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Investment / Re: Us Stocks Pick Alert by tommieen: 7:52am On Sep 14, 2020
Hello Family,


First off, we thought about YOU, our #TroveTribe, and we are happy to announce that there is no longer a $2 fee or trade minimum when trading using Trove. You only pay a flat 1% when trading now whether you are placing a $5 or $500 trade

Don’t Go Yet, There Is More!!!

As part of our continued effort to help you make more informed investment decisions, today we’re introducing a new product to empower investors of all skill levels to take better control of their investments.

Introducing Trove Plus : Your Personal Technical Analyst

Trove + is a set of advanced trading tools that help you spot investment opportunities, understand your portfolio better and ultimately maximize your chances of beating the market.

Curious about the perks that come with Trove Plus. Well, here are a couple

Daily Trade Ideas : We send you a list of 3 stocks we are bullish and 3 we are bearish on for the day to your inbox before markets open. The ideas are based on Technical Events identified by our renowned research partner. Every financial instrument is analyzed after every market close to confirm whether a new chart pattern has formed or technical indicator has triggered a signal, giving immediate insight into the possible direction of the price. The analysis is done for you, with full commentary, so you can find out what the price action is telling you.

Value Analyzer : This feature assesses all the key criteria to provide a simple visual traffic light indicating whether the stock is overvalued, near-fair value or even undervalued. It also comes with a forecasting tool to see how the fair value of the company changes based on shifting assumptions for earnings growth. This feature is also fully customizable to your personal preferences. A fully blown cheat sheet? You’re so welcome!

Custom Alerts : Get Insight into Technical events as they occur and have them delivered to your inbox. You can set alerts for any moves that would cause a shift on your investments, especially technical events. Want to know when your favorite stock dips below a certain price or when a stock breaks its support or resistance. Well..we got you covered.!!

Stock Screener : Our Value Screener enables you to filter for all the specific criteria you want and deem important such as dividend yield, revenue consistency and growth, what exchange the instrument is listed on and much more!
Trove + is all of the above plus a lot more. It is a premium feature and should come at a cost of $5 but it is FREE right now! Whoot Whoot ~~~!!!!

To test run the new product, you would need to update your Trove App to the latest version on the Google or iOS store and once done, click on the Market Insight section on the menu tab. If you trade using the web instead, just visit the menu tab on your dashboard to test run it.

Do let us know your thoughts on this new product. We hope you enjoy using it as much as we enjoyed creating it.

2 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 1:57pm On Jul 16, 2020
You can now open corporate trading accounts on Trove


A Trove Account for Businesses

Power up your business with the Trove Account for Businesses, a versatile brokerage account offering comprehensive trading and cash management features to help you manage your operation’s finances. This account is intended for legal or professional corporations and professional associations.

Business accounts can be opened for trusts, limited liability companies, small businesses in general, and also for investment clubs.

Account features


Wide range of investment offerings : Stocks, bonds, and tons of other securities; more than 10,000 securities
Access to the NYSE, NASDAQ + other exchanges

Support and guidance : Access to knowledgeable representatives

Powerful research and tools. Research from more than 4 providers

Advanced trading platform and tools for Active Traders

Many easy ways to deposit money in your account, including transferring funds from your bank, direct deposit and more.

To learn about the different business accounts above, then reach out to austin@troveapp.co or blessing@troveapp.co or call +2349077132746 to open an account today.!!

Investment / Re: Us Stocks Pick Alert by tommieen: 7:25pm On Jun 29, 2020
Thanks Tobex.

Typically, the funds become available for use on the next business day.


Tobex4realTobex234:


Impressive features tommieen. Great work Sir.

Please how long does it take from successful USD card funding to when the money becomes available for shares purchase?

2 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 2:02pm On Jun 29, 2020
Hello Penboy,


Thanks for the kind words. It was actually never $1,000. We just used to advise people against sending smaller amounts due to transfer fees that banks charge for domicilliary transfers but at the end it is up to you.

You can transfer $50 or even $15 if you want to.


Penboy:


We thank you for your hard work.
Please regarding funding via USD to trove account, is the minimum still 1k dollars?
Investment / Re: Us Stocks Pick Alert by tommieen: 1:56pm On Jun 29, 2020
Hello Oakpearl,


Limits have been functional for at least 2 months.

The only caveat is that limits cannot be placed for fractional shares, has to be a whole share e.g - 47 units or 10 units. If you try placing a limit for 47.25, it would not go through.



