Bamboo review: Scam or Legit, what you need to know, how to use- read before you join

Is Bamboo investment legit? Read this Bamboo review and discover everything you need to know about Baboo app; safety, security, fees, how to use it, and more.

Gone are the days where delving into the stock exchange was likened to venturing into rocket science. With the latest financial technologies available, the majority of the complexities that were seen in stock markets are now gone. The Bamboo app can now grant you access to over 3,000 stocks that are listed either in the Nigerian Stock exchange or the United States Stock Exchange all accomplished through your mobile phone.

What is 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 and read through this article to find out how to use it.

Bamboo was founded by two men whose vision was to remove the hurdles and complexities involved in buying stocks. The two founders are Yanmo Omorogbe and Richmond Bassey. Yanmo Omorogbe is Director of growth in the company while Richmond Bassey is the Chief Executive Officer.

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Is Bamboo Scam or Legit?

Invest Bamboo is a legit company. They have a partnership with companies that are registered and regulated by the Nigerian Securities and Exchange Commission. Their brokerage partner in the US is duly registered and also a member of the United States Securities Investor Protection Corporation (SIPC) which is responsible for ensuring the account of each user up to $500,000. All accounts are held by their partners.

All the US trading accounts on the Bamboo platform are held by DriveWealth LLC, a company that is a regulated member of FINRA/SIPC while all Nigerian trading accounts are held by Lambeth capital, a firm that is regulated by the Nigerian Stock Exchange (NSE), and Securities and Exchange Commission (SEC). Bamboo has a rating of 4 out of 5 on Google playstore and has also received a large number of positive reviews.

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How secure is Bamboo?

The bamboo app is very secure and also boasts of having bank-level security. The 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.

Its partnership with several other advanced and experienced companies also works to increase the security of the app. For example, all Nigerian trading accounts are held by Lambeth capital, a firm that is regulated by the Nigerian Stock Exchange (NSE), and Securities and Exchange Commission (SEC) while all US trading accounts on the platform are held by DriveWealth LLC, a company which is a regulated member of FINRA/SIPC.

What are the Features of Bamboo?

Below is the list of the features packed in the Bamboo app:

• 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 to a 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. All associated charges will be displayed on the review order page before being asked to confirm the transaction.
• 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.

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HOW TO START BUYING SHARES ON BAMBOO

Download the App and Sign Up

To begin buying shares using the Bamboo app, you will need to download the app first. Android phone users can get the app from Playstore by clicking here while iPhone users can get the app from the Apple app store by clicking here.

Information required during sign-up includes name, email address, strong password, etc. In filling out your profile, the required information may come from the following categories:

1. Personal information
2. National and Residential information
3. Bank account details
4. Occupation and next of kin
5. Document uploads

Fund Your Wallet

You have to fund your wallet before you can buy stocks on the Bamboo app. The bamboo account can be funded through Flutterwave, Nigerian bank transfer, wire transfer, and Barter. Flutterwave accepts almost all the debit cards issued by Nigerian Banks, the likes of MasterCard, VISA, and Verve cards as well as your American Express and Discover cards.

You can also make a bank transfer from your naira bank account. If you choose to wire the money to their US bank account or their USD Domiciliary account, their Bank Account details will be displayed when once you select this funding option. Users that have a Flutterwave Barter account can also fund their Bamboo account using this option. It takes about 1 to 2 business for the funds to be deposited in the Bamboo.

To fund your account, simply

1. Click on the Account icon at the bottom of the app.
2. Click on deposit money.
3. Enter your desired amount (minimum of $20, maximum of $5, 000).
4. From the displayed list, select your desired payment option and follow the instructions on the screen.

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Buy stocks

After funding your account, you can proceed to buy stocks. To buy stock on Bamboo, do the following

1. Decide on the company you want to buy your stocks from.
2. Go to the details page of the stock and tap on ‘Buy’.
3. Select your funding option of choice and input the details of your order
4. Click on ‘Review Order’ and tap on ‘Buy’

How to withdraw from your wallet to your account

To withdraw funds from your Bamboo wallet to your local bank account, do the following;

1. Tap the withdraw button on the screen and then select the account option.
2. Supply the details requested on the displayed page, noting that Bamboo only pays into accounts that bear your name.
3. Click on withdraw.

Your withdrawn money will be credited to your account within 2 to 3 business days. Note that if you made your deposit from a Naira payment option, you will only be allowed to withdraw to a Naira account. If you made your deposit from a USD payment option, you will only be allowed to withdraw to a USD account.

The least withdrawal amount allowed on Bamboo for foreign securities is $500. ₦300 is the minimum withdrawal to a Naira account. When withdrawing to a Naira account, you will be charged a 45 Naira fee. When withdrawing to a USD account, you will be charged a $45 fee.

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