How to Invest In Robinhood From Nigeria

What is Robinhood

Robinhood is a financial services company based in Menlo Park, California United States of America. The company was founded in 2013 by Vladimir Tenev and Baiju Bhatt.

Bhatt is a graduate of the University of Pennsylvania’s Wharton School of Business, and Tenev is a graduate of Stanford University.

The company is best known for its commission-free stock trading app, Robinhood App, which is available on both Android and iOS.

In March 2018, the company announced that it had raised $363 million in Series D funding, valuating the company at $5.6 billion.

The Robinhood App (an electronic brokerage platform) allows users to invest in public companies and exchange-traded funds without paying commissions.

Currently, the app has over 3 million users. And its popularity is skyrocketing on a daily basis.

With It’s “trades with zero fees and no minimums” offer, it is accessible to a wide range of investors.

This makes it a very popular choice for many investors. The app also includes real-time data, so you can track your investments and make decisions at the moment.

You can use Robinhood to buy and sell stocks, ETFs, options, and cryptocurrencies.

Bitcoin (BTC) Bitcoin Cash (BCH) Dogecoin (DOGE) Litecoin (LTC) Ethereum Classic (ETC) Ripple XRP were among the first cryptocurrencies to be traded on the app.

The app has a simple user interface and allows you to trade on margin (up to 2x) and short sell stocks.

Investing in Robinhood is a great choice and If you’re thinking of investing in Robinhood from Nigeria, there are a few things you need to know.

In this article, we will explain all there is, to know about investing in Robinhood from Nigeria.

We hope that this will guide you in making the best decision.

Investing in Robinhood

Invest In Robinhood From Nigeria

To invest in Robinhood, you just need to sign up for a Robinhood account, you will need to provide your name, email address, and date of birth and other details.

Investing in Robinhood is easy, but aside from email address and date of birth.

There are a few requirements that you need to meet in order to use Robinhood, you need to be at least 18 years old.

Aside from that, you also need to have a bank account and a social security number.

Top of the list of Robinhood requirements is country of resident, you need to be a resident of the United States of America.

This is why intending investors from many other countries of the world, Nigeria included, are seeking to know if they can invest in Robinhood.

“Can I Invest In Robinhood From Nigeria” has become a popular question on search queries of investors from Nigeria and here is the right answer.

Can I Invest In Robinhood From Nigeria

No, you can’t, not for now, this is because, Robinhood isn’t available in Nigeria yet, maybe it will be someday but as at the time of putting out this article.

You cannot invest in Robinhood from Nigeria. Remember, we stated earlier that, you will need to provide your Social Security number (SSN) in order to verify your identity.

This, you, can only get if you are a resident of the United States of America and is over 18 years of age.

You also need a U.S. bank account, which you can’t get as a Nigerian unless you reside in the USA.

This is why you can’t invest in Robinhood from Nigeria.

Which App Is Best For Investment In Nigeria?

These platforms can serve as alternative to Rohinhood depending on your choice of investment.

1. Trove

Trove is an online investing and trading platform that offers both foreign and domestic stocks.

Funds can be transferred in a variety of ways, including bank transfers and card types accepted by many banks in Nigeria.

Trove offers e-learning options for investors, as well as support from the Nigerian government.

Fees vary depending on the transaction type, but are generally lower than other platforms available in Nigeria.

Minimum investment amount is ₦1,000.

Required documentation includes a government-issued ID and a utility bill ready.

Payment options include Mastercard, VISA, and Verve cards issued by Nigerian banks as well as bank transfer.

Holding period can be indefinite but for larger investments the app offers “as long as you like.”

Investment monitoring includes returns tracking for assets bought through the Trove app as well as security features such as encryption and use of cutting edge technology.

Trove is a regulated firm by the Nigerian Securities and Exchange Commission (NSE & SEC).

2. Bamboo Invest

Bamboo is an app that allows users to invest in stocks on the American and Nigerian stock exchanges.

You can buy, hold, or sell stocks on the Bamboo platform right from your mobile phone.

The app has state-of-the-art security measures including two factor authentication (2FA) and data encryption.

Some features of the Bamboo app include:

  • Available platforms (Android, iOS).
  • Minimum investment amount ($20).
  • Required documentation (Government Issued ID and a Utility Bill ready).
  • Payment options (Mastercard, VISA and Verve cards issued by Nigerian Banks as well as bank transfer).
  • Holding period as long as you like.
  • Investment monitoring (you can track returns on investments purchased through the app).
  • Withdrawal orders take 1-2-3 business days for funds to settle in account.
  • Security measures including bank level security, data encryption and 2FA protection.

3. Risevest – App for Automated Investments in Dollar Assets

Rise allows its users to allocate capital across a portfolio of US stocks, US rental properties and global fixed income assets

In 2020, Rise said its return rate for stocks was 40.77% and 87.7% in dollars and naira, respectively

With $10, you can kick start your wealth management journey on the various investment offerings

For real estate and fixed income plans, users can withdraw on maturity, and the shortest duration is three months

Registered in Delaware, U.S., Rise invests globally through a registered and regulated investment advisory firm in the US.