OakPearl:


Thank you for the updates.
What is being done about activating market limits on your platform?

1 Like

Investment / Re: Us Stocks Pick Alert by tommieen: 12:57pm On Jun 29, 2020
We are constantly thinking of tools that provide a snapshot into interesting companies and indicators that can help support your decision making.

Today, we are pleased to announce 6 new features on Trove, plus an additional update which would hopefully help aid your investing decisions.

Calendars : Be in the know of companies declaring earnings, dividends or having an upcoming IPO. You can now know on Trove when any of these would be announced, only a click away.

Institutional & Fund Ownership : Does Warren Buffets Berkshire Hathaway own this stock? Get more insight into what stocks the biggest institutions and funds have in their portfolio

Earnings Chart : Did your favorite company miss their earnings projection? View every company's earnings vs what analysts predicted

Brand new ways of funding your wallet : You can now fund your Trove wallet using your USD Cards & also via Wire Transfer from a USD account.. And yes, you can also withdraw back to a USD bank account.

Deeper Portfolio Insight : Curious about how much your overall portfolio has grown or declined? How much have you made or lost ? Get more insight into the performance of your individual stocks and overall portfolio.

Additional Ways of securing your account : You can now set your fingerprint as a requirement for access to the app. For iOS users, the app now fully allows for Face ID & Touch ID on supported devices. To access this simply visit your account settings and select "App Lock"

And the additional update we spoke about.....

Cancel Pending Orders : You can now cancel your pending trades by visiting the "order history section"

Yes we said that.. no need for in-app messages asking us to cancel transactions.

Not a feature per say but we hope that makes life a little easier for everyone.

As always, we would love feedback on what next you want us to build or what you think would help move the needle for you.

We would be happy to hear them.

Also, if you have any questions on how any of the above features work, please reach out to us via the in-app chat.

Thanks for all your support. We do not take it for granted.

P.S - To access these features, you would have to update to the latest version of the Trove app. Please visit the Google Play or iOS App Store to update.

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 10:41am On Jun 17, 2020
My people, please lets be guided on all this speculative trading.

Invest long term and lets forget the get rich quick mentality.

Just saw this today and it saddened me as i know quite a number of people who would be caught in this cross fire.

https://www.cnbc.com/2020/06/15/hertz-says-it-expects-stockholders-to-lose-all-their-money-in-filing-for-selling-more-stock.html

6 Likes 1 Share

Investment / Re: Nigerian Stock Exchange Market Pick Alerts by tommieen: 12:29am On Jun 16, 2020
Definitely

Care4:


Hope the direct USD deposit via USD car will be online this week as mentioned.

1 Like

Investment / Re: Us Stocks Pick Alert by tommieen: 12:16am On Jun 16, 2020
Sure. We are releasing an update with this plus much more. You'd be getting the update this week.

Thanks for reaching out. Let me know if you need any other thing.


Iamsoulomon:


@tommieen we’ll appreciate it if Trove can show us our returns on stocks owned to make it easy for one to keep track of one’s profit and loss. Like today’s return and total returns I’m sure you know what I mean not just on portfolio but individual stocks as well. Sorry I quote a post from way back looking forward to your response

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 10:09pm On Jun 14, 2020
First off thanks for signing up and trading with us in the first place.

Once again i'm sorry for your loss on CHK and sorry you feel this way. I did not mention that i was a co-founder or work with the company for any malicious reason.

I genuinely have the best interest of users at heart and wanted you to know i was always available to help whenever you had any issues or complaints. That been said, let me know if i can help with anything.

You can read the below article to know what happened with CHK

https://www.forbes.com/sites/christopherhelman/2020/06/09/chesapeake-shares-halted-after-insane-market-action-bankruptcy-filing-believed-imminent/#26a6c33c1bac

Have a blessed week


ConcNiggress56:
Oga co-founder.. Stop rubbing that bullshlt on my face.. so, because you're a co-founder now, I shouldn't demand accountability for my own money? Did you work with me for it? abi am I on your payroll?


All those shalaye means nothing to me until you tell me why I sold a stock at $68 and it returned as failed after 8 hours.. noting that it was still at the same price as at that period..


Why don't you process sales of stock immediately? And if you won't do it immediately due to your numerous incompetencies, why would you return it as failed when the value of the stock is still the same?

