Trove or “Trove app” is an online investment platform that lets Nigerians invest in international and local financial opportunities. Like the US, Chinese & Nigerian Stocks, Government Bonds, US ETFs and more. Using the Trove app and website you can invest from as little as ₦1000.
It doesn’t matter what you’re investing in. Whether it is stocks, bonds, real estate or any other financial instrument. The goal of investing is simple; to generate extra cash.
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Stocks have shown to offer the most potential for growth when compared to bonds. They are also far more liquid and diversifiable than real estate.
In today’s global world, financial investment opportunities are not limited by geography. Anyone with a smartphone can engage in the global economy and own financial assets in any country. Without the need to be a resident of the country.
As a Nigerian, investing in foreign stocks offers three main benefits. These benefits include;
These online investment platforms allow you to invest in foreign stocks.
- Earning an income through dividends.
- Diversification of an investment portfolio
- And becoming a stakeholder in foreign and global companies.
Also See: Trove Vs Bamboo: Which is Best for You?
Trove app is spreading the idea of Fractional Investing. The belief is that anyone can build wealth by investing small sums of money on a regular basis. Rather than investing a huge sum of money at once. This app also provides access to financial literacy tools that can help you to become a smart investor.
Koboline Review of Trove App
Ratings at Koboline are determined by taking into account pricing, discounts, ease of filing a claim, website transparency, financial strength, and complaint data from social media.
Who Owns Trove App?
This startup in Nigeria has 6 investors to date. The CEO/Co-founder of Trove is Oluwatomi Oluwatomi Solanke and Desayo Ajisegiri (COO)
Oluwatomi Solanke is the Co-Founder/CEO at Trove.
How does Trove App Work?
Trove works with a host of partners that enable the over their investment services. They include Paystack, Verve, 213 Capital, Visa and Mastercard to ensure market access. Particularly, they are partners with Sigma Securities Limited, an SEC-registered company and NSE member enabling securities trading.
How to Sign Up for Trove App
To open an account on the Trove app:
- Download the app on the Google Play store.
- Fill out an account opening form by entering information. Such as your email, First name & phone number and tap the Sign-Up button.
- Enter your Phone number
- Fill your Investment profile by choosing your investment goal and Investment experience
- Fill out the funding & liquidity section. By stating the sources of your funds and how much liquidity you have.
- Choose your risk tolerance.
- State if you’re politically exposed. If any member of your immediate family member is is occupying a political office.
- Then complete your profile by filling in your personal information like;
- Personal Information ( Birth year, Gender, Marital status & BVN)
- Nationality & Residential Information
- Occupation & Next of Kin
- Bank account details (Link your bank account)
- Upload required Documents (Passport photograph, Valid ID, Utility Bill, Signature)
- After filling out the necessary information. Trove will review your account application. After the review you would either:
- receive a confirmatory email stating that your account has been approved. You can fund your wallet and begin investing. This could take anywhere between 3-5 business days.
- Or More verification might be required. This could potentially occur in the following instances:
- Necessary documents were not uploaded correctly.
- Personal Information mismatch. E.g Address on the application does not match the address on the utility bill.
- When the name on the application form does not match the name on your BVN. No transactions can be carried out before the approval of your application is. This includes funding of wallet balances and placing trade orders.
You can also secure your Trove account by setting an App Lock Functionality. It allows immediate access to your Trove account. By setting a device PIN to enter every time the Trove App launches on your device.
Tip: To adjust this setting. Tap the Menu bar icon in the upper left corner of the home screen, select “Account Settings”. Then select “App Lock” and then set the PIN if you want to. You may also disable at your will. Although You would still need to enter your PIN to disable the App Lock Functionality.
Trove provides you with the choice to transfer your investments to another brokerage. But, you will need to close your Trove account to do so.
How do you invest in trove?
You invest by buying foreign (US) or local stocks on the app. But you need to fund your wallet first. There are two wallets in your account. The Naira and Dollar Wallet. The Naira wallet is for buying Nigerian stocks, and bonds, while the Dollar wallet is for buying foreign assets.
