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Trove app review: Is Trove App Legit Or Scam? | What You Need To Know | Read This Before You Register

Trove Review: Scam or Legit? What You Need To Know, How to Use – Read This Before You Register.

Trove Review; Scam or Legit? See everything you need to know about the Trove app, benefits, fees, how to register and more.

Before the introduction of investment apps, it was very difficult to buy stocks from foreign companies especially in the USA and China. The process required the use of an international broker who would charge a fee or commission for the service. Even with that, some brokers still required that you have a valid visa (USA) or green card before you can buy stocks from companies in the US Stock Market.

The advent of Trove, a Nigerian fintech application, has simplified the process of buying stocks both from local and foreign companies. It has reduced it to the level where you can just get the job done by a click on the app on your mobile phone.

What is Trove?

Trove is an investment platform that helps Nigerians who are interested in creating wealth for themselves through the stock exchange, to buy and sell their stocks or shares. It is a digital investment platform that allows one to invest in stocks, bonds, exchange-traded funds (ETFs), and other securities simply with the help of a mobile phone.

Trove Review: Scam or Legit?

Trove is a legit company and has affiliations with top and legally recognized companies both in Nigeria and abroad. All the US trading accounts on the Trove platform are held by DriveWealth LLC which is known to be a regulated member of FINRA/SIPC. DriveWealth LLC also serves the additional purpose of protecting the securities holdings of its members (protection is accorded to up to $500,000).

All Nigerian trading accounts are held by Sigma Securities which is a firm that is regulated by the Nigerian Stock Exchange (NSE), and Securities and Exchange Commission (SEC). A third partner called ARM Investment Managers is responsible for investment management for the Portfolios on the Trove platform. ARM Investment Managers is a licensed asset manager located in Lagos state.

The monetary transaction is handled by Paystack, Visa, Verve, MasterCard he, and 213 Capital. Trove has a rating of 4 out of 5 on Google playstore and has also received a large number of positive .

How Secure Is Trove?

The Trove app is secure. The platform uses 256-bit encryption and cutting-edge technology to ensure the safety of personal information.

Its partnership with several other advanced and experienced companies also works to increase the security of the Trove app. For example, all Nigerian trading accounts are held by Sigma Securities which is a firm that is regulated by the Nigerian Stock Exchange (NSE), and Securities and Exchange Commission (SEC) while all US trading accounts on the Trove platform are held by DriveWealth LLC which is known to be a regulated member of FINRA/SIPC.

What Are The Features Of Trove?

Below is the list of the features packed in the Trove app:

  • Mobile platforms available: Android and iOS
  • The minimum amount that can be invested: ₦1,000 or $10.
  • Documentation Required by Trove: Photos of a Government Issued ID and a Utility Bill, Bank Verification Number (BVN), bank Account Information, verified Email Address, and a verified Phone Number.
  • Payment Options: Bank Transfer or use of debit cards such as VISA, MasterCard, and Verve cards issued by Nigerian Banks.
  • Holding period: You are allowed to hold as long as you want.
  • Investment monitoring: the Trove app allows you to track the returns on your purchased investments.
  • Deposits Fees: You will be charged 1.5% and ₦100 for transactions that are over ₦2,500.
  • Trading Fees for a Naira Wallet: below is a breakdown of the changes that take place on the Trove app:
  • Trove Platform Fees – 0.5%
  • SEC– 0.30%
  • Brokerage – 1.35%
  • Stamp Duty – 0.075%
  • CSCS Trade Alert – ₦4.20
  • VAT on commissions – 5% of NSE, SEC & Brokerage fees
  • Trading Fees for a Dollar Wallet: just 1% of the transaction amount with the minimum amount being $2.5.
  • Withdrawals: the least withdrawal amount allowed on Trove for foreign securities is $50. Cash that has not been invested can be withdrawn from the wallet but in the case of Dollar, it will take about 3 business days. If you are making a withdrawal that is more than the cash you invested, you will be required to sell some of your purchased assets. It takes 1-2 business days for funds to be deposited after a sell order has been submitted.

