Passfolio: How to Trade Stock, Open an Account, Download App and More

Everything you need to know about Passfolio are best Explained Here. Those things includes; How to open an account with Passfolio, how to trade and invest in stock, how to download Passfolio app, how to withdraw your funds, Passfolio fees and reviews.

In this present age, thanks to financial technologies (fintech) that have bridge the gap between the US stock market and willing investors who lives outside the United State. This makes it so easy and convenient to buy foreign stocks from companies like Google, Apple, Amazon, Nike and from other companies listed in the US stocks market with just your smartphone or any internet-connected device from the comfort of your home.

So, for well financially developed countries in Africa, like Nigeria, Egypt, Ghana, South Africa, Kenya, Uganda, Sierra Leone etc, can now have access to thousands of local and foreign stocks without having to submit any paperwork.

In addition, this type of investment and trading comes with a very low commission and fees with broker like Passfolio.

Without any further Ado, let's dive into the main reasons of this article. See below the table of contents to jump to any section you wish to read.

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Passfolio: what is it and how does it works?

What is Passfolio? - Passfolio is a US base Fintech Stockbroker. This platform is a subsidiary company of Panchain Inc which is located at San Francisco, United States.

Passfolio uses the services of it products (Passfolio Financial LLC and Passfolio Securities LLC) to offers easy US Stock trading access to users in over 170 countries around the world.

What is Passfolio Financial? - Passfolio Financial is a Money service in the system. It let users to easily and seamlessly funds their account simply by using cryptocurrency. How it works: whenever users funds their passfolio account with crypto, Passfolio Financial will first convert the digital asset into dollar ($) then transfer the dollars to the brokerage account which is held and managed at Passfolio Securities.

What is Passfolio Securities? - This is the security system of the platform. It backed the Passfolio app to gives access to over 3800 stock, ETFs and REITs in the United States, US Stock Market.

In addition to the backed up, Passfolio app offers it services without charging any commission and also, it has no minimum deposition fees for investment and stock trading.

How it works? - Passfolio Reviews.

Passfolio is an ambitious brokerage. It works by allowing users to buy Fractional Shares as little as $1. Also, the platform offers investing and trading of US Stock in over 170 countries around the world.

However, all shares are held and managed by Passfolio's partner; Drivewealth, Clearing Broker. While it services are backed or powered by two of it main subsidiaries; Passfolio Finance and Passfolio Securities.

Passfolio offers it services via it mobile application - Passfolio App. This mobile app is available for download on Apple app store for iOS users and Google play store for Android users.

How Secure is Passfolio?

Passfolio is a save and secure platform to invest in US Stock. The platform has dive deeper in implementing a security measures that are considered to be industry standard.

How Passfolio Works in Term of Security.

Passfolio does not store the passwords of users as plaintext, instead, it uses the BCrypt hashing algorithm to hash the passwords before storing.

The platform also encrypts private and sensitive information of users such as their social security number before writing them to disk. Communication in apps, websites, and servers are secured with Transport Layer Security (TLS) protocol. 

Logging into an account on Passfolio requires multi-factor authentication, this serves to further tighten the security. The mobile app is built to support FaceID, TouchID, or pin code for unlocking.

So, consider Passfolio safe because if offers full protections to Investors and it's being regulated by top security authority in the US.

Passfolio Mobile App Features.

Passfolio App, like I said earlier - it's available for download on the app store for Android and iOS users.

Below are some features or services you can do on the Passfolio stock trading app;

• Register an Account on Passfolio
• Choose mode of payment
• Enable holding period
• Investment Monitoring
• Perform a withdrawal
• Fund your wallet
• Buy US Stock
• Get a Passfolio Card
• Sell Stock
• Customer Service
• Market and Product
• Research and Education
• Passfolio Referral Program

Above are list of what you can do on Passfolio Mobile App.

How can I Register an Account with Passfolio?

To open an account on passfolio trading app, there are some certain requirements, documents and criteria that will be required from you. For instance, you have to be 18 years or above to be able to invest on passfolio.

