Ready to boost your financial stability to the next level by becoming an online stock broker? Then you have come to the right place. In this guide, we will take you through the step-by-step guide on how to become a stock broker. This will help you start investing in stocks with ease and confidence. What Is A Stock Broker? A stock broker is an individual or company that helps investors buy and sell stocks. They also help buy and sell other securities through the stock exchange, earning a commission or fee for their services. What Does A Stock Broker Do? Stock brokers are responsible for managing client portfolio accounts. They work directly with existing clients, develop new businesses and consult with financial advisers. As a stock broker, there are certain rules you must follow duly; Types Of Online Stock Brokers There are two main different kinds of brokers which have slightly different purposes. These are traditional or full-service brokers and discount brokers. Take a closer look into each types below; 1. Traditional Or Full-Service Brokers These brokers are known for their wide array of services and products which is beyond facilitating trade. Their services usually focus on the needs of investors. Which requires more fees or commissions than discount brokers. They offer a great range of advisor services making better investment decisions, financial and retirement planning with many more. 2. Discount Brokers Discount brokers offer few services and allow investors to take on a lot more work and also invest in trading on their own with little interaction. You would like to invest independently, going for a discount broker will save you money and allow you to run things by yourself. Once your account is set up, you can manage it yourself at minimal cost through their website, online platform, by phone, or at a small branch if needed. Steps To Become An Online Stock Broker If you are planning to go into the finance world of stock broker, there are certain types of steps you need to take that will help you to be great. As a stockbroker, you need a solid finance background, as most brokerage firms require a bachelor’s degree. Study an undergraduate degree in a business-related field like accounting, economics, or finance. This can also help you have a strong background in financial analysis and planning, investment techniques, financial institutions and portfolio management. Most brokerage firms do not make it mandatory for candidates to have a Master of Business Administration (MBA) to become a stock broker. But, for a stock broker aiming for higher salaries and more senior roles, it’s important to pursue a more advanced qualification. As a stock broker, you need to have professional experience in business or finance because many firms require it. You can require this through internships with brokerage firms or other financial organizations. It also helps stock brokers raise salary expectations. All stockbrokers must take the Series 7 Exam, also known as the General Securities Representative Exam, from the National Association of Securities Dealers (NASD). This exam comprises 125 multiple-choice questions which you must complete in 225 minutes. You also need to take FINRA’s Securities Industry Essentials Exam, this exam also comprises 75 questions, in 105 minutes. You can also take other exams such as Series 66 or Series 63. Ensure you check and know the exams to take in your specific state. What Skills Does A Stock Broker Need To Have? As a stock broker, there are some skills you need to acquire, to get you through the challenges you might face in your journey as a stock broker. Below is the list of abilities you must acquire. Bottom Line As a beginner in the stock trading or investing world, this guide will make your investment journey easier and more successful. You need to know about the different types of brokers and obtain the right certifications and skills to prepare for your stock broker career. Now that you have the basics, keep learning and adapting to new ideas to be successful in this field. So, embrace the challenges, hone your skills, and get ready to go through the financial world.
Skrill vs PayPal – Which Payment Method is Better for You?
When it comes to online transactions, choosing the right payment method can be a daunting task. The debate of Skrill vs PayPal has been a longstanding one. With each platform having its own set of advantages and disadvantages, understanding both platforms is necessary for seamless transactions. In this article, I’ll share the key differences between Skrill vs PayPal, comparing their fees and features. I’ll also compare their services to help you make an informed decision. Skrill vs PayPal: Table Comparison Below is a table comparison of Skrill vs PayPal: Features/ Offers Skrill PayPal Free Plan Yes Yes 24/7 Customer Support No Yes Multi-currency Support Yes Yes International Acceptance 202 countries 200+ countries Shipping No Yes Buyer Protection No Yes Integration Yes Yes Mobile App Yes Yes Cryptocurrency Yes Yes ACH Payments Yes Yes Invoice Generation No Yes Multi-factor Authentication No Yes Buy Now, Pay Later No Yes Chargeback Protection Yes Yes Virtual Card Yes Yes Digital Wallet Yes Yes Recurring Payment Yes Yes Personal Transaction Fees(balance or bank account/cards) 2.0% when sending with a credit card. 4.99% normal transfer Sending from AD, HR, IS, & MC- no transaction fee. Sending with cards from other regions, 2.90%+fixed fee(depends on currency received) Account fee No service fee if logged in once every 6 months to make a transfer If you’re inconsistent for 12 months, you’ll have to pay lesser of the amount in your balance or $20CAD Conversion Rate Foreign exchange fee of 4.49%. However, the exchange fee changes daily 4.0% or any other amount that would be required when sk 1. Free Plan Skrill and PayPal both offer free plans. This allows you to create an account and start making transactions without incurring initial costs. This is perfect for individuals and small businesses looking to test the waters before committing to a paid plan. 2. 24/7 Customer Support PayPal provides around-the-clock customer support. This is to ensure help is always available when you need it. On the other hand, Skrill support hours are limited. You may be left waiting for assistance during off-peak hours. 3. Multi-currency Support Both Skrill and PayPal support multiple currencies, making international transactions easier and more convenient. This feature is a must-have for businesses that operate globally. 4. Shipping PayPal offers shipping integration. This allows you to calculate and print shipping labels directly from your account. This feature isn’t available on Skrill. PayPal wins. 5. Buyer Protection PayPal offers buyer protection, safeguarding your purchases and giving you peace of mind when shopping online. Skrill only has a chargeback protection feature. PayPal wins. 6. Integration Both platforms offer easy integration with e-commerce sites and online marketplaces, making it simple to connect your payment processing with your online store. 