Please stop blaming ChK blah blah.. Just accept your fault and let's move.. I have, and unless you refund my failed transaction which was plainly your fault, y'all are bunch of thieves and I'd be glad to tell anyone y'all are scams!!!

P.S: I can share screenshot of the whole transaction history and the timing as well as the detailed trade entry and exit as well as position.. since you insist you want to be shamed on the general platform


#BoycottTrove #TrovenaScam

5 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 8:31pm On Jun 14, 2020
Hello Oakpearl,


Apologies for how she feels and i wish it were a fault of ours but unfortunately a lot of things are outside of our control.

We charge $2 or 1% which is not strange in the space as it is similar to what is being charged by other similar products.

I think its quite unfair to come to a forum to tag us as a scam, an easier way to resolve or understand what could have happened was for her to reach out to us to get clarity and perhaps i could have maybe helped out.

CHK has been on a wild ride and had its shares plunge Tuesday the 9th, after being halted by officials on the New York Stock Exchange, amid reports that the shale oil and gas producer is preparing to file for Chapter 11 bankruptcy protection.

The company has been spiraling lower over the past couple of years as the company struggled under a heavy debt load, made worse by falling natural-gas and crude prices on supply concerns, and more recently as the COVID-19 pandemic sapped demand.

Jim Cramer also put out a tweet about Hertz & CHK and i also mentioned to quite a number of people not to get hurt in Hertz or Chesapeake as these are more likely to be worth little to nothing as common stock has the lowest priority in bankruptcy.

Unfortunately the stock was halted by officials on the New York Stock Exchange and if a stock is halted for trading, entering and exiting the position would be quite impossible unless you are banking on doing an OTC trade.

We do not control what is halted on the exchange and what isn't. It is quite unfortunate that she was caught up in the middle of the delisting but that is not something caused by us.

I have personally had to help lots of users facilitate the liquidation of a number of LTM (Latam Airlines) , AKQRX (Akorn Inc) and a number of positions just because of bankruptcy which this companies filed.

We are a group of honest Nigerians trying to build something of value and it is quite sad you when i see messages tagging us otherwise.

I always advocate for lower risk bets and long term investing but then a number of users prefer investing in low cap stocks without understanding the inherent risks that come with them.

Like i mentioned on my reply to her message, she can always reach out to me if she has any issues, i cant guarantee i would always reply immediately but then i would do my best to address issues and help when i can.

I am super receptive to criticism and always ready to help out when i can. A number of Nairalanders im sure can testify to this as i sometimes talk to as many as 10-15 users on an average a day.

Thanks for all you do on the this Nairaland board Oakperl. I dey see your handwork.!! God bless you richly


OakPearl:




Oh my!
This is totally unacceptable!
Very disheartening.
Did you try reaching their customer care?
And their cofounder was here responding to queries.

Dear Tommieen,
This is bad publicity for your business.
Please contact your aggrieved customer and sort her out asap.
Cc: tommieen

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 8:23pm On Jun 14, 2020
Hello There,


Apologies for how you feel and i wish it were a fault of ours but unfortunately a lot of things are outside of our control.

We charge $2 or 1% which is not strange in the space as it is similar to what is being charged by other similar products.

I think its quite unfair to come to a forum to tag us as a scam, an easier way to resolve or understand what could have happened was to reach out to us to get clarity and perhaps i could have maybe helped out.

CHK has been on a wild ride and had its shares plunge Tuesday, after being halted by officials on the New York Stock Exchange, amid reports that the shale oil and gas producer is preparing to file for Chapter 11 bankruptcy protection.

The company has been spiraling lower over the past couple of years as the company struggled under a heavy debt load, made worse by falling natural-gas and crude prices on supply concerns, and more recently as the COVID-19 pandemic sapped demand.

Jim Cramer also put out a tweet about Hertz & CHK and i also mentioned to quite a number of people not to get hurt in Hertz or Chesapeake as these are more likely to be worth little to nothing as common stock has the lowest priority in bankruptcy.

Unfortunately the stock was halted by officials on the New York Stock Exchange and if a stock is halted for trading, entering and exiting the position would be quite impossible unless you are banking on doing an OTC trade.

We do not control what is halted on the exchange and what isn't. It is quite unfortunate that you were caught up in the middle of the delisting but that is not something caused by us.

