Trove: How to use, buy stocks, invest abroad & more


Trove is a digital investing platform that allows users to invest in stocks, bonds, exchange-traded funds (ETFs), and other securities easily from their mobile phones. In this post, you will learn how to use Trove and invest abroad, how to buy shares, how to fund your wallet, and many more.

What is Trove, and how does it work?

Trove is a stock trading and investment platform that provides an opportunity for Africans to trade international stocks in Africa. Trove is the first investment app to support something like this.

Usually, investors and interested stock buyers have to be residing or travel to their country of interest before they can invest in its stocks. With Trove,  this is no longer a necessity.

Trove allows Africans to enjoy these privileges for free, and from the comfort of their home. Also, users don’t need the help of any stock broker before they can commence trading on Trove.

Is it safe to use Trove? How secure is Trove?

Yes. There’s a saying that quotes:

“Show me your friends and I’ll tell you who you are.”

Well, the same can be said for Trove. Trove is a partner with Drive Wealth LLC, a self-clearing broker in the United States. Drive Wealth is a regulated member of FINRA/SIPC and holds all the US trading accounts on Trove.

Drive Wealth also protects securities holdings of members that have up to $500,000. This also includes $250,000 for claims for cash.

Another Trove partner is Sigma Securities Limited. Sigma Securities Ltd is a broker-dealer regulated by the Nigerian Stock Exchange (NSE). It’s also regulated by the Securities and Exchange Commission (SEC). It holds all the trading accounts in Nigeria.

What investments can you make on Trove?

Trove has lots of assets that users can invest in. These include local and international stocks, as well as bonds. Users can invest in more than 4,000 stocks on Trove.

  • US equities and exchange-traded funds (ETFs)
  • American Depository Receipts (ADRs)
  • Nigerian Stocks available on the Nigerian Stock Exchange (NSE)

Trove also provides mutual funds from highly rated mutual fund providers.

Requirements to open an account on Trove

Here is a list of documents that you need before you can register an account on the Trove platform.

  • Bank Verification Number (BVN)

You also need a means of identification. You must have at least one of the following.

  • A valid driver’s license
  • An International Passport
  • Your National ID Card (NIN)
  • A voters registration card

NOTE: If you’ll be using your international passport or if the address shown on your ID is not current, you will have to submit a proof of address document. This can be any of the following.

  • Bank statement
  • A utility bill
  • Estate Dues Statement
  • A rent Agreement (that shows your address)

Trove mobile app download

First, you can first click here to register. Then you can download and install Trove from the Google Play Store.

If you make use of iOS devices, you can download it from the Apple App Store.

How to create an account on Trove

After downloading the Trove mobile app, don’t launch it yet. There are some things you should get ready for.

  • Take a selfie or ask someone to help you snap a headshot. Save the picture on your phone
  • Snap and keep a picture of a valid ID document (we mentioned this in the requirements)
  • Utility bill (snap and save a picture of your NEPA bill or any document that shows your address)
  • Sign your signature on a piece of paper and snap a clear picture. Save it on your phone as well

Once all these are ready on your phone, launch the Trove app and register your account. Provide the documents where necessary and submit them. Your profile will be reviewed and approved within 1 to 4 days.

How to fund your Trove wallet

Before you can start investing and buying stocks, you have to deposit some money into your Trove account. We’ve explained how to do that here.

  • From your Trove dashboard, navigate and click on “My Wallets”
  • Press the “Deposit” button
  • Input the amount you want to send to your brokerage account. Note that Trove has tee-up with most banks and who knows, your bank may be among
  • Now it’s time to select a preferred payment method. There’s the bank transfer and also the debit card option

Whichever one you select, there’s a detailed step on the Trove app on how to go about it.

How to buy shares on Trove

Now you’ve funded your account and it’s time to buy shares on Trove. Trove lets you buy fractional shares in companies like Apple, Google, and Facebook. Don’t be sad (or scared) because a company’s share price is high.

Users can still buy a fraction of one share at a price as low as $10. With fractional shares, you can buy a fraction of a share instead of buying a full share that can cost hundreds of dollars.

  • Click on the search icon at the top right corner of your dashboard
  • You can search for shares, stocks, ETFs, index funds, etc. Let’s use  Company XYZ as a case study
  • Company XYZ will appear among the search results. Click on it and you’ll be taken to the overview page for the XYZ stock
  • On this page, you can view the share price and history graph over a certain period of time
  • Click on “Buy Share”. If you can afford a share you can buy a fraction
  • Set the order type as Market

A pop-up will appear on your device and you will be prompted to accept the terms of the transaction. Accept and click on next.

Congratulations, you now have a share in the XYZ company. You can use this method to buy other local and foreign stocks, ETFs and bonds.

How to withdraw funds from your Trove account

It’s fast and easy to withdraw money from your Trove account. Here’s how to do it, and also some things to note about withdrawals on Trove.

1. To withdraw, click on the “Withdraw” button on your portfolio page or the one from “My Account”.

2. You will be shown the amount of money that is withdrawable at the moment.

Usually, all your cash should be available for withdrawal, unless there are pending transactions.

3. You always place a withdrawal on the Trove app. The money will be sent to your local bank account.

Note that it usually takes an extra working day for the withdrawal to reflect in your local bank account.

4. If you sold any assets, and want to get your money back, all you need to do is press the “Withdraw” button. It will be sent to your bank account within 1 working day.

Trove transaction fees and service charges

Here’s the breakdown of the service fees on the Trove app.

1. All withdrawals and bank deposits are free.

2. Debit and card deposits will incur a fee of 1.5%.

3. For trading fees on your Naira wallet:

  • SEC commission fees – 0.30%
  • CSCS Trade Alert – ₦4.20
  • VAT on commissions – 7.5% of NSE, SEC & Brokerage fees
  • Stamp Duty – 0.075%
  • Brokerage – 1.35%
  • Platform Fees – 0.5%

4. Unlike local trading, buying and selling of foreign stocks (in Dollars) will only incur a fee of 1% of your transaction amount.

Where is Trove’s head office located?

Trove has an office in Nigeria. You can also visit this office if you have any complaints or inquiries. They have a customer support staff that will attend to you.

Trove’s head office is situated at 18b Oladimeji Alo Street off Freedom Way, Lekki, 100001, Lagos State, Nigeria.

Trove customer support and email address

For questions and complaints, you can always contact Trove customer care hotlines and email addresses.

For phone calls: (234) 907-713-274

Email address: hello@troveapp.co



Source link

Add a Comment

Your email address will not be published.

Join Our Premium Crypto Telegram Channel And Receive Signals For FREE! We Will Give Signals On Coins To Buy And Make Over $10,000 Profit Under 2 Weeks! You Will Also Gain Access To Premium Airdrops For FREE!

X