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Trove

Trove Review: How Does Trove Work?

Trove app is available and they came to make it more easy for their users by providing them with the app.

Trove is a financial technology service that allows users place orders for securities via its mobile application. Trove is not a registered broker-dealer or investment advisor and does not provide personalized or individual investment advice of any kind.

There have been different platforms that are similar to this but obviously most of them ended up becoming scams.

Well, trove will be our topic of the day. We will be discussing on how exactly this platform works. How to make money from trove and so on.

But before we talk about how this platform work, let’s try to understand what exactly trove is.

What Is Trove Technology?

Trove Technologies Limited built and wholly owns Trove, a technology platform that allows Africans to invest in financial securities locally, within the continent, and internationally, outside the African continent.

They also provides APIs and tools to broker-dealers and fund managers in order to provide access to global markets. Trove neither offers its own recommendations on any security nor provides its own research to any user per any security transaction and/or order. Trove is a technology platform, not a registered broker-dealer or investment advisor.

How Does Trove Work?

Trove free stock bonus offer valid for existing qualifying clients who successfully refer a new Trove account. Bonuses will be credited only if the referred Trove account is approved and the bonus is claimed through the Trove platform.

Limit one offer per qualified referral with a maximum of one account per referred client.
Trove reserves the right to change the offer terms or terminate the offer at any time without notice.

The offer is limited to one per account, with no more than one account enrolled per customer. The offer is not transferable, saleable, or valid in conjunction with certain other offers.

Neither receipt of a share of stock through this program nor identification of a particular security in communications related to this program constitutes a solicitation of the security or a recommendation to buy, sell, or hold the security.

Trove does not provide investment advice and does not hereby recommend any security or transaction.

Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt of a stocks before enrolling.

How to Sign Up for Trove App

To open Trove account on the Trove app:

  • Download the Trove app on google play store.
  • Fill out an account opening form by entering information. Such as your email, First name & phone number and tap the Sign-Up button.
  • Enter your Phone number
  • Fill your Investment profile by choosing your investment goal and Investment experience
  • Fill out the funding & liquidity section. By stating the sources of your funds and how much liquidity you have.
  • Choose your risk tolerance.
  • State if you’re politically exposed. If any member of your immediate family member is is occupying a political office.
  • Then complete your profile by filling in your personal information like;
    • Personal Information ( Birth year, Gender, Marital status & BVN)
    • Nationality & Residential Information
    • Occupation & Next of Kin
    • Bank account details (Link your bank account)
    • Upload required Documents (Passport photograph, Valid ID, Utility Bill, Signature)
    • After filling out the necessary information. Trove will review your account application. After the review you would either:
      • receive a confirmatory email stating that your account has been approved. You can fund your wallet and begin investing. This could take anywhere between 3-5 business days.
      • Or More verification might be required. This could potentially occur in the following instances:
        • Necessary documents were not uploaded correctly.
        • Personal Information mismatch. E.g Address on the application does not match the address on the utility bill.
        • When the name on the application form does not match the name on your BVN.  No transactions can be carried out before the approval of your application is. This includes funding of wallet balances and placing trade orders.

How To Fund Trove wallet

To buy stocks on the Trove app, you need funds in your wallet. There are two wallets in your trove account.

  • Naira wallet
  • Dollar wallet

The Naira wallet is for buying Nigerian stocks, bonds, while the Dollar wallet is for your foreign transactions. At the moment, Trove only accepts adding a Naira card and a Naira bank account to your profile. Trove does not accept domiciliary account or adding a dollar card to your profile.

In order to trade US equities, you will need to add your desired dollar amount through your dollar wallet. Your Trove account will ask that you indicate how much in dollars you’d want to fund your wallet with, and give you the naira equivalent to pay.

Zikel Designs

You can only start trading after your account has been verified.

Is Trove safe?

Trove ensures your personal information is well encrypted with 256-bit encryption. And stored using cutting edge security technologies.

Trove’s partner, DriveWealth LLC, a regulated member of FINRA/SIPC. Holds All the US trading accounts on Trove. It also protects securities holdings of its members. Of up to $500,000 (including $250,000 for claims for cash).  Its other partner, Sigma Securities. A firm regulated by the NSE & Securities and Exchange Commission. Holds all Nigerian trading accounts. While ARM Investment Managers, a licensed Asset manager in Lagos, Nigeria. Acts as Investment managers for the  Portfolios on Trove.

 

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