7 Things to Know About Bamboo Before Buying Stocks

7 Things to Know About Bamboo before Buying Stocks

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. Let me break it down.

How does Bamboo work?

With Bamboo, you can buy Apple, Facebook, Disney and many other companies shares with your phone. Now, I understand you might not know how Stocks and Shares work, I did not too, at first. But the guys at Bamboo have created a couple of tutorials and ebooks to show you how these things work. Carefully go through this page, you will find some resources there. I would recommend you start with the Bamboo Investment Guide. You will find it when you check that page. The investment guide explains what stocks are and how to buy your first stock. There are also a bunch of other things there, so, check it out and learn as much as you can because this knowledge will change your life.

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Bamboo Stocks InvestBamboo

Now, let’s dive into some things you might want to know about Bamboo.

There is no Web App yet

At the time of writing this article, there is no Bamboo website out there where you can buy or trade stocks. Everything is done on the app. You can install their app through Google Playstore or Appstore for iPhones.

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.

Why is BVN Required?

For regulatory purposes, Bamboo must verify all users before opening their Bamboo accounts.

They need your BVN to verify that you are who you say you are. Bamboo does not share your BVN with any third party entity nor do they use the information on your BVN for anything other than identity verification.

Is Bamboo Insured?

“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)

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Fund with your Naira Card

You can fund your account/wallet with your Nigerian bank account or bank card. I added this bit because I don’t want you to feel like Bamboo is a very foreign platform. It’s not. It’s very Nigerian like your Piggyvest and similar platforms.

Bamboo Is not like MMM

You can’t put 8000 and expect 16000 in a month. It doesn’t work like that. The value of investments can go up as well as down depending on how well the company is doing. You will understand these things and how to withdraw when you check out the resources I shared above or when you register on the App.

You can Gift Stocks with Bamboo

There is an option on the Bamboo app that allows you gift stocks to anyone. I like this option because one of the best gifts you can give anyone these days is a Stock. Yes, I said it 😀

Where Is Bamboo’s Office?

Plot 1, Block, 22,
Babatunde Anjous Ave, Lekki Phase 1,
Lagos, Nigeria

and

981 Mission Street #10
San Francisco, CA 94103

I have more questions

Bamboo has an FAQ page. Click here to check it out

How do I start?

You can click here to Sign up for free. Then Carefully go through this page, you will find some resources there.

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Here is a video of how the App works and how to use it

I use Bamboo and it has been a great experience so far. Another thing I like about the platform is how fast their Customer Service team responds when you reach out to them.

 

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7 Things to Know About Bamboo Before Buying Stocks
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