Is Trove App Safe & Legit?
Trove app is a safe and legit investment platform in Nigeria that ensures your personal information is safe by using a well-encrypted system (256-bit encryption) and stored using cutting edge security technologies.
Trove is a very legit platform that partners with DriveWealth LLC, a regulated member of FINRA/SIPC. Holds All the US trading accounts on Trove. It also protects the securities holdings of its members. Of up to $500,000 (including $250,000 for claims for cash). Its other partner, Sigma Securities. A firm regulated by the NSE & Securities and Exchange Commission. Holds all Nigerian trading accounts. While ARM Investment Managers, a licensed Asset manager in Lagos, Nigeria. Acts as the Investment manager for the Portfolios on Trove.
Product Features of This Stock Investment App
- Platforms: Android (iOS App is coming soon.)
- Minimum investment amount: ₦1,000.
- Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not an actual physical copy. Some basic information like (Verified Email Address, Verified Phone Number, and Bank Account Information).
- Payment Options: Mastercard, VISA and Verve cards issued by Nigerian Banks. Bank Transfer.
- Holding period: As long as you like.
- Investment monitoring: You can track returns on investments purchased through the Trove app.
- Deposits Fees: (1.5%+ ₦100 for transactions over ₦2,500)
- Trading Fees (Naira Wallet): SEC (Securities & Exchange Commission) – 0.30%, CSCS Trade Alert – ₦4.20, VAT on commissions – 5% of NSE, SEC & Brokerage fees. Stamp Duty – 0.075%, Brokerage – 1.35%, Platform Fees – 0.5%
- Trading Fees (Dollar Wallet): 1% of Transaction Amount (Minimum of $2.5).
- Withdrawals: You can withdraw uninvested cash in your wallet for 3 business days or more. If you’re withdrawing more than your invested cash. You’ll need to sell some of your purchased assets. If you submit a sell order it will take between 1 to 2 business days for your funds to settle in your account. You can either choose to deposit the fund in your wallet or bank account. For foreign securities, the least amount you can withdraw is $50.
- Security: Trove ensures your personal information is well encrypted with 256-bit encryption. And stored using cutting edge security technologies. Trove’s partner, DriveWealth LLC, is a regulated member of FINRA/SIPC. Holds All the US trading accounts on Trove. It also protects the securities holdings of its members. Of up to $500,000 (including $250,000 for claims for cash). Its other partner, Sigma Securities. A firm regulated by the NSE & Securities and Exchange Commission. Holds all Nigerian trading accounts. While ARM Investment Managers, a licensed Asset manager in Lagos, Nigeria. Acts as the Investment Manager for the Portfolios on Trove.
You don’t need to be wealthy, to partake in the global economy. You can invest in foreign and local stocks, Government bonds and ETFs. Through a mobile app with a little sum of money.
Although Trove’s target customers are millennials. Anyone that is quite savvy with a smartphone can invest in foreign stocks using the Trove app.
How to make Money on Trove
You make money on Trove by buying stocks and making money from them through dividends or selling the stocks when their prices have gone up.
▪️ Deposits Fees: (1.5%+ ₦100 for transactions over ₦2,500)
▪️ Trading Fees (Naira Wallet): SEC (Securities & Exchange Commission) – 0.30%
▪️ CSCS Trade Alert – ₦4.20, VAT on commissions – 5% of NSE
▪️ SEC & Brokerage fees. Stamp Duty – 0.075%, Brokerage – 1.35%
▪️ Platform Fees – 0.5%Trading Fees (Dollar Wallet): 1% of Transaction Amount (Minimum of $2.5)
▪️ Withdrawals: You can withdraw uninvested cash in your wallet for 3 business days or more. If you’re withdrawing more than your invested cash. You’ll need to sell some of your purchased assets. If you submit a sell order it will take between 1 to 2 business days for your funds to settle in your account. You can either choose to deposit the fund in your wallet or bank account. For foreign securities, the least amount you can withdraw a is $50
Note: Investors should consider the investment objectives. And also their unique risk profile of all individual asset types carefully, before investing.