7. Cryptocurrency Skrill and PayPal support cryptocurrency transactions. This makes these platforms an attractive option for businesses that want to accept cryptocurrency payments. 8. Invoice Generation PayPal allows users to generate invoices, making it easy to bill clients and track payments. Users have access to tools for creating and customizing invoice templates. They can also set up recurring billing subscription options. Skrill doesn’t offer this feature, which may cause extra work for businesses. PayPal wins. 9. Multi-factor Authentication PayPal offers multi-factor authentication for added security, protecting your account from unauthorized access. Skrill doesn’t offer this feature, which may leave your account vulnerable. PayPal wins. 10. Buy Now, Pay Later PayPal offers a “buy now, pay later” option, allowing users to delay payments and giving businesses more flexibility in their payment terms. Skrill doesn’t offer this feature, which may limit your payment options. Brief Overview of Skrill vs PayPal Skrill and PayPal are both payment gateways that make it easy for individuals and businesses to send and receive payments. What is Skrill? Skrill, formerly known as Moneybookers is a payment service that helps individuals handle payment efficiently. The platform offers virtual cards, digital wallets, and foreign bank accounts to users. It also offers a business account to SMEs looking to send and receive payment internationally. Skrill’s bank account is a top pick among the gaming and trading communities, and for good reason. Its unique features make it an ideal choice for those who need to work with online gambling and forex accounts. With Skrill, users can deposit and withdraw funds from online gambling platforms with ease. They can also make transactions with forex brokers. What is PayPal? PayPal is a payment solution for individuals and online businesses. It lets you pay for goods and services through a credit or debit card. Additionally, PayPal makes sending and receiving money easy. Since its founding, PayPal has remained a top choice for individuals who shop online and send money internationally. For customer retention, PayPal provides certain discounts and offers to its users. With PayPal, users who are short on funds can still purchase goods and services. Payment can be down monthly or paid in 4. Pay in 4 is a zero-interest installment plan that allows you to divide your purchase into four convenient payments. The first payment is due at the time of purchase, followed by three additional payments spaced 15 days apart. This flexible payment option enables you to split the cost of your purchase into manageable chunks with no interest charges or hidden fees. Skrill vs. PayPal: Account Comparison Skrill vs PayPal offer a personal and business account to its use. This makes these payment gateways a suitable choice for individuals and businesses. Below is a brief overview of each of these accounts. Skrill Accounts Skrill Personal Account A Skrill personal account is a digital wallet that enables individuals to send and receive money online with ease. This account allows users to make online purchases, load funds from their bank account or credit/debit card. It also allows users to withdraw funds to their bank account or debit card. The account can be accessed via a mobile app or web platform, making it convenient for users to manage their finances on the go. Skrill personal accounts are ideal for individuals who make
7 Best Forex Trading Apps In Nigeria
Choosing a forex trading app as a beginner has a lot to do with your trading habit & strategy. For higher risk trading strategies like short selling, you will need an app that offers above average risk management tools. As a beginner, you don’t need a complex app, but a more easy app to understand. In this article, we will take you through on how to make the right choice of forex trading apps. This will also help you to find your perfect trading style. What Are the Forex Trading Apps? Forex trading apps are application used to check market data and trade forex. You can download these apps on your phone or tablet which allows you to trade forex and other financial instruments. Forex trading apps can be installed for free by forex brokers. Some of these trading apps are proprietary, that is, developed in-house by a broker. However, some other popular apps are developed by third-party companies. The important thing is that proprietary forex trading apps are easier to set up and operate by beginners. Forex trading apps will allow you to open either a demo account or a trading account to buy and sell instruments. You can then deposit and withdraw funds from your broker. Providing real-time market data, price alerts, display news and analysis, with tools to manage your risks. What Are The Best Forex Trading Apps In Nigeria? Below are the best forex trading apps you can download in Nigeria; 1. AvaTrade Forex Trading App – Trading App with Great Risk Management AvaTrade trading app is also be called AvaTradeGo. It has an advanced risk management tool called AvaProtect. This tool returns any money you lost while trading forex & gold CFDs back to your account. It also provides a stable trading experience with an advanced dashboard. It contains features like clear charts or zoom for details, management tools, and market trends features. To be able to use all these features you need to pay a fee which expires after some period. The minimum lowest fees is 100 USD deposit which is as low as 0.9 pips on the EUR/USD. While the trading cost is 9 USD. In April 2020 AvaTradeGo was voted the best forex trading apps at the global forex awards. AvaTradeGo Attributes AvaTradeGo Regulation Pros Cons 2. Exness Forex Trading App– Best Forex Trading App For MT4 & MT5 Accounts Exness Forex trading app is a seamless and transparent trading app. It is a leading global forex trading app that has gained a strong foothold in the Nigerian forex trading market. It also offers a large range of advanced trading platforms, competitive spreads and cutting-edge technologies. Exness Forex Trading Platforms This offers various selections of trading platforms to handle the needs of different traders. This includes; Exness Attributes Exness Regulation Pros Cons 3. FXTM Forex Trading App – Best App for Automated Trading FXTM forex trading app allows traders to access their complete range of CFDs. You can choose from over 1,000 instruments to trade from. These instruments include forex, 180 company shares, spot metals, commodities, cryptocurrencies and indices. You can open and close positions in seconds with FXTM, and get live currency rates. It manages your trading accounts and supervises your FXTM invest copy-trading account. It was established for forex in 2011 and it is regulated by the UK’s FCA and FSC in Mauritius, and also CFD