- How do I open an account?
- What is the minimum deposit required to open an account?
- Your minimum deposit seems a bit high, why is this so?
- What is the commission rate?
- Aside from the commission, are there any other trading fees?
- Is there a monthly service/maintenance fee?
- What browsers are supported?
STEP 1 : COMPLETE YOUR DOCUMENTARY REQUIREMENTS
As you probably know, as a financial services institution we are legally required to fulfill Customer Due Diligence and comply with certain Know-Your-Client procedures. This will, of course, add to the time needed for you to actually start trading. But please realize that these steps are necessary to help our government in its fight against money laundering and provide a level playing field for all investors, and will redound to everyone's benefit in the long run. Rest assured, we will do our best to make the process as painless as we can.
The requirements, organized by client type, are as follows:
- Customer Account Information Form
- Online Trading Agreement
- Signature Cards - Either Individual or Corporate
Plus supporting documents -
For Filipino Individual
- Photocopy of either Driver's License or Passport
- Photocopy of one other government-issued ID
For Resident Non-Filipino
- Photocopy of one government-issued ID
- Photocopy of Alien Certificate of Registration
For Non-Resident Non-Filipino
- Photocopy of passport
- Photocopy of one government-issued ID
- Photocopy of SEC Certificate of Registration
- Photocopy of Articles of Incorporation
- Photocopy of By-Laws
- Photocopy of Latest GIS
- Secretary's Certificate attesting to resolution authorizing Corporation to open an account with Coherco Securities, Inc. and listing authorized signatories
- Photocopy of one government-issued ID for each authorized signatory
We will send a messenger to pick up the documents. We do need you to be present during pick-up as the messenger will take a picture of you holding your Customer Account Information Form.
As long as the documents are complete we will set-up the account in a timely fashion.
STEP 2 : FUND YOUR ACCOUNT
You may deposit funds at either of our bank accounts at BDO or East West Banking Corporation. It is vital that you send us a copy of your deposit slip and/or remittance instructions by faxing to 376-5197 or emailing to email@example.com. The speed at which your funds will be credited to your account will depend on the exact deposit method that you use. For complete funding instructions kindly drop us an email at firstname.lastname@example.org.Upon the receipt of cleared funds, you will be two short steps away from trading.
STEP 3 : COMPLETE THE ONLINE SIGN-UP PAGE
Upon funding and subsequent approval of your account, we will email you two numbers you will need to complete the signup process, your unique Trading Account Number (TAN) and your unique Identification Code (IC). With these two codes you can then complete our online sign-up page, found here, At this point, it is important that you email us at email@example.com with your username; after which you will almost be ready to go. Note: We can complete this step for you if that is your preference, but we have found that many clients enjoy performing this step.
STEP 4 : WAIT FOR ACCOUNT ACTIVATION (usually within four hours of online sign-up) AND START TRADING.
We give out a relatively generous amount of freebies and promotional items for trading with us. For instance, we give a Lenovo tablet just for opening an account (certain conditions apply of course). Therefore, we would also like to see our clients commit to a certain level of trading activity. We feel that our deposit requirements reflect this level of activity. Remember that funds you deposit with us are still yours, we would just like to see that you seriously intend to trade.
The standard commission rate for online accounts is 0.25% + 12% VAT. A minimum commission of P20.00 per stock per day is in effect.
Yes, there will be exchange and clearing fees totaling 0.015% for all transactions (breakdown: 0.01% SCCP clearing fees and 0.005% transaction fees); and for all selling transactions, a government sales tax of 0.5% is levied.
An initial evaluation period is given to each client, which will last for three calendar months, after which a minimal P499 (VAT-inclusive) monthly account maintenance fee goes into effect. This amount is fully consumable within the month. So, for instance, if you open an account anytime in May, there will be no account maintenance fee for May, June, and July. By August, a P499 MSF goes into effect, but we emphasize that this amount is fully consumable.
For the best possible experience, we strongly recommend the use of Google Chrome. The use of Mozilla Firefox may require some settings changes, which you can find here. Safari is stable, Internet Explorer is not.