We are very transparent about all the charges on Bamboo. We will always display the calculation of how much this fee comes to, for every transaction you are about to make. This is so that you can confirm before sending off your order.
We charge a 1.5% commission when you buy or sell stocks on the U.S. stock markets. You can hold stocks for as long as you like and you will not be charged for holding stocks or leaving funds in your Bamboo wallet.
Naira Card: The charge with the Naira card option is 1.4%. The charge is capped and will not exceed ₦2000.
Naira Mobile Bank Transfer: The Naira mobile bank transfer option has a flat rate of ₦150 regardless of the amount being deposited.
USD Card: The charge with the USD card option is 2.9%.
Barter Transfer: When using the Barter option, you will be charged a 1.4% fee on the amount you deposit. The charge is capped and will not exceed ₦2000.
Instant Deposit: There is an additional fee of 0.1% on instant deposits, with a minimum fee of $1 and a maximum fee of $10. This means that if 0.1% of the amount you are depositing is more than $10, the extra fee will be $10. However, if 0.1% of the amount you are depositing is less than $1, the extra fee will be $1. The instant deposit fee is an additional fee to the already existing deposit fee for each payment method above. E.g. the Naira bank transfer fee is ₦150. If your instant deposit fee is $1 at an exchange rate of ₦480 for example, and you choose the Naira bank transfer option, you will pay a total deposit fee of ₦630.
There is a withdrawal fee of ₦45 to Naira bank accounts and $45 to USD bank accounts.
If you deposited from a Naira payment option, you can only withdraw to a Naira account. If you deposited from a USD payment option, you can only withdraw to a USD account. The minimum withdrawal amount to a USD account is $500.
There is a 30% WHT (Withholding Tax) on dividends only, which is a mandatory tax taken by the U.S. government for individuals buying stock outside of the U.S. This only applies to dividends and does not apply to returns made from selling stocks or from capital appreciation. Want to know what dividends are? Watch this video.
For more information, please feel free to check full details on our terms of service and disclosures on investbamboo.com/legal