broker. FXTM Attributes; FXTM Regulation Pros Cons 4. Octa FX Forex Trading App – Best Copy Trading OctaFX Forex trading app is a well-regulated trading platform across all mobile devices and it is also known for its range of bonuses and promotions. OctaFX copy trading app can be easily used on iOS and Android devices. Traders can choose from any of the three trading account options, each of these accounts has a minimum of 20 USD deposit and spreads down to 0.6 pips (EUR/USD). Clients are allowed to choose from a list of master traders to compare their gain, commission amount. Once you have compared all this, you can start copying their trades automatically. The app has well-detailed statistics on trading performance. Traders can stop their copy trades manually at any time. OctaFX Trading Attributes; OctaFX Trading Platforms; Pros Cons 5. XM Forex Trading App – Fastest Execution Speed XM Forex trading app supports MT4 and MT5 accounts. Each account offers tight spreads such as a micro account, standard account and commission-based XM zero account. XM zero account starts at 1.6 pips of EUR/USD on the Micro and Standard Accounts. The spread is down to 0.1 pips with a commission of 7 USD round trip. XM Forex App Attributes; XM Regulation Pros Cons 6. HFM (formerly known as Hot Forex) – Best App for Forex Analysis HFM is a forex trading app which offers commodities, shares, bonds, and indices. The HFM forex trading app is known for its user-friendly platforms, comprehensive resources and competitive trading conditions. The app features consist of in-app fund transfers, copy-trading accounts and advanced charting. HFM App Attributes; HFM Regulation Pros Cons 7. Skilling Forex Trading App – Best Trading App for Beginners The Skilling Forex trading app is available on Android and iOS devices. Skilling app is a well-designed app for beginners to find easy to use. There is a trading assistant that will walk you through the app. Traders can easily transfer, withdraw and deposit funds and many more. There are many instruments to use like watchlists, technical indicators charts in multiple time frames, etc. It provides educational materials and market trending news. Skilling Trader Attributes; Skilling Regulation Pros Cons How To Select The Best Forex Trading Apps To be able to stay updated with the latest market trends, access, charts, and conduct technical analysis you need to choose the best Forex trading app. Doing this will make it easy for you to place trades from your smartphone or tablet. There are so many apps out there, so there are a few important things you need to
What Are Stock Exchanges? How They Work, Types and Benefits
A stock exchange is an important component of the capital market. It provides a safe and organized platform for trading, governed by clear rules and regulations. This includes buying and selling different securities issued by publicly listed companies. Also, shares and loans are issued by governmental, municipal, and public entities. What Is A Stock Exchange? A stock exchange is an organized and regulated financial marketplace where securities like stocks and bonds are traded. It is also a marketplace for investors to buy and sell shares in publicly listed companies. By connecting brokers and trading systems. Stock exchanges help buyers and sellers trade assets, find prices, and increase liquidity in the capital markets. What Is A Stock? A stock represents a share of ownership in a company, allowing the holder to have a portion of its assets and profits. Shareholders are also called investors which gain from the company’s growth and profitability. Types Of Stock Exchanges The stock exchange is grouped into three major categories, which are the National, Regional and Global stock exchange. 1. National Stock Exchange They run within their respective countries and are overseen by local financial regulators. Some of these financial regulators include the New York Stock Exchange (NYSE) in the United States, the London Stock Exchange (LSE) in the United Kingdom, and the Tokyo Stock Exchange (TSE) in Japan. 2. Regional Stock Exchange This is located outside a country’s main financial centre. It allows companies that do not meet the national exchange requirements to list their stocks. However, companies that qualify for the national exchanges can list on regional stocks. For example, the Frankfurt Stock Exchange in Germany, the Toronto Stock Exchange (TSX) in Canada, and the Nigerian Exchange (NGX) in Nigeria. 3. Global Stock Exchange They attract listings from companies worldwide. It provides a platform for cross-border trading and is recognized as a global financial hub. For example, The New York Stock Exchange, Namibian Stock Exchange in Namibia, Egyptian Exchange in Egypt, Nigerian Exchange in Nigeria. How Does Stock Exchanges Work The stock market is a marketplace where companies sell their shares of stock to be able to raise money to fund their operations. It also helps to sustain wealth for individual investors. Companies can sell their ownership stakes to investors to raise money on the stock exchange. Shares of stock can also be known as equity stakes. When companies list their shares for sale on the stock exchange it makes up the stock market price. This also allows companies to have access to the capital they need to fund their operations and expand their businesses without taking on debt. Before companies can sell stock to the public, they are required to disclose information and give shareholders a say in how their businesses are run. Investors reap the benefits of exchanging their shares in the stock market as they become more valuable which leads to capital gains. The shareholders get dividends paid as the company’s profits grow. The individual performance stocks vary widely over time. The stock market has been recorded that it rewards investors with average annual returns. This is around 10%, which is the most reliable way of growing your money. Importance Of Stock Exchanges The stock exchange is important in the global financial system by mobilizing capital and efficient resource distribution. It also influences the economy’s growth and supports investment. Below are the key importance of the stock exchange: 1. Capital Formation This helps companies to raise capital by issuing shares to investors, which ensure expansion, innovation, and growth of the company. 2. Investor Participation This normalizes investments which allows individuals and institutions to become shareholders in companies. This process also helps to build wealth and financial inclusion. 3. Liquidity and Efficiency It helps provide securities for secondary market trades. It also enhances liquidity, which enabling investors to buy and sell with ease and promotes market efficiency. 4. Price Discovery This helps find the value of securities by letting supply and demand set prices based on what investors think and expect. 