Passfolio review (Is Passfolio legit or scam?)
Table of Contents
Passfolio review (Is Passfolio legit or scam?)
Read all about Passfolio in this Passfolio review.
In the past, buying stocks from foreign companies in the United states of America and China, was next to impossible, as it required an international broker, who usually charged a very high fee. To summarize, it was less than convenient.
These days, with the advent of stock investment apps, one is no longer limited by geographical location. You can now easily buy stocks from the comfort of your home, with the use of your smartphone.
Passfolio is a san-francisco based fintech company that has provided a digital platform that enables users from all over the world to have access to the US stock market.
The passfolio app gives its users access to over 3,800 stocks, REITs and ETFS in the US stock market without charging any commission for it. Passfolio is able to do this via the help of its two subsidiaries “Passfolio securities” and “Passfolio financial”.
Passfolio makes it easy for its users to buy stocks, by providing a range of different payment options that also includes cryptocurrencies.
In this Passfolio review, I am going to be writing about all you will need to know about Passfolio under the following sub-topics “Is passfolio legit?”, “Passfolio fees”, “Passfolio registration”, “How to buy stocks on Passfolio”, “How to fund your Passfolio wallet”, “Passfolio withdrawal” and more.
Remember to leave us a comment after you finish reading and also share with your friends on social media.
Let’s get into it then….
What are stocks?
A stock is a security that represents the ownership of a fraction of a corporation. This entitles the owner of the stock to a proportion of the corporation’s assets and profits equal to how much stock they own.
Investing in stocks offers you some benefits like “earning on income through diversification”, “diversification of an investment portfolio” and “becoming a stake holder in foreign and global companies”.
What is Passfolio?
Passfolio is an app that is owned by a san-francisco based company, that gives users from all over the world access to over 3,800 stocks, REITs, and ETF in the US stock market without charging any commission for it.
Passfolio is able to this with the help of two of its subsidiaries “Passfolio securities and Passfolio financial”. The company is a registered member of the financial industry regulatory authority (FINRA) and securities & exchange commission (SEC).
Passfolio makes it easy for its users to buy stocks, by providing a range of different payment options that also includes cryptocurrencies.
Features of the Passfolio app
- Mobile platform available on both android and iOS.
- The minimum amount that can be invested is $100.
- Documentation required by passfolio: Photos of government issued ID, Utility bill, bank verification number (BVN), bank account information, email address and phone number.
- Payment options: Bank transfer, VISA, MasterCard and VERVE cards issued by Nigerian banks, wire transfer, safety pay, ACH, SWIFT, TEDs, Transferwise, SEPA and USD paper checks.
- Holding period: You can hold your assets for as long as you want.
- Investment monitoring: Passfolio provides a means for you to actively monitor your assets.
- Withdrawals: It takes 1-2 business days for funds to settle in a bank account.
- Fees: Passfolio does not charge a commission when trading stock.
- Withdrawals: All withdrawals on Passfolio comes with a fee.
How does Passfolio work?
Passfolio is an app that is owned by a san-francisco based company, that gives users from all over the world access to over 3,800 stocks, REITs, and ETF in the US stock market without charging any commission for it.
To begin using Passfolio, you will have to download it form the Google playstore for android users or the apple store for iOS users.
After downloading the app, you will have to register using your email address, phone number and also providing the required documentation like government issued ID, utility bill etc.
To begin buying stocks, you will need to fund your wallet with any one of the numerous payment options available on passfolio (Bank transfer, VISA, MasterCard and VERVE cards issued by Nigerian banks, wire transfer, safety pay, ACH, SWIFT, TEDs, Transferwise, SEPA and USD paper checks).
After funding your passfolio wallet, you will have to use the “discover” function on the app to search for the stocks that you want to buy and proceed to trading.
How to sign up on Passfolio (Passfolio registration)
To register on Passfolio, follow the below instructions:
- Download and install the passfolio app from Google playstore or iOS app store.
- Fill in the required details like your name, email address and password.
- Upload the required documentation
- Confirm that you are above 18 years of age.
- Click on REGISTER.
Once you have successfully registered, you can then proceed to funding your wallet and buying the stocks that you want.
How to fund your Passfolio wallet?
Before you can buy stocks, you will have to fund your passfolio wallet. You can fund your wallet using any of the payment options available on Passfolio (Bank transfer, VISA, MasterCard and VERVE cards issued by Nigerian banks, wire transfer, safety pay, ACH, SWIFT, TEDs, Transferwise, SEPA and USD paper checks).
To deposit funds:
- Click on the TRANSFER tab
- Select DEPOSIT
- Choose the account you want to deposit into (either stock account or cryptocurrency account).
- Choose your preferred payment option and follow the on screen instructions to complete the process.
How to buy stocks on Passfolio?
To buy stocks on Passfolio, you must have funded your wallet. To buy stocks on passfolio, follow the below instructions:
- Click on the DISCOVER tab and search for your desired company. The platform allows you to either input the number of shares you want to buy or input your desired investment amount in USD to get your stock equivalent.
- Select the stock you want to buy or sell and then click on TRADE.
- Type in the amount you are willing to buy, either in share or dollars.
How to withdraw on passfolio?
Once you sell a stock on Passfolio, the funds will instantly be available to you on your dashboard. You can then withdraw the money to your local bank account.
- Click on the “Transfer” tab
- Select “Withdraw”
- Choose the account you want to withdraw from/ either stock account or cryptocurrency account.
- Specify your withdrawal amount.
It takes 1 to 2 business days for your withdrawal order to be processed.
Is Passfolio legit?
Passfolio is a legit app. The company is registered member of the Financial industry regulatory authority (FINRA) and securities exchange commission (SEC).
Passfolio is also a registered member of the securities investor protection corporation (SIPC), which is known to protect the securities of customers of its members up to $500,000.
Read my Gocash loan app review
Frequently asked questions (FAQs)
Who is the CEO of Passfolio?
The CEO of passfolio is David Gobaud.
Is passfolio scam?
Passfolio is a legit app. The company is registered member of the Financial industry regulatory authority (FINRA) and securities exchange commission (SEC).
Passfolio is also a registered member of the securities investor protection corporation (SIPC), which is known to protect the securities of customers of its members up to $500,000.
How to register on Passfolio?
To register on Passfolio, you will need to download the app, and fill in all the required details, as well as providing the required documentation.
Conclusion
Thank you for reading my Passfolio review. If you have any comment or question, you can leave it below in the comment section.
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Thank you once again for reading.
Visit the official passfolio website https://passfolio.us
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