How to start buying shares in Africa using the Trove app
Trove is Nigeria’s pioneer stock trading and investment platform allowing you to trade global stocks from the comfort of your home, for as little as $10 or N1,000. Trove was developed to provide smart, secure, safe investments to millennials in Africa and anyone looking to make smart financial choices to secure their future.
Investing with Trove
The mobile app is designed with the users in mind. Buying shares in Africa can be a lengthy process if you don’t know what to do. Trove simplifies that process of investing down to a few clicks from your phone! 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.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
Downloading the Trove app
The Trove app is available on Android and iOS. To download the Trove app from the Play Store click here and to download from the App store click here. You can also create an account using the web option on this site using either the ‘Login’ or ‘Sign Up’ for existing or new customers.
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, we are US law compliant as well as Nigerian) and then you 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
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 an 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 current address.
- Signature: Take a clear picture of your signature on a white piece of paper and upload it.
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 or even begin Virtual Trading to practice.
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 a 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.
Click the + to get started, you will be redirected to an “All Assets” page, where you can search for any particular stock.
The All Assets page is categorized into the following;
- Nigerian Stocks
- Foreign Stocks
- ETFs
- Bonds
Using the search function you can look for any stocks like Apple, Nike, Uber or Man Utd for the football fans all 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.
At this stage if you haven’t completed your profile, the “Complete your profile” page will reappear, but if you have completed your profile and funded your Naira wallet, it will take you to the Payment screen below;
Enter the quantity of shares you would like to buy and click the proceed to payment button. A confirmation screen will come up to review your order, if you made any mistake at this stage, you can go back and make any necessary changes, if not, click “confirm transaction”.
A pop-up appears on the screen for you to agree to the terms of the transaction, you have to click “I Agree. Continue” to continue.
Congratulations!!! you have just purchased Dangote Sugar shares. The same process applies whether you’re purchasing foreign stocks, ETFs or bonds. Now you know how to start investing in both local and global equities.
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 the Android and iOS stores. You can also access the web option here.
For questions/concerns, please email, call or leave us a message on the intercom!
hello@13.38.12.198
+2349077132746
For more information, you can revisit the home page.
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