Bamboo is a digital platform that gives users access to buy, hold and sell over 3,000 shares on the US stock market. In this post, you will learn how to open a Bamboo account, how to buy and sell foreign shares, Bamboo trading fees, etc.
What Is Bamboo And How Does It Work?
Bamboo is a digital investment platform that allows users to invest in stocks listed on the US stock market.
Whenever you buy shares in a company, you are buying part of the company itself. While management runs the PLC, the shareholders are the true owners.
Bamboo helps users avoid stressful moments when trading stocks. You don’t have to deal with brokers directly, Bamboo will do it on your behalf. This digital investment platform claims to have over 3,000 stocks that users can trade.
Is Bamboo Safe To Use? How secure is Bamboo?
Yes. The bamboo stock trading platform claims that its security exceeds traditional banking security standards.
The Bamboo mobile app uses advanced data encryption and two-factor authentication (2FA) to store users’ financial information.
Now let’s talk about your funds. The Securities Investor Protection Corporation (SIPC) is insuring a Bamboo user account for $500,000.
Money deposited and earned in your Bamboo wallet is insured by the Federal Deposit Insurance Corporation (FDIC).
Download The Bamboo Mobile App And Create An Account
If you have an Android device, you can download the Bamboo app from the Google Play Store page.
iPhone users can also download Bamboo from the Apple App Store.
After downloading and installing the app on your device, launch it and click ” start ” Sign up. Some personal and KYC documents will be required.
1. Means of identification. It can be any of the documents listed below.
- International passport
- Identification number (NIN)
- Driver’s license
- Voter card
2. This data will be required
- Full name
- Valid phone number
After signing up, you will need to deposit some money into your Bamboo wallet before you can start trading stocks.
How To Fund Your Bamboo Wallet
Depositing money into your Bamboo account is very easy and fast. Follow the instructions below.
- On the Bamboo homepage, click the Account icon in the lower right corner.
- Click “Deposit Money”
- Enter the amount you wish to deposit. Please note that the minimum deposit you can make is $20 (or its equivalent, depending on your local currency).
- On the next page, you will see 4 funding options. Choose the one you prefer and follow the instructions
Available Funding Options On Bamboo
- Bank transfer in US dollars
- Instant deposits
- Barter by Flutterwave
- NGN or USD card
- Mobile bank transfer NGN
Pay attention to the following
1. If you fund your Bamboo Wallet using the Naira payment method, you can only withdraw funds to your Naira account.
2. If you fund your Bamboo account using the USD payment option, you can only withdraw funds to your USD account.
3. In a situation where you have used both options, this rule also applies. If 20% of your deposits come from a USD card, then 20% of withdrawals must also be made from a USD account.
Although this rule may be inconvenient, it is a measure to protect your interests from fraud. Thus, it will be more difficult for another person to withdraw your money behind your back, even if he knows your password.
How To Buy Foreign Shares On Bamboo
- On the stocks page, select any shares of the company you are interested in.
- You should have done your research on Google before buying shares in any company. After clicking on a share, it will show the price and other key details.
- If you’re happy with what you see, click the “Buy” button.
- Enter your order details
- Click View Order.
- Click the “Buy” button
Money can be deducted from your wallet. You can also pay for this purchase directly from your bank by choosing your preferred payment method.
How To Sell Foreign Stocks On Bamboo
Most shareholders make a profit by buying shares at a certain price and selling them at a higher price. You can do the same and make good money with you.
- On the main page, go to the “My promotions” tab.
- Click “Show More” to see all the shares you currently own.
- Select the shares you want to sell
- You will be taken to a page with detailed information about the promotions.
- If you are satisfied with the current price, you can sell. If not, then you can be patient and sell later.
- If you’re selling, click View Order.
- Click the “Sell” button
How To Withdraw Funds From Your Bamboo Account
After selling shares on Bamboo, you can reinvest and use the money to buy other shares. You can also cash out money and withdraw it to your bank account.
- Go to your profile page
- Click on the “Withdraw” button
- Choose your preferred withdrawal method
- Enter your account details
- Click “Withdraw”
Your money will be sent to the account you specified. Note:
1. Bamboo can only withdraw funds to an account that bears your name. This may be inconvenient, but it is also a measure to protect your money from fraud.
2. Withdrawals to a bank account in Nigeria will take 2 to 3 business days. Withdrawals to your USD account will take 5 to 7 business days or more, depending on the bank.
3. The minimum amount you can withdraw to a USD account is USD 500.
Bamboo transaction fees and services
1. Trading fees
Bamboo charges a 1.5% trading fee every time you buy or sell shares on the US stock market.
2. Deposit fee
Bamboo charges a 1.4% fee on naira deposits, up to a maximum of £2,000. The same for bartering from Flutterwave.
A fee of 2.9% applies to USD card deposits.
3. Withdrawal fee
Bamboo charges £45 for Naira bank accounts and $45 for USD bank accounts.
4. taxes
A 30% withholding tax is charged on dividends only. This does not affect the shares you sell or the profits made after the increase in the value of the shares.