Bamboo: Best US Stocks Trading Platform for Nigerians and Ghanaians…
With over a million users in multiple countries, Bamboo is one of the best US stock trading platforms for Nigerians and Ghanaians. It enables users to purchase, save and sell more than 3,000 stocks in the US stock market.
In this post, we will discuss how to become a user on Bamboo, how to fund your account, how to buy and trade stocks and how to process withdrawals, amongst others.
What is Bamboo, and How Does it Work?
Bamboo is simply a stock trading platform that allows users to buy, hold and sell stocks available on the US stock market. And here’s the thing, you don’t have to step a foot on American soil.
As long as you’re in Ghana, Nigeria or any other country where Bamboo is available, you can trade as you like without stepping out of your doorstep.
The bamboo stocks trading platform has over 3000 stocks that users can buy from or sell. You don’t have to deal with brokers directly, since Bamboo will do that for you.
Deposit Protection: Is my Money Safe With Bamboo?
All your money is safe with Bamboo. More than a million people are using the digital platform to trade stocks, and none has claimed to be defrauded by Bamboo so far.
The Securities Investor Protection Corporation (SIPC) insures your Bamboo brokerage account up to $500,000. The funds in your wallet are insured by the Federal Deposit Insurance Corporation (FDIC).
How to Create an Account on Bamboo
- Launch your web browser (Chrome, Opera, Edge, etc)
- Create your Bamboo account here.
- Provide your full name, gender, Date of Birth, country, phone number, email, etc
- Click on the “Next” button and follow the prompts
Alternatively, you can install the Bamboo mobile app and create an account from there.
Android
If you’re using an Android device, you can get Bamboo from the Google Play Store. It has over 1 million downloads and a small size of 30 MB.
Use coupon code: allen155266 and stand a chance to win 1 free US stock on app installation for registration.
iOS
If you’re using an iPhone, iPad or any other iOS device, you can download Bamboo from the Apple App Store.
Use coupon code: allen155266 and stand a chance to win 1 free US stock on app installation for registration.
- You Might Be Interested In: How to Learn Forex Trading as a Beginner
How to Deposit Money into Your Bamboo Wallet
After creating an account, you have to deposit the funds that you will use to buy and trade stocks on Bamboo. There are multiple funding options you can choose from.
Available Deposit Options Methods
- Mobile Money
- Instant Deposits
- USD Wire Transfer
- NGN OR USD Card
- Barter by Flutterwave
- NGN Mobile Bank Transfer
How to Fund your Bamboo Account
- Click on the Account icon in the bottom right corner of the mobile app.
- Click on the “Deposit” button.
- Input the amount you want to add to your Bamboo wallet.
- Select one of the available deposit methods and follow the prompts.
Other things you should know when funding your Bamboo wallet
- Most deposits will be available in your account within seconds, but it may take up to an hour in rare cases.
- You will receive an email whenever a deposit is added to your wallet.
- The minimum amount that Nigerian users can deposit is $1. For Ghanaian users, the minimum amount is $10.
- The currency in which you fund your Bamboo wallet is also the one you must withdraw through. If you deposit in USD, you must also cash out in USD. The same applies to other currencies.
How to Buy Foreign Stocks on Bamboo
Now you’ve funded your wallet. The next step is to start buying stocks and ETFs. You can follow the steps below:
- Navigate to the Stocks page and click on any stock/ETF you’re interested in
- Click on the “Buy” button
- Select your preferred buy option
- Input your order details
- Click on “Review Order” and press the “Buy” button
Note: In your own best interest, kindly make extensive research on any company or organization before buying its stocks. The same goes for ETFs.
The US stock market is open from Monday to Friday:
- 2:30 pm to 9 pm Nigerian time
- 1:30 pm to 8 pm Ghanaian time
You can place a buy or sell order for a stock when the stock market is closed. However, it won’t be processed until the market opens.
- Suggested For You: How to Learn Stocks Trading as a Beginner
How to Sell Foreign Stocks on Bamboo
If you want to sell any stock on the Bamboo trading platform, you can follow the steps highlighted below.