I have personally had to help lots of users facilitate the liquidation of a number of LTM (Latam Airlines) , AKQRX (Akorn Inc) and a number of positions just because of bankruptcy which this companies filed.

We are a group of honest Nigerians trying to build something of value and it is quite sad you feel this way.

You can always reach out to me if you have any issues, i cant guarantee i would always reply immediately but then i would do my best to address issues and help when i can.

P.S - I'm Oluwatomi and im a cofounder at Trove.


ConcNiggress56:
@oakpearl @ebuka1997

I am extremely pained and I think Trove are bunch of thieves!!

Charge $2 for practically everything and still wouldn't get stuffs done..

I feel so cheated.

I sold my CHK stock and imagine, it returned failed after 8 hours!!! 8 foggging hours!!!

Thank you trove but the whole world needs to know you're scam!! #BoycottTrove #TrovenaYahooYahoo

now CHK has lost over 50% of its value compared to this morning when it was sitting at $68.. and o sold it when it was on $68..

It's $20 or less now..

6 Likes

Investment / Re: Nigerian Stock Exchange Market Pick Alerts by tommieen: 7:22pm On Jun 14, 2020
Hello Everyone,

I am Oluwatomi a co-founder at Trove Finance (www.troveapp.co). An app for trading local and international stocks.

We know picking a stock is a very difficult job. There are many factors to consider before choosing the right stock to invest in. If picking stock was easy, everyone would be rich right?

To help a bit, we started with sending our users weekly reports which we call "Equity Spotlight".

These reports are created to provide users with a snap into interesting companies and indicators that can help support your decision making.

The report contains operating metrics (revenues, profits etc) of one company which we spotlight every week , Price Targets of the top 5 ranked analysts by Bloomberg, how the company measures up against other players in their sector plus a host of other things.

We have released two editions and i thought to share the last here which was the one we did on Nestle PLC.

You can also view by visiting https://go.aws/2MXG1ku

Hope the report helps a bit

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 7:08pm On Jun 14, 2020
Hello Kcee,


Tomi from Trove here. Let me try to answer as many as i can

Are Multiple accounts of same client allowed on the same platform

Your BVN is tied to your account and as such would only allow you register once.

What's the best method of funding my account (Considering the fees and conversion expenses and convenience )? As i have limited USD in my account.

You can fund using a Naira bank transfer, the app gives a conversion rate and then the dollar equivalent is funded into your wallet. You can also fund using your Naira card. We also allow you transfer from your USD bank account via a wire. To use that please mail fx@troveapp.co

All that being said. We are releasing an update in a number of days (this week) that would allow you pay using your USD cards.

Do let me know if i missed anything, always happy to help.

P.S - I am a Co-Founder at Trove




KCnaira:




I have just downloaded bamboo and Trove apps

Help! Help! Help! Help Help! Help
cc seyisanya oakPearl yeryer

Which should Bank Acc add to my platform of UBA Savings Naira account with a MasterCard OR Access bank USD Domiciliary account with a Verve card? Are Multiple accounts of same client allowed on the same platform

What's the best method of funding my account (Considering the fees and conversion expenses and convenience )? As i have limited USD in my account.
Though i wish to start small with about 200 USD. Then move on from there!!

Lastly, what stocks below 20$ would you recommend for a noob.
Been on here reading since march, if only i had put my hands and money to work..
I am Nigerian but currently doing some offshore internship at the Emirates.. Thanks



3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 11:40pm On Apr 28, 2020
Hello Chybuzz,


It gets credited to your USD wallet. You can check your statement too to know when the dividend hits.



ChybuzzDD:
Hi, everyone. When dividends are paid, who knows how they finally get to us?
Will they be credited into our Trove account?
ORC is supposed to pay a dividend of $0.28 per share to shareholders today, 28/04/2020, but I'm still wondering how it'll get to me.
Does anyone have any info on this?
Investment / Re: Us Stocks Pick Alert by tommieen: 11:34pm On Apr 28, 2020
Hello Seyi,


It is not a glitch. The balance corrects itself in a matter of minutes.

About twice a month your brokerage balance, fees and trades are reconciled. Think of it as an audit to ensure your balances check out and you were not over charged for any of your past transactions.

During this 15-30 minute timeline, some users might have slight differences in balances. It sorts itself out after some minutes.


P.S - I'm a co-founder at Trove so if you have any issues please feel free to reach out to me here. Always happy to help.



seyisanya:
Hello all,

I just logged in to my account on Trove and was surprised to see a negative value as wallet balance.
What does it mean, please?

