Updated: February 27, 2021
How do you fund your eToro account? This is our main topic for today’s article. We’ll be covering how to deposit money to your eToro account, the methods you can use, and even fund withdrawals; plus other tips for a hassle-free experience with managing your money in eToro.
This is Part 3 of our eToro tutorial series. If you haven’t read the others yet, start from how to verify your eToro account, and then how to do CopyTrading in eToro.
Going back to our topic… as of January 2021, eToro’s minimum 1st time deposit amount is US$1,000. Once you’ve made your 1st deposit, the minimum for all future deposits will lower to just US$50.
For the Philippines, eToro accepts the following deposit methods:
- Local credit/debit cards (Visa/MasterCard)
- PayPal
- GCash MasterCard
- PayMaya Visa or MasterCard
- Local online banking (currently not available as of Jan 2021)
Online Banking
eToro’s newest local online banking feature is by far the most convenient, so we’ll cover that first. Dragonpay is eToro’s partner merchant in the Philippines.
First, login and click Deposit Funds, and then choose Local Online Banking. Enter your desired amount then click Submit.
By default, the amount you will see is the PHP equivalent of $1000.
After submitting, you will be redirected to Dragonpay’s page where you can pick from their bank selection of BDO, BPI, Metrobank, Unionbank, Maybank, RCBC, and Robinsons bank. Take note, you need to have online banking with these banks to proceed.
After this, the exact steps will change depending on your bank, but it will always end in the page asking you to submit your email address so that Dragonpay can send you instructions.
Here’s an example if you use BPI online banking:
Then, you will be redirected back to eToro’s page and you’ll see a confirmation of your deposit pending.
Check your email and you will receive instructions and details on how to make the online transfer/payment. It should look like this:
Follow the steps on the email and you should be good to go!
Credit/Debit cards, GCash MasterCard, PayMaya Visa and MasterCard
Funding using credit or debit cards is very straightforward because eToro accepts Visa or MasterCard. If you’ve ever made an online purchase using your card in Lazada, or other portals, it’s essentially the same thing.
eToro also accepts prepaid credit cards, physical or virtual. The most well-known for us is the GCash MasterCard and PayMaya virtual Visa or MasterCard.
For GCash, you’ll need to get the physical card either online or in a Globe store. For PayMaya, you can use their virtual card right in the app.
What you’ll need:
- Your credit/debit card (Prepaid cards also accepted)
- Your phone for OTP (If you have one activated for your card)
Once you have these, just choose Credit/Debit card option and enter your information and wait for it to process.
If the deposit was successful, you’ll get a confirmation and then head over to Portfolio to check your balance and the amount will be there.
PayPal
For people who are fond of international transactions, you may be familiar with PayPal. Like credit and debit cards, it is also easy to do.
To start, enter your amount and choose PayPal in the deposit option and click Submit.
Then, you’ll be taken to PayPal’s login page. After logging in, you’ll see the payment window with the exchange rate and amount right away:
Just click submit and same as with your card, you’ll see it right away in your Portfolio after the deposit has been successful.
Withdrawals
eToro charges a fixed $25 withdrawal fee for withdrawals. This means that no matter how big or small your withdrawal amount is, the fee is always just $25.
If you want to save on the withdrawal fee, what I like to do is to save up the money I want to withdraw in my eToro balance and just withdraw in 1 go.
Since there is no maximum withdrawal amount and eToro does not have any subscription fee or minimum maintaining balance, I just leave the money in my balance and then withdraw around once every 1-2 months.
As for where the money goes, eToro is required by regulation to send your withdrawal back first using the deposit method you used. Meaning if you used a debit card to fund, your withdrawal will generally go back there. If you use online banking or PayPal, the same applies.
You may want to check out eToro’s withdrawal FAQ or contact their customer support for more information.
Tips and Tricks
- eToro does not accept 3rd party payments. This means the bank account or credit/debit card you use to deposit should belong to you!
- Withdrawals are generally faster when processed through online channels like online banking and PayPal.
- eToro does not charge deposit fees! Most Philippine banks do not charge fees too, so in most cases, the only cost you need to worry about is the exchange rate.
- eToro does not accept Coins.ph or other crypto deposits yet. It’s unfortunate, but since eToro is regulated, they are required to accept deposits from verified channels.
- Contact your account managers or eToro’s customer support if you are having a hard time funding.
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Maybe I am too old to “get it” but Etoro does not appear like a good value to me. Sure, there is a low minimum to open an account but many conventional brokerage firms also have very low thresholds to open an account these days. Really, charging you $25.00 USD to withdraw your money? That does not sound like a good deal. My biggest question that I have yet to find an answer for: eToro claims “no commissions ” and that they “get paid from the spread.” The underlying question is, how wide are those spreads? Most large Cap US stocks on my platform trade at a one penny wide bid/ask. If the same stock on eToro had a spread, for example of .05 cents, then every small lot traded would actually be exceptionally expensive to the small trader. A large volume of small trades equals a whole lot of money! So who actually sets the bid/ask spread on the eToro platform and how wide are those spreads? My guess, you MUST pay the ask or there will be NO trade. Not exactly commission free as it appears on the surface.
Hi Fitz, does etoro have a buy below price recommendation like in col financial? Thanks.
Good day, will it be ok to share this article to those inquiring in fb how to deposit funds in etoro? I just wanna be safe in asking permission 🙂
Question. Is etoro legit and not a scam. Because i keep reading that some of the cannot withdraw their money etcetc
@Vincent, I’ve had my account since 2018 and I have never experienced any problem. I’ve withdrawn my profits several times already and received my money in my bank account without a problem.
