Trove vs Bamboo: Which Stock Platform is Best for You in 2023?

trove vs bamboo

Last Updated on January 19, 2023

There are Nigerian digital investment companies that allow you to invest in foreign shares (stocks) from Nigeria.

They take away the stress that you’ll have to go through if you were using a foreign broker that commands high account opening fees, has a long signup time and where you’ll always encounter money transfer issues.

Currently, two popular online stock brokers in Nigeria are Trove and Bamboo. In this Trove vs. Bamboo comparison, based on some key features you’ll find out which of these platforms is best for you when it comes to investing in foreign stocks from Nigeria.

Trove vs. Bamboo: At a Glance

Trove is a safe and secure platform you can use to invest in American, Chinese and Nigerian stocks, bonds and  ETFs with as little as ₦1,000.

Bamboo is an online investment platform that lets anyone from Nigeria buy and sell American stocks. The company has announced that its users will soon be able to also invest in Nigerian stocks.

See: How to Buy Shares in Nigeria

Trove Vs Bamboo: Features and Accessibility

trove vs bamboo features koboline

Trove and Bamboo are very similar in terms of usability and features, but there are some important differences. These differences between Trove and Bamboo can be found in features like platform trading fees, charges and minimum investment amount.

Trove vs Bamboo: Trading Fees & Charges

When it comes to trading fees, both Trove and Bamboo have an affordable rate but there are still substantial differences that can influence your decision in the Trove vs Bamboo challenge.

Trading Fees

Trove has two wallets on its platform. Naira and Dollar wallets. Naira wallets are used for investing in local Nigerian stocks while dollar wallets are used for investing in foreign stocks.

Trove charges a 1% commission (minimum of $2) whenever you buy and sell stocks with your dollar wallet. While for the Naira wallet, the trading fees are 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%.

Bamboo only has a dollar wallet. It charges a 1.5% commission when you buy and sell US stocks on its platform.

See: How to Buy Facebook Shares From Nigeria

Deposit Charges

Both trove and Bamboo charge an amount for depositing money into your accounts on their platforms.

For Trove:

  •  Funding your trove account through Credit/Debits Cards cost1.5% + ₦100 for transactions over ₦2,500. This applies to both Naira and Dollar wallets
  • Using Bank Transfers to fund and withdraw from (Naira & Dollar Wallets) are free.

For Bamboo:

  • Using a Naira Card for funding your Bamboo account cost 1.4%. The maximum charge on a Naira card ₦2000.
  • Bank transfers have a flat rate of ₦150 regardless of the amount being deposited.
  • Using a USD Card to fund your Bamboo account will cost you 2.9% of your transaction. 
  • Using a USD wire transfer is free on Bamboo. However, you may be charged by your bank.
  • If you want to use Flutterwave’s Barter app, you will be charged a 1.4% fee on the amount you deposit. 

Minimum Investment amounts on Trove and Bamboo

One of the benefits of using platforms like Trove and Bamboo is that they allow you to invest in foreign stocks without having to start with a large amount.

Trove allows anyone to invest in stocks on their platform with as little as  ₦1000 while Bamboo has a minimum investment amount of $20.

Trove vs Bamboo: Security

Trove and Bamboo ensure your personal information is well encrypted with 256-bit encryption. They both use state-of-the-art bank-level security.

Each Trading account on Trove is insured for up to $500,000 (including $250,000 for claims for cash). Each Bamboo trading account is insured up to $500,000.

However, the Bamboo app signs you out of your account every time you leave the app and requires that you enter your pin if you want to use your Bamboo account. While the Trove app keeps you signed in till you sign out yourself.

This gives Bamboo an extra layer of security over Trove.

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Deciding Factors for Trove Vs Bamboo

Trove and Bamboo are very similar platforms. Their differences boil down to their fees and maybe the user experience of the app. Trove has a dark theme that really lets you focus on the information on the app while the Bamboo light design is clean and sleek and allows for easy navigation in the app.

See: Paystack vs Flutterwave: Which is Better for You?

Which is Right for you: Trove or Bamboo?

So in this Trove vs Bamboo comparison, you now know the main features of each app. If you are still yet to decide which app is right for you.  No worries, We will pick a winner based on some categories.

If you want to start investing and don’t want to wait till you have  N10,000. Trove is the app for you as you can start investing in foreign shares from Nigeria with a minimum amount of N1000.

If you’re looking to avoid high trading and deposit fees, Trove slightly edges out Bamboo in this category.

If the minimum amounts or trading fees aren’t an issue but you’re more concerned with security. Bamboo is the winner when it comes down to which platform is more secure.

5 responses to “Trove vs Bamboo: Which Stock Platform is Best for You in 2023?”

  1. Jayke avatar
    Jayke

    When you say “Bamboo only has a dollar wallet. It charges a 1.5% commission when you buy and sell US stocks on its platform,” does it mean one charge for the buy and sell transaction? Or you’ll be charged for buying and charged again for selling?

  2. Osinimu avatar
    Osinimu

    Yes, you’ll be charged 1.5% of your transaction (buy or sell).

  3. Adie Kingsley avatar
    Adie Kingsley

    How do I start investing

    1. Osinimu avatar
      Osinimu

      Sign up for either Trove and Bamboo and start investing in stocks, index funds and ETFs.

  4. King olasco avatar
    King olasco

    Can I deposit #5000 into my trove account?.
    Or what is the minimum deposit

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