New Way(s) To Invest In The US Stock Market In Nigeria
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If you’re not aware, the US stock market is the biggest stock market across the globe, as it accounts for more than fifty percent of the global stock market value. And the total market capitalization of the New York Stock Exchange and NASDAQ is presently about $40.2 trillion, compared to the Nigerian stock market that has a total market cap of just $38.3 billion.
The fact is that what you are investing in really doesn’t matter, if its stocks, bonds, real estate e.t.c, the aim for the investment will always be to make extra income. And when it comes to earning that extra money, stocks have proven to have a better growth potential than any other asset out there because they are clearly more liquid and diversifiable than other available options.
If you are in Nigeria, investing in America as a non-resident was always been a tough process before now. In fact, several international brokerages kept asking for, at least, a valid US visa or a green card that would make you eligible to invest in the US stock market. Making investments in foreign markets was also restricted to those with super high net worth because the amount needed was always several thousands of dollars.
If you check any investment group or forum existing right now, the rampant question you keep getting is, “How exactly can I buy shares from Apple, Uber, Facebook, e.t.c?” And as you already know, the NYSE and NASDAQ, the two most valuable stock markets across the globe, have continuously dominated every other market, and sadly, they have both been annoyingly inaccessible to Nigerians and Africa as a whole until recently.
This tutorial is here to show you how exactly you can start investing in the US Stock Market, and all you’ll be needing to jump right in to get some profitable business done. Be aware that you’ll need Your Bank Verification Number (BVN), a valid international passport, and a recent Utility Bill or Bank Statement. See New Way(s) To Invest In The US Stock Market In Nigeria:
How To Start Investing In The US Stock Market In Nigeria:
To begin, you have to download the Trove application from the Play Store or App Store. For those that are not aware already, Trove is a brilliant investing platform that allows users to invest in stocks, bonds, exchange-traded funds (ETFs), and other relevant securities straight from their mobile device.
This app is very secure, and it ensures your personal information is completely safe by making use of 256-bit encryption that guarantees your personal data will be stored with cutting-edge tech.
You should also know that Trove’s partner, DriveWealth LLC, a self-clearing broker in the United States, is a registered member of FINRA/SIPC and is in charge of holding all the US accounts on Trove. DriveWealth LLC also safeguards securities holdings of its members of up to $500,000.
Another Trove partner, Sigma Securities Limited, a broker-dealer regulated by the NSE (Nigerian Stock Exchange) & Securities and Exchange Commission, holds all Nigerian trading accounts on the platform.
Features Of Trove:
- It can be used on your Android or iOS device.
- The least account opening balance is $10.
- The needed documentation includes an international passport and a utility bill or bank statement. Be aware that the documents will be an image, not a physical copy. Other basic information like a verified email address, verified phone number, bank account details will also be required.
- Payment options include Mastercard, VISA, and Verve cards issued by banks in Nigeria. Your wallet can also be funded through a bank transfer.
- There is no restriction when it comes to the holding period; it is for as long as you want.
- Security – Bank-grade encryption.
- You can monitor returns on investments purchased via the Trove application.
- You’ll be able to withdraw uninvested money in your wallet too. However, you must hold on for three business days for dollar-denominated withdrawals. If you want to withdraw more than your invested money, some of your purchased assets will need to be sold. Sell orders take will be executed in real-time, and you can decide to deposit the funds into your wallet or bank account.
Why You Need To Invest With Trove:
- Compared to other investment platforms with high minimums, Trove lets you buy stocks of US companies with money as low as $10.
- Trove also allows you to purchase fractional shares in companies such as Apple, Google, Facebook, and so on. To explain fractional shares, instead of buying a full share which will go for hundreds of dollars, you can conveniently purchase a fraction of a share.
Other Applications That Let You Invest In the US Stock Market From Nigeria:
Bamboo is a brilliant online stock trading and investment platform that grants Nigerians unlimited access to more than 3,000 stocks that are listed on the Nigerian stock exchange and U.S. stock exchanges. Users are allowed to invest locally, globally, and both by funding your ₦ & $ balance to start purchasing and shares with a minimum amount of $20. This app was developed by Yanmo Omorogbe and Richmond Bassey in partnership with DriveWealth, a U.S.-based digital trading technology, Lambeth Capital, a Nigerian stockbroking firm, and Flutterwave, a payment platform.
2. Chaka NG:
Chaka is another brilliant investment platform that helps you access blue-chip companies from Nigeria, the USA, and other major nations across the globe. For local and global transactions, it’ll charge you a meager fee of N100 or 0.5% and $2 or 1% per trade, respectively. This one was founded by Tosin Osibodu in partnership with 2 brokers, Citi Investment Capital and U.S.-based DriveWealth, to aid stock purchases.
You Might Also Want To Read: How To Invest In Google, Apple, And Amazon In Nigeria (2021)
eToro is another brilliant social trading platform that grants you access to individuals and companies if you wish to invest in both stocks and cryptocurrencies. It’ll also be useful if you want to trade CFD with several underlying assets. However, you are required to have a minimum deposit of $200; $50 for U.S. investors; $50 for Australian investors.
Wealth.ng is a useful investment company that helps you to invest cash, treasury bills, stocks, mutual funds, and real estate via its investment app or website. The interest rate for your stock investment is (s): 10 – 14%. The platform is a product of WealthTech Limited and an affiliate of Sankore Securities Limited. It is also registered with the Nigerian Stock Exchange and regulated by the Securities and Exchange Commission (SEC), Nigeria.
Investing in the foreign market is always key if you want to diversify your investment portfolio and widen your investment reach. The online platforms listed above will definitely help you to invest without boundaries in your favorite companies.
There you go, start investing in the foreign stock market from Nigeria to be a part of the global economy.