Hi sir, how did you fund and withdraw your account? And how long did it take for the withdrawal to reflect on your account? I funded it using credit card, so does it mean that it would reflect on my credit card first? I also used Paypal the second time but still used the credit card option. Will I still receive on Paypal or on my credit card? Sorry for the questions.
@Ken
I withdraw to my local bank dollar account. The money reflects on my bank account within 2-3 business days.
For your first funding, it would reflect on your credit card first.
For your second funding, it would reflect on where you chose to withdraw it.
It will only reflect on your credit card first if you used it directly to fund your account.
For your second funding, you used your credit card to fund your PayPal account. And then PayPal funded your eToro account. So it’s not a direct transaction.
Hello! Can I withdraw my earnings via BPI epay, a local peso debit account? Or does it need to be Dollar?
@Ri
You can withdraw to your BPI peso savings / debit account. It doesn’t have to be in dollar.
Hi sir Fitz,
I funded 500USD my etoro with my local bank BDO. I want to add fund 500 again using credit card. Can I widraw it all 1000USD and reflect it in my BDO account? Thank you.
Goo day, Sir Fitz!
When investing in eToro from Philippines, is there tax included in transactions?
@George
There are no taxes charged in the transactions. It’s up to you to file and pay for them in your personal income tax report.
You have a write up on etoro fees? I’m just new to etoro and opened an account this 2020. I found out that upon depositing 200 dollars, I actually paid 50+ pesos per dollar when the exchange rate is just 48 pesos.
@azilclaire
That’s a great idea. I’ll write that article soon. Thanks.
Sir Fitz just today I went to my BPI branch to increase my deposit limit in etoro but no avail only 50 thousand pesos per day How can I make fund transfer in big amount in one time, you know the importance the opportunity to buy stocks at their ideal price, you have the fund but have the limit to transfer it
@jun
You can reach out to eToro or send an email to jeffgu@etoro.com to ask for assistance and options.
Hi Fritz. Do you know if all eToro accounts from the Philippines are with eToro AUS Capital Pty Ltd and thus all trades from eToro accounts from the Philippines are Contracts For Difference between the eToro account holder and eToro AUS?
For withdrawal of funds from eToro, what is better – via Paypal, Credit Card or local Bank? “Better” could be in terms of speed or value (i.e. the “net” amount I will be able to receive at the very end of the withdrawal process).
Why does etoro says that their minimum deposit fund is now in $1000? i haven’t deposited yet but last month it was $200 but now it became higher already.
I use my BDO credit card for a $200 firs then i used my Debit card to place a $60 on the etoro account
i saw that my first withdrawal of $100 worked but it only applied like a refund and just seemed to pay half my credit card bill
my question is if i withdraw a huge amount(like my whole profits) will it pay my outstanding cc bill and then the rest will go to my savings? (i only have savings other than my CC)
His sir ang problem ko po naka 90%palang di pako makatapos mag register paulit ulit po cya hing picture ng id pls help ty in advance
Hi sir pls help po need guide naka 90%plang di ako matapos tapos ng registration paulit ulit po cya hingi ng id pls guide ty
Hi Fitz,
How long does it take before the deposit is credited to eToro? I made my first deposit through local online bank (Landbank via Dragonpay) but the same is not credited to my eToro account. As of writing, 2 hours have already passed since my initial deposit, yet the fund is not reflected in my account. Thank you.
@Ica
It takes around 1 day because local banks will process the deposit the next banking day. You’ve also funded on a weekend, so you might need to wait until Tuesday. If you want instant deposit, using a credit card or Paypal is the fastest from my experience.
[…] Step 2: Deposit funds into your account. Learn how to fund your account here. […]
First time to use etoro and wanted to deposit funds to my account but it was reflected that the minimum deposit is $1000. The article said $200.
@Cris, eToro has recently made changes in the minimum deposit. I’ve updated the article to show $1,000. I’m sorry for the oversight.
Is it possible to withdraw funds from Etoro to paymaya?
Hi. Don’t use local banking unit. That is the process I used when I deposited $1000 usd to my etoro account. I made 2 withdrawal of 100usd each thru local banking unit since etoro will only send back the money the way you deposited it to them. I used the Bdo local banking unit. The fees or the conversion rate for local banking unit is crazy. I requested for $100 usd and should receive at least 4800php since 1usd=48php, I received only 3756php. The second $100usd withdrawal, I received even less 3,507.56 php. That is a loss of 25%. No one can explain to me the charges or why I only received that much only. If you people know what is the cheapest way to withraw from etoro, please share. thank you
Hi.
I would like to ask what would be the best cheapest deposit method for now? Online banking is no longer available. Please reply, need help, some advice pls., thank you.
Hi fitz, I tried to make my first deposit to ETORO but there is no Online Local Banking among the choices. If I choose bank transfer do I need a dollar account?
YES, I agree I made a $1000 deposit yesterday using my BPI savings/debit account I thought this is the best way and easy to fund my etoro account but I was shocked when they deduct 52,319.59 in my bank account even after the conversation of $1=Php 50.5, meaning the charges is cost me 2k in one transaction. Any other recommendation for funding ETORO with less charges?
Hi. What is the lowest cost to withdraw from eToro? Local Online Banking, Paypal or Bank Transfer? Thanks.