5. Economic Growth and Development It helps economic growth by saving productive investments. It also helps in promoting entrepreneurship, supporting new businesses, and providing money for company growth. 6. Corporate Governance and Transparency Listing makes companies to be more transparent and improves their governance standards and financial reports. It helps to increase investor’s trust and reduces corporate misconduct. List Of Stock Exchanges Around The World Below is a list of some major stock exchange around the world. S/N Exchanges Location 1. New York Stock Exchange (NYSE) United States Of America 2. Nasdaq Stock Exchange United States of America 3. London Stock Exchange (LSE) United Kingdom 4. Tokyo Stock Exchange (TSE) Japan 5. Shanghai Stock Exchange (SSE) China 6. Namibian Stock Exchange (NSX) Namibia 7. Nigerian Exchange (NGX) Nigeria 8. Euronext European Union (Operates in multiple countries) 9. Frankfurt Stock Exchange (FSE) Germany 10. Toronto Stock Exchange (TSX) Canada 11. Ghana Stock Exchange (GSE) Ghana 12. Botswana Stock Exchange (BSE) Botswana 13. Nairobi Stock Exchange (NSE) Kenya 14. Singapore Exchange (SGX) Singapore 15. Malawi Stock Exchange (MSE) Malawi 16. SIX Swiss Exchange – Switzerland Switzerland 17. Johannesburg Stock Exchange (JSE) South Africa 18. B3 Brazil 19. Dubai Financial Market (DFM) United Arab Emirates 20. Tel Aviv Stock Exchange (TASE) Israel 21. Stock Exchange of Mauritius(SEM) Mauritius List Of Stock Exchanges In Africa Below is a list of some major stock exchange in Africa; S/N Exchanges 1. Nigerian Exchange (NGX) 2. Johannesburg Stock Exchange (JSE) 3. Casablanca Stock Exchange (MASI) 4. Botswana Stock Exchange (BSE) 5. Egyptian Exchange (EGX) 6. Bourse Régionale des Valeurs Mobilières (BRVM) 7. Nairobi Securities Exchange (NSE) 8. Stock Exchange of Mauritius (SEM) 9. Dar es Salaam Stock Exchange 10. Ghana Stock Exchange (GSE) 11. Namibian Stock Exchange (NSX) Benefits Of Listing With Stock Exchanges Listing with a stock exchange gives special privileges to company shares. For instance, only the list of companies that are quoted on a stock exchange. All listed companies tend to benefit in the
A Beginner’s Guide On How To Buy and Sell in the Stock Market
Have you been curious about what stock market is all about and how to invest in it? You are in the right place. In this article, we will guide you through the basics of the stock market, and how to buy, and sell in the stock market before you go into it. By the end of this article, you will be fully ready to take your first step into investing in the stock market. What Is the Stock Market? The stock market is a marketplace where investors publicly buy, sell and trade companies’ shares. It’s an important component of the global economy, which allows companies to raise capital and investors to earn returns on their investments. For instance, when you are buying a stock, you are purchasing a small piece of a company, and when you are selling, you are transferring your ownership to someone else. How Does The Stock Market Work The stock market has various exchanges just like the Nasdaq and New York Stock Exchange, which allow the public to buy and sell stocks. Most of the public companies issue stock to fund their businesses while attracting investors who will believe in their company’s future. The stock market is classified into two different sections which are Primary Market and Secondary Market. The primary market is where companies register themselves by providing details about themselves and stocks they want to issue, and then follow up by issuing shares with the plan to raise capital. The Secondary market takes place when a stock is issued in the primary market. You can buy and sell it in the secondary market. This is a marketplace where investors (buyers and sellers) come together to transact at an agreed price and make money for themselves. Now that you have an idea of what the stock market is and how it works, let’s look into the other aspects of how you can buy, and sell in the stock market. How To Buy and Sell Stock Buying and selling stock is one the simple ways to build wealth and achieve financial freedom. To get a hang of this, below are the steps of how to buy and sell in the stock market as a beginner. Open A Brokerage Account You need to open a brokerage account to have a direct entry into the stock market. A brokerage account is just like a bank account where you will be able to keep your investment. There are a few steps you need to take when opening a brokerage account; Research The Stock You Want To Buy or Sell Before you buy or sell a stock, you need to look into what the companies do. Who are their competitors? And what are their product and services all about? What is their financial statement? This will help you have a proper understanding and evaluation of the company. Buy And Sell Stock Using The Right Order Once you are done with your research you can now place your order. There are different types of buy and sell orders to consider: Monitor Your Stock Performance Monitoring your stock performance is also important to determine long-term success. You need to monitor your stock performance by setting up alerts on your brokerage platform to track your stock through notifications when the price changes. Also, review the earning reports through the companies’ earning reports. Lastly, always stay updated to get the latest news about the company’s new price stock, new product launched, change in management etc. This will help you stay informed and make the right investment decision. Bottom Line You need a solid understanding of the stock market on how to buy and sell stocks. This can be done by setting up a brokerage account, researching the stock you want to buy, choosing the right type of order, and exploring the marketplace confidently. The main key to successful investment is doing thorough research, planning carefully and monitoring your investments. All this will help you make smart decisions and accept the changes. Once you are equipped with the right tools and strategies, a thoughtful approach to buying and selling will pave the way for your success in the stock market. Frequently Asked Questions How Do I Know Which Stocks To Buy? There is no right stock to buy that is why you need to have a financial advisors advocate for investing in stocks. And if you want to invest in individual stocks, it is necessary to do a thorough research on the stock before buying. When Is The Good Time To Buy Or Sell Stocks? There is no right time to buy or sell stocks. All you just need to do is buy stocks as soon as you have the money available, and also sell stock when you feel the need to. But when the market falls after investing, don’t worry, you will have plenty of time to make up for the losses. How Much Should I Sell My Stocks For? Before you can sell your stocks, you need to look at the following factors: How much do you buy the stock? How will be your financial return when you sell? What is the state of the economy?
