Top five investment apps for Nigerians who want to invest in the American Stock Exchange
With the current rate of unemployment in Nigeria, a lot of people have been forced to look out for themselves, by going after every opportunity they find that promises a great return on investment.
As a result of this desperate attempt to make money and get huge returns on investment, some have fallen prey to dubious Ponzi schemes and have lost a huge sum of money which took them months and years to gather.
Cryptocurrency on one hand has helped a lot of Nigerians scale through the harsh economy and create a well-balanced financial life, living their dreams.
While cryptocurrency might have been a haven for a lot of Nigerians, there are still a good number of outstanding options which they try.
One aspect of wealth creation which can not be overlooked is diversification. And the stock market is a good option for that.
The problem with the stock market is that it has left many Nigerians scared, based on past occurrences where the stock market seemed to be booming and there was a sudden drop, resulting in the loss of many investors' funds.
Nigerians might be all out to make money, but a lot of times past experiences seem to hinder them from latching on to new opportunities.
The stock market in the United States is the world's largest, and everyone wants a piece of it. Buying equities in the United States as a Nigerian or a non-resident was a challenging task.
To invest in the U.S stock market, you'll need a valid U.S visa or a green card at the very least.
With the emergence of new technologies, Nigerians can now spread their net beyond borders and invest in fortune 500 companies listed on the U.S stock exchange from the comfort of their homes.
Not many are aware of this opportunity and development, but in this article, they will be listed. One can become aware of the top investment apps for Nigerians who want to invest in the American stock exchange.
Here are the top investment apps that Nigerians can use to invest in the U.S stock exchange.
Trove is a digital investment platform that allows you to invest in stocks, bonds, exchange-traded funds (ETFs), and other instruments directly from your smartphone or computer in the United States, China, and Nigeria.
You can use a debit card or a bank transfer to purchase any publicly listed share, bond, or foreign asset as a one-time investment. You can even sell your assets through the app and have the money paid directly into your bank.
Stocks of U.S corporations can be purchased for as little as $10 on Trove. Instead of buying a whole share in a company like Facebook, Apple, Microsoft, or Google, you can acquire fractional shares, instead of a full share which might cost hundreds of dollars.
The Trove app can also be used to track investment returns.
Minimum capital required: N1,000.
PROs and CONs of Trove
PROs
When you purchase or sell stocks worth more than $200, Trove charges a 1% commission. Anything under $200 incurs a flat $2 fee.
Trove has wallets for both Naira and Dollars. Dollar wallets are used to invest in international equities, whereas Naira wallets are used to invest in local Nigerian companies.
With as little as $1,000, you can invest in stocks, bonds, and ETFs in the United States, China, and Nigeria.
Trove offers cryptocurrency trading.
Excellent user interface that is simple to use.
CONs
Account verification takes a lengthy time.
During open markets, the app is slow.
Tosin Osibodu founded Chaka, an indigenous mobile application, in 2019.
Currently, they have a connection with DriveWealth and Citi Investment in the United States, which has aided them in stock acquisitions.
Chaka is a digital investment platform that provides first-class access to stocks listed on the Nigerian and American stock exchanges, as well as worldwide blue-chip firms from more than 40 countries.
With Chaka, you may start trading overseas stocks for as little as $10 or N1000.
In addition, Chaka gives you access to thousands of equities from around the world for a reasonable fee of 0.5% to 1% for every trade.
PROs and CONs of Chaka
PROs
Chaka has a N1,000 minimum deposit charge for local equities and a $10 minimum deposit cost for global stocks.
When you purchase or sell stocks worth more than $200, Chaka charges a 1% commission. Anything under $200 incurs a flat $2 fee.
You can invest in Nigerian and international equities.
Customers can learn more about the market by attending regular webinars and participating in a functioning community.
A brief period of withdrawal
CONs
Most of the time, the app crashes.
Automated responses that don't fully answer the questions of the users
Customer assistance is delayed.
Bamboo is one of the best platforms that let you buy an infinite number of stocks right from your phone.
Bamboo has a $20 minimum trading amount. The Bamboo app also has a cool function that allows you to gift stocks to someone else.
The entry barriers for individuals of any income range to begin their financial adventure are different on Bamboo, despite the fact that it is high.
You may join Bamboo with simply your bank verification number (BVN) and contact information and gain access to over 3,000 equities in the US stock market.
PROs and CONs of Bamboo
PROs
You can easily purchase and sell US stocks, comfortable in the knowledge that your funds are secure.
The Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) cover all of your stocks in insurance for up to $500,000.
The software offers a fantastic and user-friendly interface.
When you purchase and sell equities on the US stock markets, Bamboo charges a 1.5% commission.
CONs
The app doesn't include a real-time price alert option for equities you're watching.
The majority of the downtime occurs when the market opens.
The software only has a dollar wallet; there is no choice for naira.
A minimum deposit of $20 is required.
It does not have a web platform.
The Rise app allows you to start investing in US stocks for as little as $10. You can choose to have Rise specialists manage and invest your money in a portfolio of expertly-selected US stocks rather than doing it yourself.
Stocks are selected based on their long-term performance, growth prospects, and solid earnings.
Rise promotes itself as the first digital investment platform in Nigeria to provide internationally diversified dollar investments.
Rise provides customers with three alternative dollar-denominated asset options, allowing them to establish a solid portfolio free of naira depreciation.
Rise is ideal for those who are just getting started with investing. Fixed Assets, Real Estate Assets, and Stock Assets are the three asset types they offer.
PROs and CONs of Rise
PROs
With their Telegram group, they have a fantastic communal experience.
The user interface is appealing.
Rise links you with specialists who can help you navigate your investing experience and feel more secure in your selections.
Rise provides you with a ready-to-invest portfolio.
CONs
The functionality does not allow you to build your own portfolio independently.
A longer period of withdrawal
Passfolio, a global zero-commission stock broker formed in 2018, is a fresh and ambitious brokerage.
The Securities and Exchange Commission (SEC) of the United States and the Financial Industry Regulatory Authority (FINRA) regulate it (FINRA).
In ETFs, equities, and REITs, Passfolio enables commission-free trading over a $5 value. The broker offers a fantastic mobile application, and account opening is incredibly swift and simple.
To get started, all you need is $100.
PROs and CONs of Passfolio
PROs
Trading U.S stocks and ETFs are free.
Exceptional mobile platform.
Account creation is quick and completely digital.
CONs
The product portfolio is limited, with an emphasis on the US market.
Deposit is inconvenient to utilize.
Platforms for the web and desktop are currently unavailable.
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