If you have been wondering what kind of investment to do to make money online, then I bring you good news.
Have you heard about trading in the Nigerian Stock Market? This may be the best opportunity for you to start earning up to N3,000 every day, even as a beginner.
In achieving this, several platforms can be utilised. Among this many platforms, one stands out.
This is the Trove app. This article will provide all the helpful information you need to start earning extra income using this app.
How Trove Works
Trove is an app that can be found on the Google Play store. It is a platform for traders who are interested in the buying and selling of stocks in the Nigerian Stock market.
As a user of the platform, you can:
Be an Investor
Being an investor allows you to invest in any assets you find to be pleasing to you. This can be determined by your long-term overview of the market, having an understanding of the particular stock company and its customer’s response and staying in touch with updates concerning the company.
Own your Globe
By owning the Globe you have access to unlimited stocks. This gives you the privilege of choice, whereby you are the sole determinant of the stock to invest in.
Own a Portfolio
On Trove, you have the leverage to trade in different currencies. You could either trade in Naira or Dollar with your fixed, naira or dollar portfolio.
To make money on the Nigerian stock market using the Trove app, you need to understand how to buy Stock.
How to Buy Stock
The stock you buy today can either appreciate or depreciate over time. This is why it is important to conduct your research before investing in any stock in Nigeria.
However, should the stock appreciate over time, it can lead to an enormous amount of profit that can make you to go to the bank smiling.
Here is how to buy stock on the Trove app:
Fund Portfolio
You have to fund your account before buying any stock using the app. You can do this by using a Naira card, Jumia Pay, or Paga. For each of these transactions, it costs N100 Naira for the payment fee.
Go to the Explore Option
After successfully funding your account, it is important to go through Market Insights. This will help you study the behaviour of each Stock, thereby helping you take informed action.
Find the Nigeria Stock Market
This will provide a list of the present stock in the Market. Find a stock price that is affordable with a high prediction of rising and buy the stock.
The stocks are sold in units. Depending on the company giving out the shares, you are expected to buy at least the minimum share of 10 units.
How to Get Started
Here are a few things to get done to start buying stock using this app:
1. Visit the Google Play store and search for Trove – Investing, Simplified.
2. Register your account using this link.
3. Verify your account with your mail.
4. Fund your account and start investing.
For beginners who do not know how to trade on the stock market, you have the privilege of trading using a demo account, which has both a Dollar and Naira portfolio fully funded with $10,000 and N795,500, respectively.
Things to Note Before Buying a Stock
There are a few things to be mindful of when getting a unit of share from the Nigerian stock market:
1. The price may not increase on time and you may potentially run out at a loss.
2. You make a profit from the stock market when the cost price of the stock increases more than the cost of purchase.
3. It is advisable to buy stock when the market has dropped and sell when the price fluctuates.
4. Buy stock from different companies because all may not perform well.
For further information about how this platform works, you can see this explainer video.
Conclusion
Trading the Nigerian stock market can be very interesting, especially when one’s invested Stock is yielding profit. However, as a trader, you have to also give time to understanding the Market Insight of each stock company to avoid losses.
When done well, it can get you extra income passively and Trove is one platform that can mean that possible for.
FAQ
How can I sell the acquired profit of the stock?
You can sell your profit the same way you bought the stock.
Is there a good profit if you invest little?
It depends on the increase accrued overtime on the stock you bought.
What is the minimum investment?
For each stock, you have to purchase at least 10 units of the total shares to be sold.
