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Friday 24 July 2020

BUYING STOCK ON THE TROVE APP | Digitalk World


Investing With Trove

Trove is developed to target millennials. As such, the mobile app is designed with the users in
mind. To start, all you need is to download the Trove app, provide your email address, answer a few questions, deposit money, and start investing. Here are some important steps to note. Downloading the Trove appThe Trove app is available on Android and iOS Sign up Process

The sign up process doesn’t take long. It asks for your name and email address; it asks you to create a strong password (a combination of numbers and letters), and then if you have a referral code you can enter it here too. Once this is done, it asks you a series of questions about your investment profile, how much investment experience you have, sources of funding and liquidity, your risk tolerance and if you’re politically exposed (U.S law requires that brokerages collect this information) and then submit.

Next Step:


Ensure to complete your profile by answering a couple of other questions in the following categories.

Personal information


National & Residential information
Occupation and next of kin
Bank account details
Document uploads

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The questions are very easy to answer. For the document uploads, it’s best to have these documents already on your phone so as to have a seamless experience during this process. They are as follows;

A selfie, with appropriate clothing. This is not actually an upload but it falls under the category. Here you take a picture of your face from within the app by tapping the camera image.


A valid ID, here you can use either your international passport, driver’s license, national id or voters card.


Utility bill. For these utility bills, you can use electricity bill, waste management receipts, bank statements, rent-agreements etc. The key here is to use a document that shows your address clearly as proof of address.


Signature. Take a clear picture of your signature on a white piece of paper and upload.


The whole process should take you less than 15 minutes. Click submit and review. It takes 1 to 2 working days for your profile to be reviewed and verified. However, pending your account verification, you can fund your wallet.

Funding your 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.

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

Buying Stocks

Upon account verification, your overview screen will empty (as shown below) because you have not purchased any stocks yet.

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Click the + to get started, you will be redirected to an “All Assets” page, where you can search for any particular stock.
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All the Assets page is categorized into the following;

Nigerian Stocks

Foreign Stocks

ETFs

Bonds

Using the search function you can look for any stocks listed on the Trove app. There’s also a Market status update that lets you know when the Market is open and closed for Trading. Open means you can buy and sell stocks, while closed means the stock market is closed for trading. Any purchase made when the market is closed will be executed the next day when the market opens.


For this example, Let’s buy some Dangote Sugar shares. Search for Dangote Sugar and select it.

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Click the Buy shares button.

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Congratulations!!! you have just purchased Dangote Sugar shares. The same process applies whether you’re purchasing foreign stocks, ETFs or bonds.

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Conclusion

Now that we have gone through the steps from downloading the Trove app to buying a stock on the Trove app, let us know what you think.

Have you downloaded or purchased stocks yet on the Trove app? The Trove app is available for download on Google Playstore

For questions/concerns, please email, call or whatsapp us!

hello@troveapp.co

+2349077132746

Disclaimer: 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. Nigerian brokerage services are provided by Sigma Securities Limited, a company duly registered by the Securities and Exchange Commission and US equities provided by Drivewealth LLC, member FINRA and SIPC. The product features provided are meant for informational purposes only and are not intended to serve as a recommendation to buy or sell any security. Trove is not in any way affiliated with companies with listed securities and all information is provided strictly for promotional purposes. All investments involve risk and the past performance of a security or financial product does not guarantee future results or returns.

Source: Trove Blog


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