Let’s talk about the bamboo investment app in our today’s review, we will be explaining all the details you need to know about the investment app.
Before we move on to the features and basic information about the app let’s start by talking about what the app is all about.
What is the Bamboo Investment App?
Bamboo is a digital platform that gives you the ability to access the buying and selling of stocks in the U.S market (virtually) without having to travel.
With the app, you can easily gain access to more than 30,000 stocks on the U.S stock exchange market.
This is done via the virtual platform either on your smartphone or personal computer at the tap of your fingers from home.
To benefit the people of the country, the app was officially launched in the year 2019 in Nigeria for Nigerians to purchase shares of different American Companies such as Facebook, Google, and other giant companies.
However, you must note that you can only purchase shares of companies whose shares are made public.
Now, let’s get to the bigger question which is how you can enjoy the benefit of this investment app.
How can I invest in Bamboo Investment App?
- Investing in the Bamboo investment app is easier than you think, all you have to do is follow the steps below:
- Start by searching for the app with the keyword “Bamboo App” on Google Play Store for Android Or Apple Store for iOS devices
- Download, Install and open the App
- Create an account for yourself by filling out the application form with the right info. Do note you’ll need to verify your info with your BVN
- In less than an hour, you will get an email notification confirming that your application has been approved by Bamboo.
After your application has been approved, you can now invest by funding your wallet with the right amount you want to invest.
Then you will be able to use the fund or money in your wallet to purchase and sell shares easily.
The minimum share price on the bamboo investment app is N15,000 in any of the US companies you want. There are analytic tools on the app that can help you keep track of your investments.
How to Sign Up or Open an account with Bamboo
Creating an account or signing up with the Bamboo investment app is easy, follow the below steps:
- Go to the Bamboo app website app.investbamboo.com
- Now click on the “Sign Up” button
- You will need to fill out the form with the right details
- Then, click Submit
Alternatively, you can create your account on the bamboo investment app directly following the same steps above.
How do I download the Bamboo app?
Downloading the Bamboo investment app is easy as ABC, there are different ways to download the app but the easiest and best way is via the Google Play Store for Android and iOS devices.
The installation will be done in minutes and is hassle-free at the same time.
What are the interest rates on Bamboo?
This totally depends on your personal decision on the company to invest in. The better the company you invest in the higher return on investment you receive at the end.
You must also take note of the company’s past to see if it is worth your investment, risks do come with some investments.
It is also good to know that your un-invested money/fund in your bamboo wallet will earn you an interest of about 0.05% per annum which is better than that of banks.
How do I buy Stocks on Bamboo?
Buying stocks on bamboo investment app is easy, here’s how to buy a stock:
- Click on the stock you are interested in
- Tap Buy
- Select your preferred buy option
- Input your order details
- Tap Review Order
- Tap Buy
What are the requirements to join Bamboo?
Before you can join and invest in the bamboo app you must follow the below requirements:
- Must be age 18 years and above
- You must provide correct personal information and verify with your ID
- You must not use any existing email address or username of an existing account on the platform
- You must agree to the terms and conditions of the platform in case of investments risks
- You are responsible for the security of your account password and must notify bamboo in case of a security breach
- Your account must not be sold or transferred out to another person in case of fraud risks
- And finally, you must invest wisely using the right strategies
How long can I hold my investments with Bamboo?
You can hold on to your US assets on the Bamboo investment app for as long as you want. You can sell off your stocks on Bamboo anytime you decide to.
Can I own multiple assets on Bamboo to diversify my portfolio?
Yes, you can.
However, for now, you can only buy US Stocks and ETFs but soon you will be able to purchase units of a dollar-denominated mutual fund and Eurobonds. All at the same time.
Bamboo provides access to global and foreign-currency-denominated investment options for Africans.
How much does Bamboo Charge on Deposit and Withdrawal?
Bamboo investment app does charge on deposits and withdrawals. Here is a quick overview of all the charges on Bamboo.
Naira Card: The charge with the Naira card option is 1.4%. The charge is capped and will not exceed ₦2000.
Naira Mobile Bank Transfer: The Naira mobile bank transfer option has a flat rate of ₦150 regardless of the amount being deposited.
USD Card: The charge with the USD card option is 2.9%.
Barter Transfer: When using the Barter option, you will be charged a 1.4% fee on the amount you deposit. The charge is capped and will not exceed ₦2000.
Naira Internet Bank Transfer: The charge with the Naira internet bank transfer option is 1.4%. The charge is capped and will not exceed ₦2000.
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Instant Deposit: There is an additional fee of 0.1% on instant deposits, with a minimum fee of $1 and a maximum fee of $10. This means that if 0.1% of the amount you are depositing is more than $10, the extra fee will be $10.
However, if 0.1% of the amount you are depositing is less than $1, the extra fee will be $1. The instant deposit fee is an additional fee to the already existing deposit fee for each payment method above. E.g. the Naira bank transfer fee is ₦150.
If your instant deposit fee is $1 at an exchange rate of ₦480 for example, and you choose the Naira bank transfer option, you will pay a total deposit fee of ₦630.
They charge a 1.5% commission when you buy and sell stocks on the U.S. stock markets. You can hold stocks for as long as you like and you will not be charged for holding stocks or leaving funds in your Bamboo wallet.
If you deposited from a Naira payment option, you can only withdraw to a Naira account. If you deposited from a USD payment option, you can only withdraw to a USD account. There is a withdrawal fee of ₦45 to Naira bank accounts and $45 to USD bank accounts.
There is a 30% WHT (Withholding Tax) on dividends, which is a mandatory tax taken by the U.S. government for individuals buying stock outside of the U.S.
For more information, you can check full details on their terms of service and disclosures here investbamboo.com/legal
How do I contact Bamboo?
To contact bamboo customer care support follow the below:
Address: Plot 1, Block 22, Babatunde Anjous Ave, Lekki phase 1, 106104, Lagos.
Phone number: 018880295
The bamboo digital investment platform is one of the best platforms which helps people in Nigeria to invest their money and then gain profit over time.
It is more like a platform that allows you to make your money work for you instead of keeping it in the bank for little to no interest.
However, all these investment platforms require you to be careful when making investments as risks are involved. Always take your time before making a decision.