Trove Finance has launched Trove 3.0, a major update to its mobile investment app that introduces margin investing, access to select US IPOs before they go public, and extended trading hours for US stocks. The update follows the company's acquisition of Innova Securities Limited, a broker-dealer licensed by Nigeria's Securities and Exchange Commission (SEC) and the Nigerian Exchange.
Margin Investing and IPO Access
The most significant addition is margin investing, which allows eligible users to borrow funds from their broker to increase their buying power. For example, a user with $2,000 in eligible USD holdings could access up to 2x their usual buying power, and in some cases up to 4x. However, the company warns that losses can grow as quickly as gains, and if an account falls below required levels, users may need to add funds or have their positions adjusted.
Trove 3.0 also provides IPO access, letting eligible users invest in select US IPOs before they are publicly listed, a privilege typically reserved for institutional investors. The company notes that early participation does not guarantee an allocation, and newly listed stocks tend to be more volatile in their first weeks of trading.
Extended Trading Hours and Day Trading
Trading hours for selected US stocks have been extended under the 24/5 Trading feature, allowing users to trade throughout the week beyond standard US market hours. This enables investors to react to news or price movements that occur after the US market closes.
Restrictions that previously limited how often users could buy and sell the same stock have been lifted, effectively opening the door to day trading on the app. Trove says this was previously limited by rules known as good faith violations.
Research Tools and Security Enhancements
On the research side, Trove has added analyst ratings, upgrades, downgrades, and price targets for both US and Nigerian stocks. The company has also introduced Transaction PINs and Security Questions to provide an extra layer of protection for account activity, especially given the higher-stakes features now available.
"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 began by letting Nigerians buy shares, Trove 3.0 represents a significant expansion of capabilities available to Nigerian investors. The app is available for download on the App Store and Google Play.
