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HOW I FIGHT INFLATION BY BUYING STOCKS ON INVEST BAMBOO

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My earliest knowledge of the word ‘Stock’ could be traced to my Business Studies class in Junior secondary school. It never made sense to me. I saw it as an ambiguous word meant for adults. 

Years down the lane, I will be an adult listening to an old friend Maggie ramble about buying stocks non-stop. That constant talk about stocks, what it was and how much it could help my finances triggered my curiosity to delve into it. Plus he shares his wealth of knowledge on his experiences buying stocks tirelessly. You can check him out on https://iammagnus.com He practically gave me my first push. 

These were my first baby steps (which were more like questions followed by actions);

Why do I have to buy stocks?

I wanted to buy stocks but not just any stocks. I wanted stocks owned by US companies like Netflix, Apple, Microsoft, Google, Nike , Pfizer ...Just name them. I wanted to beat my chest and say I owned stocks from these companies no matter how small it was. 

My first reason was to protect my money against inflation. For example, if I saved N10,000 in a Nigerian bank, it will currently become less than N10,000 because of bank charges and all the funny stories that follow banking.  However, if I invested the same funds in stock, I definitely would have way above that as the dollar rises above the Naira. Mind you, the Naira was valued at N191 to $1in  2015 and currently it’s worth N411.

What platforms to buy from?

I had heard about Trove, Chaka and Bamboo. However, I settled for Bamboo. This was because;

  • Bamboo or “Invest Bamboo” is an app that gives you unrestricted access to over 3,000 stocks listed on the Nigerian stock exchange and U.S. stock exchanges, right from your mobile phone.

  • Anyone can use Bamboo. If you have a BVN, then you can use the Bamboo app. It’s not for any special kind of people out there and you can fund your wallet with ₦10,000 and buy shares with any amount. And that’s another thing, you don’t have to have millions. From what you have in your wallet, you can buy a stock for as low as N1000.

  • Invest Bamboo is insured  and uses state-of-the-art data encryption when handling your financial information and two-factor authentication (2FA) protection. We're backed by top financial market operators-“Protected by NG & US SEC – Accounts are held by our partner, a firm duly registered by the Nigerian Securities and Exchange Commission and our U.S. brokerage partner is a member of the United States SIPC, which insures each user’s account up to $500,000.” – InvestBamboo.com (source)

Here was my take away. I could use it conveniently, the inclusion criteria that I fit in to make a purchase, the app being user-friendly and the platform also being very secure in addition to having a physical office located in V.I Lagos, Nigeria. It is currently available for users in Nigeria only presently. 

That was all I had to know. 



So, if you are ready to fight inflation like me by buying stocks, here are steps to take:

  1. Sign up on the app here

  2. Take a tour on the app, basically just have a feel of how it works. I have added a video as well to help you. 

  3. Fund your wallet using many options available either with your Naira debit/credit card, bank transfers, NGN Pay with Barter, USD credit/debit cards and more. 

  4. Then buy your stocks from companies you are interested in.

  • Search for the Company’s stock you are interested in and navigate to the stock’s detail page.

  • Tap Buy.

  • Select your preferred buying option: Buy Now, Buy when price increases, or Buy when price decreases.

  • Input your order details (amount of stocks to buy & price).

  • Tap Review and then tap Buy. You should note that, if an order to buy is placed when the market is closed, the buy order will be executed when the stock market reopens (at the price when the market reopens)

If you place orders to sell when the market is closed, your order will be executed when the market reopens (The US Stock market opens between 2:00pm -11:00PM Nigerian time)

Bamboo charges a 1.5% commission when you trade (buy and sell shares) on the U.S market. Other charges/fees are displayed on the review order page before orders are confirmed.

It's about time to make some good finance decisions!

 

 

 

 

 
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