Passfolio is a US-based outfit launched in 2018 and which caters to a worldwide audience of traders. The San Francisco-based firm provides its broad range of clients with an avenue for investing in differing assets such as ETFs, stocks, REITs, US dollars, etc.
Remarkably, Passfolio’s service coverage spans 170+ countries. While it allows for investment to be set up with cryptocurrency or traders’ local currencies, Passfolio has been described as a SEC-registered broker-dealer with a good deal of financial instruments for users to invest in.
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Passfolio, which is otherwise a US Money Services Business company, is a duly registered member of SIPC and FINRA (Financial Industry Regulatory Authority).
Getting Started with
It’s a lot easy to get started with Passfolio as the broker permits you to begin your trade with $100. Passfolio does provide you with a handful of educational resources along with its app-based trading platform. If you’ve always considered the US market as the best option for your investment, Passfolio is likely the perfect broker for you.
Ranging from an ever-responsive customer support service down to a user-friendly website and zero commission fees, the pros of Passfolio are great perks to think of. As a plus, the fact that Passfolio lets you begin your trading journey with as low as $100 could be a convincing reason why you should opt for the broker.
Passfolio’s trading platform is a proprietary resource in form of an iOS/Android-compatible app. This way, the broker lets you trade using a nicely built mobile app which packs a decent range of features. Interestingly, the platform is a no-brainer trading medium with an easy-to-navigate interface that allows both seasoned and beginner traders to have a real shot at hassle-free trading.
All tasks –including account creation and account funding –that you may want to perform within the app come pretty easy. Worthy of mention also is that with Passfolio, it isn’t necessary that you fund your account in dollars. Once you’re set to begin your investment with at least $100, you may opt to fund the Passfolio account using the currency of your country.
Passfolio’s Geo Restriction
Considering that its service is available to traders in 170+ countries, Passfolio may have seemed like the befitting broker for you. Despite supporting many countries, Passfolio might not work for you if your country falls among the regions, territories, etc. where the broker’s services are not supported. Therefore, it isn’t advisable that people in restricted areas opt to use Passfolio as doing so might bring them under legal sanctioning.
Before choosing Passfolio for your trading, do well to find out if your country’s exchange commission supports your use of the broker. For instance, Passfolio is not supported in Brazil, reason being that the Brazilian Securities and Exchange Commission does not permit the broker to render its securities distribution services to Brazil-incorporated or domiciled investors.
While deciding on which broker to go with, legal restrictions are red flags you shouldn’t ignore. And if your country doesn’t authorize traders’ use of Passfolio, you may find it difficult to access certain products and features of Passfolio.
With Passfolio, you’re availed the chance to create and set up a live trading account. But before creating the account, you may have to find out Passfolio’s broker fees and additional fees (if they ever apply). This is to ensure you can afford those fees before diving into the broker-provided online trading.
Passfolio account creation isn’t much of a long-winded procedure. All you have to do is complying with the few simple steps below:
- Visit the broker’s website by clicking here
- On the site’s homepage, click the blue-colored Sign Up button
- On the page that emerges, toggle down to the Create a New Account section
- Input all the requested details (name, email, address, mobile number and tax number) in the relevant spaces
- Complete the sign-up process by scanning your ID as well as verifying the email address you provided
To avoid struggling to complete the sign-up process, it’s important to ensure the name you’re providing is the same as that on your photo ID. Also important is checking all of Passfolio’s terms and conditions and ascertaining that you’re satisfied with them before acceptance.
Buying Stocks within the Passfolio App: How Is It Done?
The Passfolio Android/iOS app is a nicely built tool that lets you have hitch-free access to Passfolio. In particular, you can get started with purchasing stocks by simply exploring the “discover” tab within the app. Following that, you’ll have to use the provided search widget for locating the company you intend to buy stocks from.
Tap the “trade” button once you’ve selected your preferred stock. Then input the dollar equivalent of the price of the preferred stock. As a plus to the guaranteed access to stocks purchase, the Passfolio app lets you see the equivalent amount of stock for the amount of real currency you’re putting up as investment.
Educational Resources and Trading Tools
Passfolio has got a decent range of useful resources such as articles, trading guides and blogs. These resources are otherwise the educational tools that prospective traders need for building their knowledge and skills.
Passfolio’s trading tools are an array of built-in features available for traders to make good use of their trading. The only downside here is that only built-in tools are available to traders on the Passfolio website.
What Are the Supported Withdrawal/Deposit Methods?
E-payment (using Skrill, Neteller, etc) and bank transfer are the two basic methods for Passfolio fund withdrawal as well as fund deposit.
Customer Support Team
Passfolio’s customer support section is made up of responsive and well-behaved individuals who respond to customers’ complaints and enquiries through social media, email and telephone.
Passfolio boasts a pretty number of pros including allowing you to keep your stocks for the desired length of time. Using the Passfolio app, you can as well keep tabs on the stocks.
However, the broker comes with few cons including the legal restriction on some countries, regions, etc. Advisably, you should read all the policies and terms/conditions associated with Passfolio’s brokerage before accepting to sign up for the broker.
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