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”.
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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.
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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!
*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.