How to Subscribe to Prepaid Meter in Nigeria
Now that you have gotten a prepaid meter, you will no longer have to pay huge bills. No more electricity workers harassing and visiting utility offices for a top-up. You now have full control of your electricity payment but with the responsibility to subscribe to your prepaid meter yourself. In this article, you will see a step-by-step guide on how to subscribe to your prepaid meter. You will also discover the electricity distribution company that is in charge of the electricity in your area. What Is Prepaid Meter? A prepaid meter, also called a prepayment meter, is a type of electricity meter that allows consumers to pay for electricity before usage. Unlike the traditional meter, where you will be given a monthly bill for the electricity you have consumed, prepaid meters require that you purchase a smart card and input the 12-digit token into the prepaid meter machine. How To Subscribe To Your Prepaid Meter Subscribing on your prepaid meter is as easy as when you buy airtime or data on your mobile network. The first thing you must be certain of is your meter number. This is a unique number for every prepaid meter. To find your meter number, you can check your meter or previous electricity bills. The next thing is to choose a preferred payment method. This could either be online or offline. The Online method can be categorized into two different types, making payment on the official platforms or using your banking or mobile money app. Read below to see the steps for each. Online Methods You can subscribe to your prepaid meter by logging in to your electricity company’s website. You can follow the steps below to get this right: The other online payment method that you can try is paying through your banking app. This can either be through bank apps or mobile money. Once you have any of the apps installed on your device, you can follow the steps below: Offline Methods For offline payments, you can visit the electricity company close to you or mobile money vendors. For this payment method, you can pay either with cash or a card. You can also pay using a transfer. Electricity Distribution Company Office in your Area: Visit The Designated Mobile Money Agents Conclusion As you have seen, subscribing to your prepaid meter is simple. By choosing any of the methods above, you can easily subscribe on your prepaid meter. Don’t forget that your meter number is the most important in all of these. Punch in the right 12-digit token and you are good. Frequently Asked Questions On Prepaid Meter Where Is The Nearest Electricity Distribution Company (DisCo)? There are many DisCo offices in Nigeria, which is why it is important you know your local DisCo before you recharge your meter. Also, each of these companies has their website and procedures. Below is the list of some major DisCo in Nigeria; How Do I Activate A New Prepaid Meter? The simplest way to activate a new prepaid meter is to contact the electricity distribution company (DisCo) in your area. They might likely tell you to come to their office or send their operator to come over to your location and activate your meter. Most times, an operator will come to your place to install the meter and activate it. You will also receive a prepaid card with your meter number on it. Remember that this activation process differs depending on your electricity company. Make sure you contact them to have up-to-date information for your area. How Do I Get A New Prepaid Meter? To get a new prepaid meter, you can visit the electric company that covers your location. This can be Mojec prepaid meter, IBEDC prepaid meter, etc.
