Passfolio Review and Tutorial 2021

Flag Traders in United States welcome
Passfolio Facts & Figures

Passfolio is a regulated American stockbroker that boasts cryptocurrency trading and a range of US markets.

InstrumentsCrypto, Stocks
Demo AccountNo
Min. Deposit$1
Payment MethodsBitcoin Payments, Credit Card, Debit Card, Mastercard, PIX Payment, Visa, Wire Transfer
Min. TradeN/A
Regulated BySEC, FINRA
MetaTrader 4No
MetaTrader 5No
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Margin Rate8%
Auto TradingNo
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
Account
Currencies
USD
Cryptocurrency

Passfolio offers cryptocurrency trading with over 30 tokens on its proprietary platform.

Spread
CoinsBTC, ETH, LTC, BCH, ZEC, FIL, ZRX, AAVE, AMP, BAT, BAL, LINK, COMP, CRV, DAI, MANA, KNC, MKR, OXT, PAXG, REN, STORJ, SNX, UMA, UNI, YFI, BNT, 1INCH, LRC, SAND, SKL, GRT, ENJ, ALCX, ANKR, BOND, FTM, INJ, LPT, MIR, MATIC, CUBE, SUSHI
Risk Warning – Your capital is at risk

Passfolio is a global online broker offering trading opportunities within the USA financial markets. This review will cover minimum deposit requirements, funding methods, sign in security measures, fees, available countries and much more, so you can make an informed decision before opening a Passfolio account.

Passfolio Headlines

Passfolio was established in 2018 via two wholly-owned subsidiaries; Passfolio Securities LLC and Passfolio Financial. The mission of the founder was to provide fast, easy and secure access to the US market. Today, the broker focuses on international transfer methods and partnerships with local exchange providers to make investments accessible in 170+ countries across the globe.

The broker is regulated by the Financial Industry Regulatory Authority (FINRA) and holds member status to SIPC, offering $500,000 protection for customers.Passfolio review 2021

Trading Platform

Passfolio offers a proprietary web-based trading platform that is compatible with all major browsers. It is not currently available for download to desktop devices. The web terminal is still in the Beta stage of its development.

Current features include:

Recommended improvements that the broker are working on include amplified user customisability, more order types and price alerts & notifications.

Assets

Passfolio offer clients investment and trading asset opportunities in the US markets:

Passfolio also offers market orders for fractional shares trading.

Fees

It is free to open a live account with this broker. Passfolio trading fees do not apply for any assets, except cryptos, with a value above $5. Any orders with a value under $5 will be charged $0.02 per share. This includes REITs investments.

Cryptocurrency trading does have applicable trading fees, varying by order type. Limit orders are charged 1.5% per trade. Market orders apply a 0.5% fee plus an additional set charge depending on the order value.

The Passfolio robo-advisory service, Smart Portfolios, is available at a fixed annual charge of 0.75%. It is reassuring to see no additional charges like inactivity fees, ideal for long-term investors.

Leverage

Passfolio offers margin trading opportunities up to 1:2 (50% off all trades over $5). To access leverage, customers must join and subscribe to Passfolio Pro and have at least $2,000 in equity. Note, margin rates are high with this broker, at 8% plus the daily Federal Funds Rate (FFR). We would recommend implementing robust risk management strategies when using leverage.

Mobile Apps

Passfolio’s mobile platform creates a complete trading experience straight from your mobile or tablet device, no matter your location. The app is available for free download for iOS and Android (APK) devices via the relevant application store or from the logo on the broker’s website.

Passfolio free stock login
Passfolio Mobile App

The mobile app is user-friendly with a clear design and hosts sophisticated search functionalities. However, the mobile platform does not support the same alerts and notification capabilities as the web terminal, which is disappointing.

Payment Methods

Deposits

There are no minimum deposit requirements to open a live trading account with Passfolio, ideal for new investors. The broker does not charge a fee for any deposit payment methods, except local bank transfers, though third-party bank charges or currency conversion fees may apply.

A useful local currency conversion tool is available on the broker’s website. Customers can enter the funding amount in local currency to understand the estimated USD deposit, including applicable fees.

Funding methods vary by country of residence but include:

Note, all payments to a Passfolio account will require a fund transfer to DriveWealth before uploading the transaction confirmation to the platform.

Withdrawals

Passfolio withdrawal charges do apply, varying by transaction method. This includes:

Full details of how to deposit from and withdraw to a live account can be found on the broker’s website.

Demo Account

It is disappointing to see that Passfolio does not offer a demo trading account, given that alternatives like Robinhood, Trading212, eToro, Bamboo, Avenue and Trove all do. These accounts are a safe way to practise trading, navigate platform features and test strategies risk-free. Paper trading is standard practice for major online brokerages.

