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Investing in US stock market in nigeria using passfolio

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invest in the stock market using passfolio

Investing in US stock market in nigeria using passfolio

How to use the new US Stock Broker Passfolio. How trustworthy are they? Is it safe for me to participate? What you need to know about signing up.

As a result of financial technology (Fintech), the stock market has been able to connect with investors who aren’t located in the United States. Stocks from Amazon, Google, Tesla, Nike, and a slew of other publicly traded US businesses may now be purchased using a mobile phone without having to pay a brokerage fee.

Nigerians are now able to access thousands of stocks from both local and global companies without having to deal with a mountain of paper work. Investors can use the Passfolio app to access the US stock market through Fintech tools.

What exactly is Passfolio?

People from over 170 countries across the world can now access the US stock market through Passfolio, a fintech business based in San Francisco that provides a digital platform that allows them to invest in the US stock market. Passfolio can accomplish this feat with the assistance of two of their wholly owned companies – Passfolio Securities and Passfolio Financial – which are both wholly owned subsidiaries of Passfolio.

It is possible for the Passfolio app to provide access to over 3,800 stocks, REITs, and ETFs in the US stock market without charging a commission or setting a minimum amount to begin with because of Passfolio Securities. A registered member of the Financial Industry Regulatory Authority (FINRA) as well as the Securities and Exchange Commission, the company provides financial services (SEC). They have partnered with DriveWealth, a clearing broker, to integrate their platform.

Passfolio Financial is a money services company that also makes it simple for users to fund their accounts with cryptocurrency through their website. After receiving bitcoin as a payment for a Passfolio account funding request, Passfolio Financial will convert the cryptocurrencies to US dollars and then transfer those dollar proceeds to the registered brokerage account held by Passfolio Securities. Users of the app can then purchase the securities of their choice from this point.

Passfolio was launched in 2018 by David Gobaud, who is also the company’s CEO.

 

about passfolio wiki -invest in the stock market using passfolio

 

Is Passfolio a Scam or a Legit Site?

Passfolio is a legitimate broker-dealer corporation that is regulated by some of the most prestigious organizations in the United States. A registered member of the Financial Industry Regulatory Authority (FINRA) as well as the Securities and Exchange Commission, the company provides financial services (SEC). In addition to regulating the activities of Passfolio, these organizations also provide additional protection for the service.

As a recognized member of the Securities Investor Protection Corporation (SIPC), Passfolio is able to safeguard the securities clients of its members up to US$500,000 in total, including a claim for cash up to US$250,000.

What Level of Security Does Passfolio Provide?

Investing in Passfolio is a risk-free proposition. a security measure that is deemed to be industry standard has been applied by the company Passfolio does not keep the passwords of its customers in plaintext; rather, it hashes the passwords using the BCrypt hashing method before storing the hashed passwords.

Passfolio protects users’ private and sensitive information, such as their social security number, before storing it on disk. The Transport Layer Security (TLS) protocol is used to protect communication in apps, websites, and server environments. Passfolio needs multi-factor authentication when logging into an account, which serves to further enhance the security of the account. The mobile application is designed to support unlocking using FaceID, TouchID, or a pin code.

WHAT ARE THE PASSFOLIO FEATURES?

The following is a list of the features included in the Passfolio application:

  • Android and iOS mobile platforms are supported.
  • The minimum investment amount is $0.
  • Passfolio requires the following documentation: photocopy of a government-issued identification and a utility bill, a Bank Verification Number (BVN), bank account information, an email address, and a verified personal phone number.
  • Payment Options: Bank Transfer or debit cards offered by Nigerian banks such as VISA, MasterCard, and Verve. Additionally, they accept Wire Transfers, SafetyPay, ACH, SWIFT, TEDs, TransferWise,  SEPA,  USD paper checks. Payment choices vary per region.
  • You may hold your position for as long as you choose.
  • Passfolio’s investment tracking feature enables you to keep track of the returns on your purchased investments.
  • Withdrawals: money is received in your bank account within 1-2 business days.

Passfolio fees

Passfolio does not charge a commission fees for stock trading. However, their bitcoin partner Gemini assesses a 0.35 percent fee on each cryptocurrency transaction. The company does not charge any additional fees in addition to those charged by Gemini. They do not charge for account maintenance. Passfolio is a free service for creating, maintaining, and even closing of your accounts.

All withdrawals made through Passfolio are subject to a charge. Paper checks cost $3.00, ACH transfers cost $0.25, wire transfers cost $25.00, wire transfers to other countries cost $35.00, TED charges 1.2 percent(%) currency conversion fee and 0.38 percent(%) IOF + R$2.00, and TED charges 1.2 percent(%) fees currency conversion fee.

