Chaka Investment Platform Review: invest in Foreign stocks in Nigeria
Investing in the stock market is one way to guarantee your long-term financial well being and generate passive income. But in Nigeria, most people don’t even consider the stock market as an option when the think about investing. This is due to lack of trust in the country’s regulators and government and this is why new platforms like Chaka are here to fill the void.
Basically, the way the stock market works is it’s a place where you buy unit parts of a company called shares, and your dividends rise every time the company makes a profit.
What is Chaka?
Chaka is a digital investment platform that allows Nigerians to trade stocks on the Nigerian stock exchange and over 40 other international stock exchanges around the world including in the UK and US.
With Chaka, you can trade and invest in 4,000+ assets on the stock market, and own shares in companies like Dangote, Tesla, Apple, Facebook and MTN.
Is Chaka Safe?
Chaka investment platform is licensed and regulated by the Securities and Exchanges Commission (SEC). Local assets are registered with the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS), and regulated by Securities Exchange Commission of Nigeria (SEC). Dollar assets are regulated by the US FINRA and the US SEC. Dollar deposits (up to $500,000) are SIPC-insured.
See more: chaka.com/license
Chaka is owned by Chaka Technologies Limited, a company registered with the Corporate Affairs Commission. The company is regulated by Local authorities in Nigeria as well as international authorities.
How does Chaka works?
To get started with Chaka, you have to open an account through the website or download and install the Mobile app.
Setup your account in about 3 minutes and provide some basic KYC information about yourself including your BVN number, your national identification and a proof of address document. The remaining information you’ll need are basic questions you’ll have an answer to.
Every Chaka account gets two wallets. A global and Local wallet. The global wallet is for foreign stocks and the local wallet is for trading local stocks. Your dividends are also paid directly to their respective wallets
After you opened an account, you will also be assigned a CSCS number. CSCS (Central Securities Clearing System) is the Clearing and Settlement House of the Nigerian Capital Market. They oversee the Nigerian Stock Exchange.
Charges & Fees on Chaka Investment App
While registration is completely free on Chaka, there’s a charge of N100 or 0.5% per trade on every transaction you make on the platform.
Required Documentation
To trade on Chaka, you will require the following documents: Government Issued ID (driver’s license, voter’s card, international passport or NIN card)
Copy of a utility Bill
Verified Email Address
Verified Phone Number,
Bank Account Information
How to Withdrawal money on Chaka
Withdrawal of your available cash in your account can take up to 12 hours from when your request was made. To withdraw cash from sold stocks, it takes 3 days. It takes 2 days for the stock exchange (locally and globally) to settle cash for sold shares. It would take an extra day to process the transaction.
Stock gifting on Chaka
You can give a stock gift to someone else with Chaka. You do not need to register on Chaka to gift a stock. However, for the recipient of the stock gift to redeem the stock, they will need to register on Chaka and be above 18 years old.
How much can you earn with Chaka?
The amount you earn with Chaka is going to depend completely on you. The more you invest and the better your investments do, the more you can earn. As a reminder, investing involves risk. There are no guarantees and while your investments have an opportunity to gain value over time, they also may lose value.
How to make money with Chaka
Maximizing your earnings with Chaka is easy. You can earn more by:
INSTANT DOLLAR FUNDING
Trade and invest in leading companies and countries with any amount of money, no matter the price per share. You can start with as little as N1000 or $10.
FREE DEPOSITS AND WITHDRAWALS
Discover the smartest way to invest. Preserve more of your capital with free deposits and withdrawals. Move your money from local wallet to global wallet, and vice versa, in real-time.
EARN DOLLAR RETURNS
Earn dividends from your investments. Store uninvested cash in your global wallet and start earning dollar returns.
INVEST IN THE WORLD’S FASTEST GROWING ECONOMIES
Chaka gives you unrestricted access to the largest collection of dollar assets in the industry. As a company, they offer 11,000+ assets from the world’s fastest-growing countries.
How do I start investing with Chaka?
It’s very easy to start investing with Chaka. Simply click here to get started. You’ll then need to complete the initial questions that Chaka asks you. You don’t require much financial expertise, just basic knowledge of how the stock market works.
How to sign up for Chaka
To sign up for Chaka, you need to meet basic requirements, including having a government issued ID and a bank account with a Nigerian bank.
You’ll then need to complete some basic questions, including:
- Your legal name and date of birth to verify your identity
- Your financial profile
- Your Bank verification number
- Questions about your investment goals and style
- The process takes around three minutes to complete and can be done entirely online. If you prefer to manage your investment portfolio on the go, you can also download the Chaka app for Android and Apple. (Find it in Google Play or the app store.)
Chaka contact and CUSTOMER care number
Access 24/7 live chat customer support on chaka.com. Need to speak with a human? Call on:
- +23407011204586
- [email protected]
