The rise of online investment platforms in Nigeria is helping Nigerians to invest their money securely and receive returns when they are due. Technology has allowed people the avenue to not only make money for themselves but also allow other people to do the same.
An online investment platform in Nigeria is a great place to start your investment journey. Choosing which online investment platform to start investing with can be a bit difficult. You can choose based on the features that appeal to you, as well as other features that guarantee security.
Choosing the best online platform for you
Compare costs and features
The majority of online stock brokers have eliminated trading commissions, so most (but not all) are on a level playing field as far as costs are concerned. However, there are several other big differences. For example, some brokers offer customers a variety of educational tools, access to investment research, and other features that are especially useful for newer investors. Others offer the ability to trade on foreign stock exchanges. And some have physical branch networks, which can be nice if you want face-to-face investment guidance.
In investing in shares, these are top 5 online platforms that every Nigerian should use:
RISEVEST
You can invest in overseas stocks using Risevest, one of Nigeria’s online investment platforms. You can also invest in American real estate and fixed income assets (dollar-denominated bonds).
It is one of the only online investment platforms in Nigeria where you can choose an investment plan and the company’s team of investment experts handle the rest.
Think of it as an automated dollar investment company in Nigeria where you earn dollar returns. You can start investing on the Risevest app with as low as $10 or N3600. With Rise vest, you can start investing in dollars in Nigeria using only their smartphone.
Rise’s historical annual returns on US stocks is about 14%, making it one of the best mediums to invest in foreign stocks from Nigeria.
Holding period: You can choose to make your investment plan available on-demand and also choose longer investment durations.
Investment monitoring: You can track returns on investments purchased through the Rise vest app.
Withdrawals: Same day withdrawals.
Security: Rise uses PCI-DSS compliant, bank-grade security and two-factor authentication to protect all users accounts. Rise are SEC-registered investment advisers in the US and users’ funds are overseen by our partners who are also registered with the Nigerian Securities and Exchange Commission (SEC) so you know that your funds are safe and regulated at the highest standard of compliance.
TROVE
Like Rise vest, Trove is one of the online investment platforms in Nigeria for investing in local and foreign stocks or shares. The stocks that this online investment platform allows you to invest in include American, Chinese and Nigerian stocks.
Trove also allows you to invest in bonds, REITs and ETFs. The minimum investment amount on Trove is ₦1,000.
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not an actual physical copy. Some basic information like (Verified Email Address, Verified Phone Number, Bank Account Information).
Payment Options: Mastercard, VISA and Verve cards issued by Nigerian Banks. Bank Transfer.
Holding period: As long as you like.
Investment monitoring: You can track returns on investments purchased through the Trove app.
Withdrawals: You can withdraw uninvested cash in your wallet for 3 business days or more. If you’re withdrawing more than your invested cash. You’ll need to sell some of your purchased assets. If you submit a sell order it will take between 1 to 2 business days for your funds to settle in your account. You can either choose to deposit the fund in your wallet or bank account. For foreign securities, the least amount you can withdraw is $50.
Security: Trove ensures your personal information is well encrypted with 256-bit encryption. And stored using cutting edge security technologies. Trove’s partner, DriveWealth LLC, a regulated member of FINRA/SIPC. Holds All the US trading accounts on Trove. It also protects the securities holdings of its members. Of up to $500,000 (including $250,000 for claims for cash). Its other partner, Sigma Securities (a firm regulated by the NSE & Securities and Exchange Commission) holds all Nigerian trading accounts. While ARM Investment Managers, a licensed Asset manager in Lagos, Nigeria. Acts as Investment managers for the Portfolios on Trove.
CARBON
One of the Nigerian online investing platforms that offers wise investment possibilities is Carbon, formerly known as Paylater. It also offers loans to people, allow people to make payments and pay bills online
To invest with Carbon, you have to activate Payvest and deposit funds. Then you create an investment plan and confirm the terms.
Payvest is a fixed-interest investment account that doesn’t require any fees or charges to set up. Single investments can range from N100 to N1 million.
The interest rate for investments in carbon is 16% per annum. You can also choose the investment duration, which ranges from 3 months to 12 months.
Carbon has one of the best interest rates in Nigeria.
Interest rate: 15.5% annually
Withdrawal charges: None
Minimum withdrawal: None
BAMBOO
Anyone can invest in more than 3500 stocks listed on both the American stock exchange and the Nigerian stock exchange through the online investment platform known as Bamboo in Nigeria.
You can buy, hold, or sell foreign and local stocks on the Bamboo platform right from your mobile phone.
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not an actual physical copy. Some basic information like (Verified Email Address, Verified Phone Number, Bank Account Information).
Payment Options: Mastercard, VISA and Verve cards issued by Nigerian Banks. Bank Transfer.
Investment monitoring: You can track returns on investments purchased through the Bamboo app.
Withdrawals: A withdrawal order from the app will take between 1 to 2-3business days for your funds to settle in your account.
Security: Bamboo uses state-of-the-art bank-level security, data encryption and two-factor authentication (2FA) protection on all accounts. All accounts are held at a top-tier local and U.S. brokerage firm; which, as a member of the Securities Investor Protection Corporation (SIPC), insures each Bamboo account up to $500,000.
CHAKA
Another online stock trading platform in Nigeria that focuses on domestic and international equities is called Chaka. Chaka gives instant access to over 4000+ stocks & ETFs on the Nigerian Stock Exchange, New York Stock Exchange, and NASDAQ. You can start trading shares with Chaka from as low as $10, which is the minimum investment.
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not an actual physical copy. Some basic information like (Verified Email Address, Verified Phone Number, Bank Account Information).
Payment Options: Mastercard, VISA and Verve cards issued by Nigerian Banks. Bank Transfer.
Holding period: As you like.
Investment monitoring: You can track returns on investments purchased through the Chaka website or app.
Withdrawals: Withdrawal of your available cash in your account can take up to 12 hours from when your request was made. To withdraw cash from sold stocks, it takes 3 days. It takes 2 days for the stock exchange (locally and globally) to settle cash for sold shares. It would take an extra day to process the transaction.
Security: Every Chaka account is protected by bank-grade AES encryption software. That protects communication between users’ devices and our servers. Chaka is a proud recipient of SEC’s First Fintech License. Local assets are registered with the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS), and regulated by Securities Exchange Commission of Nigeria (SEC). Dollar assets are regulated by the US FINRA and the US SEC. Dollar deposits (up to $500,000) are SIPC-insured.