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 11:13pm On Apr 18, 2020
By default our users are onboarded under a custodial account at ARM. However, we are able to issue you a CSCS number upon request. Additionally, this can be tied to an existing CHN if you have one.

seyisanya:
Hello Tomisin,

Does Trove issue CSCS number for local stock investment portfolio?

Many thanks.

2 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 2:42am On Apr 18, 2020
Thanks for the kind words Olalekank

our twitter handle is @trovefinance, dollar deposits usually take 2 business days. With the direct dollar deposit we are working this would be reduced to 24 hrs ,possibly same day depending on the banking institution you use.

Olalekank:

Hi Tomisin,

I went through some of the posts on the thread and realized you are a co-founder at Trove.

I just discovered the app yesterday and it's quite a nice app but I was wondering why there's a low social media engagement.

I got to know about the other investment alternatives via Twitter. Upon searching for Trove on Twitter, I couldn't really find you guys (although I found a Troveapp which has 0 post).

Keep on with the hardwork. We are solidly behind you.



Also, what's the average timeframe for dollar deposits?
Investment / Re: Us Stocks Pick Alert by tommieen: 5:15am On Apr 17, 2020
Hey Seyi,

Dividends for US stocks are paid to your dollar wallet. You can also view dividends paid to you on your monthly statement available in the downloads center in the settings of the app. Please note that dividends on fractional shares take a day or two to reflect in your wallet as they dividends have to be divided amongst each holder of a portion of a share.

seyisanya:
There is still a grey area that I await Mr Tomi to respond to regarding dividend payout. Most stocks in my portfolio are dividend-paying stocks, but I have not received the dividend that was paid by one of my holdings on 14/04/2020. On the other hand, I received email notification inviting me to the AGM of one of my dividend-paying holdings on Chaka and my dividend reflected in my trading account afterwards.

I so much love Trove's interface, but it seems I would have to invest in non-dividend paying firms through the platform while I buy dividend-paying stocks through Chaka.
Investment / Re: Us Stocks Pick Alert by tommieen: 10:19pm On Apr 11, 2020
Blackethics:
@tomi, I want you to talk more on why one can not cancel transaction. I had an issue on it recently with trove. I had to chat with you to cancel it from your end which you did. For over 8 calendar days, I could not cancel my transactions and as a result missed opportunities of buying cheap and selling high.
Secondly, you mentioned that the charge is $2, but the transactions I did last week, I was charged $2.50. why was it so

Thirdly, why does it take 48hrs or more before fx deposit can reflect on account. Why not 24hrs.

I must confess that you app is user friendly and you guys are quick to respond to queries.
Investment / Re: Us Stocks Pick Alert by tommieen: 10:14pm On Apr 11, 2020
Blackethics:
@tomi, I want you to talk more on why one can not cancel transaction. I had an issue on it recently with trove. I had to chat with you to cancel it from your end which you did. For over 8 calendar days, I could not cancel my transactions and as a result missed opportunities of buying cheap and selling high.
Secondly, you mentioned that the charge is $2, but the transactions I did last week, I was charged $2.50. why was it so

Thirdly, why does it take 48hrs or more before fx deposit can reflect on account. Why not 24hrs.

I must confess that you app is user friendly and you guys are quick to respond to queries.


First off, thanks for the nice words. Happy to hear.

As regards cancelling transactions, we know how stressful reaching out to us every time you make an error or just want to get out of a pending position. To fix that, we are currently working on building feature that into the application. Should be available to users real soon.

As regards the cost, we recently reviewed the minimum cost to $2.00 down from $2.50. You probably did a transaction just before the change was effected.

The 48 hrs FX timeline is not fixed, how quickly the funds gets settled depends on 2 factors. One being the amount, lower amounts typically settle faster and second being liquidity/ availability of FX by our partners.

A number of the people who funded on Thursday this past week for example got value that same day. We just give 2 business days as a max timeline, it settles before that a lot of times.

4 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 10:07pm On Apr 11, 2020
seyisanya:
It seems @tommieen intentionally decided to ignore my queries as he responded to @YerYer whose inquiry was after mine. Apologies if comparing Trove with a competitor, Chaka, was the reason you decided not to respond. I just wanted to put things in perspective, nothing more. Thanks.


LOL. Sir it was not like that o..There were quite a number of messages to respond to.

