An In-Depth review of Trove: Understanding its Features, Benefits, and User Experience

Trove is a leading fintech platform in Nigeria that democratizes investment by allowing users to buy and sell financial assets from global markets.

It provides access to stocks, bonds, ETFs, and other securities from both local and international markets.

With its user-friendly interface and commitment to financial inclusion, Trove is shaping the way Nigerians invest, bridging the gap between traditional investing and modern digital solutions.

This in-depth review explores Trove’s features, benefits, and user experience, providing insights into how it empowers users to grow their wealth.

What is Trove?

An In-Depth review of Trove: Understanding its Features, Benefits, and User Experience

Trove Finance, a microinvesting platform founded by Tomi Solanke in 2018, that allows Nigerians to invest in Chinese and American equities, ETFs, and bonds. Investing in Nigerian businesses is another option. This is the first time it has happened.

Africans are no longer forced to watch while the rest of the globe savors the finest equities from prestigious corporations like Apple, JP Morgan Chase, Facebook, Amazon, Twitter, Netflix, and so on.

There are more than 3800 equities available for purchase, including the previously listed well-known ones.

Trove allows individuals access to domestic and international financial markets using their smartphones. Launched in 2019, the platform’s primary goal is to provide a simple and accessible way for users to diversify their portfolios with a variety of asset classes.

The mission is to make investing inclusive and straightforward for everyday people. By leveraging technology, it seeks to empower users to take control of their financial futures regardless of their income levels.

Designed for individuals with little to no investing experience, as well as seasoned investors looking for a hassle-free platform to manage their portfolios.

Key Features of Trove

1. Wide Range of Investment Options

Domestic Stocks: Access to shares from companies listed on the Nigerian Exchange Group (NGX).
International Stocks: Buy shares from companies listed on the New York Stock Exchange (NYSE), NASDAQ, and other global markets.
ETFs (Exchange-Traded Funds): Invest in diversified funds that track market indexes or specific sectors.
Bonds: Includes treasury bills and fixed-income securities.
REITs: Invest in real estate through publicly traded Real Estate Investment Trusts.

2. Fractional Investing

Trove enables users to purchase fractions of shares, making high-value stocks like Tesla, Amazon, or Google accessible to individuals with limited capital.

C. Intuitive User Interface

The app’s design ensures ease of navigation, making investment management straightforward for beginners and experts alike.

3. Automated Investing

Trove offers automated investing tools, allowing users to set recurring investments aligned with their financial goals.

4. Educational Resources

The platform includes articles, tutorials, and webinars to improve users’ financial literacy and help them make informed decisions.

5. Secure Transactions

Trove ensures data security through encryption and complies with international standards for financial safety, providing peace of mind to its users.

6. Multi-Currency Wallets

Users can hold and trade assets in Naira (NGN), US Dollars (USD), and other supported currencies.

How Trove Works

1. Registration and Verification

Sign-Up: Download the Trove app from the Google Play Store or Apple App Store.
KYC Verification: Submit personal identification documents such as a government-issued ID and a valid bank account for verification.

2. Funding Your Wallet

Link your bank account or debit card to the app.
Deposit funds into your wallet in either NGN or USD to start trading.

3. Choosing Assets

Browse available investment options categorized by asset type, market sector, or performance.

4. Placing Trades

Select an asset, choose the quantity (or fraction), and confirm the purchase.
The app provides real-time updates on asset prices and market trends to guide your decisions.

5. Managing Investments

Monitor your portfolio through the dashboard.
Use tools like automated investing to enhance your long-term strategy.

Benefits of Using Trove

1. Accessibility

Trove breaks down barriers to investing by offering fractional trading and eliminating the need for large capital.

2. Diversification

Users can diversify their portfolios across global and local markets, mitigating risk and optimizing returns.

3. Financial Inclusion

By catering to underserved populations, Trove empowers Nigerians to participate in wealth creation.

4. Education and Guidance

The platform’s educational content ensures users are equipped with the knowledge to make sound financial decisions.

5. Convenience

With its mobile-first approach, Trove eliminates the complexities of traditional investing, allowing users to trade on the go.

Trove Mobile App Review

1. Design and Usability

Interface: The app features a clean and intuitive design, making it easy for users to find and trade assets.
Speed: Transactions and navigation are seamless, even during peak market hours.

2. Features

Dashboard: Displays portfolio performance, transaction history, and market news.
Search Bar: Locate specific assets or sectors with ease.
Notifications: Real-time alerts for market changes and investment updates.

4. Performance

Regular updates improve app stability, ensuring a smooth user experience.