TED charges 1.2 percent (%) fees for currency conversion and 0.38 percent (%) fees for IOF on deposits, while bank transfers in Nigeria cost a fixed 0.2 percent(%) fees and another 1.4 percent (%) fees (maximum of 2,000 Naira).

Passfolio minimum deposit: Passfolio does not have a minimum deposit requirement. That’s on top of the fact that there are no other fees associated with having a Passfolio account.

HOW TO REGISTER TO PURCHASE AND SELL STOCKS ON PASSFOLIO

  • Sign Up and Download the App
  • You must first download the Passfolio app before you can begin buying stocks with it.
  • Users with Android phones may get the app from the Google Play Store by clicking here, and iPhone users can download it from the Apple App Store by clicking here.
  • Name, email address, and a secure password are among the details required during registration. To open an account, you must be at least 18 years old.

 

Deposit/funding your passfolios account(wallet).

Before you can purchase stocks through the Passfolio app, you must first fund your wallet. Your account can be paid in a variety of ways due to the fact that Passfolio is a global app. The funding choices that are available will differ depending on where you live. Wire transfers, SafetyPay, ACH, SWIFT, TEDs, TransferWise, SEPA, and USD paper checks are all available as payment options. Nigerians have the option of using bank transfers.

To make a deposit.

  • Select the ‘transfer’ tab from the drop-down menu.
  • Select ‘deposit’ from the drop-down menu.
  • Select the account into which you want to make a deposit (choose either stock account or crypto account).
  • To finish the process, select your preferred payment option and follow the onscreen instructions. The funds may take a day or two to appear in your account and there is option to make make it an instant transfer for a fee.

Purchasing stocks/shares of companies process in passfolio: A Quick Guide

Investing in stocks is easy once you have money in your account. To purchase Passfolio shares, take these steps:

  • To find the business you’re looking for, go to the ‘Discover’ page and do a search. Before beginning this process, you must have thoroughly investigated the company you’ve picked. If you don’t know how many shares you want to buy, you can enter an amount in USD and the platform will convert it to an equivalent number of shares.
  • Once you’ve chosen the stock you wish to buy or sell, click on the “Trade” button.
  • Enter the number of shares or money you’re willing to buy or sell.
  • All you have to do now is confirm your purchase.
  • Passfolio accepts fractional shares, so you can get started with as little as 500 naira.

 

How to Transfer Money from Your Wallet to Your Credit Card or Debit Card.

After selling a stock, you’ll be able to access the money you earned in your dashboard. By following these steps, this money can be transferred to a local bank account:

Select the ‘transfer’ option from the drop-down menu.

Then click ‘Withdraw.’

Select the account from which you wish to withdraw (choose either a stock or crypto account) and enter the amount you wish to withdraw.

The money will be received in your designated local bank account in 1 to 2 business days after the withdrawal order has been executed.

Passfolio Ambassadors League is a new initiative from Passfolio.

Passfolio presents the Passfolio Ambassadors League, a group comprised of some of the company’s most dedicated customers and employees. The goal of this campaign is to encourage Passfolio users to get more involved in their local communities.

A selection of Passfolio ambassadors will have the opportunity to gain incentives such as a one-year free Passfolio Pro subscription, Passfolio merch, and a more intimate relationship with the Passfolio team through a monthly Q&A session.

 

In Nigeria, the Passfolio Ambassadors League will get underway. After that, it will be expanded to additional nations in which we are active.

 

Instructions on how to become a Passfolio Ambassador are as follows:

  • Create an account as a Passfolio user.
  • Complete the online registration form.
  • Please be patient as they make a decision.
  • Sign up now!

This has no effect on the referral bonuses you already receive for each new friend you successfully bring to Passfolio by using your referring link, which remain unchanged. For further information about the standard recommendation program, please see the following link.

Join the Passfolio Ambassador League today to receive exclusive benefits! To register, please visit this page.

*The Passfolio Ambassadors’ League is a program sponsored by Passfolio Financial, which is a financial services company.

 

Passfolio Shutting down

Passfolio shocked it’s users when it sent a message telling it’s users it’s shutting down and users are being moved to sproutfi.com.

Simeon Bala
Author: Simeon Bala

I am a finance market research analyst with over five years of experience. I have a strong interest in personal finance and investment research. I am also a skilled copywriter.

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I am a finance market research analyst with over five years of experience. I have a strong interest in personal finance and investment research. I am also a skilled copywriter.