Deals & Promotions

Passfolio offers various bonus and incentive programmes to new and existing traders. Active promos may include a deposit reward sign up bonus worth up to $100 when you initially deposit $1,000. Always review bonus claim terms and conditions.

Regulation & Licensing

Passfolio is a United States SEC-registered broker-dealer. The company is authorised and regulated by the Financial Industry Regulatory Authority (FINRA).

The broker is a member of the Securities Investor Protection Corporation (SIPC). This scheme protects customers against the loss of securities in the case of business insolvency. The maximum protection is $500,000, which includes a $250,000 limit for cash. Note that some investment products, such as futures, are not covered by SIPC.

Additional Features

Passfolio has a smattering of additional features, including a tax guide for US investments, blog posts, trading examples and thesis publications. Topics include investing in an IPO, day trade tips and an introduction to investment assets including index funds, bonds and options. Supporting YouTube video content is also published on some areas of trading, such as understanding spread fees and orders types, including stop loss.

There is a Passfolio roadmap for customers to share ideas and make suggestions on improving the features and services offered by the broker. There are many listed suggestions and Passfolio.us customer reviews are currently live on the website.

Account Types

Passfolio offers two account types, available to US and international customers. These accounts can be opened via the mobile app or a desktop device and validation can be completed in just 15 minutes.

There is only one account base currency available, USD, with no minimum deposit requirements needed to open a live trading account. Local deposits are accepted for conversion for trading. Features on the standard account include:

A Passfolio Pro account is available for $5 per month. Users can access advanced features including access to advanced order types, interest on uninvested cash, dividend reinvestment and margin trading. Pro customers also gain the first access to new features when they are rolled out.

Customers must complete an online registration form to open a live trading account. You may be required to provide identification verification documents such as proof of residency under the know-your-customer (KYC) compliance system.

Benefits

Drawbacks

Trading hours

The brokerage follows standard office hours and US market hours run from 09:30 to 16:00 EST. The broker publishes USA trading holiday closure dates. It currently does not offer pre-market trading. Note, these timings may vary by instrument.

Passfolio crypto and stock trading platform
Passfolio Trading Platform

Customer Support

Passfolio offers full support during trading hours (09:30 to 16:00 EST) available in English, Portuguese and Spanish. Help can be accessed via the below customer contact options:

There is also an extensive support centre on the broker’s website, hosting useful FAQs including how Passfolio works, promo code help, API trading terminal installation and personal tax advice.

Safety & Security

Our app and trading platform review were pleased to see Passfolio offers a good level of security measures to all customers. This includes two-factor authentication (2FA) and additional multi-factor verification processes like TouchID, FaceID and customer pin for app unlocking.

Individual passwords are protected with Bcrypt hashing algorithms. All personal data and sensitive information between client terminals and the platform service are encrypted with Transport Layer Security (TLS) protocol.

Passfolio Verdict

Passfolio is a competitive broker with a low price trading environment that provides access to a range of US financial markets. While asset types are more limited than some, with no futures, bonds or options, the lack of minimum deposit and trading fees, strong security systems and reputable regulation stand the broekr in good stead.

FAQs

In What Countries Can I Open A Live Trading Account With Passfolio?

Passfolio provides trading opportunities in 170+ countries, including within Europe and Indonesia. Some supported countries are South Africa, Belgium, Romania, Ireland, UK Hong Kong, Turkey, Canada, Nigeria, Portugal, Qatar, Malaysia & Egypt.

Is Passfolio.us Legit?

Passfolio is a legitimate, regulated broker based in America. Both the SEC and FINRA regulate the firm. which is also a member of SIPC, providing clients with assurance of compensation in case of insolvency or malpractice.

What Are The Minimum Deposit Requirements To Open A Live Account With Passfolio?

There are no minimum deposit requirements to open a live trading account with Passfolio, meaning you can start trading from just £1/$1/€1.

How Can I Contact Passfolio Customer Support?

Passfolio offers some customer help options. These include a telegram group, online email form, and telephone number (+1(256) 530-2387).

Is Passfolio Regulated?

Yes, Passfolio is authorised by the Financial Industry Regulatory Authority (FINRA). This is a reputable regulatory body in the financial market with stringent compliance for all registered companies.

Accepted Countries

Passfolio accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to Passfolio

If you are looking for alternatives to Passfolio we have compiled a list of the top 5 brokers that are similar to Passfolio below. This list of brokers like Passfolio is in order of similarity and only includes companies that accept traders from your location.

  1. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  2. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
  3. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  4. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  5. Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
Passfolio is a regulated American stockbroker that boasts cryptocurrency trading and a range of US markets.

Passfolio vs Other Brokers

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