In Episode 2 of our Phone series we take a look at some popular mobile apps used by people to invest and earn money. Here we consider different investment options – from agriculture, to FOREX, cryptocurrencies, stocks, bonds and others.
OctaFX: OctaFX is a forex and CFD broker that was founded in 2011 and is well-known in Asian markets. They also accept Nigerian clients and provide a local bank transfer payment option for Nigerian traders. They offer low spreads, no-commission bank deposits and withdrawals, a Copy Trading feature, negative balance protection, and MT4 and MT5 platforms. Minimum deposits are also low, at $25 USD, and traders on the MT5 account are only charged a swap fee after the third night a position is held open. Furthermore, OctaFX does not charge commissions on deposits or withdrawals, and there are no inactivity fees.
Binance: Users can trade cryptocurrencies on this online exchange. It accepts the majority of the most widely traded cryptocurrencies. Traders can store their electronic funds in Binance’s crypto wallet. Users can earn interest or transact with cryptocurrencies using the exchange’s support services. The Binance app allows Nigerians to purchase cryptocurrency directly from their bank cards in Naira; they are charged the Naira equivalent of the cryptocurrency they are purchasing. People who are not so good at or sure of reading their cryptocurrency can hold (or keep) it until a later date when it will be more favourable for them to sell. Furthermore, the Binance exchange is simple enough for newbies to use while also providing enough coins and features to keep experienced traders happy. Binance is a cryptocurrency exchange that I would recommend to almost any level of crypto trader. The only users who may have difficulty using Binance are those who are new to trading.
Bamboo: Bamboo provides unrestricted access to over 3,000 stocks listed on the Nigerian and United States stock exchanges, all from the convenience of your phone. Bamboo’s minimum trading amount is $20. The Bamboo app also has a cool feature that allows anyone to gift stocks to someone else. Invest Bamboo is available on iOS and Android, with over 100,000 downloads on the Google Play store.
Risevest: This app allows users to invest in US Dollars in a wide range of portfolios, from stocks to real estate. Users can fund their wallets with their local currencies, which Risevest will automatically convert to USD. Furthermore, Risevest provides their users with investment market updates, tips and advice, and even quotes for inspiration – now that’s cool! You can start investing in US stocks with as little as $10 using the Rise app. Risevest is ideal for those who are just getting started with investing. They provide three types of assets: fixed assets, real estate assets, and stock assets. The Rise app is available for both Android and iOS and has received over 100,000 downloads on the Google Play store.
Chaka: Chaka is a digital investment platform that provides first-class access to stocks listed on the Nigerian and United States stock exchanges, as well as global blue-chip companies from over 40 countries. With Chaka, you can start trading foreign stocks for as little as $10 or N1000. The Chaka app for Android users is available on the Play Store and has over 100,000 downloads.
Trove: The next investment app in Nigeria for Nigerians is the Trove app which is another intuitive app that allows Nigerians to invest in foreign companies. It gives Nigerians access to investment opportunities in America, China, and Nigeria. Investment on the trove app goes as low as 1000 Naira. Trove lets users invest in stocks, bonds, and lots more. All investments made can be seamlessly monitored within the app. The Trove app comes packed with a 256-bit encryption system, as well as other security technologies geared towards protecting your cherished data from intruders.
PS: This post provides you with surface information, you have to do more research to decide which app suits you before deciding to invest. Please check reviews and start investing with them minimum amount so that you can understand the investment platforms well; these helps to prevent unpleasant losses. Also, you must think about the reason for your investing. The reasons are not enough, you need to know the length of time you’d like to invest and what you hope to achieve with it. Most importantly, choosing an app that closely relates to your ultimate goal is best for you. Make sure you understand your financial goals and don’t just invest because you feel it is necessary. In subsequent episodes of the serious we shall bring to you more investment apps and websites. For now, lets get busy. We must use our phones to earn in 2022!!!