Trove vs Bamboo: Looking to invest online in Nigeria but don’t know which to choose between Bamboo and Trove? We’ve tested both investment platforms, and this post contains a comparison of our experience with both.
Investing has become an essential part of personal finance. With so many investment options and platforms available, it can be challenging to decide which one is the right fit for you.
In this article, we will compare two investment apps, Trove and Bamboo, to help you make an informed decision.
Trove and Bamboo are both investment apps that allow users to invest in stocks, ETFs, and other securities. While they share many similarities, they also have unique features and benefits that set them apart.
Let’s dive into the details of each app to see which one is the best fit for your investing goals.
Overview: Trove vs Bamboo
Before we start with our detailed comparison of the two most popular investment platforms in Nigeria, it’s important that we cover the basics and highlight what makes these platforms stand out.
What is Trove?
Trove is a mobile app that makes investing accessible to everyone. It offers a range of investment options, including stocks, ETFs, and fractional shares.
Trove has hundreds of thousands of downloads on both the Play Store and App Store. Users can also invest in curated themes, such as technology or sustainability, to align their investments with their values.
One of the main advantages of Trove is its user-friendly interface. The app is easy to navigate, and the investment process is straightforward.
Users can create a custom portfolio or choose from pre-built ones based on their risk tolerance and investment goals.
Trove also offers customer support through its in-app chat feature. Users can get help with any questions or issues they encounter while using the app.
Read Also: Top 15 Legit Investment Platforms that Pay Weekly in Nigeria
What is Bamboo?
Bamboo is another investment app that offers a range of investment options, including stocks, ETFs, and fractional shares. It also offers curated portfolios based on different investment themes, such as technology or healthcare.
Bamboo is available on both Play Store and App Store with over 1 million downloads. That means both Andriod and iPhone users can make use of the app. They also have a website as an alternative to the app.
When it comes to customer support, Bamboo offers several options. Users can get help through the app’s in-app chat feature, email, or phone support.
What to Look for While Deciding Between Bamboo and Trove?
There are a few things that you really need to keep in mind when looking to invest your money online. These key factors will help you decide which platform is better suited for your needs.
- Investment options: Consider the range of investment options available on each app and whether they align with your investment goals and preferences.
- Fees: Look at the fees charged by each app and how they may impact your investment returns.
- User interface: Consider the ease of use and user-friendliness of each app. It should be easy to use even for absolute beginners.
- Customer support: Look at the customer support options offered by each app and whether they meet your needs.
- Account minimum: Consider the minimum investment required to get started with each app. It shouldn’t be too much for an average Nigerian.
- Additional features: Look at any additional features or benefits offered by each app, such as investment education resources or personalized investment recommendations.
- Payment Methods: It should have support for multiple payment methods (e.g. Bank Deposit, Bank Transfer, Paystack, Cryptocurrency and lots more).
Now that you’ve known what to look for while comparing Bamboo vs Trove, let’s take an in-depth look at each factor.
See Also: Top 10 Investments in Nigeria with Monthly Returns
Investment Options: Trove vs Bamboo
The first thing to look for in an investment platform is the type of investment products that they offer. From foreign stocks to bonds, investment platforms offer several products users can invest in.
Trove Investment Options
On Trove, you can invest in over 4,000 stocks, including U.S. equities and exchange-traded funds (ETFs), American Depository Receipts (ADRs), and Nigerian Stocks listed on the Nigerian Stock Exchange (NSE).
You can also invest in mutual funds and Bonds on Trove.
Related: Real Estate Investment in Nigeria: How to Get Started
Bamboo Investment Options
On Bamboo, you can invest in U.S. and Nigerian stocks, including Exchange Traded Funds (ETFs) such as indexes like the S&P 500, and lots more. Bamboo also offers an investment product called Fixed Returns.
The Fixed Returns is a fixed-income dollar-denominated investment that gives you up to 8% annual returns. It allows you to invest your extra cash and diversify your overall portfolio.
Fees: Bamboo vs Trove
Another important factor while comparing Trove and Bamboo is the trading fees. Both platforms have an affordable rate, however, there are still substantial differences that can influence your decision. Also, deposit charges need to be considered.
Bamboo Trading Fee
Bamboo trading fee is 1.5%. That is when you buy or sell stock on their platform, you’ll be charged a 1.5% commission.
Trove Trading Fee
Trove offers two account types for trading on its platform, and both come with different trading charges respectively.
