Review: My Honest Thoughts About Trove Finance

Trove Finance review

The following write up about Trove Finance is based on my personal research, details on the Trove website, many user experience and other sources.

While everything I’ll be writing is true at press time, please be advised that this is not investment advice. DYOR. Got questions? Join the conversation on Telegram here.

Founded by Tomi Solanke in 2018, Trove Finance is a lean micro-investing platform that enables average Nigerians (heard there’s support for Ghanaians now) to invest in Chinese and U.S stocks, ETFs, and bonds. You can also invest in Nigerian companies.

Talk about borderless investing. Yes, Africans no longer have to be onlookers while the rest of the world enjoys cream de la cream stocks from blue-chip companies like Apple, JP Morgan Chase, Facebook, Amazon, Twitter, Netflix, etc. Over 3800 securities are available for investment including many popular ones as just mentioned.

Tomi Solanke the leader also checks out. Didn’t find anything fishy about him, he seems genuine and trustworthy (at least on paper). He is a graduate of the prestigious UNILAG and an alum of Harvard Innovation Labs Venture Program. He is also a Fellow in the Tony Elumelu Foundation.

Getting Started

Starting out on Trove is a straightforward process. Just download the Trove app and complete the comprehensive KYC. The KYC is detailed requiring you to provide your Nigerian BVN details, employment details, address verification, etc. If you have the necessary documentation shouldn’t take you more than a couple of minutes to fill and the approval process takes about one day. After approval, you can load your account with funds. The whole process is as self-explanatory as it gets.

Can you lose money?

If you’re asking if your money is safe, the answer is yes. Trove Finance is affiliated with quality brokerage firms which is where your assets are held in your name. The firms used by Trove Finance in the U.S are FINRA regulated and the Nigeria brokers are SEC licensed. So yeah, this is as safe as it gets.

Now if you’re asking if your investment can lose value, that’s a different question altogether and the answer is technically, yes. As the Trove website explains, general losses in the stock market will also affect your investment.

But what if Trove goes out of business?

Highly unlikely but if it happens, there’s no problem. Your assets are still safely stored with the brokerage firms in your name and you could even choose to move your funds to another brokerage firm.

Minimum Investment

$10 or 1000 naira

Reputation

In the 3 years since its inception, Trove Finance has received tons of rave reviews from users who have invested over $5 million already in different stocks. The company has also been on the radar of angel investors who keep throwing seed capital at it.

The company is fast expanding but hopes to remain lean. Plans are underway to make Trove Finance available in many African countries.

Recent Updates

Around January this year, Trove Finance announced the addition of Bitcoin and other popular cryptocurrencies to its platform to enable users to trade with ease and security.

What if I’m Nigerian but don’t live in Nigeria?
No problem. But you’ll need a Nigerian BVN to access the service

Referral Program

The referral program is juicy too. When you invite friends you will both get free stock of GtBank or Dangote Sugar.

Conclusion

Isn’t it obvious already…lol. Trove Finance is a company admire and hope it stays that way. But what the future holds is anyone’s guess.

Got Questions?
Join the conversation on Telegram 
here

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