Investing is a great way to accumulate wealth over time, but the process is complicated and you need sound financial knowledge to succeed. To make investment easier, there are automated investment platforms available, which are online investment platforms that automate the investment process. With automated investment apps, you allow AI to do your investments for you and manage your portfolio. This way, anyone can invest even if they lack time and financial know-how.
There are several automated investment platforms available today. In this article, I will highlight the top 5:
1. Piggyvest
Piggyvest is an internet platform for investing and saving money. It is available in most African countries and in the Middle East. The platform was first released in 2016 under the name Piggybank.ng, a savings app. However, when the firm expanded its offerings to include investing tools, it changed its name to Piggyvest.
How to use Piggyvest
- Visit piggyvest.com or download the Piggyvest app from the App Store or Play Store.
- Create an account with your phone number and choose a password.
- Upload a legitimate ID to verify your identity.
- Use a debit card or connect your bank to fund your account with as little as ₦1,000.
- Select a savings plan like as Target Savings or Piggybank, or use Investify12 to make an investment starting at ₦1,000.
Features of Piggyvest
- Investify: Through its Investify tool, Piggyvest also provides you with access to low-risk investing possibilities that allow you to diversify your portfolio and build your money. Along with other investing possibilities, you may also make minor investments in guaranteed fixed-income opportunities.
- Target savings: Target Saving is a function that allows you to save money for a specific goal, such as a vacation, device, or vehicle.
- Group savings: With group savings, you may ask friends to contribute to a certain financial objective.
- Security: Piggyvest is a reliable and secure platform for investing and saving. This online saving and investing platform employs the greatest standards of banking security, including 256-bit SSL encryption, to guarantee that your money and personal information are safe and secure in every way.
Fees on Piggyvest
Piggyvest is free to use. There are no registration fees, deposit fees, or withdrawal fees.
2. Bamboo
The Bamboo investing app is one of the greatest automated investing apps in Nigeria, with over 500,000 registered users. The Bamboo app offers users the option to invest in stocks, exchange-traded funds (ETFs), and fixed returns in addition to storing idle funds and earning up to 8% yearly returns via its Vault function. Additionally, this investment platform has one of Africa’s biggest groups of traders and investors.
How to use Bamboo
- Create an account: Download the app on Google Play Store or App Store or visit their online website to create an account. Select your country and confirm your identity using a government-issued number, such as your National Identification Number or Bank Verification Number.
- Fund your wallet: You can fund your wallet using various methods, such as your local currency cards.
- Invest: Invest in your preferred publicly traded US firm, exchange-traded fund (ETF), other African businesses, mutual funds, or international fixed-income instruments.
Features of Bamboo
- Unfettered access to the Nigerian and American stock markets from the comfort of your computer or mobile device.
- Exchange-traded funds (ETFs)
- Bamboo Fixed Returns, which is a dollar-denominated fixed-income investment that yields yearly returns of up to 8%
Fees on Bamboo
- Trading fees: Every time you buy or sell equities on the US stock market, Bamboo charges a 1.5% trading fee.
- Deposit fees: The fee that Bamboo charges on naira deposits is 1.4%. USD Card deposits are subject to a 2.9% commission.
- Withdrawal fees: Bamboo costs $45 for bank accounts in USD and ₦45 for bank accounts in Naira.
- Taxes: Dividends alone are subject to a 30% withholding tax. The stocks you sell and the profit you make when a stock’s value rises are unaffected by this.
3. Chaka
Nigerians may trade and invest in US, Nigerian, and Chinese equities online via Chaka, an online investing platform. It refers to itself as Nigerians’ investment passport.
With Chaka, you may begin trading both domestic and overseas stocks for as little as $10.
You may trade overseas equities of firms like Apple, Google, Netflix, Tesla, and Alibaba on this stock trading website.
How to use Chaka
To use Chaka, you need to create an account.
If you have your information ready, creating an account on this site takes around three minutes. Your BVN number, your national identity, and a proof of address document are the things you’ll need on hand. Basic questions with answers will be the last piece of information you’ll need.
You will be given a CSCS number after you have created an account. The clearing and settlement house for the Nigerian capital market is called CSCS (Central Securities Clearing System). The Nigerian Stock Exchange is under their supervision.
Features of Chaka
- Own global assets: Invest in worldwide brands with any quantity of money, no matter the price per share.
- Security: All website traffic is secured and protected by employing AES bank-level encryption. This provides security between your device and our servers guaranteeing your personal and transaction data are always kept private.
- Refer and Earn: Build money with the people you love and get rewards for it. For every person you invite who establishes an account and performs a trade of $10 (or more), you may earn up to $50 apiece.
- Investment tracking: Using the Chaka website or app, you can keep tabs on the returns on investments you’ve made.
- Stock gifts: You may use Chaka to offer someone else a stock gift. To provide a stock, you do not have to register on Chaka. However, the receiver of the stock gift must be at least eighteen years old and register on Chaka to redeem the shares.
Fees on Chaka
- Transaction fees: A fee of 0.5% per transaction, is applied whenever a trade is made on an account. Chaka doesn’t impose any fees for foreign exchange, wire transfers, account maintenance, or account creation. The business only collects a fee when a user completes a transaction. Additionally, the customer pays the obligatory regulatory costs that Nigerian and other market authorities impose.
- Securities & Exchange Commission of Nigeria (SEC) fees: Protecting investors is one of the goals of the SEC, which oversees the capital market. When you purchase shares, the SEC charges a 0.3% fee.
- Nigerian Stock Exchange (NSE) fees: The exchange hub for buying and selling securities is provided by the NSE. When you sell a stock, the NSE charges a 0.3% fee.
