Have you been looking for a way to invest in S&P 500 Index Fund? Well not to worry because in this article I will be showing you the exact step by step strategies to buy S&P 500 Index Fund right here in Nigeria using just your phone.
You do not need to go over to S&P 500 Index Fund headquarters in Pennsylvania, USA (Vanguard group). Simply follow the steps mentioned in this guide, and in no time you will become a proud shareholder of S&P 500 Index Fund company.
Below is a screenshot of my stock portfolio right here in Nigeria. This is just proof that it is very possible to invest in Europe/Asian based companies right here in Nigeria using just your mobile device.
Feel free to make use of the table of contents feature below to help you navigate easily through this article.
- Budget For Your Stock Investment
- Register/Sign Up With A Stock Broker
- Conduct Adequate Research On S&P 500 Index Fund Stock
- Buy S&P 500 Index Fund On Stock broker
- Keep Tab On Your Stock Investment
Budget For Your Stock Investment
Before considering buying S&P 500 Index Fund stocks, the very first thing to do is to map out exactly how much you are willing to invest in S&P 500 Index Fund company.
It is very important to note that you should be investing in the stock market with your spare cash. It is quite foolish to invest all your income and earnings into the stock market without proper financial advice from a financial advisor.
Before we proceed further into this article, kindly take note that you should only invest what you are willing to lose. Yes, it is very true that long investors make lots of high yielding returns, but that should not be a measure to lose your financial assets now.
Register/Sign Up With A Stock Broker
A stock broker is an app or website that gives you access to the stock market. In other words, a stock broker is a website where you can buy and sell company shares/stocks using your mobile device.
Bamboo is the recommended stock broker to buy S&P 500 Index Fund in Nigeria. Bamboo is a stock broker with over one million downloads from Google play store and an overall rating of 4.2 out of 5 (indicating overall maximum user satisfaction of this broker).
To spice things up, Bamboo has been registered under the Securities Exchanges Commission Of Nigeria otherwise known as SEC. Bamboo also licensed all its users accounts up to $500,000 against unforeseen circ*mstances.
Currently,there are over 3000 listed company stocks on Bamboo which you can invest in including S&P 500 Index Fund. Simply follow the guide below to set up your Bamboo account:
- Click Here to visit the Bamboo registration form.
- Fill in your required details in the form (your name, phone number, email address, etc).
- Verify your identity by providing your national identity card number or your Bank verification number (BVN). Kindly note that this is strictly for verification purposes to avoid fraudulent activities.
- Account verification usually takes between two minutes to sometimes two working days to get completed by the Bamboo team.
- Congratulations! You now own a stock broker account with Bamboo. You can now buy S&P 500 Index Fund using your new Bamboo broker account.
- Download the Bamboo app from Google play store or Apple store for IOS users (This should be done after filling up the registration form on the Bamboo website).
Conduct Adequate Research On S&P 500 Index Fund Stock
The next important thing to do before buying S&P 500 Index Fund stock is to carry out a brief research about the stock you want to buy. Recall that you are an investor, and you don’t make rash decisions, investors carry out real research before investing their money anywhere.
Luckily, Bamboo provides a research page known as “financials” where you can have a look at the S&P 500 Index Fund financial record for a given period of time. To access this feature, observe the following guidelines;
- Login to your Bamboo account (using the phone number and password you set in the registration form).
- On the Bamboo homepage/dashboard, click on the search icon at the top right side of your screen.
- Search for S&P 500 or VOO and click on it.
- On the S&P 500 analysis page, click on the “financials” tab.
- You can now have a deeper look at the S&P 500 financial records, highest stock peaks and declines in the last year and current year, dividend income record, etc.
Buy S&P 500 Index Fund On Stock Broker
To buy S&P 500 stock on Bamboo broker (website) simply observe the following guidelines;
- Login to Bamboo investment website.
- On your Bamboo homepage/dashboard click on the search icon at the top of the screen.
- Search for the word “S&P 500” or “VOO” and select the option shown below.
- On the S&P 500 analysis page, click on the green “buy” button below the screen.
- Select the “buy now” option.
- Next, input the total amount of S&P 500 stocks you want to buy.
- Finally, click on “preview order“.
- Congratulations! You are now a S&P 500 shareholder. Your order will be processed immediately and in less than two minutes, you will officially become a S&P 500 Index Fund shareholder.
How To Deposit Money On Bamboo App
Now that we have seen how to buy S&P 500 Index Fund on Bamboo, the next important question is how to deposit into or fund your Bamboo account. Simply follow the guidelines below to be able to deposit money into your Bamboo account;
- Login to your Bamboo account.
- On the homepage, click on the menu option titled “account“.
- Next, click on the green “deposit” button.
- On the new page, input the amount of money you want to deposit into your Bamboo account.
Note: Buying stocks on Bamboo app is usually done with the United States Dollar. However, you can deposit your local currency (naira or cedis) into your Bamboo account and automatically, Bamboo will swap your local currency to its equivalent in US Dollars.
- Next, click on Deposit *$100* (depends on the amount you input in the step above).
- Next, select your preferred payment option ( note that each of them have associated transaction fees attached to them).
- You will be redirected to flutter wave. Flutter wave will auto generate for you the account details you are to make payments to.
- Proceed to your banking application and carry out the transaction.
- Return back to the flutter wave page and select “I have made this transfer“.
Almost immediately, both flutter wave and Bamboo will send you an email notifying you of the fact that you just made a deposit to your Bamboo account. Usually, it takes between two hours to two working days for deposits to reflect in your Bamboo account.
After successfully depositing in your Bamboo account, you can now proceed to buy S&P 500 Index Fund stock using the steps outlined above.
Keep Tab On Your Stock Investment
Congratulations! You are the latest S&P 500 Index Fund owner in town. However, the next important phase is to track your investment. As expected, Bamboo also provides a feature where you can see exactly how many shares of S&P 500 Index Fund company you own, the average price of the shares you bought, your accumulated gains or losses etc. To access this feature observe the following guidelines;
- Log in to your Bamboo account
- In your dashboard, scroll down to the section labeled “My Stocks“.
- Select (click on) S&P 500 Index Fund shares.
- Next, select the tab labeled ” ownership“
- You can now have an overview and keep track of your stock performance using this feature.
, Shares, SP500, Stocks