Requirements and documents needed to open account on Passfolio.

Below are documents or criteria you must meet before you could be allowed to create an account on passfolio.

First of all, your personal information will be needed. Such as;

• Full Name: First Name, Middle Name(Optional) and Last Name
• Email Address: yourname@website.com
• Valid Phone Number: country Code first, then digit follows.

Secondly, a mean of verification will be needed to verify your identity. This document may vary from country to countries, however below are must common once.

• National Identity Card
• International Passport
• Voter's Card
• Driver's License
• National Identity Number (NIN) for Nigerians.
• Social Security Number (SSN) United States

You will also need proof of residential address documents.

Thirdly, you must be 18 years old or above 18 to be able to use passfolio stock trading app. When all these criteria are met and documents are ready, you can then proceed to account opening.

How to open account on Passfolio.

Follow the simple guides below to open an account with passfolio stock trading platform.

• To sign-up an account, first of all download the passfolio mobile app.
• Install and Launch the app.
• Click on sign-up and proceed
• Enter your personal information such as full name, email address and phone number, correctly.
• An one-time password will be sent to you to verify your email and phone number.
• Check and enter the otp in the box provided on the sign up page.
• After the verification, you will be logged-in into your passfolio dashboard.

That's the simple step-by-steps guides to simply create an account with passfolio. To start trading or investing on passfolio, you will need to verify your identity on the platform.

Here is how to verify your identity on Passfolio - KYC Verification.

Like any other stock trading app or platform, know-your-customer (kyc) verification must be performed on their users before they can be allowed to invest in any stock or shares.

So, below is how to do your KYC verification on passfolio:

Upload your Government Issued ID Card.

After a successful signed-up of account, you can then proceed to verify your identity to begin trading and investing in US stocks. To upload your ID card, navigate through your passfolio dashboard and find where you can upload your ID card.

You have the privilege to upload any of your Government Issued ID card. It can be National Identity Card, International Passport, Voter's Card or Driver's License.

After the uploading, you may need to take selfie and do short video of yourself to verify you're the one on the uploaded ID card.

So, after the complete process, you may need to wait for 48 hours or more before your passfolio account verification is approved. However, the team will review it and decide whether is will be approved or you will need to provide additional information.

Upload your Proof of Residential Address.

This is part of the KYC verification and the last part of verification.

After you've completed the ID card uploading and it has been approved, you can then have the option to upload your Proof of residential address.

This document may be your electric bills, waste management bill, telephone bill, gas bill or any utility bills that carries your name and your house address.

Once this is done and approved, you've now gained full access to Passfolio platform to trade, buy, sell and invest in foreign companies stocks and shares.

How to Fund your Passfolio Wallet.

You need to deposit into your passfolio wallet before you can begin to invest or buy stock on the passfolio app. However, there are multiple ways to fund your passfolio wallet and these methods will vary based on countries.

In Nigeria, you can make use of bank transfer and credit/debit card payment methods to find your wallet.

Some countries have the option to make use of wire transfers, SafetyPay, ACH, SWIFT, TEDs, TransferWise, SEPA, and USD paper checks payment methods to find their passfolio wallet.

Fund your Passfolio Wallet

Follow the below instructions to deposit funds into your passfolio wallet.

• Login to your passfolio account dashboard
• Navigate to the "transfer" tab and click on it
• Choose account you want to deposit into. Either stock account or crypto account.
• Choose your mode of payment and proceed by following the prompts to complete your deposition

Note: it may take a complete 24 to 48 hours for funds to reflect in your passfolio wallet.

Now that you've successfully funds your wallet, you can then proceed to buying and investing in stock on passfolio.

How to Buy Stocks on Passfolio

This section explains how to buy US stock on passfolio app. However, you should have done thorough research on which company stocks you'll be trading or investing in.

So to buy stock on passfolio, follow the below step by step instructions.

• In your passfolio dashboard, click on "Discover" tab and search for your desire company stocks.
• Choose the type of stocks you will buy from the company.
• Enter the amount of stocks you wish to purchase, either in shares or dollars.
• Confirm your order and tap "Buy" to complete your transaction.

