Trove app review (Is Trove legit or scam?)
Table of Contents
Trove app review (Is Trove legit or scam?)
Read all about the Trove app in this trove review.
In the past, buying stocks from foreign companies in the United states of America and China, was next to impossible, as it required an international broker, who usually charged a very high fee. To summarize, it was less than convenient.
These days, with the advent of stock investment apps, one is no longer limited by geographical location. You can now easily buy stocks from the comfort of your home, with the use of your smartphone.
Trove is an investment platform that helps Nigerians who are interested in creating wealth for themselves through stock exchange, to buy and sell their stocks or shares.
Basically, Trove is an investment platform that lets you buy both Nigerian and foreign stocks easily from your mobile smartphone.
In this Trove review, I am going to be writing about all you will need to know about the Trove app, inder the following sub-topics “Is trove legit?”, “Is Trove scam?”, “How does Trove app work?”, “How to buy stock on Trove app?”, “How to fund your trove wallet” and more.
Remember to leave us a comment after you finish reading and also share with your friends on social media.
Let’s get into it then…
What are stocks?
A stock is a security that represents the ownership of a fraction of a corporation. This entitles the owner of the stock to a proportion of the corporation’s assets and profits equal to how much stock they own.
Investing in stocks offers you some benefits like “earning on income through diversification”, “diversification of an investment portfolio” and “becoming a stake holder in foreign and global companies”.
What is Trove?
Trove is an investment platform that helps Nigerians who are interested in creating wealth for themselves through stock exchange, to buy and sell their stocks or shares.
Basically, Trove is an investment platform that lets you buy both Nigerian and foreign stocks easily from your mobile smartphone.
On the Trove app, you can invest in international and local financial opportunities like the US, Chinese and Nigerian stocks, government bonds, US ETFS and more for as little as 1000 naira.
Features of the Trove app
- Android app (The iOS version is not yet available).
- Minimum investment amount of 1000 naira.
- Required documents: Government issued ID and a utility bill ready.
- Payment options: MasterCard, VISA and verve cards issued by Nigerian banks.
- Holding period: You can hold for as long as you like.
- Investment monitoring: You can monitor your investments from the Trove app.
- Deposit fees: (1.5% +100 naira for transaction over 2,500 naira).
- Withdrawals: You can withdraw uninvested cash in your wallet for 3 business days or more. If you are withdrawing more than your invested cash. You’ll need to sell some of your purchased assets. The least amount you can withdraw on foreign securities is $50.
- Security: Trove ensures that your personal information is well encrypted with 256 bit encryption and stored using cutting edge security technologies. Trove’s partner, Drive wealth LLC, a regulated member of FINRA/SIPC, its holds all US trading accounts on Trove. Sigma securities, a firm regulated by the NSE and securities and exchange commission holds all Nigerian trading accounts.
How does trove app work?
On the Trove app, you can invest in international and local financial opportunities like the US, Chinese and Nigerian stocks, government bonds, US ETFS and more for as little as 1000 naira.
To begin using the Trove app, you will have to download the app from Google playstore and fill the account opening form, while providing some of the required details.
You will have to complete your profile and upload the required documents, and wait while Trove reviews your account for approval.
After approval, you would be able to fund your naira wallet and your dollar wallet (The naira wallet is for investing in Nigerian stocks, while the dollar wallet is for investing in foreign stocks) via one of the payment partners of Trove, which include paystack, verve, visa and master card.
You can search for any particular stocks that you want to buy and proceed to buying with as little as 1000 naira.
How to sign up on the Trove app (Trove registration)
If you want to register and start using the Trove app, you can follow the below instructions:
- Download the app on google play store.
- Fill out the account opening form by entering information such as your email address, first name, phone number and click on SIGN UP.
- Fill your investment profile by choosing your investment goal and experience.
- Fill out the funding and liquidity section. By stating the sources of your funds and how much liquidity you have.
- Choose your risk tolerance
- State if you are politically exposed.
- Complete your profile by filling your personal information like your birth year, Gender, marital status, BVN, nationality and residential information, occupation, next of kin, bank account details.
- Upload the required documents.
After you have filled in all the required information, Trove will review your account application. After the review, you would either receive a confirmatory email that your account has been approved, or you would be asked to do some corrections.
Once your account has been approved, you can fund your wallet and begin investing.
How to fund your Trove wallet?
Before you can begin buying stocks on Trove, you will need to fund your wallet. There are two wallets available on Trove, the naira wallet and the dollar wallet.
The naira wallet is used for buying Nigerian/local stocks, while the dollar wallet is used for buying foreign stocks.
You can fund your wallet using one of Trove payment options that includes paystack.
How to buy shares on Trove app?
After your account has been verified, you can click on the + button to get redirected to the “All assets” page. This is where you search for any particular stock you have in mind.
The page is categorized into:
- Nigerian stocks
- Foreign stocks
- ETFs
- Bonds
With the help of the search function, you can search for any stock you want, be it Nigerian or foreign. You will be updated on the status of the market, whether it is closed or open for trading.
To buy a share:
- Search and select your desired company
- Click on the “Buy shares”
- Enter the number of shares you want to purchase.
- Click the button that says “Proceed to payment”.
- After reviewing your order on the confirmation screen, click “Confirm transaction” and agree to the terms of the transaction.
- Click continue and that’s all.
Is Trove app legit?
Trove app is very legit. Trove ensures that your personal information is well encrypted with 256 bit encryption and stored using cutting edge security technologies.
Trove’s partner, Drive wealth LLC, a regulated member of FINRA/SIPC, its holds all US trading accounts on Trove. It also protects securities holdings of its members of up to $500,000.
Sigma securities, a firm regulated by the NSE and securities and exchange commission holds all Nigerian trading accounts. While ARM investment managers acts as investment managers for the portfolio in trove.
Frequently asked questions (FAQs)
Is trove app legit?
Trove app is very legit. Trove ensures that your personal information is well encrypted with 256 bit encryption and stored using cutting edge security technologies.
Trove’s partner, Drive wealth LLC, a regulated member of FINRA/SIPC, its holds all US trading accounts on Trove. It also protects securities holdings of its members of up to $500,000.
Sigma securities, a firm regulated by the NSE and securities and exchange commission holds all Nigerian trading accounts. While ARM investment managers acts as investment managers for the portfolio in trove.
How to sin up on Trove app?
Download the app from Google playstore, install it, fill out the account opening form correctly, upload all the required documents, and wait for Trove to review and approve your account.
Conclusion
Thank you for reading my Trove app review. If you have any comment or question, you can leave it below in the comment section.
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Thank you once again for reading.
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Visit the Trove official website https://troveapp.co
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