- Central Securities Clearing System (CSCS) fees: The Nigerian stock market’s ease of settlement and transfer of securities is guaranteed by the CSCS. while selling stocks, the CSCS cost is 0.378% (including trade alert); while purchasing stocks, the CSCS trade alert fee is 0.063%. The VAT is included in both fees.
- Duties for Stamps: Stamp duties are levied at a rate of 0.075% on each share purchased or traded on the Nigerian stock market, as mandated by Nigerian law.
4. EasyEquities
EasyEquities is an automated investment platform that offers a cutting-edge, user-friendly mobile investment platform for fast and simple market access, allowing you to complete your trades with the least hassle. Beginners and experienced investors may increase their wealth without paying monthly brokerage fees for as little as $10, or any other amount they want to invest.
EasyEquities aims to lower entry barriers in both domestic and foreign stock markets and make share purchases easy, affordable, and enjoyable.
Headquartered in South Africa, residents of many nations and jurisdictions are eligible to utilize EasyEquities’ services, so long as doing so does not violate any local rules or regulations. You can still open an EasyEquities account even if you don’t have a South African bank account. You won’t be given a South African ZAR account, however, and you’ll only be able to access accounts from other countries.
How to use EasyEquities
- Sign up: It will only take a few minutes to create an account, and there is no paperwork involved. An email confirming the verification of your account will be sent to you. You can sign up on the website or download the app for an easier experience.
- Fund your account: EFT or a credit card may be used to deposit money into your EasyEquities account.
- Invest: Tap Invest after choosing the account you want to invest in. You may now decide how much you want to invest and what kind of investment you want to make (shares, ETFs, etc.).
Features of EasyEquities
- Multiple Markets with a Single Account: You may access the following accounts using EasyEquities:
- ZAR – South African Market
- TFSA – Tax-Free Savings Account
- AUD – Australian Market
- USD – American Market
- GBP – British Market
- EUR – European Market
- Property
- Crypto
- Retirement Annuities
- Preservation Provident Fund
- Preservation Pension Fund
- Cheap costs, no minimums, and no monthly fees: You may invest as little or as much as you can afford in the businesses you love since there are no monthly platform fees or minimum investment amounts.
- Live Snapshot Pricing & Price Alerts: When a stock you’re tracking hits a certain price, you’ll get an immediate alert.
- Regular investments: With a recurring investment, you may automatically make investments in a certain stock at predetermined periods. Just set it up once, and the platform will take care of the rest.
- EasyFX: With the proprietary in-platform currency transfer tool, EasyFX, you can move Rands between your EasyEquities ZAR account and foreign currencies in your worldwide wallets. You can even move these currencies back into your ZAR or other currency account.
- InvestSure: InvestSure protects investors against losses brought on by claims of dishonesty and fraud by management.
- Security: For multilayer security, they employ biometric login and two-factor authentication.
- Advanced market orders: If you have a certain price in mind for your shares, either to pay or receive you can order at the price you have set or at a lower cost.
- Automatic Exclusions: You may add instruments to the Automatic Exclusions list under the Account Preferences menu if you want to remove them from the platform for any reason. You may choose to omit the instrument for a certain amount of time or indefinitely, and you can always remove any exclusions you may have already made.
Fees on EasyEquities
There are no monthly platform fees, minimums, or registration costs. 0.25% of each transaction is taken by EasyEquities as brokerage fees. For minor transactions, the minimum cost is one cent.
5. Cowrywise
Cowrywise makes it simple for users to invest, save, and budget their money.
For its consumers, the digital savings and investing platform makes automatic investments and savings. Customers may choose from a variety of investing and savings programs, including dollar and Naira mutual fund investments and automatic saves.
Additionally, the site employs bank-grade security. Therefore, all user data is encrypted to guard against sensitive information being accessed without authorization. Additionally, it employs two-factor authentication, or 2FA, for all important transactions.
How to use Cowrywise
- Register for an account or sign in
- “Invest in Mutual Funds.”
- Comply with the directions on the screen.
Features of Cowrywise
- Mutual Funds: On this site, you may also invest in dollar and naira mutual funds.
- Cowrywise Stash: The stash collects money from sold mutual funds and functions similarly to an in-app wallet. Additionally, you may move money into your stash via USSD or bank transfers, and you can move money out of your stash to other platform users, investment plans, or savings plans.
- Interest Rates by Country: The Cowrywise platform offers variable interest rates that may vary from 5% to 12% annually. This company’s interest rates are in line with the going rates in the market.
- Automatic investments: You can automate your investments and set up daily, weekly, and monthly investments.
- The Savings Circle: You may set goals and save as a group with this plan. so that you may work with friends and family to save for shared objectives.
- Consistent Savings: You may choose to automate your savings with this plan by indicating whether you want to save every day, every week, or every month, or you can choose to save whenever you wish. This strategy requires saving for a minimum of three months.
- Life Objectives: Anyone may use this method to save for their long-term objectives for at least a year. This strategy may also be automated on a daily, weekly, or monthly basis. Additionally, you may choose the category that a life goal plan belongs to. whether it is retirement, business, vacation, or education. Only after the plan’s maturity or completion date may you withdraw money or roll it over.
- Halal Discounts: Muslims, who just want to save and don’t want interest, are the target audience for this strategy. Except for not accruing interest, it is identical to the Regular Plan. When you create a Halal strategy, it is locked until it matures.
Fees on Cowrywise
Cowrywise charges a processing fee of 1.5% when you invest in their platform.
Conclusion
Following your research on the several options available, you need to choose a platform based on characteristics that best suit your requirements. As there isn’t a “best robo-advisor” that suits everyone, you should put your priorities and investing style first.
