PASSFOLIO REVIEW ( IS PASSFOLIO LEGIT OR SCAM?)

Over the years, buying shares and stocks from companies has been one of the easiest ways to invest money, although like every other investment, trading stocks is equally risky because of the constant rise and fall in the value of these stocks. These risks were usually placed in the hands of hired professional brokers to determine which stocks to sell and which to buy, when to keep and when to let go. This is definitely a complex thing to do hence the fees of these brokers were usually expensive. Fast forward to the present day with mobile apps like Passfolio, you can easily access a wide range of stocks including local and international right on your mobile device.

WHAT ARE STOCKS?

A stock is a security that represents ownership of a fraction of a company’s asset. Stocks come with profits that are accrued to the fraction owned.

WHAT IS PASSFOLIO

Passfolio is a finance company based in san-francisco that helps individuals access a wide range of stocks as many as 3,800 with the help of their subsidiaries “Passfolio securities” and “Passfolio financial”. They also offer ETF in the US stock market as well as REIT without requesting commissions. Passfolio is a registered member of Financial Industry Regulatory Authority(FINRA) and Securities and Exchange Commission(SEC). One of the advantages of using Passfolio is the opportunity to use your crypto currency as a means of payment.

FEATURES OF THE PASSFOLIO APP

• Minimum investment fee of $100

• The required documents are government issued identification and a utility bill, BVN, email address and phone number

• You can monitor your stocks on the app.

• You can hold your stocks for as long as you choose.

• For payment options, you can use a Nigerian bank issued Visa, Verve or master card, ACH, SWIFT, Safety Pay, USD paper cheques, TEDs, SEPA, Wire transfer, and Transfer wise,

• There’s no commission on your trades

• Withdrawal transactions take 2-3 working days to be effected

• Each withdrawal attracts charges.

• The Trove app is available for both android devices and iOS devices.

HOW DOES PASSFOLIO WORK?

To use the Passfolio app, first download it either from the Google Play store or the Apple App store. Proceed to register by providing the required documents. You can start trading after you fund your wallet using the available payment options. To choose the stock to trade, simply use the “discover” feature on the app.

HOW TO SIGN UP ON PASSFOLIO(PASSFOLIO REGISTRATION)

Download the Passfolio app from either the Google Play Store or the Apple App Store and proceed to provide the required information and documentation as stated. Confirm you’re above 18 and click on register.

HOW TO FUND YOUR PASSFOLIO WALLET

In order to start buying stocks on the Passfolio app, you need to first fund your wallet using any of the available payment options.

To deposit funds;

First click on the transfer tab and select deposit, choose either to deposit in the Stock account or Crypto account and proceed to pay following the onscreen commands.

HOW TO BUY STOCKS ON PASSFOLIO

First click on the “discover” tab and search for the company whose stock you want to purchase, the app also allows you to enter your desired investment amount and you would be shown the equivalent stock. After choosing the stock you want to trade, click on “trade”. Proceed to enter the amount of shares you want to buy or the equivalent in USD.

HOW TO WITHDRAW ON PASSFOLIO

To transfer money made from selling stocks from your wallet to your bank account, click on the “transfer” tab, then on “Withdraw”. Choose the account you want to transfer from, either the stock or crypto, and enter the amount you want to withdraw. Note that the transfer may take up to 2 working days to process.

IS PASSFOLIO LEGIT?

Passfolio is legit and is a registered member of Financial Industry Regulatory Authority(FINRA) and Securities and Exchange Commission(SEC). Also they are registered under Securities Investors Protection Corporation (SIPC) which cover’s its members securities up to $500,000.

FREQUENTLY ASKED QUESTIONS ( FAQ’S )

Who is the CEO of Passfolio?

The CEO of Passfolio is David Gobaud

Is Passfolio a scam?

Passfolio is legit and is a registered member of Financial Industry Regulatory Authority(FINRA) and Securities and Exchange Commission(SEC). Also they are registered under Securities Investors Protection Corporation (SIPC) which cover’s its members securities up to $500,000.

How to register on Passfolio

Get the Passfolio App on your device store and provide the required information and documentation.

CONCLUSION

Apps like Passfolio have simplified trading stocks and almost anywhere you are in the world where the app is available, you can access several thousands of stocks.

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