How to Withdraw from Gotrade & Avoid Penalties! A Step-by-Step Guide
Channel: ZIGGING by Mark Sigg
Date: 10/07/2022

In this video, I'm sharing how you can withdraw your funds from Gotrade and avoid penalty charges I talked about in previous videos. Previously, I reviewed the new stock investment app Gotrade and I wasn't a fan of this new stock trading app! With limited features in terms of trading via technical analysis and moreso, the withdrawal process was prone to errors and penalties. Using the app in the past few months, I've come to appreciate with Gotrade with fresh eyes. It's different from other investment apps such as eToro, but understanding its design and investment principles it advocates, I've come to a more thorough appreciation of its positive points. Thus, I've put together here a second review of Gotrade as I've given it a 2nd look. Will I like Gotrade enough to give it a recommendation? 


In my 1st video (https://youtu.be/Jz3axwkEBiQ), I pointed out that the user interface of the Gotrade app is very clean and simple. Especially if you're new to investing in global stocks, you would certainly be enticed to buy stocks with the gamefied features of Gotrade. What I came to really appreciate is the simplified language that Gotrade uses in presenting its stocks. Gotrade uses catchy tags for would be new stock investors to understand the business nature of the stock. Current news about the companies as well as a quick summary on the stock as a business are all within a few clicks away. More importantly, the app summarizes the most important financial figures of a stock including tis Price-to-Earning Ratio, Dividend Yield, Trade Volume, and 1-yr highs and lows as a snapshot of the stock on a fundamental analysis level. It doesn't take a business or finance major to understand Gotrade's write-up of stocks. The ease of understanding stocks would be the first reason why I've come to appreciate Gotrade.

The 2nd reason why I've taken a liking to Gotrade would be the continuous communication that Gotrade provides after you add positions to your portfolio, may it be in stocks or ETF's. Recently, I invested in 2 ETF's: VOO - the Vanguard S&P 500; and VIOG - the Vanguard Small Cap 600. Gotrade had quickly emailed me the Fund Prosepctus for both funds! I know I could have just Googled this but I appreciate the follow through that Gotrade provides! Gotrade recently sent me another email inviting me to vote in the upcoming Microsoft Annual Shareholders meeting since I held some stock --- .004 shares to be precise! I didn't realize that I had voting rights even as I only held fractional shares. Again, great follow through from Gotrade!

Despite taking on a new found appreciation for Gotrade, there are of course negative points that remain. 1st, if you've bought the same stock at different price points, there is no clear summary for you to see your profit on a per position level. Gotrade quickly summarizes your position and cost averages it. This isn't all that bad but it's rather limiting! 2nd, when buying/selling fractional shares, you are limited to selling at the prevailing market rate. Specifying the price for your entry point as a BUY or your exit price to SELL is currently limited to owning full shares. While the limitation is understandable, such limitations are absent in other online trading platforms such as eToro where you can buy and sell fractional shares at set price points. Lastly, once you've sold your shares in a certain stock, it takes another 2-3 days for Gotrade to credit this to your account. While lead times in withdrawing are understandable between a platform and your local bank, delays in exiting a position are typically instant so this delay in crediting is one of the major set backs of the Gotrade platform.

Stepping back, what Gotrade seems to advocate would really be more about long term investing rather than short term trading. Its features that do not have tools for technical analaysis and chart reading definitely point to this principle. The inability to quickly exit a stock and not be able to view your stock positions on a deeper level of granularity also points to this. Most of all, presenting stocks on a truly  business level with its financials show that Gotrade is made for those looking at Fundamental analysis in their investing

Would I recommend Gotrade? YES. I'm changing my previous answer but I would only do so to those new to stocks and those taking long term positions. I wouldn't recommend it to those wanting to day trade and move quickly with stocks. Gotrade is best suited for those in the long game.


#gotrade
#stockinvesting
#philippineinvestment

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