Still haven't responded to everything.

Please let me know your inquiry, i'd be happy to help
Investment / Re: Us Stocks Pick Alert by tommieen: 1:52am On Apr 11, 2020
Sincere apologies, Didn't intentionally skip over this. We anticipate wider rollout of the direct funding before this month runs out.
seyisanya:
I just read your other responses, and glad you've already responded to my first question. But as a follow-up, how soon are we to expect a full functionality of direct USD deposit/account funding on Trove? Thanks.
Investment / Re: Us Stocks Pick Alert by tommieen: 11:43am On Apr 10, 2020
Hi Yeryer,

We are exploring a few things around margin and options but I cannot communicate anything concrete yet. We however have a demo trading account on the app and also allow fractional share purchases on US stocks as well.

YerYer:
@Tommieen thanks for taking the time to stop by here and answer questions. I started investing in stocks 5 yrs ago when I came across a thread right here on Nairaland and it has helped me immensely, so I will never underestimate the potential of this platform. Back then though, there was virtually no way to trade US stocks from Nigeria so its really nice to see there are finally alternatives and I strongly believe you guys have first-mover advantage to corner this market. I just have a few questions: Is there any plan to allow margin and options trading on Trove? Also will it be possible to create a kind of paper trading account on Trove to allow new investors practice and test out strategies before trading with actual money? And lastly, will it be possible to buy fractional shares someday on the Trove app?
Investment / Re: Us Stocks Pick Alert by tommieen: 9:57am On Apr 09, 2020
millennium2012:
I have officially closed my account on Trove. Their rip off is too much. Imagine charging $2.5 for every order no matter how small, outside conversion rate of 368.8/$. Coupled with their app anomaly. I will end up working for them. I think I'd rather stick with Etoro, pending when I get a better alternative.


Hello Millenium,


First off, thanks for even giving us the opportunity to serve you at some point in time. While we are sad you closed your account we appreciate the vote of confidence and hope we can get you back at some point in the future. As regards the conversion rate, we simply micro the best rates we are getting from 3rd party FX vendors.

Using today as an example; a majority of BDCs would sell Cash to you at N417- N420 to the dollar. Funding your Foreign brokerage account however involves an actual transfer of funds and not holding physical cash as this would need to somehow go offshore.

Now a number of this BDCs offer another service which they call "transfer rates" , in this case they would either send you a the funds via electronic means (transfer) either to your Dom account or send it offshore.

Transfer rates on the markets vary from cash rates and as of today BDCs would probably charge you N430-N435 to the dollar to have your funds transferred electronically.

Buying FX and transmitting via your dom can also be counterproductive if the amount is smaller as some Nigerian banks would charge you as high as $80 transfer $500/$1000 offshore. This can take your cost basis from N420 even if you hold the cash to about N480

We charge N426 for that and no extra fees which a number of this platforms charge.

We are also exploring the possibility of users funding directly with their USD and i would be sharing progress as it happens.

Happy to help address any other issues you might have.

2 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 2:22am On Apr 09, 2020
OakPearl:


Who else has experienced the frustration of cancelled bids?
Studying price list for last trading day reminded me of my several failed attempts to buy TOCA on 24th February @ $2.07/share.
It closed Friday at $2.88, a 56% jump on the day.
I still don't have TOCA.
Will make another try if it gets below $2 again.
#Frustrating at times.


Hello Oakpearl,


I'm Oluwatomi, a co-founder at Trove. Noticed the transaction failing issue and help provide some context into why the trade failed.

Our partners seek to make available as wide an array as possible of individual stocks and ETFs to enable investors of all types to implement their personal investment strategies. To mitigate risk to itself and customers, they however offers only securities that meet the following criteria:

-US exchange listed (OTC securities are not available)

-Market capitalization greater than $ 1 billion

-If market capitalization is below $1 billion, then 3 month average daily dollar volume must be greater than $0.5 million

-Exchange listed sponsored ADRs (American Depositary Receipts)

-Non-leveraged ETFs

-Share price greater than $1*

-Certain exceptions may be made, for example in the case of newly issued ETFs which have yet to meet the required market capitalization or daily trading volume levels. Our partners do not currently approve trading in penny stocks, options, fixed income, or mutual funds (except money market funds).

