Nigeria-based brokerage firm Chaka has announced a new partnership with US broker-dealer DriveWealth, LLC, to offer its clients affordable execution and the ability to invest in US shares.
This collaboration enables Chaka investors to build portfolios of US stocks, ETFs, and ADRs with low costs starting from $0.99 per trade. The fractional trading feature also eliminates the barriers that many investors face when trying to invest in a diversified portfolio of U.S. listed securities.
These include instruments traded at NASDAQ and the New York Stock Exchange, offering over 4,000 assets and indexes from companies such as Apple, Alibaba, Google, the S&P 500 index, and many more.
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In addition, the partnership leverages Chaka’s experience in African markets and DriveWealth’s technology and clearing capabilities to enable retail investors to open a live trading account, transfer funds at lower costs, and manage their investments under a complete, digital platform.
“Chaka has developed technology that we’ve integrated with our customizable APIs to make it easy for clients in Nigeria to participate in the U.S. stock market. At a time when many Nigerians are seeking foreign investment opportunities for diversification purposes, this partnership fulfills an important component of Chaka’s global offering with access to the largest and most liquid stock markets in the world,” DriveWealth CEO Robert Cortright said.
DriveWealth expands to six continents
DriveWealth already partners with many financial institutions, brokers, app developers, and technology companies to provide users with the ability to open a US-based brokerage account and invest in the US equities market. The company’s offering covers six continents, offering its APIs that partners can use to provide new investment capabilities to their clients.
“We are excited to partner with DriveWealth to provide our customers with access to U.S. markets. The company offers best-in class technology for international trading to Nigerian investors, including the ability to start investing in an easy, affordable manner with fractional shares. Traditionally, international investing has been a daunting task for Nigerians. Through our partnership, Chaka and DriveWealth are helping to fill this gap. Integration of our technologies has gone very smoothly, and we see this as an important long-term partnership for Chaka,” added Tosin Osibodu, CEO of Chaka.