- Navigate to the “My Stocks” section and click on “Show More” to see all the stocks you own
- Select whichever one you want to sell. If you agree with the price, you can proceed
- Click on the Sell button and choose your preferred sell option
- Input your sell details, review your order and complete selling the stock
After selling a stock, the money will be available in your Bamboo account. You can reinvest or withdraw it.
You can only withdraw money from a sale after it has been settled. For this to happen, you will have to wait for two business days, after which it will be available for withdrawal.
How to Withdraw Funds From your Bamboo Account
- Go to your Account page on the Bamboo app
- Click on the withdraw button
- Select your preferred withdrawal method
- Fill out the required withdrawal details
- Confirm again and click on the “Withdraw” button
Other things you need to know when making withdrawals on Bamboo
If the funds you want to withdraw are in your stock brokerage account, you must first transfer them to your Bamboo wallet.
For Ghanaian Users
- Withdrawals placed through Mobile Money will be received within 2 – 3 business days.
- If you are making a Cedi withdrawal, you can only withdraw in Cedis using Mobile Money.
- Cedi withdrawals have a fee of GHS 6.
- Withdrawals into USD accounts take 5-7 Business days.
- If you are making a USD withdrawal, you can only withdraw to a Ghanaian Domiciliary bank account.
- USD withdrawals have a fee of $45.
- The minimum withdrawal amount to a USD account is $500.
For Nigerian Users
- Normal withdrawals will arrive within 2 – 3 days. USD withdrawals may take up to 7 days or longer.
- Withdrawals to a Naira account have a 45 Naira fee.
- Withdrawals to a USD account have a $45 fee.
- The minimum withdrawal amount to a Naira account is ₦300.
- The minimum withdrawal amount to a USD account is $500.
Bamboo Transaction Fees and Service Charges
1. Trading fees for all users
A commission of 1.5% applies whenever you buy or sell stocks on the US stock markets.
2. Taxes for all users
A 30% Withholding Tax applies to dividends traded on the Bamboo trading platform. These fees are not charged by Bamboo, but by the US government because we’re trading outside of their country.
3. Transaction fees for Nigerian users
Deposit Charges
- Naira Card: The charge with the Naira card option is 1.4%. However, it will not exceed ₦2000.
- Naira Mobile Bank Transfer: This deposit method has a flat rate of ₦150 regardless of the amount you’re depositing.
- USD Card: The deposit charge is 2.9%.
Withdrawal Fees
- ₦45 to Naira bank accounts
- $45 to USD bank accounts
4. Transaction fees for Ghanaian users
Deposit Charges
- GHS OR USD Card: The charge for card deposits is 2.5%.
- Mobile Money: The charge for Mobile Money deposits is 2%.
Withdrawal Fees
- Cedi withdrawals: A flat fee of GHS 6.
- USD withdrawals: Withdrawals below $8,000 have a flat fee of $45. Withdrawals above $8,000 have a fee of 0.5%, but the minimum fee is $45.
Bamboo Head Office and Customer Care Line
Head office
- Nigeria: Plot 1, Block 22, Babatunde Anjous Ave, Lekki Phase 1, Lagos.
- United States: 490 Post Street, Ste 526, San Francisco, California CA 94102.
Email Address
- Nigeria: Support@investbamboo.com
- Ghana: Support.gh@investbamboo.com
Disclaimer: Forex, Stocks, Commodities, Indices, Crypto and NFTs have high levels of risk, and may not be suitable for all investors. The information on this webpage is for educational purposes only and should not be treated as investment advice.
Now it’s time to ask you some questions.
I am going to ask you 3 questions with enough time to think about each one.
Share your answers in the comment section down below and I will see how many I can correct.
If I don’t get to you, please help each other round and correct each other.
- How many days does the US stock market open in a week?
- What is the first step to take in order to sell Foreign stocks on Bamboo?
- Why do you want to invest in the US stock market?
In the next class, will proceed further to learn more about types of stocks categories based on market sector.
Proceed to the next class here>> The types of stocks categories based on market sector
Allen-James
Full-Time (Speculator, Investor, Infopreneur) in the financial markets. I won't make decisions for you, but will rather teach you what works for me, and how you can properly implement trade management skills to help you become confident in your financial goals. Submit enquiries for writing and guest posting on the 👉 contact us page.
