Business & Investment

10 Best Apps to Help You Invest In the US Stock Market from Nigeria

In this post, we will show you the 10 best apps to help you invest in the US Sock market. See their features, trading fees and benefits.

The US stock market is known to be the biggest stock market worldwide. It accounts for over 50% of the stock market value in the entire world. The total market cap of the New York Stock Exchange (NYSE) and NASDAQ is about $40.2 trillion. This is very large compared to that of the Nigerian stock market which is capped at $38.3 billion in total.

Before the introduction of investment apps, it was very difficult to buy stocks from foreign companies especially in the USA and China. The process required the use of an international broker who would charge a fee or commission for the service. Even with that, some brokers still required that you have a valid visa (USA) or green card before you can buy stocks from companies in the US Stock Market.

Investing in the US stock market requires the use of an investment app. An investment app is a mobile app that serves as a platform for people to buy and sell stocks as well as track their profits. It is through this app that one can access the US Stock market in Nigeria.

Read Also: How to Invest In US Stock Market from Nigeria

10 Best Apps to Help You Invest In the US Stock Market from Nigeria

These apps are discussed below in no special order:

1. Trove

Trove is an investment platform that helps Nigerians who are interested in creating wealth for themselves through the stock exchange, to buy and sell their stocks or shares. It is a digital investment platform that allows one to invest in stocks, bonds, exchange-traded funds (ETFs), and other securities simply with the help of a mobile phone.

Features of Trove

  • Mobile platforms available: Android and iOS
  • The minimum amount that can be invested: ₦1,000 or $10.
  • Documentation Required by Trove: Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks.
  • Holding period: You are allowed to hold as long as you want.
  • Investment monitoring: the Trove app allows you to track the returns on your purchased investments.
  • Deposits Fees: You will be charged 1.5% and ₦100 for transactions that are over ₦2,500.
  • Withdrawals: the least withdrawal amount allowed on Trove for foreign securities is $50. Cash that has not been invested can be withdrawn from the wallet but in the case of Dollar, it will take about 3 business days. It takes 1-2 business days for funds to be deposited after a sell order has been submitted.

2. Bamboo

Bamboo is an Investment platform that grants Nigerians access to about 3,000 stocks listed in both Nigerian Stock Exchange and the United States Stock Exchange all through a mobile phone. If you’ve always wanted to buy shares from top companies like Nike, Apple, Facebook, Twitter, Tesla, Amazon, etc. all you need do is download the Bamboo app, sign up and then fund your account.

Features of Bamboo

  • Mobile platforms available:  Android and iOS
  • The minimum amount that can be invested: $20.
  • Documentation Required by Bamboo: Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks.
  • Holding period: You are allowed to hold as long as you want.
  • Investment monitoring: the Bamboo app allows you to track the returns on your purchased investments.
  • Withdrawals: the least withdrawal amount allowed on Bamboo for foreign securities is $500. When withdrawing ta Naira account, you will be charged a 45 Naira fee. When withdrawing to a USD account, you will be charged a $45 fee. ₦300 is the minimum withdrawal to a Naira account.
  • Commission:  when you trade the U.S Stock Market, Bamboo will charge you a 1.5% commission.
  • Security: The bamboo app uses state-of-the-art data encryption to protect personal and financial information. It also employs and two-factor authentication (2FA) for additional protection.

3. Passfolio

Passfolio is a San Francisco-based fintech company that provides a digital platform that enables people from over 170 countries of the world to have access to the US stock market. Passfolio can achieve this feat through the help of two of their fully owned subsidiaries – Passfolio Securities and Passfolio Financial.

To invest with Passfolio, you need to download the app, sign up and then fund your account.

