Navigating Change: Closing My eToro Account, Embracing New Beginnings, and the Importance of Diversity in Investments

This week, I found myself at a crossroads, forced to close my beloved eToro account. It was more than just a trading platform for me; it was a partner in my financial journey. The decision to let go wasn't made lightly. Despite my efforts to maintain my account as an Australian-based resident, the regulations for Philippine traders left me with no option but to close my positions and withdraw.

A Journey of Learning and Growth

My eToro adventure began over a decade ago when I was living in Melbourne. I started actively trading three years ago, and in that time, my portfolio grew by an incredible 35%. From stocks in the renowned Magnificent Seven – Meta, Google, Apple, to a sprinkle of Bitcoin and Ethereum, every decision was a step towards enhancing my financial literacy and building my future.

Bitcoin, in particular, provided substantial returns, with my initial investment almost quadrupling in three years. These successes underscored the importance of diversifying investments across different asset classes and locations.

Embracing Change and Seeking Diversity

The experience taught me an invaluable lesson about the limited investment options for Filipinos. The restrictions on platforms like eToro highlight the need for more accessible avenues to invest in high-performing US ETFs and stocks. With the local stock market failing to meet expectations, diversification into foreign stocks and funds becomes not just attractive but essential.

In my search for new ways to invest, I encountered local solutions like feeder funds. Though they come with higher management fees compared to ETFs from giants like Vanguard and Schwab, they offer a pathway for Filipinos to stretch their financial horizons. Platforms like ATRAM funds through GCash, or services from COL Financial, present promising alternatives.

Looking for New Paths

As I transition from eToro, I am exploring other platforms like Moomoo, IBKR, and Mitrade. The goal is to find one that offers reliability and a range of trading options similar to what I enjoyed with eToro. My current investment strategy involves a careful balance between foundational security, growth potential, and reliable payouts. This includes foundational stability from the S&P 500, aggressive growth through selected stocks and cryptocurrencies, and generating income through dividend-paying investments.

A Call to Financial Mindfulness

Now that I'm 41, I see dividends not just as financial returns but as future security—a steady, passive income stream akin to a regular paycheck, yet untouched by the constraints of traditional employment. It’s a testament to the power of early and strategic investing.

For those new to the world of finance, now is the time to start investing. Understanding the difference between simple saving and strategic investment is crucial. Savings are the funds you set aside after expenses, while investment is about putting that money to work, growing over time.

A Wealth of Opportunities

In pursuit of financial freedom, one should never shy away from seeking knowledge and guidance. There is a wealth of resources available online, but due diligence is essential to avoid scams. Consulting with experts or financial advisors can provide clarity and support, ensuring you’re on the right path to achieving your dreams.

My commitment now is to help more Filipinos take charge of their financial destinies. I'm excited about potential collaborations with local finance platforms and look forward to sharing more tools and insights soon.

What new platform do you think I should try? Let me know in the comments below. Together, let's build a resilient investment community!