All You Need To Know About Cleva Foreign Bank Account
Receiving payments from international clients can be a freelancer’s biggest headache. However, thanks to technology we’ve had fintech companies provide help with this difficulty. One of those fintech companies is Cleva foreign bank account. Cleva foreign bank account provides a seamless way for freelancers to receive payments from abroad. Keep reading to learn more about Cleva foreign bank account and how to use it as a freelancer. What is Cleva Banking? Cleva bank is a foreign bank provider that makes receiving payments easy for African freelancers and SMEs and can also be used to save funds. It was founded in August 2023 by Tolu Alabi and Abel Philip. This foreign bank account has successfully received investors from different firms, including Y Combinator, FirstCheck Africa, The Raba Partnership, and Byld Ventures. Furthermore, on a Cleva foreign bank account, payments made with ACH take 1 to 3 business days before you can receive them. For payments made with a Wire transfer from a US bank, you’d receive your payment in hours to 1 business day. If you’re receiving payments from a non-US bank, you’ll receive your payment within 1 to 5 business days. Getting Started With Cleva Foreign Bank Account Although Cleva is a relatively new foreign bank account provider, it has already made a significant impression with its user-friendly interface. Signing up for a Cleva foreign bank account is a breeze, taking only a few minutes to complete. You can get a referral bonus after creating a Cleva foreign bank account. If the person you referred receives $300 for a deposit, you will be gifted $5 from Cleva foreign bank. To help you get started, I’ve put together a simple step-by-step guide on how to open a Cleva USD bank account. How to Open a Cleva Account How to Open a Cleva USD Account Before you can open a USD account, you need to complete your KYC verification. The verification process involves three steps, and Cleva bank takes one day to get you verified. Follow the steps below to start your KYC verification: N/B: Your KYC verification will take 2-5 days to complete. Once it’s successful, you can go ahead and create a Cleva foreign account. How To Create a Cleva USD Account Once you’ve uploaded the required documents for your KYC verification and it’s been confirmed by Cleva, do the following: Once you’ve done this, your USD account is ready for use. How to Create a Cleva USD Card To create a Cleva USD virtual card, you’ll have to pay a one-time fee of $3 from your USD account. $2 is the card creation fee, and $1 is the amount to top up your card. If your card gets declined while trying to make a payment with your Cleva USD card, Cleva will charge $0.3 from your account. If you’re looking to create a Cleva USD card, you can follow the steps below: Your Cleva USD virtual card has been successful. How to Fund Your Cleva USD Virtual Card After creating your Cleva USD card, on the card section, do the following: N/B: You can only fund your Cleva USD virtual card through your Cleva foreign bank account. How to Fund Your Cleva Foreign Bank Account Currently, you can’t fund your Cleva bank account using your local currency. You can only receive payments from your clients. With the funds received, you can then fund your Cleva USD virtual card. Pros and Cons of Cleva Foreign Bank Account Cleva bank has various benefits that make the platform worth using. However, there are certain limitations you need to be aware of. Below are the pros and cons of Cleva foreign bank. Pros of Cleva Foreign Bank Account Cons of Cleva Bank If you’re looking for a foreign bank account provider that allows you to create a naira account, you can check out Geegpay foreign bank account, or Grey foreign bank account. Users Thoughts on Cleva Foreign Bank Below are reviews from Cleva bank users on the Google Play Store: My Thoughts on Cleva Foreign Bank Account Provider I personally love how easy it is to make use of Cleva foreign bank. I also love the fact that they are intentional about users’ privacy. However, I think Cleva banking needs to integrate the “remember password” feature into the mobile app. This would be useful for individuals like me who barely pay attention to saving our passwords. Also, while carrying out my KYC verification, I noticed that I wasn’t just to upload my personal ID but I was also required to take a picture with the ID. Well, I found that stressful because I wasn’t ready to go through the stress. I believe requesting users to take a picture of them with their ID is extra stressful. Final Thoughts on Cleva USD Bank Account Cleva foreign bank account is a user-friendly solution for freelancers and SMEs in Nigeria to receive international payments with ease. With its seamless sign-up process, and referral bonuses Cleva banking offers a convenient and secure way to manage international transactions. While there are some limitations and Cleva USD bank account is still working on some features, the various benefits it offers makes it a valuable platform. Try Cleva today and experience the simplicity of global banking. Frequently Asked Questions on Cleva USD Bank Account 1. What is Cleva Used For? Cleva bank can receive payments from platforms such as Deel, Rippling, Remote.com, Upwork, and others. 2. What is a Cleva Card? A Cleva card is a virtual USD card that can be used to make payments for goods and services purchased internationally online. 3. Who is the Founder of Cleva Foreign Bank Account? Tolu Alabi is the founder of Cleva foreign bank account. Her co-founder is Abel Philip.
What Are Stocks? Definition, Types, and Benefits for Beginners
The universe is unforgiving to the less privileged. That is an undisputed fact. It’s said that the rich also cry; the entire situation will be worse in the absence of financial stability. This clear reality pushes us—humans—to find ways to make money. Although making money is the goal, doing it with zero to little manual labor is the dream of many individuals. Investing in stocks represents a sure way to make that dream a reality. Don’t know what stocks are, let alone how to invest in them? This article is for you. Read on to find out what stocks are, how they work, benefits, types, and how to invest in them. What Is A Stock? A stock is a security that provides stockholders with part ownership of a company. Stock is also known as equities. Oftentimes, beginners like yourself mistake stocks for shares, and that’s understandable. The best way to understand the concept of stocks is to picture a pie. Think of the pie as the company’s stock put on sale to the general public. If the pie is the company’s stock, then each slice is a ‘share’. Simply put, the company sells its stock while you buy shares of it. How Do Stocks Work? Companies sell (issue) stocks as a means to raise funds for projects such as research, expansions, etc. When a company finally decides to issue its stocks, it goes through a process known as an IPO. The initial public offering process, as the name implies, is when the company makes an offering of its ownership to the public. This is the business’ equivalent of “going public.” Once the stocks are issued, investors and brokerages are then allowed to buy shares. Owning shares of a company grants you ownership of its assets and earnings proportional to the percentage of shares you own. Let’s simplify it: If company A issues 1000 shares of its stock to the public, and you buy 2 units of shares. You only own 0.2% of the company. As a matter of fact, the more shares the company issues, the lesser your percentage becomes. For instance, after purchasing 2 of the 1000 shares, the board of directors approves the issuance of 1000 more shares. The shares total 2000, and you now own 0.1% of company A’s assets and earnings. The Concept of Shareholder Ownership A stockholder or shareholder is an individual or entity that owns at least one share of a company’s stock. As a shareholder, you DO NOT own the company. What you own is the company’s