Young jamaican here interested in the stock market long term. Anyone here invest? Eyes on the S&P 500 just wondering if anyone knows how I can get started
you need a brokerage account and a bank account for funding. a platform like schwab, robinhood, fidelity etc are good for trading
any stocks or etf listings. not sure what platforms will allow a jamaican national, so
you’ll need to google what brokerages are
available. there is probably some jamaican brokerages you could use too. just check them carefully first.
If you are in Jamaica currently there are only two ways to invest in the s&p 500
- Open a Brokerage account with Ncb Cap Market ,Scotia Investments,JMMB,Barita etc then purchase one of their money funds that includes s&p 500 stocks.
2)Open a Brokerage account with one of the above or any other brokage firm with 5000 or 2500 USD and the brokage firm will purchase the stocks for you .
In my opinion NCB Cap and JMMB are the best because they both have a investment app that connects to ur Ncb or JMMB bank account so you can log into the Ncb or JMMB banking app and transfer money to the investment account then log into the investment app and place the order for your trades.
This is just general information speak to a rep from one the above to advise.
Note that currently that the Jamaica Stock Exchange has created a portal that allows to trade directly on the Candain stock exchange and they are working on adding the US Market.
The benefit of this is that instead of paying the broker to buying the stocks on your behalf which will cost you their fee,the price of the stock and the fees associated with placing the order.You can just open a broker account with Cumax and access the portal and only pay for the stock and fees.
Is it easy to invest in stocks in Jamaica like it is in the US. We have apps for that. Is there an app in Jamaica that you can get your feet wet in stocks. Asking so I could relay info
Keep in mind to use any American based investment app like Robinhood from Jamaica you need a us based bank account and a VPN to trick the app thst you are in the US because those apps are Geo tagged so once it see that your IP address is a Jamaican one you will be blocked from using it .
I’d recommend Interactive Brokers (ibkr.com). They have low commissions and are very reliable. They’re USA based but allow Jamaicans to sign up without a VPN.
I’d recommend you stay away from the Jamaican brokerages, they tend to be rubbish at best and thieves at worst. Look at what happened to Bolt.
Probably unpopular opinion, but do a little research on XRP. With trump taking office in a few days and being pro crypto.
Big up my yute. I’m a day trader and have been investing for years. I recommend you learn about investing before you jump in. There are lots of risks even with the S&P. I learned another from this guy on YouTube. Check him out. His name is Chris Sain.
I use IBKR. The downside is if you just a put in a small amount bit by bit, fees to transfer it to IBKR (wire fees from our banks) probably gonna kill you unless you do lump sums.
This is a good group to join wallstreetbets they have a lot of insight https://www.reddit.com/r/wallstreetbets/s/YNbUfnD1f9
Are you in JA or USA?
You need to open a brokerage account, and the one in Jamaica I know was involved in some kind of nonsense so I have no recommendations
I’m pretty sure Robinhood is outernational. I use Fidelity and RH but would recommend Fidelity as RH has pulled shady chit previously.
Not true. Interactive Brokers and Schwab both allow Jamaicans with no VPN
actually holding onto some xrp right now
I didnt know that thanks I will check them out .
I just tried Schwab and it said sorry we don’t allow account opening requests from Jamaica. So I was correct in saying you need a SSN and VPN
Good stuff just keep what you can for long term. Been holding for 5 years and don’t want to sell till I see 1k per xrp
how do i go about getting xrp?
Damn we got banned already?? I guess mine is grandfathered in because it still works
u don’t think 1k is a stretch rn?