Passfolio Review 2020
Passfolio is a San Francisco fintech company that offers online trading services to a global clientele. The firm is a United States Money Services Business and SEC-registered broker-dealer. The broker allows traders in over 170 countries to invest in various financial assets, including United States dollars, stocks, ETFs, and REITs, using their local currency or cryptocurrency.
Passfolio Review 2020, Pros & Cons
- Intuitive mobile trading platform
- Educational resources
- Multiple financial instruments
- No MetaTrader trading platforms
- No standalone trading tools
- No CFDs
- Restricted leverage
In this detailed Passfolio review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Passfolio is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Passfolio.
Passfolio Review: Summary
Passfolio was founded in 2018 with the mission of democratizing investment opportunities and providing fast, easy, and secure access to the US market. They provide traders with a proprietary trading platform that is available as a mobile app. The minimum deposit required to begin trading is $100. Traders also benefit from educational resources and a client support team.
Passfolio Review: Regulation
Passfolio is the brand name of Panchain, Inc. Passfolio Securities LLC and Passfolio Financial LLC are fully-owned subsidiaries of Panchain, Inc. Passfolio Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the SIPC.
Passfolio Review: Countries
The broker states that its services are not available in locations or countries and territories where the services may be illegal. If you access the broker’s services from other locations, you do so at your own risk and are responsible for compliance with local laws. In particular, Passfolio is not authorized by the Brazilian Securities and Exchange Commission (CVM) to offer securities distribution services to investors who reside, are domiciled or incorporated in the Federative Republic of Brazil.
Some Passfolio features and products mentioned within this Passfolio review may not be available to traders from certain countries because of legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Passfolio Review: Trading Platforms
Passfolio offers an easy-to-use trading platform that is developed in-house for trading the available financial assets. The platform has a user-friendly interface, which makes it suitable for all levels of traders. It allows you to create your account in a few minutes, add funds to your account using your local currency, and start investing with just $100; there are no commission fees. The broker presents its proprietary trading platform as a mobile app that is compatible with smartphones running on Android and iOS.
Passfolio Review: Trading Tools
There is no standalone trading tool on the broker’s website at the moment. Traders are expected to make do with the built-in tools of the Passfolio trading platform.
Passfolio Review: Education
The broker’s website contains a selection of educational resources to enhance clients’ trading skills and knowledge. They include blogs, articles, trading guides, and more.
Passfolio Review: Trading Instruments
Passfolio offers the following financial instruments: United States Dollars, Stocks, ETFs, Cryptocurrency, and REITs
Passfolio Review: Trading Accounts & Fees
The broker allows clients to create a live trading account to begin trading.
As broker fees can vary and change, there may be additional fees that are not listed in this Passfolio review. It is imperative to ensure that you check and understand all of the latest information before you open a Passfolio broker account for online trading.
Passfolio Review: Customer Service
The broker provides traders with a customer support team that is polite and prompt in response. They can be reached via telephone, email, Live Chat, and social media.
Passfolio Review: Deposit & Withdrawal
The broker accepts the following payment methods for both account deposits and withdrawals: bank transfers and electronic payment processors.
Passfolio Review: Account Opening
To open an account, click on the Get Started button. Fill out the account application form properly, entering your tax number, name, address, email, and phone number. You will be required to scan your ID and verify your email address to complete the process.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
Passfolio Review: Conclusion
Passfolio is an online financial services provider that operates out of San Francisco, offering access to the global financial markets via its proprietary trading platform. Traders benefit from educational resources and a client support team. The minimum deposit required to open a live trading account is $100, while no commission is charged on trades.
All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Consider the investment objectives, risks, charges, and expenses of a fund before investing.