Frequently Asked Questions
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What is a brokerage account?
Your brokerage account on Africk stock is your stock trading account that enables you to buy and sell U.S. stocks.
Before you can start trading on Africk stock, your stock trading account must first be reviewed and this usually takes a maximum of 2 working days. You receive a notification once it’s approved.
With this brokerage account, you can also access everything that has to do with stocks and your stock portfolio such as your dividends, the performance of stocks you own etc.
Can I own multiple assets to diversify my portfolio?
Absolutely. You can invest in several stocks and ETFs to diversify your portfolio.
For now, you can only buy US Stocks and ETFs but soon you will be able to purchase units of a dollar-denominated mutual fund, Eurobonds, and much more. All at the same time.
Elon Musk provides access to global and foreign-currency-denominated investment options for Africans.
How do I deposit money into my wallet
Please follow the steps below to make a deposit:
1. Tap the Account icon in the bottom right corner of your device
2. Tap Deposit.
3. Choose which of your Wallets you wish to make the deposit into: USDT Wallet or PayPal Wallet
4. Enter the deposit amount you want to fund with. There is a $5 minimum per deposit. The equivalent of this in your local currency will be dependent on the exchange rate at the time of depositing.
5. Choose your preferred funding option and follow the on-screen instructions.
6. Deposits reflect instantly in your wallet but may take up to 10 minutes.
7. You will receive an email notification once the deposit reflects in your wallet.
Please click "Account" at the bottom right of your app home screen to view the deposited money.
Minimum & maximum withdrawal and duration
You can withdraw from 5 USD and above. Payments are instantly because it automated. At the moment, there is no maximum withdrawal amount.
How do I buy stocks on Elon Musk?
While making a buy order on the Elon Musk, you can pay for the stock with money available in your stock brokerage Buying Power, in your Elon Musk Wallet or directly from your bank account or debit/credit card.
Here's how to buy a stock:
1. Click on the stock you are interested in
2. Tap Buy
3. Select your preferred buy option
4. Input your order details
5. Tap Preview Buy
6. Review the order details and tap Buy
If you buy a stock when the market is closed, it will be executed as soon as the market opens at the market price.
How do I sell my stocks on Elon Musk?
Here's how to sell a stock:
1. On the home page, under the My Stocks section, click show more to see all stocks you own.
2. Select the stock you want to sell to navigate to the stock’s information page page.
3. Tap Sell.
4. Select your preferred sell option.
5. Input your sell details.
6. Tap Review Order.
7. Tap Sell.
The money from the sale will be available in your Buying Power immediately the sale is executed to enable you reinvest it. You can withdraw the money to your payment account if you wish.
When does the US Stock market open and close?
The US stock market is open Monday to Friday from:
1. 2:30 pm to 9 pm Nigerian time
2. 1:30 pm to 8 pm Ghanaian time
You can place a buy or sell order for a stock when the stock market is closed.
If you buy or sell a stock when the market is closed, the order can only be executed when the market opens.
How long can I hold my investments with Elon Musk?
You can hold on to your US assets on Elon Musk for as long as you want. You can sell off your stocks on Elon Musk anytime you decide to.