How to Buy Apple Stock in Senegal
If you are interested in buying Apple Stock from Senegal and want to know when is the best time to do so or if it is a good idea or not, in this article, we will explain the pros and cons and show you how to invest in Apple.
How to Buy Apple stock in Senegal in 4 steps
Choose a broker to buy Apple Stock that is available to local traders (Some Brokers restrict clients from Senegal)
Open your brokerage account
Deposit money into your account
Buy Apple stock
Let's describe each one of these steps.
Step 1: Choose a broker to buy Apple Stock
To buy Apple shares in 2022, you should consider a broker that, ideally, excels in several of these features:
Low Trading commissions: A good broker charges low or null commissions when opening and closing a trade and offers tight spreads.
Regulated by a Credible Government Agency: Being in Senegal means that you might get approached by a company that ends up being a scam. However, a regulated broker is the best chance you have to avoid dealing with the wrong people. Therefore, if a broker claims that they are regulated, do your diligence on them. As an example, if they claim to be ruled by the UK's FCA, check if it's indeed true. In general terms, always review the broker's website's footer; that's where they usually make their regulatory claims.
Simple Registration Process: We don't want to hustle. However, do not trust a broker with no registration process.
Good Tenure in Business: This is a double-edged comment. A platform's tenure is not a safeguard that protects traders per se. However, tenure hints that a financial services provider being in business for an extended time overcame several market's ups and downs. Therefore, we consider that a provider's tenure of +10 years is indeed a good sign. On the other side, try to avoid ancient financial institutions (like traditional banks, for example); they will probably charge you more and lack the latest available trading technology.
Free e-Learning Material: If you are a beginner trader, it is always a plus if a broker offers a good set of free e-learning materials. Aim to attend every conference, webinar or free learning experience a broker provides. It will help you to get your trading knowledge up and running. Warning: The broker will try to sell you their products but separate the trash from the wheat.
A Good Set of Financial Instruments: Aim to open an account with a broker that offers many stocks trading in different stock exchanges. The bigger the offering, the better. We don't mean that you will end up trading leveraged futures on penny stocks, but instead, we imply that you will have different alternatives. You may be starting with Apple shares, but you will want to diversify later. Also, a broker with a vast product offering implies a more prominent company (Since it must comply with additional and different regulations, laws and directives).
Top Brokers to Trade Apple Stock in Senegal
Step 2: Open an account
Once you have chosen the broker you feel it's the best alternative you have, you will have to create an account. First of all, remember to double check if the Broker opens accounts to clients in Senegal since a handful of them don't. This process will feel like opening an account with one of your phone apps.
In most brokers, the process will be straightforward and will be completed on the same day, although in some instances, it may take a couple of days to verify your identity and financial background.
Step 3: Deposit money into your account
Once you have your trading account ready, the next step is to make the first deposit of funds. The minimum is usually around USD 100-200, or the equivalent in Euros, Aussie Dollars or Sterling. Funding your account can be completed via credit card, debit card, bank transfer or Paypal, as well as Skrill or Neteller. However, be aware that the broker might charge you an extra fee with some payment methods.
This deposit will provide you with the liquidity in the account to buy the equivalent in Apple shares. Adding funds is usually an instant process. In other words, you will have access to your capital when you authorize the operation (excepting a bank transfer, which could take up to 3 business days).
Step 4: Buy Apple Stock
You are in the last step to be able to own Apple shares!
To do this, go to the broker's search engine, write Apple (or its trading symbol AAPL) and select it. Usually, a small box will appear where you must fill:
The number of Apple Shares you wish to buy.
The price at which you would like to execute the buy order if you would like the current price to drop a bit before you go in. Alternatively, you could go with the 'Market Order', which will execute the buy transaction at the current market's
Finally, execute the trade by clicking "Execute Trade", "Buy", or whatever message the order box displays. And, done. Congratulations, you now own Apple shares.
Further Step: Review your investment in Apple regularly
Once the trade completes, it is now time to monitor it regularly. Be up to date with Apple's news and the price's technical movements.
You will need to decide your exit strategy. In other words, the triggers and period you want to keep the position open or closed. Are you a long term investor? a short-term trader? The previous questions are the primary consideration you have to have when thinking about your exit strategy. In the case of making a short-term trade, you will need to be aware of the news and technical movements daily, but if you want to take the long-term trade, you will need to be mindful of the essential info, such as quarterly results.
You can decide at any time what to do with your shares. Therefore, you will be able to manage your trade and change it at any time according to your convenience.
If, for example, you had planned to keep the stock for an extended period, but after a few days, the stock rises a high percentage, you can decide whether to sell them at that time or continue with your investment strategy and keep it longer.
Remember to set goals, both for-profits and losses, and secure your capital. To do this, use the Take Profit and Stop Loss tools and modify them according to the target price you want to win or the maximum loss you want to bear.
Now that you've mastered the required steps to buy Apple stock, take a moment to learn more about the company.
Why invest in Apple Stock?
Investing in Apple represents a stake in an extraordinarily successful company. In terms of their impact on the daily lives of hundreds of millions of people, Apple's founders and their successors are right up there with Henry Ford and Alexander Graham Bell. Moreover, the company's star products have entered the English language, be it the Mac computer, the iTunes, the iPad, the Apple Watch and, of course, the iPhone. There was even a movie in 2015 about the company that took its name from co-founder Steve Jobs.
Pros and Cons of Buying Apple Stock
In this section, we show you the pros and cons of investing in Apple to have more information about why to buy Apple shares:
Almost 15 consecutive years making all-time highs in its price
1st company by capitalization volume in NASDAQ
Future projects: Apple TV+, Apple Card (banking sector), Apple Arcade (video games) and Apple News
Incredible Customer loyalty
Growth of the competition (Huawei, Xiaomi, and others)
Big rivalry with the Chinese market
Frequently Asked Questions
Is Apple traded on the New York Stock Exchange?
Apple trades in New York, but not in the NYSE; instead, the Stock trades in the Nasdaq Exchange (Focused on Tech companies).
Can Investors from Senegal invest in US Stocks?
Of course, buying shares from American companies is not restricted to US citizens. Yet, it is essential to check how this will affect your local tax position.
Are Apple shares suitable for my portfolio?
Although Apple is not the cheapest stock, there is a debate on both sides of the spectrum that Apple will not sustain its current rate or be subject to a price and earnings contraction. In addition, investors may be less enamoured with Apple's future growth prospects. Nevertheless, today it is on an upward value. Apple is a great company to own on anyone's portfolio.
Does Apple pay dividends to its shareholders?
Apple has never paid a dividend. Instead, the company's promise to investors has been built around the idea that as Apple grows, consumes business in new markets, and begins to generate significant profits, investors will become more excited about buying stock, which will increase the price.
Is it a good idea to buy Apple stock if I'm new to investing?
One of the rules of investing in the stock market says that you should buy what you know: choose shares of companies that you understand and are familiar with. Picking stocks of companies with solid fundamentals or strong balance sheets is another rule. And, of course, diversifying your investments or making sure you don't put all your eggs in one stock is also a hypothesis we should follow.
What is the best broker to invest in Apple stock?
The previous list that we added to this article gives you several options. They are all good alternatives. Decide based on your personal situation.