Regardless of the Exchange market or stocks you’re investing in, the main goal of investing is to generate extra income. Until recently, it was a difficult process to invest (as a non-resident) in stocks traded on the US stock exchange market because brokers will require a US visa or Green card. Investing in the market was also limited to high-net individuals as the minimum amount required was in the thousands of dollars range.
Accounting for over 50% of the global stock market value, the US stock exchange is the largest in the world. The market capitalization of both the New York stock exchange and NASDAQ is roughly $40.2 trillion. unfortunately, these stocks have been largely inaccessible to Nigerians.
In this article, we will show to get you started.
- First, Download the Trove Android or IOS app from the Play store or Apple store
Trove is a technology that allows Africans invest in foreign stocks, exchange-traded funds and bonds from a Smartphone, within the continent.
Trove app features
- Platform: IOS and Android
- Minimum account opening balance: Trove allows you to buy Stocks of Us companies with as low as $10. You can also buy fractional shares of companies like Facebook, Apple, Microsoft, Google etc. rather than buy full share which can cost hundreds of dollars. You can also track return on investments on the Trove app.
- Documents required: International passport, BVN number, bank statement and Utility bills. Other basic information required include verifiable email and phone number.
- Payment options: MasterCard and Visa and Verve cards issued by Nigerian banks.
- Security: personal information on Trove is made secure by its use of 256-bit encryption and personal data is stored using cutting edge technology.
- Withdrawal: Trove allows you to withdraw uninvested cash in your Trove account (wallet). However, to withdraw more than your invested cash, you’ll have to sell some of your asset.