Passfolio: How to open account, trade stocks, withdraw funds & more

Note: In an email to users on the 19th of October 2022, Passfolio announced that they will be shutting down on November 18, 2022.

Passfolio is a mobile trading app that allows users to access and trade US stocks from over 170 countries. In this post, you will learn how to open an account with Passfolio, how to buy and sell stocks, how to withdraw your funds, and many more.

What is Passfolio, and how does it work?

Passfolio is a Fintech product of Panchain, Inc. It uses the services of its subsidiaries to provide stock trading access to users. Its subsidiaries are Passfolio Financial, LLC and Passfolio Securities, LLC.

Passfolio also allows users to buy fractional shares. If you can afford a stock, you can use as little as $1 to buy fractions of any stock. All shares are held by Passfolio’s partner clearing broker, DriveWealth.

Now pay attention. Here’s how the two subsidiaries work

Padfolio Securities

Passfolio Securities is what everyone knows as the Passfolio app. It provides users with access to about 4000 stocks, REITs, and ETFs in the US stock market.

Passfolio Securities has no minimum amount for investment and stock trading. Also, it doesn’t charge commissions for using its services.

Passfolio Financial

Passfolio Financial makes it possible for users to fund their accounts using cryptocurrencies. Whenever a user wants to deposit money through a crypto wallet, Passfolio Financial convert the cryptocurrencies into dollars.

From there, the dollars will be sent to the registered brokerage account held at Passfolio Securities.

Is it safe to use Passfolio? How secure is it?

Passfolio Securities is a registered member of the Financial Industry Regulatory Authority (FINRA), and Securities and Exchange Commission (SEC).

Passfolio is also a registered member of the Securities Investor Protection Corporation (SIPC). Passfolio apps, websites, and servers are secured with Transport Layer Security (TLS) protocol.

Requirements to open an account on Passfolio

You have to be up to 18 years of age before you can open an account with Passfolio. Some details will also be required. These include your:

• Full name
• Email address
• Valid phone number

A valid means of identification will only be needed. This can be any of the following documents.

• Voters card
• Driver’s license
• International passport
• National Identity Number (NIN)

Passfolio mobile app download

First, you can click here to register on the website. If you use an Android device, you should download the Passfolio stock trading app from the Google Play Store.

iOS device users can download and install Passfolio from the Apple App Store.

Passfolio referral code

The Passfolio referral code is: mfona4655

With that code, you can get up to $100.00 when you invest up to $25.

What investments can you make on Passfolio?

Once you provide the requirements and register an account with Passfolio, you can start investing and trading on the platform.

You can buy, sell and invest in many types of investment products. Here are some of them.

• Company Stocks
• Closed-End Funds
• Exchanged-Traded Funds (ETFs)
• American Depositary Receipts (ADRs)
• Real Estate Investment Trusts (REITs)

Learn more here.

Note: You can buy stocks from many profitable companies on Passfolio. This includes Apple, Facebook, Alphabet (Google), Amazon, Netflix, and lots more.

How to fund your Passfolio wallet

There are multiple ways to deposit money into your Passfolio account. In this article, we’ll share how to use the credit/debit card payment method.

How to get your Passfolio card approved

Firstly, your card must be approved by Passfolio before you can use it to deposit funds. Here’s how to get it approved.

• From your dashboard, click on “Transfer”
• Press the “Deposit” button
• Select your Stock account
• Select the credit/debit card payment option
• Fill out the fields with your card info as it appears on the back. Once all fields are filled, click on “Continue”
• On the next page, you will be required to snap a picture of your credit/debit card
• Snap the front and back photos of the card. It should show only the last 4 digits and your full name. Ensure the CCV is not visible (it’s not needed).
• Once you’re done, click on “Submit”

Your card will be approved within 2 working days. Kindly note that third-party cards are not allowed. The card must be in your name.

Accepted credit, debit, and ATM cards on Passfolio

Depending on your country of residence, here are the cards accepted by Passfolio. Kindly note that Verve cards are not accepted.

1. Visa
2. Mastercard
3. Amex
4. Elo
5. Aura
6. JCB
7. Diners
8. Discover
9. Hipercard
10. Hiper

How to deposit money on Passfolio after your card is approved

• From your dashboard, click on “Transfer”
• Press the “Deposit” button
• Select your Stock account
• Select the credit/debit card payment option
• Input the amount of money you want to deposit (in dollars)
• Confirm the details and click on “Deposit”

Note: All transactions and funds in your wallet are stored in dollars. That’s the only currency allowed on the Passfolio app.

Whenever you deposit with your card, the Monday will be converted to dollars and you will see the USD equivalent. If you have a dollar wallet, you can also deposit money through it.

How to trade stocks on Passfolio

Trading involves both buying and selling, right? Don’t worry. We’ll walk you through how to buy and sell your stocks on Passfolio.

How to buy my stocks on Passfolio 

You must have done all your research on your desired company before buying any stock.

• Click the “Discover” tab and search for your desired company
• Input the number of shares you want to buy in that company
• Alternatively, you can input your desired investment amount (in dollars). Passfolio will calculate a stock equivalent and display it on your device
• If you agree with the price, click on the “Buy” button
• Confirm your order and input your PIN

Congratulations, you’re now a stockholder.

How to sell my stocks on Passfolio

• Click on the stock you want to sell
• Click on the “Sell” button
• Select “Market Sell”
• Choose how many shares you want to sell
• You can also input a certain amount in USD. Passfolio will show you the equivalent in shares
• If you’re satisfied with the rates, press “Sell”
• Confirm your order and provide your transaction PIN

The amount will be credited to your Passfolio wallet.

How to withdraw funds from your Passfolio account – Available methods of withdrawal on Passfolio

Withdrawal methods vary depending on your country. Here are the available withdrawal methods.

International Wire withdrawals (SWIFT)

A fee of USD 60 will be paid by the user at the time the withdrawal is requested. The SWIFT payment method usually takes between 1 to 5 working days to reach the user.

Domestic Wire withdrawals (the USA only)

A fee of USD 25 will be paid by the user at the time the withdrawal is requested. Users will be credited within 1 to 5 working days.

ACH withdrawal ls (the USA only)

ACH withdrawals have a very low service charge of USD 0.25. Note that the money must remain in your account for at least 30 days before you’re allowed to withdraw using this method.

ACH withdrawals also take 1 to 5 working days to be credited.

SPEI withdrawals

A Passfolio fee of 1.9% is charged for SPEI withdrawals.$3.50 will also be deducted as bank fees from the total amount you’re withdrawing.

The money should be credited to your account within 10 to 30 minutes.

Bank Transfer (Nigeria only)

For Nigerian users, Passfolio will charge 1% of the total amount you’re withdrawing. A few of 55 NGN will also be deducted.

The money should reach your bank account within 10 to 30 minutes.

Passfolio customer care and email address

You can always reach out to Passfolio if you have questions or complaints. They have customer support staff that will attend to you. You can also contact them through their website and email address.

Email address: [email protected]