Gotrade Philippines Review: Invest In US Stocks With Just $1? [Invite Token – 922393]

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I have an invite to Gotrade and want you to join. Here is the link: https://heygo.trade/app. You’ll need an invite token to get in – here’s one: *922393*.

Stock investing is becoming increasingly popular, especially when access to education about this is so easy to obtain, such as through videos or books of the world’s top investors. 

Although profits fluctuate, investments in foreign countries remain promising. This is made possible by applications like Gotrade, which lowers barriers to entry and allows beginners to buy shares of companies they value.

What is Gotrade?

gotrade

Gotrade is a company that enables users to buy and sell stocks and ETFs (Exchange Traded Funds) at low costs. With just $1, you can start investing in US stocks listed on major exchanges like the Dow Jones, S&P 500,  NYSE (New York Stock Exchange), and NASDAQ.

The company was launched online-only last May 2014, and it has since been receiving rave reviews on its performance and customer service.

GoTrade allows the Filipinos the chance to venture into the stock market without having to spend hundreds or thousands of money on it, unlike what other brokers require you to do.

If you’re not yet familiar with how the stock market works, you can read this guide.

How Does Gotrade Work?

The purchase of shares in Gotrade is carried out with a fractional share system or per fractional share.

Fractional shares allow you to own a company’s shares infractions according to the budget you have. You can start from the $1 only.

Example: The price of 1 share of XYZ stock is $100. If you buy $10 worth of stocks, you will get 0.1 shares in company XYZ. If you buy again with $50, you have 0.6 shares of XYZ stock.

gotrade nflx

Buying/Selling

There are three options for buying stocks and exchange-traded funds. Selling is just as easy – you need to have possession of that share beforehand.

  • Buy in dollars – the most common way where you’ll just input the number of dollars to buy. Minimum is $1.
  • Buy in shares – you can even buy fractional shares as stocks and ETFs cost hundreds or even thousands of dollars.
  • Buy at a limit price – you can set the price of purchase before it is executed. The minimum amount to be purchased is 1 share.

Investing is the same as with GInvest and stocks— you should consistently invest a certain amount over time.

Trading is limited to 3x every 5 days if your balance is less than $25,000. This makes Gotrade relevant for the long term.

gotrade stocks

How to start in Gotrade?

Gotrade has a less time-consuming sign-up process. Here are the steps you can follow:

  1. Download the app via the Play Store for Android or the App Store for iPhone. I recommend downloading it directly from the official source. You should not install applications related to finance from unofficial web/links because they can contain malware, spyware, or viruses.
  2. Fill in the identity on the requested form. You can use your passport, driver’s license, voter’s ID, NBI clearance, or postal ID to be fully verified.
  3. The app is currently by invitation only. If you don’t have an invitation code yet, use this token code: 922933 so that your account is immediately approved.
  4. You have to wait about a day for account verification.
  5. After signing up, fund your account. You can get up to $6 worth of free credits by depositing $10 and buying your first stock.

Invite Token

At the present, Gotrade is operating on an invite-only basis. If you want to skip the waitlist, you can use my token code upon signing up: 922933

How do I fund my Gotrade account?

On the login page, click deposit and then choose which payment method you would like to use for your funding.

The following deposit methods are currently available:

  • UnionBank (₱10 bank charge)
  • BPI (₱12 bank charge)
  • GCash (3% fee)
  • Direct transfer ($5 fee, usually take up to 3 business days)
gotrade-deposit-philippines

Minimum Deposit

There’s an initial deposit needed ($10). Since it is in dollars, this will be based on the conversion rate on the day of transfer.

Don't have a Unionbank or BPI account? Don't worry. You can deposit via GCASH. 

GoTrade Features

Here are some of the advantages of the Gotrade application:

Free and Easy to use

  • Free for life – Gotrade is a free trading platform for everyone (both new and existing clients).
  • Your you can trade in under 10 minutes
  • Just register, make a deposit and start trading – all from the palm of your hand. No papers. No waiting for 2 weeks.
  • No need to use a VPN.
  • Already utilizing biometric-based security. No hassle of typing emails and repeated passwords.
  • Radically simple investing built for everyone, whether you’re a beginner or professional
gotrade fees

0% Commission Stock Trading and Easy Withdrawal

  • All trades are commission-free. No deposit fees, any other hidden charges apply.
  • No admin fees, custody fees, inactivity fees, or dividend fees
  • They support local deposit methods in over 150 countries with lower currency conversion rates
  • Multiple deposit/withdrawal methods: Bank, wire, and credit card

Trade for as low as 1 USD in Major US Companies

  • You can deposit for as low as $1
  • You can also buy as little as 0.00001 shares with a minimum of $1
  • Buy shares of the world’s top companies, such as Apple, Alibaba, Amazon, Google, Starbucks, and so on.
  • The deposit method is very easy because it is connected to major banking services in the Philippines, such Unionbank, BPI and GCASH.

Save to Invest

  • Investing is one of the best ways to grow your savings over the long term
  • Every Gotrade account is protected by the SIPC for up to USD 500,000
  • Gotrade (TR8 Securities Inc) is licensed to carry on business as a Labuan Securities Licensee under the Labuan Financial Services and Securities Act 2010.

