Trading Fees

[Avocado]

The reduction in fees and commisions for trading on the NSE should now have been effected by all stockbrokers. A comparison of new fees/commissions issued by different stockbroking firms show some disparities. On this thread, the proposal is to post and compare fees from the different companies. As of now, data is available for Zenith Securities (ZenSec), UBASec, and Cashcraft (note: ZenSen and UBASec are probably not authorised short-forms, but we understand one another…). The figures below are for the “buy” side, and are the “primary” fees (for trades < or = N250,000). If there’s anyone with information about whether the SEC has increased this minimum, please inform.

ZenSec UBASec Cashcraft
BrokerageFee 0.88 1.1 1.575
SEC Fee 0.60 1.0 0.600
CSCS Fee 0.11 0.1155 0.1050
Stamp Duties 0.075 0.075 0.075
TOTAL 1.665 2.2905 2.355

Notes
1) UBASec has an inflated SEC Fee: 0.6% for ZenSec and Cashcraft; 1.0% for UBA; this shouldn’t be; SEC fee should be the same
2) Brokerage fees: 0.8%, 1.0%, 1.4318% respectively for ZenSec, Cashcraft, UBASec. Cashcraft is most expensive. Does the service compensate for this?
3) Important: only data from ZenSec are complete and final; Cashcraft and UBA appear confused about the 10% VAT directive.
4) ZenSec appear to be more organised firm.

If therea are fees data from other Stockbroking firms, please make them available so that a clear comparison can be made.

[Stockmarket_Voyeur]

Hi Avocado

I have attached a document showing the breakdown of revised fees sent to me by my Stockbrokers: Strategy & Arbitrage Ltd.

Hope this helps!

[Avocado]

SV: thanks. Your data was useful.

1) The gradation of 0.75-1.5% is unclear; hope you clear that with them. Has your stockbroker got a website?

2) Strategy & Arbitrage appears honest with standard SEC & CSCS fees (0.6% & 0.1% respectively).

3) Buying Costs*
ZenSec = 1.6650%
UBASec = 2.2905%
Cashcraft = 2.355%**
Strategy & Brokerage = 1.946% - 2.7710%

*Assumes VAT = 10%
** VAT regime unclear.

[olusolakemmy]

i have to speak with my broker on monday to get the latest charges.
when i ordered for NASCON, my broker told me total figure, when i made the calculation i discover it was less than my calculation, but i thought was because the NASCOn was a special sales and so some charges will not be deducted.

But i have heard now, have to be clear about it.

Thanks to the forum

[Meki]

Hi Avocado,

Attached is the document from BGL.

[Avocado]

Meki: thanks for your data for BGL.

1) All the data received so far suffer from one limitation: they are not all comprehensive enough. Before the announced reduction in fees, charges applicable to trades more than N250,000 were slower than for trades below and including N250,000. We don't yet have specific data about that in these reports. They are however included in the brokerage charges with ranges; e.g. 0.75% to 1.5% for BGL, and 0.5% to 1.5% for S&B.

2) Some stockbroking firms are still confused about the VAT %. Many still carry it as 5%. Only Zenith Securities carries it as 10%. Some banks have already started the 10% implementation. And, to note it, there's more to come: the federal government hopes to harmonise Nigerian VAT figures with the rest of ECOWAS, where the VAT rate is currently 15%; so, 15% is the target; get ready for it.

BGL summary:
BUY side, 10%VAT: 1.610% to 2.435%
SELL side, 10%VAT: 1.945% to 2.770%

BGL SEC fee for BUY ok at 0.6% (only UBASec has 1.0%; why??)

Updated Summary
================

BUY Side*
----------------
ZenSec = 1.6650%
UBASec = 2.2905%
Cashcraft = 2.355%**
BGL = 1.610% to 2.435%
S&B = 1.946% - 2.7710%

*Assumes VAT = 10%
** VAT regime unclear.

[Miss_Risky]

After much faffing around, I got the breakdown of my transaction charges from my broker:

Transaction fees for selling:
NSE Fees: 0.525%
Stamp Duty: 0.075%
Brokers commission: 1.5%)
Vat on commission: 5%of Commission
CSCS fee: 0.4725%)


Transaction fees for buying:
SEC Fees: 0.6%
Stamp Duty: 0.075%
Brokers commission: 1.5%
Vat on commission:5%of Commission)
CSCS fee: 0.105%

I'm not entirely sure what the 'VAT on commission' represents. Am I paying the VAT on the broker's commission? Doesn't make sense to me. I guess I'll need to clarify with the broker.

[Meki]

Revised charges from Vetiva...

[olusolakemmy]

summarised trading fee from PSL limited is as follow
selling:- 2.65%
buying:- 2.36%
All charges included, the break down was not available as at the time i got this value, i hope to get it, when i do i will supply them.