*Similar to NYSE guidelines (New York Stock Exchange), if the share price of a security falls below $1, our partners will place the security on a watch list. If the security remains below $1 for thirty calendar days, clients owning that security may be informed that the security may be de-listed. If the security remains below $1 for sixty calendar days, or the primary exchange delists the security, Investors owning that security will only be able to exit an existing position in that security (liquidation only).

Noticed TOCA has a market cap of $24.62M and has been trading below $1 which is penny stock, a micro cap and therefore highly speculative.

Reasons for not listing micro caps include;

Small-cap stocks have less liquidity. For investors, this means enough shares at the right price may be unavailable when they wish to buy – or it may be difficult to sell shares quickly at favorable prices.


Another aspect is that, in comparison to large-cap companies, small-cap firms generally have less access to capital and, overall, not as many financial resources.

This makes it difficult for smaller companies to obtain the necessary financing to bridge gaps in cash flow, fund new market growth pursuits, or undertake large capital expenditures. This problem can become more severe for small-cap companies during lows in the economic cycle.

All this factors make investing in small caps more risky, hence the reason to avoid trading them.

Hope i was able to help. If you have any questions please feel free to reach out. Always happy to help.

1 Like

Investment / Re: Us Stocks Pick Alert by tommieen: 2:10am On Apr 09, 2020
Empress2014:
No response, maybe because I called with an int'l number.


Hello Empress,


There is a Help & Support section inside the app, a number of representatives are always online and available to chat with you.

Also let me know if i can help with any of your questions. Happy to help.
Investment / Re: Us Stocks Pick Alert by tommieen: 2:06am On Apr 09, 2020
ukay2:


But how safe is the App?

Any possibility of getting your money back if Trove App goes under?

Which regulatory body is regulating Trove Finance App?

Just skeptical and want to know more before testing the waters

Thanks


Hello Ukay,


Trove is a technology platform, not a registered broker-dealer or investment adviser.

Brokerage services are provided by the following:

US-traded securities, including fractional trading, are provided to Trove users by DriveWealth LLC, a regulated member of FINRA/SIPC. Drivewealth is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.

Nigerian account traded securities are provided by Sigma Securities LTD and Trove is a technology platform, not a registered broker-dealer or investment adviser. Trove does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

Brokerage services are provided by the following:

US-traded securities, including fractional trading, are provided to Trove users by DriveWealth LLC, a regulated member of FINRA/SIPC. Drivewealth is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.

Nigerian account traded securities are provided by Sigma Securities LTD & ARM Securities both SEC registered broker-dealer and members of the Nigerian Stock Exchange.

To answer the question about what happens if Trove goes under;

Well your assets are held by the clearing house who in this case are DriveWealth LLC. You have an account number written on your Trove statements. This can be accessed by visiting the settings section of your app.

Please Note : The section would be blank until you make a transaction. Even at that your history begins to show a couple of days after your first purchase.

You can use the account number and a proof of identity to claim ownership of your assets with DriveWealth and then figure whether to liquidate or transfer to some other brokerage. That decision in this case would be between you and DriveWealth.

We intend on being around for a long time though so i don't see that scenario happening in the foreseeable future.

For Nigerian assets, your assets are held with either of our partner brokers. They have both been around for north of 10 years so i'm sure you should be good there.

Here are some links to give you more insight into Trove ;

https://www.thisdaylive.com/index.php/2020/01/03/arm-announces-investment-in-trove-technologies/

http://www.nse.com.ng/mediacenter/pressreleases/Pages/winners-emerge-in-nse-inaugural-hackathon.aspx

https://finance.yahoo.com/news/drivewealth-partners-sigma-securities-trove-110000697.html

There are other resources and links on the internet you can search for too. A Google search should also get some extra links.

Also let me if i can help answer some of your questions. Happy to address any fears that you have.

5 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 1:43am On Apr 09, 2020
Bvesan:
Hello everyone. I'm new into investing in US stock.

I have a few questions that I hope anyone can provide answers to.

What app is the best for buying, Trove, Risevest or Bamboo?

What are their charges? I know Trove is $2.50, which is quite high.

I anticipate replies. Thank you.


Hello Bvesan,


I'm Oluwatomi, a co-founder at Trove. We charge 1% or $2 (whichever is higher) for transactions.

I believe that is sort of competitive given the prices currently charged in the market.

