One of the fastest ways to become a millionaire is through investments. It provides a way to build your wealth, by employing some money to make more money.

From stocks to bank bonds and commodities markets, there are many different ways you can invest.

However, investing successfully can be a difficult task. If you invest without a proper understanding of what you are investing in, there is a potential risk of losing your money.

Nigeria’s First Digital Commodity Trading Platform

ComX, a commodity trading platform by AFEX Commodities Exchange Limited (AFEX) is reducing the risks of investment by providing a simple, easy and informative way of trading and investing in agriculture commodity-backed instruments.

Since its launch in January 2020, the ComX app has grown to have over 10,000 users and now has 10 listed commodity-backed instruments for its users.

With the promise of providing Nigerians with an easy way to invest and create wealth, I reviewed the ComX app.

Invest easily with ComX

At 16 MB, downloading the ComX app was easy and fast on Android but a bit heavier on iOS with a size of 91.6 MB. The app has a 4.3-star rating and over 10,00 downloads on Play Store.

After launching the app for the first time, you can start investing in less than 5 mins. All you need to do is just sign up with your name, email and phone number.

Once you are logged in you need to verify your account, enter a personal 4-digit pin and answer 3 multiple choice questions to help determine your preference as an investor.

After that, you can start trading Spots, ETCs, Forwards, and Asset-Backed Commercial Paper (ABCP) available on the platform.

Richard Ogundele, a ComX user lauded the app. He expressed that the sign-up process was easy for anyone to trade comfortably in agricultural commodities, learning the ropes and growing their portfolio of investments.

He added that its simplified way of trading agricultural commodities was fantastic and that “whatever one’s appetite or concerns for investments, the platform has it all covered.”

How to trade on ComX

The ComX app has a Market section where you can find all the commodities available for you to trade or invest in. Under Market, you have Trades where you can search or select from the drop-down list of commodities like soybeans, sorghum and maize for you to buy or sell.

It also has an Open Orders page where you can find all your pending and partially matched trades that you can invest in.

Buying or selling commodities on the platform are done in units. Each listed commodity has a unit price which determines the price of the units of the commodity you want to buy.