FEATURES OF PASSFOLIO

  • Mobile platforms available:  Android and iOS
  • The minimum amount that can be invested: $0.
  • Documentation Required by Passfolio: Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks. They also support Wire Transfers, SafetyPay, ACH, SWIFT, TEDs, TransferWise, SEPA, and USD paper checks. Payment options available will vary based on the location.
  • Holding period: You are allowed to hold as long as you want.
  • Investment monitoring: the Passfolio app allows you to track the returns on your purchased investments.
  • 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. However, their cryptocurrency partner Gemini charges 0.35% on each transaction on cryptocurrency. The company itself does not charge an additional fee aside from that of Gemini. They do not charge account fees. Creating, maintaining, or even closing a cryptocurrency account with Passfolio is free. Bank transfer in Nigeria cost a Fixed 0.2% as Fee and another 1.4% (Max ₦2,000).

4. Chaka

The signup process in Chaka is quite easy just like with Bamboo. The platform was available on the web for some time before the development of their android app. Chaka provides more than 40 stocks from top companies in the US.

Features of Chaka

  • Mobile platforms available:  Android
  • The minimum amount that can be invested: $10
  • Documentation Required by Bamboo: May include Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks.

5. Rise

Rise allows you to invest in a portfolio of 30 high-growth stocks in the US. It grants you access to stocks from top companies like Google, Alibaba, Facebook, Google, etc. Rise gives out 12 -14% returns per annum. It has four classes of assets which are: Us real estate, stocks, technology companies, and Eurobonds. Rise is available only for Nigerian residents for now.

Features of Rise

  • Mobile platforms available:  Android and iOS.
  • The minimum amount that can be invested: $10
  • Documentation Required by Bamboo: May include Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks.

Read Also: 10 Functions Of The Nigerian Stock Exchange

6. Meritrade

Meritrade is at the high end when it comes to the minimum amount required for trading.  Meritrade is owned by Meristem Stockbrokers Limited (MSBL) which is a registered member of the Nigerian Stock Exchange (NSE). The company is licensed by SEC. Meritrade offers stock recommendations, live markets and also has good customer support.

Features of Meritrade

  • Mobile platforms available:  Android and iOS.
  • The minimum amount that can be invested: N10, 000
  • Fees: they charge a brokerage fee of 1.35% for buying and selling

7. Investnow.ng

Investnow will provide you with free research and some stock recommendations on weekly basis to guide your choices assuming you are a newbie. Registration is done online and they provide services like dividend management, share transfer, handling of issues that are related to registrars as well as share certificate management.

Features of Investnow.ng

  • Mobile platforms available:  Android
  • The minimum amount that can be invested: N50,000.00 or stock value equivalence
  • Fees: they charge a brokerage fee of 1.35% for buying and selling

8. LeadTrader

LeadTrader is a Nigerian stockbroking platform with some level of cost-effectiveness. They charge a brokerage fee of 0.75% for buying and selling, this low compared to other local companies. However, if you should send them an email asking that they buy and sell for you, the charge becomes 1.35%

FEATURES OF LEADTRADER

  • Mobile platforms available:  Android and iOS
  • The minimum amount that can be invested: N50, 000 or a share certificate that is worth N20,000.
  • Documentation Required by Passfolio: Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.

9. Afrinvestor

Afrinvestor has different types of brokerage accounts, each of which has its features and targeted audience. They are Afrinvest Groove Account, Afrinvest Pop Account, and Afrinvest Classic Account. One advantage of this platform is that there is no minimum set for opening investment. Their brokerage commission is on the high side.

Features of Afrinvestor

  • Mobile platforms available:   Android and iOS
  • The minimum amount that can be invested: none
  • Fees: they charge a brokerage fee of 1.35% for buying and selling.

10. ARM Stocktrade

ARM Stocktrade will provide you with a variety of research and market analysis. They have live chat and execute real-time trades.

Features of ARM Stocktrade

  • Mobile platforms available:  Web  
  • The minimum amount that can be invested: N50, 000
  • Fees: they charge a brokerage fee of 1.0% for buying and selling.

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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