4. Chaka

The Chaka app is an investment app that allows people to invest their money in a variety of ways.

The company offers a range of opportunities, from stocks and bonds, to shares and mutual funds, to real estate and commodities.

The Chaka app is a Nigerian company that provides an investment service for the modern world of investing.

The company offers a range of opportunities, it provides a platform for people to make investments and be rewarded for them.

Users can invest in monthly, quarterly or annual periods with the option of withdrawing their investment at any time.

5. OctaFX

OctaFX is one of the most popular forex brokers in Nigeria, with branches all over the country.

The broker offers a wide range of trading instruments and provides customers with access to global markets.

OctaFX traders can also trade using the MT4 platform and access a variety of charts to help them make decisions on how they want to invest their money.

The broker also offers competitive spreads and low margin requirements for its clients.

OctaFX is also a regulated broker, with licenses from the Central Bank of Nigeria (CBN), The Financial Services Authority (FSA) in the UK, and the Financial Services Board (FSB) in South Africa.

The broker has also been awarded a Certificate of Trust by the Nigeria Deposit Insurance Corporation (NDIC).

FAQ About Robinhood

Is Robinhood available in every country?

No, Robinhood is not available in every country. Robinhood is a US-based company and therefore, it does not offer service to people who are not in the United States.

Although Robinhood supports these countries:

Australia, Austria, Belgium (French and Dutch), Brazil, Canada, Denmark (English only), Finland (Swedish is coming soon!), France, Germany, Ireland (English only) Italy, Japan and Netherlands

Others may follow with time.

Why does Robinhood need citizenship?

Despite its popularity and massive user base, Robinhood has been met with scrutiny and criticism.

One of the most common criticisms is that the company is not allowing investors based outside the United States to invest in the platform.

While their reason for this is not clear yet, it is important to note that Robinhood is more interested in adding value than just numbers.

Are there Robinhood alternatives for non-US residents?

No, Robinhood does not allow for anyone who is not a US resident to invest on their platform in any way.

In addition, Robinhood website does mention that they are working on expanding their service to other countries.

And it did not state if there will be a change to the current operational status by any means anytime soon.

But non-US residents or Americans living outside the US can use any of these three great online brokers, TradeStation, eToro, and Firs trade.

What is Robinhood crypto

Robinhood crypto

Robinhood Crypto is a subsidiary of Robinhood Financial LLC, with the aim of giving people the ability to buy and sell cryptocurrencies like Bitcoin and Ethereum.

They allow users to trade cryptocurrencies (like Bitcoin and Ethereum) without paying any trading fees.

Robinhood Crypto is currently available in 17 states in the U.S.

It also offers a 3% interest rate on cryptocurrency deposited into user accounts.

Robinhood crypto app download

The Robinhood Crypto app is one of the most popular cryptocurrency trading apps, and it’s available for download on both iOS and Android.

This app has a 4-star rating in the Apple App Store, and a 4.6-star rating in Google Play.

Robinhood has been around since 2013, but it’s only recently that they have begun offering cryptocurrency

Is Robinhood adding more crypto?

There has been a lot of speculation over the past few weeks about Robinhood adding more cryptocurrencies to its platform.

The company has not yet released an official statement about this, but many people are eagerly waiting for it to happen.

In a recent blog post, the company said they are “working hard to add more cryptocurrencies to our platform, and we will keep you updated”.

So far, no specific coins have been announced.

Can non-US citizens invest in Robinhood?

US citizens are currently the only ones who can invest in Robinhood.

Non-US citizens cannot use their country’s currency to buy stocks on Robinhood, and they also cannot deposit money into Robinhood.

How much money do you need to invest in Robinhood

There is no set amount of money that you need to invest in Robinhood.

However, you do need to have an account with the brokerage in order to use the app.

To invest in Robinhood, you need to have a bank account and $0 in trading fees.

There are two account types available: Robinhood Free and Robinhood Gold.

The Robinhood Gold account offers higher deposit limits, pre- and post-market hours trading windows, and the ability to trade options.

You must maintain a minimum $2,000 account balance with a Robinhood Gold subscription to use all its features

Also read

How to Earn Money With Ember App

How to Find the Best Stock market Advisory Services

How to Create Your Own NFTs and Sell Them on the Blockchain For Profit


Even though, the process of investing in Robinhood is relatively simple, and you can start trading stocks and cryptocurrencies in minutes.

You cannot Invest in Robinhood from Nigeria because you will not only need to be 18 years and above.

You also need to have a Social Security number, and you must live in the United States.

This, you can’t achieve from Nigeria unless you reside in U.S.

Leave a Reply

Your email address will not be published.