Ouch! Are you wondering if these Fintech apps are becoming too much, making it difficult for you to easily make your decision for one? Stop worrying! That is why we are here to help you again.
Are you a prudent investor looking to diversify your investment portfolio beyond Nigeria’s borders? Well, you’re in luck because Trove makes this not only possible but also remarkably convenient.
I guess you must have heard of the Trove App to be reading this post. The Trove app, also known simply as “Trove,” is an online investment platform that provides Nigerians with the opportunity to invest in both local and international financial markets. It sounds great., right? This includes options such as U.S., Chinese, and Nigerian stocks, government bonds, and U.S. Treasuries, as well as ETFs and more.
What is Trove?
Trove is a groundbreaking stock trading and investment platform that empowers Africans to engage in global stock trading while residing in Africa. It stands at the forefront of investment applications, revolutionizing the way investments are made.
Years ago, this was not possible due to geographical constraints. Thus you are often limited in your ability to invest in a country’s shares if you didn’t reside there. However, Trove has changed the game entirely by providing Nigerians with seamless access to these opportunities. You can now initiate investments from the comfort of your own home, without the need for a traditional stockbroker.
Trove is more than just an investment option; it’s a smart, secure, and accessible way to grow your wealth.
With the Trove app and website, you can start investing with as little as ₦1,000. The possibilities are extensive, whether you choose stocks, bonds, real estate, or any other financial instrument. The primary goal of investing is straightforward: to increase your financial resources.
Stocks, in particular, offer higher growth potential compared to bonds, and they offer greater liquidity and diversification compared to real estate.
In today’s interconnected world, geographical boundaries are no longer barriers to investment opportunities. With a smartphone, anyone can participate in the global economy and invest in any country, regardless of their residency status.
Benefits of Investing with Trove
As a Nigerian, investing in overseas stocks through Trove offers several key advantages:
- Online investing platforms provide access to foreign stocks.
- Opportunities to earn dividends.
- Diversification of your investment portfolio.
- Becoming a shareholder in foreign and international companies.
Trove: Fractional Investing for Wealth Building
Trove is part of Wealth Technologies and has introduced the concept of fractional investing, making wealth creation accessible to anyone who can invest small amounts of money regularly. The app also offers valuable financial education resources to help you become a savvy investor.
Is Trove Safe And Legal?
Yes. Trove App is a safe and legal investment platform in Nigeria that ensures your privacy with a proper encryption system (256-bit encryption) and is protected by advanced security technologies.
Trove is a very legitimate platform partnered with FINRA/SIPC authorized member DriveWealth LLC. Trove covers the entire US. keeps business accounts. It also protects the securities of its members. Up to $500,000 ($250,000 credit limit).
What We Like About Trove App
- User-friendly interface.
- Effortless registration process.
- Convenient funding via ATM card.
- Almost instant stock purchases upon funding.
- Low investment costs, starting at less than $10.
- Easy access to your investment status via the app.
What We Dislike About the Trove App
- Investment fees are applied to each deposit.
- Marketing fees are charged for results.
- The minimum withdrawal amount is $50.
The Trove App Review
Trove enjoys a rating of 4 out of 5 stars. In Nigeria, it enables anyone to invest with a minimum of ₦1000. The platform offers both Naira and Dollar Wallets, ensuring users receive currency and market information updates on the go.
Trove Ownership and Investors
Trove is backed by six investors. The President and co-founders of Trove are Oluwatomi Oluwatomi Solanke and Desayo Ajisegiri (COO). The company has secured $23.3k in funding thus far.
How Trove App Works
Trove collaborates with various partners, including Paystack, Verve, 213 Capital, Visa, and Mastercard, to facilitate market penetration.
Notably, they are partners with Sigma Securities Limited, an SEC-registered company that is a member of NSE and permits securities trading.
How to Invest in Trove?
You can invest by purchasing foreign (US) or domestic stocks within the app. But first, you need to fund your portfolio. Your account has two wallets: Naira and Dollar.
Naira wallets are used to buy Nigerian stocks and bonds, while Dollar wallets are used to purchase foreign assets.
How to Make Money with Trove
You can make money on Trove by buying shares and cashing them out through dividends or selling them when prices rise.
With the Trove app, you can earn money by buying and selling local and international stocks and buying references.
Deposit Fee: (1.5%+ ₦100 for transactions over ₦2500)
Marketing Fee (Naira Wallet): SEC (Securities and Exchange Commission) – 0.30%
CSCS Trade Alert – ₦4.20, VAT on commissions – 5% NSE
SEC fees and brokerage fees. State tax: 0.075%, brokerage: 1.35%
Platform Fee: 0.5% Trading Fee (USD Wallet): 1% of transaction amount (minus $2.5)
Withdrawals: You can withdraw cash from your wallet that has not been funded for 3 business days or more. If you withdraw more than your investment. You will have to sell some of the assets you bought. If you have placed an order, it will take 1-2 business days for your funds to clear your account. You can choose to deposit money into your wallet or bank account. For foreign securities, the minimum amount you can withdraw is $50
How to Sign Up for the Trove App
To create an account and sign up for the Trove app, follow these steps:
- Download the application from the Google Play Store.
- Complete the account opening form by providing your information, including your preferred email address, name, and phone number. Click the “register” button.
- Fill out your investment profile, indicating your investment objectives and experience.
- Complete the Finance and Liquidity section, detailing the source of your funds and your liquidity.
- Choose your risk tolerance.
- Disclose any political exposure, such as relatives holding political office.
- Provide personal information, including your year of birth, gender, marital status, and BVN.
- Describe your city and residence.
- Specify your occupation and next of kin.
- Link your bank account.
- Submit the required documents, including a passport copy, valid ID card, utility bill, and signature.
Trove will review your information, and upon approval, you will receive a confirmation email. You can then fund your portfolio and commence investing, which typically takes 3 to 5 working days. In some cases, further verification may be necessary, such as when documents are improperly filed or information is inconsistent.
Trove also offers an app lock feature for added security. You can set a device PIN to log in every time you access the Trove application on your device.
Important Note: If you wish to transfer your investments to a broker, you’ll need to close your Trove account to do so.
To discover more about the Trove app, visit their website and explore the opportunities it offers for your financial growth.