Jun 11, 2021
EARN IN DOLLARS, SPEND IN NAIRA ( Bamboo, Chaka, Risevest)
Currency is a kind of payment that can be used to buy and sell products and services. In a nutshell, it’s money, usually in the form of paper or coins, issued by a government and widely accepted as a means of payment at face value. In Nigeria, the currency used is called Naira. Because of inflations and the economic crisis faced in the country, the Naira is a sorry currency when compared to its counterparts in Europe, America and even that of some countries in Africa. Hence the need to invest and earn in hard currency and spend in the local currency Naira.
This article is aimed at demystifying and enlightening Nigerians on legit ways to invest in the stock market, and how to buy stocks or shares from foreign or local companies and earn dividends in this modern era. I’ll try to keep this very simple to pre answer any up coming questions you might have. If you’re ready to begin this investment journey with me, then fasten your seat belt, sip from your water, and we move.
STOCK MARKET
A stock market is a similar type of designated market where you can trade various types of securities in a controlled, secure, and managed setting.
Buying shares or stocks in the 90s in Nigeria was a very tough process. you’ll go to Nigerian Stock exchange, submit documents, fill several forms, go to the bank to make payments then wait for several weeks to get confirmation of your purchase. Today things are easier and i want to walk you through 3 mobile apps i use to buy stocks both in the international market, as well as local market. I am talking about Bamboo app, Chaka app, and the Risevest app.
BAMBOO
Bamboo is a stock market broker app to buy stocks in foreign companies and earn dividends on the amount of shares you own. you see i use stock and shares interchangeably? they both mean same thing. A share of stock or a financial asset is a single unit of ownership. It is essentially an exchangeable component of a company’s value that can rise or fall depending on a variety of market circumstances. In plain terms, you can own a part of Google, Amazon, Facebook and all the big companies you’ve always dreamt about just from a mobile app in few simple steps. this company was founded in 2019, and it has been a blessing to many life’s who use it. Registration is quite easy, you’ll require your BVN and Utility bill for full verification.
The home page of Bamboo is filled with stock market news and updates which might bore you if you don’t have an Accounting or Finance background, but if you do have experience with Finance, then you’ll love the app.
MY STOCKS : shows you the companies you bought shares with, and how the market is going at the moment.
Funding your account on Bamboo is such a seamless process, but will take 2 working days for the money to reflect in your wallet as seen in mine above. the minimum amount you can deposit on Bamboo to start buying stocks is $20, that 9,960 Naira at the time of writing this. you can have access to stocks from all over the world on Bamboo, and you can buy any amount of shares you wish to buy, you don’t need to have $2,407 for 1 Alphabet ( Google) shares, you can buy $5 worth of it. There’s a commission fee of 1.5% of any amount you’re trying to buy on Bamboo. Their customer care service is excellent and you can go to bed with your both eyes closed when you invest on Bamboo. To register and start investing on Bamboo, click this link to get the app.
https://app.investbamboo.com/invite/philip558085
CHAKA
“For African businesses and individuals, Chaka is the go-to global investment platform. Access stocks, ETFs, and blue-chip firms from the United States, the United Kingdom, China, Nigeria, and more than 40 other nations.”
Chaka is also a stock broker app, launched in 2020. This app allows you invest in both Global brands and local brands, this means you can buy shares in foreign companies and you can also buy in local companies like Dangote and the likes.
Quite a nice app interface and very easy to navigate, you’ll also be needing your BVN to fully verify your Chaka Account for both Global and Local trades on the same app. you need a minimum of $10 to trade in the Global market, and a Minimum of N1000 to trade in the local market. Chaka charges a commission fee from $2 to $10 for trading in Global stocks and 1% for trading in local stocks. Their customer service is also excellent and very swift to respond ( I attest to that personally ).
Funding your Chaka wallet is about the easiest thing to do in this life. takes about 20 minutes for your money to reflect in your wallet.
you can also learn how to use the app right on the app. looking to start investing with Chaka? click the link and get the app now
RISEVEST
Rise started as a simple way of providing people living in Nigeria with dollar-denominated investments in the US and other markets to enable them to earn returns that make investing worth it. This broker was also launched in 2020, but the idea began back in 2014. If you’re looking for a dollar denominated asset without much risks, then Rise is for you. I particularly love Risevest because it allows you plan your investments and gives your insights into stocks with High risk, medium risk and low risk. you can fund your wallet on Rise with a minimum of $1 but investments starts from $10.
The home page is very welcoming with a simple and easy to navigate interface, the app allows you to set goals, plans, and helps you monitor your investments real time. funding your Rise wallet is also very simple with few steps. The plan tab helps your plan and schedule your savings and shows you assets with high risk, medium risk and low risk.
I have not really had any cause to contact their customer service, but i trust they will be very responsive also.
You can become an affiliate of Rise and earn an extra 3% commission when someone registers with your affiliate link, you need to have investments of over $50 across Rise app to become and affiliate. you think Rise is the broker for you? then get the app from app store and use my referral code ( SS0IPOV ), just to help your boy, #smiles.
SUMMARY
I have gone through the 3 broker apps i use to invest and buy stocks from global and local brands, i hope you’ll find this article useful to help you make your decision to begin the investment journey today.
Don’t let those eating their harvest pressure you into eating your seed. If you have any question for me, your can reach me on WhatsApp ( 07065256480) I am also @Idoma_developer on twitter. Don’t forget to clap if you find this useful, and share to your friends also. Thanks !!!!
