Passfolio account opening
Account opening at Passfolio is fully online and user-friendly.
This means that you can go through the registration process easily in front of your device.
Check out this comparison table to compare the rating and duration of Passfolio's account opening process to its main competitors:
| Passfolio | Revolut | SoFi Invest | |
|---|---|---|---|
| Rating | 5.0 stars | 5.0 stars | 4.4 stars |
| Account opening time | 1 day | 1 day | 1-3 days |
An account with an online broker is pretty much like a regular bank account and opening one is at least partly an online process. At some brokers it's as quick as opening a new Gmail account, at other brokers it takes a couple of days until they do some background check on you. Rather than storing just money on it, you will hold your financial assets, such as shares or forex positions, on your account. Opening an account is always free of charge. To learn more about trading accounts, read our article on the topic.
There are a couple of other factors to consider when you are about to open an account at Passfolio. Here are the main pros and cons when it comes to registering at Passfolio:
| Pros | Cons |
|---|---|
| • No minimum deposit | • Only one account base currency |
| • User-friendly | |
| • Fast |
If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the Passfolio review.
Passfolio account opening
Countries where Passfolio accounts can be opened
Fortunately, almost anyone can open an account at Passfolio. The few exceptions are typically residents of countries with unstable economic or political backgrounds.
Check out this table to see whether Passfolio is available for residents of the listed countries:
| Country | Availability |
|---|---|
| Australia | Yes |
| Canada | No |
| China | Yes |
| Germany | Yes |
| Hong Kong | Yes |
| India | Yes |
| Ireland | Yes |
| Japan | Yes |
| Malaysia | Yes |
| Netherlands | Yes |
| Singapore | Yes |
| South Africa | Yes |
| United Arab Emirates | Yes |
| United Kingdom | Yes |
| United States | Yes |
Your country is not on this list? Don’t worry, here is a smart geochecker tool for you:
Passfolio account opening
Passfolio account opening requirements
To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is completely digital. The difficulty is that some brokers eventually require physical copies of your documents.
Passfolio accepts the following documents for identification purposes:
Proof of identity: national ID / passport / driver's license / residence permit
Account opening at Passfolio is fully digital, so you can go through the entire identification process on the company's web platform.
Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to be able to start trading.
There is no minimum deposit required by Passfolio.
As such, this is an ideal broker if you want to invest or trade with only a smaller amount of money. It is a good broker to start your investment journey with; and then you can add more funds to your account later as you become more experienced in managing your investments.
| Passfolio | Revolut | SoFi Invest | |
|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 |
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Passfolio account opening
Account types at Passfolio
One important choice to make when you open a new account is the “type” of account to create. Each of these has specific requirements and features. Most online brokers offer accounts varying based on your identity or experience, the nature of traded products, available currencies, and included features such as personal investment advice. Of course, each broker company will offer slightly different packages.
Unfortunately, Passfolio offers trading in only one currency, which is the USD.
This matters because if you deposit funds in currencies other than the base currency, your money will be converted into USD.
To save on conversion fees, you can open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone. You can read more about brokerage fees in this article.
See this table on how Passfolio's base currency selection compares to its main competitors.
| Passfolio | Revolut | SoFi Invest | |
|---|---|---|---|
| Base currencies | 1 | 1 | 1 |
Passfolio account opening
The steps of account opening
The specific process of opening an account at Passfolio might differ slightly from the one detailed here, but generally the process involves the following steps:
1. Choose your account
Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.
2. Add personal info
The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions on your trading experience.
3. Identify yourself
In this part of the process, the broker website will ask you to scan and upload your proof of identity. This can be a passport, an ID card or a bank statement; exact requirements vary by broker. Some online brokers will ask you to mail them physical copies of your documents. This can drag out the account opening process a lot.
4. Seal the deal
Once you've made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.
5. Fund your account
Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account and let's roll! You are now an investor!
For specific instructions on account opening with Passfolio, visit their website or see our own review:
If you want to learn more about the next steps, such as investing in and trading with different types of financial assets, take a look at these articles:
