Chipper Invest is providing the platform for African millennials to decide their financial future by investing in new ways.
Freedom of investing, speed, and affordability are features that many millennial investors crave today, but these are hardly found in most Fintech platforms.
Chipper is changing all of these by providing a combination of securities that young investors really want to invest in.
Crypto, foreign stocks, ETFs. Plus the speed of transaction and low fees.
This is millennial investing heaven.
In this article, we’ll take a look at Chipper Invest and how it is matching the financial needs of many African millennial investors today.
What Is Chipper Invest All About?
Chipper Invest is a product of Chipper Cash that allows anyone to invest in cryptocurrency, stocks and ETFs from the comfort of a mobile app.
With Chipper Invest, investors could trade U.S stocks in real time and purchase fractional shares of their favorite global company.
If you already use Chipper Cash for your transfers, currency conversions, and bills payments, you can easily activate Chipper invest by answering a few investment risk tolerance questions and verifying your identity.
How Does Chipper Make Money From This?
Chipper charges a simple transaction fee when you trade on the platform.
For every stock or crypto bought or sold, chipper charges a flat 1% commission. Thereafter, you can hold your investment without incurring any further charges.
How to Invest With Chipper
To start investing with Chipper, you need to get your Chipper Cash account fully verified and have a minimum balance of $1 or the equivalent in Naira.
You can buy and sell crypto round the clock, but stock market trading can be done when the U.S stock exchange market opens between the hours of 9:30 am to 4pm ET (3:30pm to 10pm Nigerian time).
With a minimum balance of $1, you can start trading and go up from there, as there is no maximum trading limit on Chipper Invest.
What Kind of Securities Can You Buy on Chipper Cash?
Investors can buy and sell cryptocurrency, such as bitcoin in real time by converting their available Chipper balance.
Also, U.S stocks and ETFs can be bought on Chipper in real time. Trades made during weekends or after close of the U.S stock market will be executed when the market opens next.
Dividends from stocks bought on Chipper will automatically be paid into your Chipper wallet, which you can then reinvest if you want to.
How Much ROI Does Chipper Invest Offer?
The way Chipper Invest is designed, there is no guarantee of ROI when you invest on the platform.
Chipper doesn’t invest for you, but provides the platform for investors to make the best investment decisions on a wide range of securities and digital assets.
The nature of crypto and stock trading has shown that there is a risk of loss, so ROIs could fluctuate depending on the expertise of the investor.
Is Chipper Invest Legit or Scam?
Chipper seems to be a legit platform, with over 5 million users on Chipper, they must surely be doing something right.
The company also has a robust partnership and investor base, having raised over $300 million from more than 20 investors so far.
Chipper also boasts a strong partnership with Drivewealth LLC, a member of the Securities Investor Protection Corporation (SIPC), which provides insurance of investors’ securities up to $500,000 (and up to $250,000 in cash claims).
This means that Chipper has taken the necessary regulatory steps needed to protect investors accounts from security risks and losses.
What I Like About Chipper Invest
I really like that Chipper’s investment offerings are straightforward and diversified.
The question is, what do most millennials today want to invest in?
If you say crypto, stocks and ETFs, you would have guessed right.
And that is exactly what Chipper Invest is offering off the bat, especially for investors looking for speed, affordability, and freedom of investing.
What I Dislike About Chipper Invest
The only thing I’ve come to dislike about Chipper, especially as someone from Nigeria, is their inefficient verification system.
It takes almost forever for Chipper to verify your identity in Nigeria.
You’d have to upload a photo of your identity document, which most times fails to meet Chipper’s verification requirements.
I would have liked if users could just input their ID Number and then Chipper does the verification from their end.
This would be a faster and more authentic way to verify users, especially in Nigeria where many identity cards come with print defects.
Can You Lose Money With Chipper Invest?
Like I said before, the nature of crypto and stock trading has evidently shown over the years that there is risk of loss.
Chipper doesn’t help you invest and they don’t guarantee any ROI for investors.
If you buy a crypto or stock asset, and that asset depreciates in value, you’ve effectively incurred some losses.
So, you could lose your money if you invest wrongly or if your investment goes wrong.
Should You Invest With Chipper Invest?
Chipper Invest is a good platform for investors with moderate risk appetite.
If you’re willing to take a few risk to make higher returns, then Chipper Invest might just be the place to start.
However, if you’re a beginner investor, it’s best to start with an investment that gives a guaranteed return.
Play it safe and grow from there.