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7 Stock Trading Apps For Nigerians

 

Until fairly recently, most investments in stock markets across the world were done by wealthy individuals and families, or brokers acting on their behalf. Regular people seldom had access to this wealth-creating vehicle.


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But thanks to digital technology, this picture is starting to change. In the past few years, apps offering stock trading opportunities have arisen, allowing their users—mostly first-time investors –to own shares in some of the world’s biggest companies.

Nigeria hasn’t been left out of this. Today, there are several platforms providing stock investments as a service, whether they are local or international. This article takes a look at some of the more popular ones.

Chaka

Chaka gives its users the chance to trade more than 11,000 assets—including stocks and Exchange-traded Funds (ETFs) –from some of the world’s fastest-growing economies. That number covers shares in Nigerian and US stock exchanges.

Users of Chaka can invest in naira and dollar-denominated shares, and earn from share price appreciation and dividends. Withdrawals from Chaka accounts typically take 48 hours or less.

This company is registered with the Securities and Exchange Commission (SEC), and its dollar assets are regulated by the US FINRA and US SEC; dollar assets of up to $500,000 are insured by the Securities Investor Protection Corporation (SIPC).

Trove

Founded in 2018, Trove grants Nigerians access to stocks, bonds, and commodities traded on US and Chinese exchanges. They can view live data on more than 4,000 instruments, and get firsthand information about global financial markets.

Trove also gives new users the chance to learn the ropes of investing in stocks, through a practice account. And if they’re ready to trade financial instruments, they can create their own watch list to track those items, and access technical summaries, market quotes, and advanced charts.

The Trove app may be downloaded on Google Play Store and the Apple App Store. Registered users can also trade on the company’s website after logging into their accounts there.

Yochaa

Yochaa started out as a platform that educated Nigerians about investing in the stock market. They have recently added actual live trades to their offerings, meaning that users can now buy and sell shares in Nigerian companies listed on the Nigerian Stock Exchange.

The Yochaa app displays real-time bids and asks prices for stocks, enabling users to make informed purchasing decisions. There are also tools that help them track their orders and monitor their portfolio. What’s more, users can view historical price movements for stocks going back five years.

Persons new to stock market investing can learn how to trade shares with Yochaa’s dummy account. They may also access useful information on the stocks available, including average and current market cost prices, percentage holdings, and return on investment.

Bamboo

Anyone who’s interested in owning portions of companies in the United States can do so by investing through Bamboo. This FinTech startup provides Nigerians with access to the US stock market and lets them invest in their favourite American company.


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Bamboo recognizes that most potential users of its platform can’t afford the shares on sale at their full price. So it lets them invest in fractional shares, i.e. fractions of single stocks. The barrier to entry is relatively low; with just ₦15,000, registered users can begin investing or trading over 3,000 stocks on Bamboo.

All that’s required to register on Bamboo are a National Identification Number (NIN) and contact details. Trades and positions worth up to $500,000 are insured by the US’s SIPC and FINRA.

MeriTrade

MeriTrade was created by Meristem Stockbrokers Limited, a member of the Nigerian Exchange Group (NGX). It was one of the first companies to provide an online space for trading shares in Nigerian companies.

With at least ₦10,000, registered users can begin purchasing stocks on the platform. They get relevant live data, including market-moving news about the companies they are interested in and may access expert analysis of the market’s current state.

Persons who intend to invest through MeriTrade can sign up with their ID, proof of residence, passport photograph, and evidence of utility bill payment. They can do this on the MeriTrade app or on its website.

ARM Stocktrade

ARM Stocktrade makes it easy for people to buy and sell stocks on the Nigerian Stock Exchange from anywhere in the world, and for as long as the market is open. It furnishes traders with tools that simplify the purchasing and selling processes, including technical market research, tips and tricks.

Stocktrade promises competitive fees and has periodic trading promotions in which users can trade without paying commissions. Trading accounts may be funded via cash deposits, bank transfers, or cheque deposits.

In order to access Stocktrade’s services, registrants must submit an officially recognized means of identification (Driver’s license, National ID, or voter’s card), proof of address, scanned copy of their signature, and passport photograph. They can do this on the ARM Stocktrade website or mobile app.

Passfolio

Unlike the other platforms listed here, Passfolio isn’t Nigerian. However, it’s attracted a large user base from the country because of the ease with which Nigerians are able to use it.

Passfolio serves users in over 170 countries, giving them access to more than 3,800 stocks, ETFs, and REITs (Real Estate Investment Trusts) in the United States. Deposits in naira are converted to their dollar equivalent. Passfolio doesn’t charge commissions or fees for account creation and maintenance, and there’s also no minimum balance to start.

Customer securities of up to $500,000 are protected by FINRA and the SIPC.

Final Words

It’s never been easier to invest in stocks. If you’re looking to build wealth through financial markets, you may do so with the options we’ve discussed here. Be sure to do your due diligence before settling for any of them.

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Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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