Investing With Trove
Trove is developed to target millennials. As such, the mobile app is designed with the users in
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 informationOccupation and next of kinBank account detailsDocument uploads
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.
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
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.
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.
Click the Buy shares button.
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