The first account type is the Naira wallet. These wallets are used for investing in local Nigerian stocks. The trading fees on this account type are 0.30% for SEC (Securities & Exchange Commission), ₦4.20 for CSCS Trade Alert, and 5% VAT on commissions of NSE, SEC & Brokerage fees. 0.075% for Stamp Duty, 1.35% Brokerage fee, and 0.5% for Platform Fees.
The second account type is Dollar Wallets. These wallets are used for investing in foreign stocks. The trading fee on this account type is a 1% commission (minimum of $2. That is you’ll be charged a minimum of $2 when you buy or sell a stock.
Bamboo Deposit Fee
- Using a Naira Card (Master Card, Visa) for funding your Bamboo account cost 1.4%. The maximum charge on a Naira card ₦2000.
- Using a USD Card to fund your Bamboo account comes with a charge of 2.9%.
- A flat rate of ₦150 for bank transfers.
- Using a USD wire transfer is free on Bamboo. However, you may be charged by your bank.
- Funding your account via the Barter app by Flutterwave comes with a 1.4% commission.
Trove Deposit Fee
- Funding a Trove account via bank transfer is totally free on the app. However, you may be charged by your bank.
- Funding a Trove account via Credit/Debits Cards charge 1.5% + ₦100 for transactions over ₦2,500 for both Naira and Dollar wallets.
User Interface: Trove vs Bamboo
Another thing to consider in the Bamboo vs Trove comparison is the platform’s user interface. A good investing platform must have a user-friendly interface that must be very easy to navigate even for an absolute beginner.
In the case of Trove and Bamboo, both platforms/apps have a user-friendly interface, making it easy to navigate and invest.
Customer Support: Bamboo vs Trove
Another factor that shouldn’t be overlooked in the Trove vs Bamboo challenge is customer support. Since investment platforms deal with money, they should be easy to reach out to in case of any emergency.
Both Trove and Bamboo have great customer service. Trove offers customer support through its in-app chat feature and email, while Bamboo offers multiple options, including in-app chat, email, and phone support.
Account Minimum: Trove vs Bamboo
As a Nigerian, you must consider the minimum deposit each platform offers to determine whether you can afford the amount. Good investment platforms must offer a low account minimum, especially in Nigeria due to the economy.
Trove allows users to invest in both foreign and local stocks on their platform with as little as ₦1000. On the other hand, Bamboo allows users to deposit as little as $1, and its minimum investment amount of $1 for all of its investment products.
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Payment Methods: Bamboo vs Trove
A good investment platform must have very flexible payment methods for both withdrawals and deposits. Let’s take a look at what these platforms offer.
Bamboo Payment Methods
Bamboo offers multiple payment methods including Naira Card, Dollar card, bank transfer, and Barta by Flutterwave. You can withdraw directly to your bank accounts after selling your stock.
Trove Payment Methods
Trove also offers a variety of flexible payment methods including Bank transfers, and Card deposits. You can also make a withdrawal directly to your bank account from Trove.
Now that we’ve looked at the individual features of Trove and Bamboo let’s compare them side by side.
Overall Benefits: Trove vs Bamboo
Trove and Bamboo have their own unique benefits. However, let’s break them down.
Pros: Trove
- User-friendly interface
- Wide range of investment options
- Curated themes
- Customer support through in-app chat
- Low trading fees
Cons: Trove
- Too many fees
- Limited customer support options
Pros: Bamboo
- Low fees
- User-friendly interface
- Curated portfolios
- Multiple customer support options
Cons: Bamboo
- Limited investment options
Trove or Bamboo: Which Investment App is Right for You?
When deciding between Trove and Bamboo, it’s essential to consider your investment goals and preferences. If you’re interested in investing in curated themes or want a wider range of investment options, Trove may be the better choice. However, if you’re looking for low fees and more customer support options, Bamboo may be a better fit.
It’s also worth noting that both apps have their own strengths and weaknesses, and what works for one investor may not work for another. It’s crucial to do your research and consider all factors before making an investment decision.
Conclusion
In summary, Bamboo and Trove are two investment apps that offer a range of investment options and user-friendly interfaces. While they share many similarities, they also have unique features and benefits. When deciding between the two, it’s important to consider your investment goals, preferences, and the fees and support options offered by each app.
Ultimately, the best investment app for you will depend on your individual needs and circumstances. By doing your research and considering all factors, you can make an informed decision about Trove vs Bamboo, and start your investing journey with confidence.
