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Home Companies Corporate Updates

New broker-dealer lets Nigerian investors purchase US stocks commission-free

NM Partners by NM Partners
December 13, 2020
in Corporate Updates
Passfolio: New broker-dealer lets Nigerian investors purchase US stocks commission-free
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Passfolio, a new fintech company from San Francisco, now offers access to the US stock market. The company has a mobile app and web platform that lets people in more than 170 countries, including Nigeria, invest in US stocks with no commission fees.

Passfolio’s mobile app makes it faster and easier to invest in United States dollars, stocks, ETFs, and REITs via a United States SEC-registered broker-dealer. Passfolio also supports local funding and deposit methods, making it faster and easier for people to deposit their local currency such and get same-day USD credit in their brokerage account.

READ: Why it makes sense to invest in foreign equities from Nigeria

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The idea for Passfolio came when founder David Gobaud was travelling the world in 2018 for a previous project and noticed how much demand there is for better investment opportunities. In most countries, investments are still an expensive privilege of few.

“At Passfolio, we believe investment opportunities should be borderless. If someone in Nigeria or Brazil wants to invest in the US, they should have a fast, easy, and secure way to do so. Passfolio was founded with the mission of democratizing access to United States investments and making them available to people across the world”

READ: Stocks, cryptos rank high as financial experts reveal their best investments in 2020

No commission fees for stock trades

Passfolio charges no commission fees for stock trades of assets priced $5 or more², which includes stocks like Amazon (AMZN), Microsoft (MSFT) and Tesla (TSLA). Through the app, you can browse through different categories of stocks, like sectors and top movers.

By charging no commission fees, the company says it makes money from sources like crypto trades through Passfolio Financial, currency conversions from local transfer methods and interest on uninvested cash.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Fractional share trading

Passfolio also supports fractional share trading. This means you can buy or sell as little as $1 of any stock available in the app. By allowing fractional shares, the company democratizes the access to US investments.

Cryptocurrency support

Users can also deposit and trade cryptocurrencies like Bitcoin through Passfolio Financial.

Passfolio makes it possible for users to fund their accounts using cryptocurrencies by first converting them into dollars through Passfolio Financial⁴, then moving the dollar proceeds to their brokerage accounts at Passfolio Securities, where users are then able to buy stocks. This way, investors can deposit Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash and other cryptocurrencies and access the US market.

Passfolio’s app is available on the App Store and on Google Play. To create your account, you need to be at least 18 years old or older and have a valid photo ID document (Passport, Driver’s License, National Identity Card, or Residence Permit Card).

Sponsored by Passfolio


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Tags: Passfolio
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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