Strove finance

Reviews

Trove finance review: How safe is this platform for investment?

Trove finance – Are you a smart investor looking to diversify your portfolio across foreign economy other than the Nigerian sector.

If you’d ever wished to do this while in Nigeria I can assure you it’s super possible.

What is Trove?

Trove is a stock trading and investment platform that allows Africans to trade global stocks while in Africa, the pioneer and first of its kind among investment apps.

In the past you’ll need to reside in your country of interest before you can invest in its stocks, however, the advent of trove finance has changed the narrative.

Trove is the pioneer of its kind in Nigeria to provide access to this service, investment can be initiated from the comfort of your home without the help of any stock broker.

Trove is not only an investment choice, its smart, safe and secure.

What we like about trove finance app

  • The app has a simple interface
  • Sign up is pretty easy
  • You easily fund your wallet with your ATM card
  • Buying stock is almost automated the moment your wallet gets funded
  • Investment amount starts with a minimum of $10
  • You can monitor your investment from the app

What we don’t like about trove

  • There’s a deposit fee for every amount credited to your wallet
  • You’ll be charged a trading fee for transactions traded
  • The least you can withdraw from your investment is $50

How to sign up

The sign up process is pretty easy and swift, kindly download trove available for Android and iOS on Apple and Google store.

Having downloaded and installed the app proceed to sign up immediately where you are required to provide your complete name, email address, create a strong password a combination of numbers and letters.

Next in line, attain to questions on your investment profile;

  • Your investment experience
  • Your source(s) of investment fund
  • Your extent of risk tolerance
  • Are you a politically exposed person (PEP)? Indicate.

Your profile requires that you provide real information about;

  • Personal information
  • Occupation and next of kin
  • Document uploads
  • Bank account details and
  • National and residential information.

Kindly follow the below steps for your document upload

Before you commence the registration;

  • Ensure to take a selfie on your mobile phone already
  • Keep a shot of your valid ID in your phone this could be (your international passport, driver’s license, national ID or voters card)
  • Utility bill (keep a shot of any of your NEPA bill, waste management receipts, bank statement, etc)
  • Sign your signature on a piece of paper, take a clear shot on your phone.

Having kept these details in your phone, kindly upload the documents at the appropriate places to complete your sign up.

Click submit and review, however, your profile takes maximum of 1 to 4 working days to be reviewed.

How to fund your wallet

There are basically a Naira and Dollar wallets on the trove app, you will need to fund your wallet before you can commence trading.

Aside the foreign transactions consummated on the Dollar wallet, the Naira wallet is used to buy the Nigeria’s stocks, bonds, ETFs, etc.

You will need to link your Naira card and naira account on trove at the moment, domiciliary account and USD cards are not allowed.

The next question you may wish to ask is; how do I buy foreign stocks in USD if I cannot link my domiciliary account and dollar card to my trove app?

To trade a US equity, you will add your dollar amount via the dollar wallet on the trove finance app.

Trove will ask that you indicate how much USD you are looking to fund your wallet with, on the interface you’ll be given the naira equivalent to pay.

How to buy shares on trove app

Having signed up, your account get approved and wallet funded successfully the next step you will need to follow is “Buy share.”

On the app interface kindly click on the plus sign + to be redirected to a page for all assets as well as use the search button to locate a stock of interest.

The no assets found in the image below is as a result that you do not have any stock in your portfolio yet.

In the all asset page you’ll find

  • Nigerian stock
  • Foreign stock
  • ETFs and
  • Bonds

Note, the market status update lets you know when the market is open and closed for trading.

Head over to the payment screen, and click on “Proceed to payment,” a confirmation screen is enabled to review and confirm your order.

In the absence of any mistake, click on “Confirm transaction.” Otherwise go back and make necessary corrections.

Locate the pop-up below to agree with the terms of transaction then click on “I agree” then continue.

At this point you have just purchased your first shares, follow the same process to complete a purchase of other stocks, etc.

What people are saying about trove finance

As at the time of writing this guide, a lot of users testify to have been using the trove app to buy shares home and abroad without any problem.

We are yet to see any claim of fraudulent practices associated with trove.

Trove has been featured on a number of mainstream media and benefits highlighted.

Scam adviser

Per our check with Scam adviser, trove is said to be legitimate with a reasonable trust score.

Trove seems to be legit and safe to use and not a scam website. The review is positive, the positive trust score is based on an automated analysis of 40 different data we checked online such as the technology used, the location of the company, etc.

Other highlights

  • This website has existed for quite some years
  • The website is trusted by Trend Micro.
  • No negative highlight found.

Our verdict

Trove finance can be trusted, it’s suitable to do business with at the time of writing this review. 

Where are my investment accounts held?

Your Nigerian investing brokerage account is opened at one of Nigerian brokerage services partners, Sigma Securities Limited, all SEC licensed and regulated brokerage firms.

Your US investing account is opened at the US brokerage and services partner DriveWealth, a FINRA regulated brokerage firm.

Should trove go out of business what happens to my asset?

Your accounts are held by reputable brokerages and clearing services providers. The custody of your account is managed by some of the largest banks and clearing firms in the world. Your account is safe and secure with them.

Depositing funds to your wallet

From your trove dashboard, navigate to “My Wallets” and click on the “Deposit” button available in many places in your wallet.

Enter the amount you want to send to your brokerage account and complete your deposit.

How to withdraw funds from your wallet

You will need to click on “Withdraw” button on your portfolio page or inside “My account” you’ll be shown how much money is available for you to withdraw. This is the cash in your account, place your withdrawal request and the money will wired to your domestic bank account.

How many securities are available on trove?

There are over 3,800 securities listed on the NSE, NASDAQ and NYSE which are a mix of bonds, mutual funds and ETFs, almost all the marquee listed companies in the US are available.

Conclusion

The stock market at home may not be in good standing at this time, however, the foreign market provides an opportunity to revamp your investment portfolio.

Do not keep idle funds in the bank, join trove finance to make the best of your finances.

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