00), equivalent to approximately $180.
Final Thoughts
MyTrade, which operates under the domain, mytrade.com.ph, is a legitimate online trading platform owned and operated by one of the leading financial services providers in the Philippines. Through it, you can purchase or sell a wide range of securities listed on the Philippine Stock Exchange (PSE). These securities include stocks, exchange-traded funds (ETFs), bonds, dividends, and warrants. However, it doesn’t support the buying or selling of cryptocurrencies. In case you are skeptical, it’s not a scam, but a legitimate trading platform duly registered and regulated.
Fell Victim To a Scam Broker?
If so, go to our services to pursue your lost funds. We’ll leverage our expertise and resources to investigate your case and try to identify the location, as well as other important details of the perpetrator. Next, we’ll try to negotiate with them to see if a potential settlement can be reached to avoid the complexities of a forceful pursuit. If the scammer is not cooperative, we’ll escalate the matter to the relevant authorities who may take it from here.
In collaboration with the justice department, the police may apprehend them and freeze their assets to prepare to compensate you. Once charges are filed, you may receive compensation, and the perpetrators may face legal consequences. In some cases, they may cooperate with you and the authorities to settle the matter out of court. By the way, scammers often opt for settlement at this stage to avoid incarceration.