How To Invest In US and Foreign Stocks In Nigeria
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How To Invest In US and Foreign Stocks In Nigeria
Read my post on how to invest in US and foreign stocks in Nigeria.
Are you in Nigeria and you are searching for a way to invest in Foreign stocks such as Apple, Google? Just be at ease! Everything you need to know about is in this article.
Investing in foreign stock is a good way of multiplying your income without worrying about naira fluctuations. Moreover, this has proven to be lucrative.
Benefits Of Investing In Stock
- You Earn Through Dividend: Not all stocks offer dividends and those who do, pay annually. But the best part of this is that yo are paid your dividend according to the amount of stock you have and this is done whether the company loses or gains.
- Your Income Increases: As the value of stocks in the market rises, the money you invest rises along with it. Especially if you invest in stable companies as well as investing in more than one stock. This can upgrade your financial standard.
- You own a stake in the company: buying shares in a particular company means you own a stake in that company. This means you have become one of the company owners. And if the amount of stock you bought is very high, you tend to attend board meetings, make decisions and also become elegible to recieve annual reports of the company.
In the past, some investment companies introduced the use of an online broker or brokerage. These platforms allow Nigerians to invest in foriegn and local markets.
Note: according to oxford dictionary, a broker is a person who buys and sells assets for people.
There are different types of brokers such as discount brokers, online brokers and full service brokers.
A company or an individual may act as a broker.
Investing through this method may be difficult especially in the area of money transfer regulations.
As technology is evolving, this has brought about a positive change in the way people can invest in Foreign stock. Anyone anywhere can invest with the help of the internet without stress.
With the help of some online investment platforms, you can invest in any stock of your choice at the convenience of your home.
Some of these online platforms allow Nigerians to access Foreign markets like the US, Chinese etc.
In this article, we have compiled some information that is needed to successfully invest in foreign stocks.
Trove App
This is one of the best investment platform where you can invest in Chinese, America stocks, bonds ETFs and even Nigeria stocks and more for as low as #1,000
Even if you can’t afford tge price of a share in your favourite company, trove allows you to invest bit by bit through fractional investing.
How to download: you can download the “Trove” on Google playstore for android and Apple store for iphone. You can also access it through the web using your browser.
How to sign up: after downloading, you will need to provide the following details:
Name, email address, a referral code if any.
Next you will be asked to complete your profile such as your personal information, National and residential information, occupation and next of kin, bank details, document uploads etc.
How to fund your wallets:
There are two types of wallet in your trove account
Naira wallet: this wallet is for buying of Nigeria stocks and bonds
Dollar wallet: this wallet is for foreign transactions
NB: trove only accepts adding a naira card and a naira bank account to your profile for now.
You can fund your wallet using either your verve, visa, master card, bank deposits or online banking.
Trove provides tools to guide you when investing and also you can withdraw anytime to the bank account you linked with the platform.
Rise App
Rise is an investment platform that was founded by Eke Urum and Bosun Olarewaju in 2019.
They provide access to global investment opportunities with ease. You can start investing with a minimum of $10.
When investing with Rise app, you can
- Track your portfolio at anytime and see your progress
- Invest according to your risk appetite. That is, according to how much risk you can take when investing.
- Provide guidance when investing
How to register
Download the app in Google play store or Apple store by searching for “Hello World-Rise.”
After downloading, set up your profile and introduce yourself. You will also be asked to upload a selfie or a video.
Chaka App
This is the first Nigeria investment platform. It was founded by Tosin Osibudu.
Chaka provides access to over 4000+ stocks and ETFs on the New York stock exchange, Nigeria stock exchange and NASDAQ.
Price: you can invest with any amount.
Security: your device and server is protected and this ensures that your transactions and personal details are kept private.
How to download: Chaka app is available in both google play store and apple store.
Bamboo App
Launched in the year 2019. It was founded by Richmond Bassey and Yanmo Omorogbe.
Bamboo investment platform gives investors unrestricted access to over 3,000 stocks listed in the US. With the variety of stocks, you can invest in as many stocks as you want. All you need to do is browse and choose the stock you want.
How to download: just visit the google play store and apple store and download the app
How to trade:
After completing your registration, transfer fund your Bamboo wallet
Browse the stock you wish to invest on and click on the buy button.
Bamboo also provides a tracking system designed to satisfy both the newcomers and experts.
Security: they provide maximum security to your funds and transactions. They are also members of Securities Investment Protection Corporation (SIPC).
Conclusion
Although the price of individual stocks rise and fall daily, you can invest in multiple stocks. It is advisable to invest in a more stable company and moreover, make more research on the stock you wish to invest in
both online and from people you know are expert in it already.
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