Lower withdrawal fees

GoTrade withdrawal originally costs $12, so it’s better to withdraw once in a while so you can maximize your profits. This shouldn’t be a problem if you’re a long-term investor.  But in their recent update revealed via email, GoTrade announced an 82% reduction in withdrawal fees.

  1. Withdrawal fees have gone from $12 to $4
  2. You will never be charged any receiving/intermediary bank fees
  3. You will be able to book your currency exchange rate in the app – so you will no longer be subject to terrible currency exchange rates from your bank

If the $12 withdrawal fee has been holding you back, now’s the time to start investing.

gotrade wtihdrawal philippines

GoTrade Disadvantages

Lack of educational material

GoTrade lacks educational material and analysis departments, though they have email newsletters. The research is crucial, especially for new traders and investors.

Incomplete List of Stocks

The number of shares displayed is only around 700, out of a total of thousands of shares on the NASDAQ and NYSE.

How do I withdraw money from Gotrade?

You can add a bank account for withdrawal and submit a request directly from the Gotrade app.

Here’s a quick step by step guide:

  1. Go to the funds ($) section on the app
  2. Click“Withdraw from Gotrade
  3. Select ‘Add new account’ and you can enter your bank details here.
  4. After you’ve added a bank account, tap ‘Send to this account’, you will then be asked to enter the amount.

Is gotrade safe?

Yes. Gotrade has a partner broker in America called Alpaca Securities LLC, supervised and regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

This legal status means that Gotrade has had to comply with financial requirements set out by these regulatory bodies.

Gotrade can protect funds up to $500,000. This will ensure the safety of your money if Gotrade closes.

When can I buy or sell a stock?

You can enter orders to buy or sell a stock anytime. However, your orders will only be subject to execution when the stock market is open.

Your order will be a pending status until the markets open, or, in the case of Limit Orders, when the market reaches your limit price.

How do I know if the market is open?

Market hours are open Monday to Friday from 9:30 AM to 4 PM Eastern time (9:30 PM to 4 AM Philippine time) when the orders will be fulfilled.

You can easily see if the market is open on your GoTrade home screen.

Where can I see the stocks I own?

You can see the stocks you own on both the home screen and the portfolio screen.

However, you can only see your positions on the portfolio screen. The home screen shows you the live or last close performance of the stock itself.

Investing Basics

stock trading, investing, stock market-6525081.jpg

What is a stock?

Stocks are pieces of ownership of a company.

Imagine a company is a large pizza that you can cut into 100 small pieces. Each piece represents 1% of the company that anyone can buy. If you buy 10 pieces of that pizza, you own 10% of that company.

What is an ETF?

Exchange-Traded Funds (ETFs) are an easy way to invest in a pool of different companies all at once. When investing in an ETF, the value of your investment will depend on how the group of companies is doing.

What is Market Cap?

Market cap (or capitalization) is the total dollar market value of a company’s outstanding shares of stock. Basically, how much the total company is worth, i.e., the total valuation of the company.

Gotrade shows this information on the app stock screen and is calculated by multiplying the total number of the company’s outstanding shares by the previous day’s close price.

What is Dividends?

A dividend is where a company decides to distribute some of its profits to shareholders.

Gotrade shows how much a company pays out in dividends each year relative to its stock price. For example, for a stock with a 2% dividend yield, you get $0.02 in dividends every year for every $1 you invest. The dividend yield is based on the total dividends paid by the company in the last 12 months divided by the last close price.

The dividend tax is bigger in Gotrade (25%) when compared to the Philippines (10%). If the dividend you are due to receive is less than US$0.01, you will not receive anything.

Dividends will go to your cash on your home screen once they’re given out, so the best method is to reinvest them to maximize the power of compounding

What Is Compound Interest?
Image credits: The Balance

Honest Gotrade Review

I started trying GoTrade earlier this year. I was a bit surprised because the app looks better than eToro

The thing that made me turn to GoTrade from eToro was the SEC and FINRA licensing issues. In addition, the features are also cool.

I hope you will take advantage of this opportunity to invest in stocks and start a new chapter in your financial life as I did.

Investing in the stock market may be intimating at first, but it’s worth exploring. The results may surprise you if you have an eye for value and a game plan to protect your capital.

The Bottom Line on US Stocks

With Gotrade, you can start investing in U.S. stocks for as little as $1.

Remember, always practice due diligence before investing your hard-earned money. Do not just imitate what stocks your friends or I use because what works for one person might not work for another.

It’s also important to learn as you go and not be afraid to experiment with a small amount first. Take responsibility for the consequences so that if you fail, you don’t blame anyone but yourself.

Once you successfully sign up in GoTrade, you can also invite your friends to use it. Note that the invite codes are only for one-time use.

Another option in investing in US stocks is through eToro but the minimum investment to start is $200. You can try the platform by using Virtual Portfolio.  Here’s a guide on how to invest via eToro.

When in doubt, a financial advisor can assist you in mapping your asset allocation strategy and start smart with global investments.

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