A registered broker platform in the United States, Passfolio Securities has announced that non us citizens can now invest in the US stock markets through its platform.
According to Passfolio, users located in over 170 countries across the globe can leverage their platform and invest in the US stock markets. Furthermore, the firm says all that an intending user needs to do is download the app, fund it with any digital assets of his choice through Passfolio Financials and get access to over 3,800 US stock markets.
The firm also said that they charge no commissions for deposits or withdrawals, and users can start with any preferred amount.
Traders can start with a minimum balance of $1
This platform has been widely received in Latin America and has been seen as a game-changer because the region has always had limited access to the US stock market in previous years. In his statement, the CEO of Passfolio, David Gobaud, noted that only a handful of people worldwide had accessed the US stock markets. Going further, the CEO said that they had entered partnerships with local and international exchange providers to allow those located in Latin America to access the US stock markets.
Presently, Passfolio supports countries like Colombia, Argentina, and others in the Latin American region. Going further, Gobaud said that Passfolio is not putting a minimum trading balance on its platform because they noticed that people outside the US often need a huge chunk of money to buy stocks.
According to the CEO, the lowest amount anyone can invest with on the app is $1. Traders in developing countries have been known to use the US stock markets as a hedge against their countries’ unfavorable economy. A potential example of stocks acting as a hedge against the economic downturn in the recent financial meltdown in Venezuela and Argentina.
Users can deposit using cryptocurrencies
Another reason investors from other countries venture into the American stock exchange is to have their funds in one of the strongest currencies globally: the US dollar. Meanwhile, Passfolio has told users that they do not need to go through the hassles of changing their local currencies to cash as they can leverage the crypto option.
Once the crypto is deposited in a user’s account, the user can go ahead to change it into the dollar equivalent at Passsfolio Financials before sending it to their brokerage account and investing in their desired stock market.
Passfolio supports the top coins in the crypto market as well as other digital assets. Pasfolio Financials uses the services of Gemini crypto exchange to convert the digital assets into dollar fiat.
Passfolio has also announced that users who have up to $1,000 in their crypto trading account will be eligible to earn rewards for it. Furthermore, the firm has also announced that its users will invest in stock markets with zero commission.
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