shares. Using the previous example, the initial 0.2% is the percentage of the company’s stock you own. Why? It’s because the law treats corporations as legal persons. They can borrow money, buy properties, and pay tax just like you and I. But those assets and liabilities do not belong to the investors. This concept is a bonus, as shareholders are not held accountable for the corporation’s failures. What happens if the company goes bankrupt? In such events, the judge might force the corporation to sell its properties. Regardless, your assets as a shareholder are immune to such orders. With that, drastic depreciation of the share value will be the problem you will face as a shareholder. Since you understand that owning shares does not necessarily mean you own the company itself, here are some perks of shareholding. Benefits of Stocks The benefits of stocks cut across all standpoints: long-term, short-term, shareholders, and corporations. Here are some of the benefits that serve as motivation. Dividends: These are cash rewards given to shareholders at the end of the financial year. It’s a part of the company’s profits and allotted based on ownership percentage. Capital Gains: This is one of the long-term goals. It’s the increase in the value of a company’s stock. If you bought one share at NGN 10,000 two years ago, chances are that it’ll cost significantly more now. So, you can buy now and sell at a profit later. Liquidity: Stocks are easily bought and sold through exchange mediums. You can also decide to sell units of shares in parts instead of whole. Types of Stock There are two main types of stock a company can issue: common and preferred. Common Stock Corporations can choose to issue common stocks, which grants shareholders the rights to vote on important corporate decisions like the selection of new board members, stock splits, company objectives, etc. Common stock also rewards its holders a part of profits through dividends. Also, in the event of liquidation, common shareholders have some rights to the company’s assets. Although, common shareholders may not receive compensation in the event of liquidation. Preferred Stock This offers its holders less rights than the common type. One, preferred shareholders have zero or little voting rights. Regardless, it’s the best choice for investors looking for stability in future returns. It offers rewards in the form of dividends significantly higher than the common stock that can be paid monthly or quarterly. Also, in the event of liquidation, preferred stockholders have a higher claim to assets after bondholders. How To Invest In Stocks According to Vanguard, between 1926 and 2022, a portfolio of 100% stocks returned an average of 10.2% annually, while a 100% bond portfolio averaged 5.1% in returns in the same timeframe. This fact further proves owning stocks is a good way to invest money. Here’s a step-by-step guide to help you out. Step 1: Open A Brokerage Account A brokerage account is one that allows you to buy and sell a variety of investments. Some brokerages have investment apps to make it easier to buy and track your investments from your phone. Examples of brokerage firms you can check out are Fidelity Investments, Vanguard, and Charles Schwab. Step 2: Choose Which Stock To Buy Just like pizza, there are various company stocks out there. Weigh the options carefully with enough foresight before committing. Step 3: Know How Many Shares You Want Since you already know which stock you are investing in, you should come
How to Open an Intasend Foreign Bank Account
As an African business owner looking to expand internationally or an individual looking to handle multiple currencies, – Intasend foreign bank account is an efficient solution for swift international transactions. With an Intasend foreign bank account, you can send and receive in bulk. This platform also offers great competitive rates, user-friendly features and ensures your international transactions are smooth. What Is Intasend Foreign Bank Account? Intasend is a fintech platform that enables users to receive and send money internationally. It supports payment methods like bitcoin, card, and mobile payments. This platform is primarily available to those in Kenya. Founded by a team dedicated to making payments easy for businesses and developers. Intasend foreign bank accounts offer bulk payments, withdrawals to banks and M-pesa, payment links, and 24/7 customer service. Pros Cons Features Of Intasend Foreign Bank Account Getting Started With Intasend Foreign Bank Account To enjoy the features of an Intasend foreign bank account, you first need to set up an Intasend bank account. How To Open Intasend Bank Account To create an Intasend foreign bank account, follow these steps: Once your account is verified, you can begin receiving and sending money. Note: The Intasend foreign bank account is versatile. It functions as both a business account and a personal account. How To Send Money With Intasend Foreign Bank Account You have successfully funded your recipient account. How To Withdraw With Intasend Bank Account The Intasend team will immediately approve your withdrawal request. Intasend Pricing And Limits This foreign bank provider offers three fair pricing with amazing features. 1. Card Payments Local Cards: A transaction fee of 3.5% will be charged for payments made with local cards. This gives you access to certain features. International Cards: A 3% fee will be charged per transaction for your mobile payments. This gives you access to certain features. 2. Mobile Payments Collection A 3% fee will be charged per transaction for your mobile payments. This gives you access to certain features. 3. Disbursements Intasend Limits Card Payments Limits Mobile Money Limits Limits are solely based on providers’ limits. Reviews On Intasend Foreign Bank Account Some users of Intasend foreign bank accounts shared their experience on Trustpilot. A user said “3 years since I started using intasend. Seen very commendable growth and improvement on their payment solutions. We started receiving payments with them when they were having only a visa as a method of payment and later on added mastercard and other options. I highly recommend intasend because it’s an amazing start up focusing on client satisfaction unlike other big companies which whenever you have a problem you will have to write an email and wait for 3 working days, with intasend you just call and get your issues solved immediately . Easy sign up. I highly recommend high risk freelance business. Keep it up.” My Thoughts On Intasend Foreign Bank Account As a Nigerian, my attempt to create an Intasend foreign bank account was unsuccessful. The service is exclusively available to business owners and freelancers in Kenya. This limitation is a significant disadvantage for those in other regions of Africa. I hope Intasend foreign bank account expands its services to include freelancers and business owners in other African countries. Conclusion This fintech platform, is primarily available for freelancers and business owners in Kenya. They offer services like multi-currency support, bulk payments, wallet to wallet transfers, and competitive rates. Despite Intasend being restricted in countries outside Kenya, it has slower card transaction processing. Additionally, Intasend provides benefits like 24/7 customer support and offers both Visa and Mastercard transactions. Frequently Asked Questions 1. Is Intasend Foreign Bank Account Safe? Yes, Intasend is a legally registered company. 2. How Long Does It Take To Process Card Transactions? It takes 2 to 3 days to process any transactions made with a card. 3. How Long Does It Take To Get Verified? It takes Intasend about 1 to 3 business days to process your account. 4. What Is Intasend Live Screening? This is a KYC process where Intasend gets a better understanding of your business before getting your account approved. 5. How Much Does It Take To Open An Intasend Bank Account? No setup fee is needed. You can get started right away.