HOW TO START BUYING SHARES ON TROVE

Download the App and Sign Up

To begin buying shares using the Trove app, you will need to download the app first. Android phone users can get the app from Playstore by clicking here while iPhone users can get the app from the Apple app store by clicking here. Accounts can also be created on the website by using either the ‘Login' or ‘Sign Up' button.

Information required during sign-up includes name, email address, strong password, and a field for inputting referral code if any. Once you are done providing the basic information, you will be asked a couple of questions about your investment profile, your investment experience, your source of funding and liquidity, your level of risk tolerance, and your political exposure. After this, you can submit it.

You will have to complete your profile by providing details on the following categories:

  1. Personal information
  2. National and Residential information
  3. Bank account details
  4. Occupation and next of kin
  5. Document uploads: it is best to obtain and save the documents on the phone before this. Required documents will include:
  • A selfie of yourself
  • A valid means of identification could be your international passport, voter's card, national ID card, driver's license, etc.
  • Utility Bill which can be an electricity bill, bank statement, rent agreement, etc.
  • A photo showing your signature on a white background like a plain sheet of paper.

Once you are done, click submit and review. Review and verification of profiles take about 1 to 2 working days. Nevertheless, you can fund your wallet or start virtual trading as a way of practice while your account is still under review.

How to Fund Your Trove Wallet

You have to fund your wallet before you can buy stocks on the Trove app. There are two kinds of wallets on Trove: the Naira wallet and the Dollar wallet. The Naira wallet is used for buying Nigerian stocks while the Dollar wallet is used for buying foreign stocks. You can only add a Naira card and bank account to your profile. After funding, you still need your account to be verified before you can start trading on Trove.

How to Buy Shares with 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 (Dangote, Firstbank, FCMB, etc.) or foreign (Apple, Tesla, Google, etc.). You will be updated on the status of the market whether it is closed or open for trading. If closed, your purchase will be made the next day when the market has open.

To buy a share,

  1. Search and select your desired company.
  2. Click on the ‘Buy shares'
  3. Enter the number of shares you want to purchase
  4. Click the button that says ‘Proceed to payment'
  5. After reviewing your order on the confirmation screen, click ‘confirm transaction' and agree to the terms of the transaction.
  6. Click continue and that's all there is to it.

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

  1. Android app (The iOS version is not yet available).
  2. Minimum investment amount of 1000 naira.
  3. Required documents: Government issued ID and a utility bill ready.
  4. Payment options: MasterCard, VISA and verve cards issued by Nigerian banks.
  5. Holding period: You can hold for as long as you like.
  6. Investment monitoring: You can monitor your investments from the Trove app.
  7. Deposit fees: (1.5% +100 naira for transaction over 2,500 naira).
  8. 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.
  9. 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 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:

  1. Download the app on google play store.
  2. Fill out the account opening form by entering information such as your email address, first name, phone number and click on SIGN UP.
  3. Fill your investment profile by choosing your investment goal and experience.
  4. Fill out the funding and liquidity section. By stating the sources of your funds and how much liquidity you have.
  5. Choose your risk tolerance
  6. State if you are politically exposed.
  7. 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.
  8. 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:

  1. Nigerian stocks
  2. Foreign stocks
  3. ETFs
  4. 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:

  1. Search and select your desired company
  2. Click on the “Buy shares”
  3. Enter the number of shares you want to purchase.
  4. Click the button that says “Proceed to payment”.
  5. After reviewing your order on the confirmation screen, click “Confirm transaction” and agree to the terms of the transaction.
  6. 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.

Remember to share with your friends on social media and also subscribe to this blog for more cryptocurrency updates.

Thank you once again for reading.

 

If you have invested in this platform, please do not hesitate to leave us a comment/review in the comment section.

Visit the Trove official website https://troveapp.co

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