Note: You can only trade stock on passfolio with shares or dollars and passfolio will calculate stocks equivalent to your amount.

How to Sell Stocks on Passfolio

To sell or trade stocks on passfolio, follow the below instructions.

• Login to your passfolio dashboard and click on "Discover" tab.
• Click on stock your want to "Sell"
• Select "Market Sell" and proceed
• Enter the amount of shares you want to sell
• Confirm your order and click on "sell" button to complete the transaction.

As the shares or dollars is used in buying or investing in stocks, it is also applicable to selling and trading of stock on passfolio.

How can I withdraw from my Passfolio Wallet?

Transferring Money from your passfolio wallet to your local bank account can be done differently base on your countries of banks. For instance, US resident payment methods is different from users living in Nigeria.

Payment Methods Available for Withdrawal on Passfolio.

Here are payment methods available to passfolio users to cashout their money from passfolio wallet.

• International Wire Transfer (SWIFT Withdrawal): This payment method is available to almost all countries.
• ACH Withdrawal: Available to US users only.
• Domestic Wire Withdrawal: Available to US users only.
• SPEI Withdrawal: This method is available to some certain countries including the USA.
• Bank Transfer: Available to Nigerian users only.
• Cryptocurrency: Available to all users.

These payments methods possesses their own fees and transaction charges that will deducted when a withdrawal is made.

In addition, there are minimum and maximum time set for each payment methods to complete each deposition into your local bank account.

How to withdraw from passfolio wallet to bank account.

To transfer your money from passfolio wallet to your local bank account, follow the below instructions to do just that.

• Sign-in to your passfolio account
• On the dashboard, click on "transfer" tab
• Then choose withdraw
• Enter the amount you want to withdraw (from either stock account or crypto account)
• Choose your payment method and input your bank details
• Confirm your order and click on "withdraw" to complete the transaction.

Note: it may take 24 to 48 hours before the withdraw order can processed. So before the transaction can be settled into your bank account may take up to three (3) business days.

Card that are Accepted on Passfolio.

Below are list of credit card, debit card and prepaid card that are supported on Passfolio platform.

• All Visa Card
• All MasterCard
• Discover Card
• Elo
• Aura
• American Express Card (AMEX)
• JCB 
• Hipercard
• Diners
• Hipper

Those are the card that are Accepted on Passfolio. Please note that verve card are not allowed on the stock trading app.

Passfolio Fees and Transaction Charges.

Passfolio doesn't charge any fees or commission when trading stocks. However, 0.35 percent are charge on every transactions of cryptocurrency.

Other Fees and Charges

Below are list of Passfolio Contact Us Information and Customer Care Number to get in touch with passfolio in case you need some help or guides.

• Email Address: support@passfolio.com
• Website: passfolio.com
• passfolio contact-us page: passfolio.com/contact

Simply contact passfolio customer care representative via the above medium.

Passfolio FAQs

Here are the most Frequently Asked Questions about Passfolio.

Is Passfolio Legit?

Yes! Passfolio is a legit and scam-free stockbroker platform that is regulated by the US Securities and Exchange Commission (SEC) and a registered member of the Financial Industry Regulator Authority (FINRA). In excess, Passfolio is being regulated by some top security organizations in the United States that guarantee it legitimate.

Who is the Founder of Passfolio?

David Gobaud is the Co-Founder and CEO of Passfolio. He's also the Founder of Mobuis and Anne N.

Passfolio Co-Founder and CEO - David Gobaud

He founded Passfolio in 2018 in San Francisco, United States.

Passfolio vs Bamboo?

The different between passfolio and bamboo is that Passfolio offer stock trading services to more than 170 countries across the globe. While Bamboo only focus on Africa countries. Check out the best comparison between passfolio and bamboo.

How to Invest in Passfolio?

To invest in US stocks and shares on passfolio is very simple with low fees and transaction charges. To start investing and trading, read this guide from beginning.