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Unlicensed investment platforms: SEC warns Filipinos of ETORO and XM

The Securities and Exchange Commission (SEC) is urging Filipinos to avoid investing in platforms like ETORO and XM.

According to the SEC, these platforms offer trading in various assets but lack the crucial licenses to operate legally in the Philippines.

The ETORO platform claims to simplify investment access through features like crypto exchange, commodity & currency trading, and limited stock/ETF brokerage.

However, despite being registered as a broker elsewhere, ETORO isn’t registered in the Philippines and lacks a license to sell securities here. This platform allows trading in forex, crypto contracts, stocks, and more. It uses social media to target Filipinos and encourage them to trade on its platform.

Similar to ETORO, XM is not registered in the Philippines and lacks a license to offer securities.

The SEC advises Filipinos to conduct thorough research first before investing on any online platform, especially those unregistered in the Philippines.

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