What are Shares? How They Work, Types and Features
Shares are not that hard to comprehend. That’s a fact. Imagine a birthday cake cut into 30 equal slices (emphasis on the equal). Now, each slice is sold at a predetermined price. The cake is the company’s stock, while each equal slice is a share of the entire stock. Is this a good investment? Of course, it is. Armed with the right information, you can become way richer than you ever imagined, just by buying shares. This article is packed with details to help you understand shares, their types, and how to buy shares. How Do Shares Work? When a company starts up, the primary investors can decide to sell shares as a means to raise more capital. The raised capital can be channeled into research, marketing, etc. To achieve this, the entire ownership of the company, called stock, is divided into smaller units called shares and sold to other investors. Usually, there are first bought by investment banks and brokers, who then resell them in smaller quantities to individuals. Basically, for every unit of shares you buy, you co-own the company. The larger the number of units you have, the higher your percentage of ownership. For example, if a company’s stock is divided into 1000 shares and you purchase 2 units, you own 0.2% of the company. Authorized vs. Issued vs. Outstanding Shares When a company decides to sell its stock, investors conduct meetings to agree on how many shares they’re willing to sell. Authorized shares are the maximum amount a company can sell. Issued shares are those that are sold or distributed to shareholders. While the number of shares authorized and issued can vary, the latter can only be less than or equal to the authorized one. Outstanding shares are here and there. They are part of the authorized stick but not exactly issued. For example, when company A authorized the sale of 1000 units of shares, 400 units were sold (issued). Along the line, 50 out of the 400 units issued were bought back by the company and held as treasury stock. The outstanding shares of Company A are issued units minus Treasury stock. 350 units. Features of Shares How Are Shares Issued and Regulated? The board of directors of the company was given the number of shares to be issued (authorized shares). These are made available to the public through an Initial Public Offering (IPO). During an IPO, the company goes public about the number of shares available and the price at which it sells them. At this stage, all the funds generated go straight to the company. Once the IPO is concluded, the shares are sold on the stock market, where the value becomes unstable due to the influence of several factors. As the number of authorized shares directly affects the ownership percentage, shareholders meet to determine the number to approve. When there is a need to sell more shares, they come together once more. If the decision favors more, a request is made to the state through articles of amendment. Share trading on public and private markets is overseen by the Securities and Exchange Commission. What are The Types of Shares Shares can be broadly classified into three groups. Each type has its own set of privileges or lack thereof. Common Stock Shares Some companies divide their stock into common shares. This type grants the buyer (shareholder) residual claims over the company and its profits. This means that common stockholders are entitled to returns through capital gains and dividends. Common stock shares also grant its owners the ability to buy more shares when the company issues more. This will allow them to maintain their ownership percentage. Remember, the more stock issued, the lesser each ownership percentage becomes. As another perk, common shareholders are bestowed with voting rights. Shareholders can vote on important company decisions, e.g., the election of new board members, the payment of dividends, etc. Preferred Stock Shares preferred stock can also be divided into shares. This type of share does not offer the same benefits as common shares. For instance, it does not give voting rights, nor does it offer much market appreciation in value. To make up for themselves, preferred shares have a set payment criteria. Dividends can be paid out regularly at set intervals. Also, if the company files for bankruptcy and is forced to repay its shareholders, preferred shareholders get paid first. This reduces the risk below that of common shares. Fractional Shares If the whole pizza is company stock and each slice is a share, then the fractionals are bites of a slice. Investors are only allowed to buy full shares of the company. In a bid to resell, some investors and brokers may sell parts of one whole share based on money rather than number. For example, investor A buys 1 share of company stock at NGN3000. He can decide to sell out the share in parts. He can sell out at NGN500 worth. Fractional shares afford individuals with lower purchasing power the chance to own shares. While fractional shareholders have proportional dividends, they may not have voting shares. What are The Benefits of Shares? For companies, shares provide almost limitless advantages and increase liquidity. It provides early investors and founders with a way out. They run their ownership stake into cash and peacefully exit the stage. With just one claim of ownership, early investors will not be able to trade ownership easily. It also serves as an employee incentive. Some companies reward their employees with shares of their stock. This move kills two birds with one stone. It rewards the employees and, at the same time, pushes them to work harder. Since staff own parts of the company, they are pushed to work smarter and more efficiently to ensure the company’s survival. Lastly, companies can raise funds for much-needed expansions, research, etc. For individuals, owning shares is a perfect way to invest money. Although it has immediate benefits like dividends, etc. The main gratification is long-term, such as capital gains over the years. How To Buy Shares In Nigeria There are two routes to buying stocks in Nigeria: buying stocks directly