yok:
THIS PASSFOLIO MATTER IS AN EYE OPENER

I am still reviewing this Passfolio notice? This is a red flag to US as members of this forum.

For now I will try to digest the message and comment later.

Let us maintain our cool. Looking at it from the literal side, we have suffered no big loss, except for the blockchain side, where whatever we have as loss has crytalised. Our main cash will either go to the new broker or get refunded back.

It is heartbroken and very painful, but let us control our emotions. God will give us the fortitude to bear this rude shock. Since drivewealth is still involved, we should maintain our cool, as drivewealth is the main Custodian of our stocks and they are the one that has the main FITC link.

Will come back with more comment and we will continue to follow up the matter.

yok:
WE ARE BACK TO OUR NORMAL GAME TILL NOV 2 FED MEETING
The fear of the Fed issue is now settled. Inflation must be attached with heavy rate hikes?

For us and our forum members, you will receive more stock picks henceforth. However, we are playing a very strict game, we would avoid buying anything that is overbought, this is the issue we have been avoiding. Too mant stocks in the oil sector are overbought, but we will look for reasonable pull backs. For this at least we have 2 names in mind, but we believe crude or oil will not be sweet if there is no dividend- don't you hear sweet crude all the time, so we are only interested in oil stock that has the sweet(dividend) attached. If you look at the history of oil prices except for a new coy (has Nad many mergers and acquisitions) like OXY, most of them will still be close to prices they were sold probably 4years ago, you can check and dispute my comment (no harm, I may not even counter the argument), the point is if you look at the sectors, OIL has one of the higher dividend yields

Susily:

We should exercise patience. I have written previously on the conditions attached to transfering you stock from one stockbroker to another: you can only transfer whole units (fractions or whole plus fractions not allowed), thus for any shares you hold full unit plus fraction you sell off the fraction. If the shares you are transfering is not among those being traded on the new stockbroker platform. You must sell it, any shares you hold fractions only, you sell. Passfolio transfering our entire portfoil to SPROUTFI the way it is without need for us to sell off the fractional shares, (this is good).
Also the new stockbroker is promising, commission free trading.

My advise is let us wait till our account is with this SPROUTFI, at least this development has also shown that once a stock is on our portfolio, it is safe at least with those stockbrokers connected to drivewealth.

The better alternative I see is TRADE ZERO. CO, thus is a truly US based broker, for your kind of account, I know you can afford their minimum deposit requirement, but the problem is that making deposit will attract higher charges as they allow only wire transfer. Thus, the minimum transfer you can make (deposit or withdrawal will be around $500 at a time).

So personally, I want to go over to this SPROUTFI, see how east it will be to trade with them, wait and see if they can takeover the Passfolio structure for receving and paying money from Nigeria investors.

This is one of the reason, why I have moved away from any stock trading below $5 per unit. I want to build a long term portfolio with strong stocks and dividend paying ones in particular.

SO, FINAL CONCLUSION, LET US STAY WITH SPROUTFI AND SEE HOW THEY PERFORM, at least our money is safe as long as "these Stockbrokers" are under drivewealth, at least you can trust drivewealth, where one of the Directors is a strong member of CBOE.

Looking at this Passfolio case, we have been promised that all our portfolio will move


Passfolio is closing operations and will transfer it's customers stocks to SproutFi. The problem is that SproutFi only tends to the needs of Latin Americans

Do you know the Broker one can transfer his stock assets in passfolio to?

Susily:


The problem is that SproutFi only serves Latin American investors. I have checked their platform and they are currently not tending to Nigerians

So even if Passfolio moves our stocks to SproutFi, it's useless because SproutFi doesn't tend to Nigerian investors

What do you think about Trove?

yok:
MY OPINION ON SPOUTFI AND SOME ONE MENTIONING TROVE
Since our accounts are going to SPOUTFI under special arrangement, we will be treated fairly, at least whatever we have in our account, we can be trading with it till we get a better idea on the need to move or not.

The Nigerian APPS are not the best at this moment, the platforms are not prepared for trading Global stocks: it is either there are not enough stocks or they hang nearly everyday.
To confirm my openion on Nigeria APPs you can transfer about NGN14, OOO to Trove and come and tell the forum your experience!!! .

On SPROUFI, have they rejected your account? Many big Stockbrokers accepting people from Togo, Niger Republic etc are rejecting Nigeria residence, (Fidelity, welbull etc). So if SPOUTFI is rejecting Nigeria residence no surprise it is the norm (I don't know why, but when you mention you are from Nigeria in an International Airport outside West Africa you know what comes to mind).

[b]Cool down, if SPROUFI is accepting us on this special occasion (drive wealth is the Godfather for many medium size Stockbrokers [/b]and they may have told SPROUFI to accept all accounts from Passfolio, they have no option). Remember the Nigerians that opened account early at 212 are still using their account, therefore we should take it as a privilege that SPOUTFI is accepting us due probable to the influence of drivewealth. unfortunately drivewealth do no accept individuals as clients, they only deal with Stockbrokers (stockbroker to other Stockbrokers). If you need your peace of mind just calm down, stay with SPOUTFI as one of the few Nigerians that will have accoubt there. Trove may be okay, if you trade with $10 and you don't care with what may happen to your money if you have a trade on and the platforms hangs for 2 days. On a general note, if you can afford to trade with $200 and above, you are not a poor person and no global stockbroker will treat you shabily (except Nigeria APPs, as they believe the average person will open account WITH NGN7000 and then lose it or forget it). To be frank, Passfolio level of service was 100% better than the local APPs, the trading plaform never broke down for 2hrs continuously, for the Nigeria APPs. Plaform not working for 3 days at a stretch is a normal thing (which a good investor will never accept).

I will not comment on this matter again. Let us look to take our trading to the next level. Finally, for whoever is making a recommendation to you, go and check that person's profile and see what that person is involved in, is the person investing actively in Global stocks, than take your decision. We need to protect our money, "RETURN OF CAPITAL" MAY BE BETTER THAN EXPECTED RETURN ON CAPITAL
. Wishing everybody the best, I love every member of this forum, it is like a different set of mostly well cultured people compared with NSEMPA (I belong to the too sides.so no harm meant)

IyaTola:
One of he best app

Susily:


Pls can you tell me the Features Trove have that makes it one of the best apps??

IyaTola:
I have been using them for the past 3 year and I don't have any issues with them.

yok:
LOOKING AT THIS DRIVEWEALTH MODE OF BUSINESS
Trading with Stockbrokers affiliated to drivewealth seems to be a sort of risk protection. I said this because, since our accounts is ultimately in their care, if anything happens to the sub stockbroker (like the way it happened that Trove decided to close down, our portfolio gets transfered to another broker, probably in the same Country as the broker that is ceasing business), looks good since I will not be looking for another stockbroker on my own if my current broker stops their business. Do we get my point, comments expected!!!