Trove upgrades App with Margin Investing, IPO Access, and Extended US Stock Trading

The Nigerian investment platform, which lets users trade Nigerian and US stocks, ETFs, and more from their phone, has rolled out a new version of its mobile app, Trove 3.0. 

This update comes a few months after Trove acquired Innova Securities Limited, a broker-dealer licensed by Nigeria's Securities and Exchange Commission (SEC) and the Nigerian Exchange, which means Trove now executes trades through its own regulated brokerage, rather than depending on a third party – a foundation that matters more now that the app is introducing tools like leverage and pre-listing access. 

The update's biggest addition is margin investing, a feature that lets eligible users borrow funds from their broker to buy more than they could with just the cash in their account. Someone with $2,000 in eligible USD holdings could access up to 2x their usual buying power, and in some cases up to 4x. 

As with any borrowing, there's a trade-off. Losses can grow just as fast as gains, and if an account falls below what's required, users may need to add funds or have their position adjusted to stay within limits. 

Trove 3.0 also introduces IPO access, letting eligible users invest in select US IPOs before they go public, something usually reserved for institutional investors and the ultra-wealthy. Getting in early doesn't guarantee an allocation, and freshly listed stocks tend to be more volatile in their first weeks of trading. 

Trading hours for selected US stocks have also been extended under 24/5 Trading, letting users trade throughout the week instead of only during standard US market hours. That means investors can react to news or price swings that happen after the US market has closed for the day. 

Restrictions that once limited how often users could buy and sell the same stock have also been lifted. Trove says this effectively opens the door to day trading on the app, something previously limited by rules known as good faith violations. 

On the research side, Trove has added analyst ratings, upgrades, downgrades, and price targets for both US and Nigerian stocks, giving users more information to work with before making a decision.

The company has also introduced Transaction PINs and Security Questions, an extra layer of protection for account activity, especially now that the app supports higher-stakes features like margin and IPO access. 

"The goal with this update was to make investing easier for our users, especially newcomers," Trove CEO Oluwatomi Solanke said. 

"That meant a faster onboarding process, removing the limitations that kept some of our traders from day trading, and increasing the daily withdrawal limits available to users," he added. 

For a platform that started simply letting Nigerians buy shares, Trove 3.0 is a sign of how far the company wants to go and how much further Nigerian investors can now go. 

Today, Nigerians looking to invest in stocks have access to more of the tools and capabilities available to investors in global markets, and margin trading is one of the clearest signs of that shift. 

You can download Trove 3.0 now on the App Store and Google Play.

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