User Review of Trove

Positive Feedback

Ease of Use: Many users praise Trove for simplifying investing.
Affordable Entry: The ability to start with as little as ₦1,000 or $10 appeals to budget-conscious users.
Customer Support: Responsive support channels provide timely assistance.

Negative Feedback

Limited Assets: Some users have expressed a desire for more diverse asset options.
Processing Delays: Occasional delays in withdrawals or funding have been reported.

Challenges and Limitations

1. Internet Dependency

Since Trove is a mobile-based platform, stable internet access is essential, which can be a limitation in areas with poor connectivity.

2. Transaction Fees

While transparent, Trove’s fees can add up for frequent traders, especially when converting currencies.

3. Market Volatility

Investments are subject to market risks, and users must be prepared for potential losses.

Comparison with Alternatives

1. Trove vs. Bamboo

Asset Range: Both platforms offer access to global stocks, but Bamboo includes additional features like a broader focus on financial literacy.
Fees: Trove’s transaction fees are generally competitive but may be slightly higher for USD conversions compared to Bamboo.

2. Trove vs. Risevest

Purpose: Risevest focuses on curated investment plans, while Trove provides direct access to financial markets.
Target Audience: Risevest is ideal for passive investors, while Trove caters to active traders.

3. Trove vs. Chaka

Regulation: Both platforms are SEC-regulated, ensuring user protection.
Unique Features: Chaka emphasizes local investments more heavily, while Trove balances domestic and international options.

How to make money on Trove

Trove offers multiple ways to earn money by investing in financial assets. Here’s a step-by-step guide:

Invest in Stocks
- Buy shares of companies listed on the Nigerian Stock Exchange or global markets like NASDAQ and NYSE.
- Make money through capital appreciation (when the stock value increases) and dividends (periodic payouts from company profits).
Exchange-Traded Funds (ETFs)
- Invest in ETFs, which are diversified funds tracking sectors, industries, or indices.
- ETFs minimize risk while providing steady returns over time.
Bonds and Treasury Bills
- Purchase fixed-income securities like government bonds or treasury bills.
- These offer low-risk returns through periodic interest payments.
Real Estate Investment Trusts (REITs)
- Invest in REITs to earn from real estate properties without directly owning them.
- Earn money from dividends generated by rental income or property sales.

How to buy shares on trove

Buying shares on Trove is a straightforward process designed for both beginners and experienced investors. Here’s how you can do it:

Download and Register
- Download the Trove app from the Google Play Store or Apple App Store.
- Create an account and complete the registration process by submitting your details and KYC (Know Your Customer) documents, including a valid ID and proof of address.
Fund Your Wallet
- Deposit money into your Trove wallet using a bank transfer, debit card, or mobile money.
- Choose to fund in Naira (₦) or US Dollars ($), depending on the shares you plan to buy.
Explore Investment Options
- Navigate to the Explore or Invest section in the app.
- Use the search bar to find specific stocks or browse through categories like local (Nigerian) stocks, US stocks, or ETFs.
Select Shares
- Choose the stock you want to buy.
- Enter the number of shares or fraction you want to purchase.
Confirm and Buy
- Review the transaction details, including fees.
- Confirm your purchase, and the shares will appear in your portfolio.

Monitor your investments regularly and make informed decisions using Trove’s educational tools.

FAQs

What is Trove?

Trove is a fintech app that allows users to invest in local and global financial assets, including stocks, ETFs, bonds, and REITs, with fractional investment options.

How do I start investing on Trove?

Download the app, sign up, complete KYC verification, fund your wallet in Naira or USD, and choose assets to invest in from the platform’s wide range of options.

What is the minimum amount required to invest?

You can start investing with as little as ₦1,000 or $10, depending on your chosen asset.

How do I withdraw my earnings?

Sell your assets, transfer the proceeds to your Trove wallet, and withdraw to your linked bank account.

Is Trove regulated and secure?

Yes, Trove is regulated by the Securities and Exchange Commission (SEC) in Nigeria and uses advanced encryption to ensure the safety of user data and funds.

Conclusion

Trove is a transformative platform that has democratized investing for Nigerians. Its robust feature set, user-friendly app, and commitment to financial inclusion make it a standout choice for both novice and experienced investors.

While it faces competition from platforms like Bamboo, Risevest, and Chaka, Trove holds its own by offering a balance of affordability, accessibility, and global investment options.

For anyone looking to grow their wealth through a diversified portfolio, Trove provides a reliable and efficient gateway to achieving financial independence.