Monday, January 18, 2021 / 08:00PM / Sponsored Post by Passfolio / Head Image Credit: Passfolio

Passfolio, a US-registered broker-dealer founded in 2018, just launched its new web platform available to Nigerian investors. Based in San Francisco (US), Passfolio is a broker-dealer that offers commission-free* US stock trading to investors in more than 170 countries. In the past weeks, the company caught attention in the Nigerian market with a recent announcement confirming that Nigerian investors could now fund their accounts directly with Naira to invest with Passfolio. Naira deposits convert to USD through Passfolio Financial and allow the purchase of stocks from the US market with Passfolio Securities.

Now, Passfolio is starting off 2021 with great news: they just launched its new web platform and aim to attract even more Nigerian investors who want to access the US stock market.

With Passfolio's new web platform, users can now make their investments directly from their computers. For some investors, this is a big advantage, because they are not used to making big investment decisions through their phones. According to David Gobaud, Passfolio's CEO, the web platform was a very requested feature: "Our users like the mobile app, but the web platform was the most voted feature in our public roadmap in the past year".

Commission-free stock trading

Passfolio users can invest in more than 3,800 stocks, ETFs and REITs from the US market through Passfolio Securities. The platform's clearing broker partner DriveWealth.

One of Passfolio's main features is offering commission-free stock trading*: users can trade securities priced at $5 or more with no commission fees. Securities less than $5 cost $0.02/share - you can check the full fee schedule here. Instead of commission fees, the company's main sources of revenue come from currency conversions of local deposit methods and premium subscription features.

Differentials for Nigerians

Passfolio saw an opportunity to grow in Nigeria in the last months, and decided to offer more features specifically for Nigerian investors. Recently, they announced support for BVN verification and local bank transfers in the country.

Nigeria investors can now easily convert Naira into US dollars to fund their accounts through Passfolio Financial*. For that, users are charged a fixed 0.2% fee and additional 1.4% fee capped at N2,000. More information about fees can be found here.

Besides local bank transfers, Passfolio also supports cryptocurrency funding and trading through Passfolio Financial*. This means users can fund their accounts using cryptocurrencies by first converting them into dollars through Passfolio Financial*, then moving the dollar proceeds to their brokerage accounts at Passfolio Securities, where they are then able to buy stocks.

How to Start

To start investing with Passfolio, you can create your account through this link. You will need to send your information for the KYC ("Know Your Customer") process and wait a few hours to get your account approved.

After that, you'll be able to fund your Passfolio Financial account using local bank transfers or other deposit methods. With just a few steps you can start investing in the US stock market with Passfolio Securities!

Disclosures

*Securities less than $5 cost $0.02/share. Please see Passfolio's disclosures on other charges: https://passfolio.us/fees

Please read important legal disclosures: https://passfolio.us/legal

Securities and cryptocurrencies are very different types of assets. Cryptocurrencies are not securities. Purchasing cryptocurrencies comes with a number of risks. Please read Passfolio Financial Cryptocurrency Risk Disclosure. Currency and cryptocurrency exchange services provided by Passfolio Financial LLC, a US Money Services Business registered with FinCEN. Passfolio Financial LLC is not a broker dealer. Cryptocurrencies are not protected by either FDIC or SIPC. Securities products and services offered to self-directed investors through Passfolio Securities LLC Member FINRA / SIPC.  Passfolio Securities, LLC does not provide cryptocurrency-related services. Passfolio Securities LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. Passfolio Securities LLC, Passfolio Financial LLC and Panchain, Inc. are separate but affiliated companies. To purchase securities using cryptocurrencies, you must first convert it into U.S. Dollars using Passfolio Financial LLC. You must then move the U.S. Dollar proceeds to your brokerage account at Passfolio Securities LLC where you can use it to buy securities.

Related News

1.      Moscow Exchange to Start Trading Options on Natural Gas and Yandex Shares

2.     SSA Currency Market in 2020: Broad Depreciation Across Board

3.     Ranking Global Equity Markets in 2020: NASDAQ Takes The Lead

4.     The Two Sides of Capital Flows into Brazil

5.     A Swift Breeze of Calm as Brexit Deal is Reached

6.     Why Pan-Africanism is Important for African Development?

7.     Ethiopia Approves the Setting up of Its Capital Market Structure

8.     SSA Recovery Threatened as Major Economies See Spike In COVID-19 Caseloads

9.     Libya Central Bank Board Approves New Official FX Rate

10.  SSA Eurobond Market: Is Recovery in Sight?

11.   A Biden Presidency - Implications for Sub-Saharan Africa

12.  SSA Equity Market: A Sellers' Market Save for Nigeria

13.  Why the South African Rand is 2nd-Best Performing EM Currency

14.  Zambia Default: Lessons for other African countries

15.  AfCFTA: Key to Africa's Recovery and Prosperity?

16.  Economics, Banking and Finance in Emerging Markets

17.  A Look at Global Governments and COVID-19

18.  Let's Talk African Trade and The US Elections

19.  The Rise of New Industry Stocks Under COVID-19

DISCLOSURE: This is a sponsored content as indicated in the source above; and is not a recommendation to buy or sell securities or the products mentioned therein. Proshare Content and their owners, managers, employees, and assigns (collectively the "Company") are bound to comply with in-house governance rules requiring this necessary disclosure to ensure that readers, subscribers and consumers understand that the content is advertising and should not take it as an unbiased reporting on our part. All T&C applies.