Do let me know if you have any other questions. Happy to help
Investment / Re: Us Stocks Pick Alert by tommieen: 1:07am On Apr 09, 2020
Cheechy:


EVERY ~TRANSACTION I have raised their platform since March 19th has failed. I have over $1,000 sitting in their "wallet".

This evening raised the question in the group cheapen telegram, why every transaction has failed irrespective of my rate, yet two of the same transactions at the same values on Chaka has gone through?.

My comment was promptly deleted and i was restricted from commenting in the group.

Whenever people are unable to answer basic questions about their products or processes, I RUN.

Why delete my question and restrict me?. It is a simple enough question.


This is the second funny issue with them.

Just incredible.

p.s. any member or employee with Trove should please feel free to respond.

Thank you



Hello Cheechy,


I am Oluwatomi, a co-founder at Trove and also present in the Telegram group you speak about.

As regards deleting your message, in times past we used to have to deal with several issues of spammers joining the Telegram group and posting scam links and messages on the group due to the fact that the group was open to join for all and sundry & had no restrictions.

We had a spam blocker (a Telegram bot) setup to filter out spam messages a couple of weeks ago. The day you posted a question on the group, the same bot for whatever reason immediately deleted the message.

My colleague Osita immediately sent you a message to apologize and also explained that the message was not deleted intentionally and that the message being deleted was done by the bot.

So it's quite sad seeing this post here about Trove deleting your messages.

Anybody present in our Telegram group can attest to the fact that deleting messages or shying away from any form of criticism is not something we do on the group.

The idea of setting up a group was to interact, share ideas and also get feedback on the product and feedback can come in many ways, does not always have to be great all the time and we understand that as admins.

As regards your transactions It seems when you place your limit buy orders you are setting the execution price too low.

I really do not know about Chaka and how they work but i can say for certain that if a transaction is a Good till day limit order , once the market
closes without the price of the asset getting to what you set, the order is cancelled .

I recall also giving you a breakdown of why your transactions failed due to the price limit being set too low over chat a couple of days ago.

I believe you set a limit for the same stock today and adjusted the same price appropriately after our conversation and i'm seeing that the transaction went through.

We try to be as helpful as we can and would continue trying as much as we can.

If you have any issues with the app or your your transaction you can always message me via a direct message on the Telegram group , ask for Tomi when talking to a support representative or you can drop a message here. I'm not much of a Nairaland person so i might take a little longer for me to respond here.

3 Likes

Investment / Re: Us Stocks Pick Alert by tommieen: 12:38am On Apr 09, 2020
Cheechy:


Trove has issues.

I have not used Bamboo


Hello Cheechy,


I'm Oluwatomi, a co-founder at Trove. Please could you shed more light on some of these issues.

Happy to help address them here.
Investment / Re: Us Stocks Pick Alert by tommieen: 12:35am On Apr 09, 2020
doublestar21:


Does it mean trove doesn't have all stocks listed?? . I can't find some stock there or does it mean there is something I need know

Hello Doublestar,

I'm Oluwatomi, a co-founder at Trove. Was reading through your question and thought give a response to it.

Our partners seek to make available as wide an array as possible of individual stocks and ETFs to enable investors of all types to implement their personal investment strategies. To mitigate risk to itself and customers, they however offers only securities that meet the following criteria:

-US exchange listed (OTC securities are not available)

-Market capitalization greater than $ 1 billion

-If market capitalization is below $1 billion, then 3 month average daily dollar volume must be greater than $0.5 million

-Exchange listed sponsored ADRs (American Depositary Receipts)

-Non-leveraged ETFs

-Share price greater than $1*

Certain exceptions may be made, for example in the case of newly issued ETFs which have yet to meet the required market capitalization or daily trading volume levels. Our partners do not currently approve trading in penny stocks, options, fixed income, or mutual funds (except money market funds).

*Similar to NYSE guidelines (New York Stock Exchange), if the share price of a security falls below $1, our partners will place the security on a watch list. If the security remains below $1 for thirty calendar days, clients owning that security may be informed that the security may be de-listed. If the security remains below $1 for sixty calendar days, or the primary exchange delists the security, Investors owning that security will only be able to exit an existing position in that security (liquidation only).

So to answer the question, we do not list all stocks & factors such as liquidity and risk to investors contribute to the decision around whether to list or not. However i can say for sure that a lot of the best companies available globally are listed on the Trove app.

If you however have any issues or questions you can reach out to our support and ask to speak to Tomi.

Would be super happy to help.

3 Likes

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