Overview
Chaka is Nigeria’s first and only SEC-licensed digital investment platform that allows users to trade and invest in U.S., Nigerian, and International stock markets securely. The platform serves as an investment passport for Africans looking to build wealth in dollars through diversified portfolios.
The platform is accessible to anyone with an internet-enabled smartphone who can download the app, sign up, and begin investing with as little as $2 or ₦1,000. Currently available only in Nigeria, Chaka targets both beginner and experienced investors seeking exposure to global markets with automated and manual investment options.
Key Features
SmartInvest Portfolios
Dollar-denominated portfolios tailored to risk profiles and managed by experts
Global Stock Trading
Access to 5,000+ U.S. and Nigerian stocks and ETFs
Dual Wallet System
Local (Naira) and Global (Dollar) wallet functionality
Automated Investing
Portfolio designing, monitoring, rebalancing, and dividend reinvestments
Real-time Transfers
Instant money movement between local and global wallets
24/7 Customer Support
Live chat, email, and phone support available
Pros & Cons
Advantages
- SEC-licensed and regulated platform
- Low minimum investment ($10/₦1,000)
- Free deposits and withdrawals
- Fast withdrawal processing (48 hours)
- Access to global markets
Limitations
- Limited to Nigerian residents only
- App stability issues reported by users
- Limited customer service response times
- Transaction fees on every trade
- The app hasn't been updated regularly
Security Features
Regulatory Compliance: Full SEC licensing and oversight
Data Protection: User data encryption and secure storage protocols
Account Security: Multi-factor authentication and secure login processes
Fund Protection: Segregated client accounts and regulatory-compliant fund management
Privacy Policy: Transparent data handling practices with user consent mechanisms
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Trading Commission | 0.5% per trade | Charged whenever a trade is executed |
| SEC Charge | 0.3% | Applied to every stock purchase |
| NSE Charge | 0.3% | Applied to every stock sale |
| Account Opening | Free | No sign-up fees |
| Deposits | Free | Free deposits and withdrawals |
| Withdrawals | Free | Processing within 48 hours |
| Portfolio Management | Free | SmartInvest automated management |
Detailed Ratings
Final Verdict
Chaka stands out as Nigeria’s first SEC-licensed digital investment platform, offering legitimate and regulated access to global markets. While the platform provides excellent regulatory protection and low entry barriers, app stability issues and limited geographic availability may concern some users. The comprehensive fee structure is transparent, making it suitable for serious investors seeking dollar-denominated investments.