Bamboo: How to open account, buy & sell foreign stocks, and more

Bamboo is a digital platform that grants users access to buy, hold and sell over 3,000 stocks in the US stock market. In this post, you will learn how to open an account on Bamboo, how to buy and sell foreign stocks, 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 purchase company stock, you’re buying a part of the company itself. Although the management runs a PLC company, the stockholders are the real owners.

Bamboo helps users to bypass the stressful parts of stock trading. You won’t have to deal with brokers directly, Bamboo will do that on your behalf. This digital investment platform claims to have more than 3,000 stocks that users can trade with.

Is it safe to use Bamboo? How secure is Bamboo?

Yes. The bamboo stock trading platform claims to have a security that surpasses that of traditional banking security standards.

The Bamboo mobile app uses cutting-edge data encryption and two-factor authentication (2FA) protection to store the financial info of users.

Now let’s talk about your funds. The Securities Investor Protection Corporation (SIPC) insures the Bamboo account of users to USD 500,000.

The money deposited and earned on your Bamboo wallet is insured by the Federal Deposit Insurance Corporation (FDIC).

Learn more about Bamboo security.

Bamboo mobile app download and account creation

You can click here now to sign up. If you own an Android device, you can download the Bamboo app from the Google Play Store.

Users of iPhone devices can also download Bamboo from the Apple App Store.

After downloading and installing the app on your device, launch it and click on “Get Started” to sign up. Some personal and KYC documents will be required.

1. A means of identification. This can be any of the documents below.

  • International passport
  • National Identity Number (NIN)
  • Driver’s license
  • Voters card

2. These details will be required

  • Full name
  • Email address
  • Valid phone number

After signing up, you will need to deposit some money in your Bamboo wallet before you can start trading stocks.

How to fund your Bamboo wallet

Depositing money into your Bamboo account is very fast and easy. Follow the steps below.

  • On your Bamboo main page, click on the Account icon in the bottom right corner
  • Click on “Deposit Money”
  • Input the amount you want to deposit. Note that the minimum you can deposit is $20 (or its equivalent, depending on your local currency)
  • On the next page, you will see 4 funding options. Select the one you prefer and follow the instructions

Available funding options on Bamboo

  1. USD Wire Transfer
  2. Instant Deposits
  3. Barter by Flutterwave
  4. NGN OR USD Card
  5. NGN Mobile Bank Transfer

Learn more about funding your Bamboo wallet.

Note the following

1. If you fund your Bamboo wallet through a Naira payment method, you can only withdraw to a Naira account.

2. If you fund your Bamboo account from a USD payment option, you can only withdraw to a USD account.

3. In a situation where you used both options, this rule also applies. If 20% of your deposits are from the USD card option, then 20% of withdrawals will also have to be done with a USD account.

Although this rule might be an inconvenience, it’s an anti-fraud measure to protect your interest. That way, another person will find it more difficult to withdraw your money behind your back even if he/she knows your password.

How to buy foreign stocks on Bamboo

  • From the stocks page, select any company stock you’re interested in
  • You must have done your research on Google before buying any company stock. After clicking on a stock, it will show the price and other key details
  • If you’re comfortable with what you see, click on the “Buy” button
  • Input your order details
  • Tap on “Review Order”
  • Press the “Buy” button

The money can be deducted from your wallet. You can also pay for this purchase directly from your bank by selecting a preferred payment method.

How to sell foreign stocks on Bamboo

Most stockholders make a profit by buying stocks at a particular price and selling it at a higher price. You can do the same and make good money with you.

  • From the home page, look under your “My Stocks” tab
  • Press on “Show More” to see all stocks you currently own
  • Select the stock you want to sell
  • You will be taken to the stock’s details page
  • If you’re comfortable with the current price, you can sell. If not, you can be patient and sell later
  • If you’re selling, click on “Review Order”
  • Press the “Sell” button

Learn more about selling stocks on Bamboo.

How to withdraw funds from your Bamboo account

After selling stocks on Bamboo, you can reinvest and use the money to buy another stock. You can also cash out and withdraw to your bank account.

  • Go to your profile page
  • Tap on the “Withdraw” button
  • Select your preferred withdrawal method
  • Input your account details
  • Click on “Withdraw”

Your money will be sent to the account you provided. Note:

1. Bamboo can only withdraw to an account that bears your name. This can be an inconvenience, but it’s also an anti-fraud measure to protect your money.

2. Withdrawals to a Nigerian bank account will take 2 to 3 working days. Withdrawals to a USD account will take 5 to 7 working days or more, depending on the bank.

3. The minimum amount you can withdraw to a USD account is $500.

Learn More about Bamboo withdrawals.

Bamboo transaction fees and service charges

1. Trading fees

Bamboo charges a trading fee of 1.5% each time you buy or sell stocks on the US stock market.

2. Deposit fees

Bamboo charges a commission of 1.4% on naira deposits, but it’s capped at ₦2000. Same for Barter by Flutterwave.

A commission of 2.9% applies to USD Card deposits.

3. Withdrawal fees

Bamboo charges ₦45 for Naira bank accounts and $45 for USD bank accounts.

4. Taxes

There is a 30% Withholding Tax on dividends only. This does not affect the stocks you sell or the profit made after a stock increases in value.

Learn more about Bamboo service charges.

Where is the Bamboo head office located?

Bamboo has a physical office in Nigeria from where they manage the investment services they offer. 

You can also visit their office for complaints and enquiries. It is situated at plot 1, block 22 Babatunde Anjous Ave, Lekki Phase 1, Lagos, Nigeria

Bamboo customer care and email address

You can always reach out to Bamboo if you have questions or complaints. They have customer support staff that will attend to you. You can also contact them through their email address.

Phone calls: 018880295

WhatsApp chat: +234 808 761 5430

Email address: support@investbamboo.com

Don't miss a thing. Follow us on Telegram. If you love videos then also Subscribe to our YouTube Channel. We are on Twitter as MakeMoneyDotNG.

Default image

Victor Iyiola

Victor Iyiola is a Content Writer with MakeMoney.ng. He has a great passion for Business, Finance, and Entrepreneurial topics. Victor is a big fan of
Blogspot and WordPress.

Articles: 72

Leave a Reply

Your email address will not be published.