Choosing/Rating Stockbroker

[ezegold4wealth]

I Think It Is Better For One To Stay In An Already Built House Than To Be Going After A House U Dont When They Will Finish Building It.what I Am Saying Is That Investors Especially The New Entants Into This Business Should Spare Themselves The Risk And Open Their Cscs With Any Consolidated Stock Brokerage House And Be Sure Of Their Investment.u Can Open With Cashcraft Asset Management Company,their Offices Are Scattered All Over The Nation.

[Avocado]

Originally Posted by newton

I'd rather u use a broker wt a reputable name/backin of some sort even it it'll mean savin a lil more. Currently GT bank securities allow ppl to open an account wt a min of N50,000.

Are you sure about this? I searched online, couldn't find GTBank securities; the closest to that is GTI capital ltd; which isn't quite affiliated with GTBank. If I'm mistaken, could you post a link?

Cheers.

[chidiohaz]

I recommend Cashcraft Asset Management Ltd. to any new entrant into stock trading. You would be assigned a Marketing Officer who would be in charge of your accounts and follow-up on all your requests.

I have been using Cashcraft Asset Mgt. Ltd. for quite some time and they have been dependable.

[knightofdelta]

Originally Posted by chidiohaz

I recommend Cashcraft Asset Management Ltd. to any new entrant into stock trading. You would be assigned a Marketing Officer who would be in charge of your accounts and follow-up on all your requests.

I have been using Cashcraft Asset Mgt. Ltd. for quite some time and they have been dependable.

You need at least N250,000 to start with cashcraft. I started using them and I still use them but I want to stop using them. I have had some bad experiences with them. If you had gone through the posts you will understand what people have gone through. I do not intend give them bd publicity, but they really have to wake up.

They have a way of fleecing investors and I have had a fair share of my own, despite the fact that I have been on top of my game and monitoring my investment with eagle eyes. I want to hit the N5m mark and move to FSDH. Heard they are the best.

The Knight of Delta.

[DaInvestor]

i use FSDH and i guess they are ok.

[chidiohaz]

Helloooo Knight of Delta, please I do not mean to launder the name nor interest of cashcraft asset mgt ltd. I posted earlier that any would-be intented NEW investor is recommended to start with cashcraft asset mgt. ltd.

Even if you marry a new wife today, by the time you spend 5 years with that wife, you must definitely see unpardonable flaws. Meaning, no one is PERFECT even in business....

The heavier your investment, you must setup heavier securities around your funds/investments. Whether it's cashcraft asset mgt. ltd. or FSDH security is very important. And again it might equally depend on the Marketing Officer assigned you which you might decide to change if you wish.

I started using Cashcraft Asset Mgt. Ltd. with one Share Certificate that is even below their minimum =N=50,000 initial deposit. I am NOT aware of this =N=250,000 someone is saying he/she started with as the minimum deposit. If one is serious in investment, I believe that with even =N=10,000, you can have an account with Cashcraft Asset Mgt. Ltd.

I went to IBTC Securities by Bonny Camp to make an enquiry and I was told that their Minimum is =N=5m, I took off in full throttle!!!!

[faoogoke]

I recently opened a stcokaccount with cash craft for nothing. I also invited some of my friends who also opened for free in Abuja. My account officer seem a deligent person.
I must however admit that a friend has problems with the same cash craft. I suspect the performance of a lot of these firms has a lot to do with one's account officer.
The Abuja cash craft office is a walking distance from my office. If they fumble, I'll over and yak them!
Having said so much, I think Ndidi, SEC and the owners of these stockbroking firm should be informed of what these firms put us thru.

[Taipan]

Hip hip hip Hurray!!! I've just been promoted to senior member! Everbody, free drinks this friday at any club of your choice!

Ok, so that's not the purpose of my post.
I don't use CashCraft but my brother and also a friend does and from them, I've found out two things about them. First, they allow them to buy stocks on 'credit' even though they haven't been with them long. Now that's good. But secondly and unfortunately, they sometimes buy stocks on your behalf without first obtaining your permission/approval i.e. they buy stocks on your behalf you never placed orders for!
Now, these have been confirmed by them both and that's all I know about CashCraft.

[chidiohaz]

Haba Taipan!!!! you don become Senior Member ooo no grapevine from you oooo because I expect you to findout this facts before coming public on the forum.

If your brother and your friend get stock orders without approval then it should be their gain and then their account officers should pay for them? that is one! Secondly, on most cases when we investors make orders for some stock, we are supposed to either renew them the next day or cancel the stock if we don't need them anymore (this is in the event of the stock not purchased the day it was booked)

But I feel that nothing was done about the stock when it could not be purchased that day. Then they move to the next transaction. By the time those who go to the Floor of the Stock Exchange now procures the stock, and debits the Requestor (i.e. the investor), perhaps, this could be after some days or weeks, he would now DENY that he did not order for them whereas they were not cancelled.

[chineduz]

Originally Posted by Taipan

Hip hip hip Hurray!!! I've just been promoted to senior member! Everbody, free drinks this friday at any club of your choice!

Ok, so that's not the purpose of my post.
I don't use CashCraft but my brother and also a friend does and from them, I've found out two things about them. First, they allow them to buy stocks on 'credit' even though they haven't been with them long. Now that's good. But secondly and unfortunately, they sometimes buy stocks on your behalf without first obtaining your permission/approval i.e. they buy stocks on your behalf you never placed orders for!
Now, these have been confirmed by them both and that's all I know about CashCraft.

Congratulations on making the senior member status waiting for my drink eh!


Are u suggesting they would but these "unapproved" stocks on "credit"?

[chidiohaz]

Originally Posted by Taipan

Now, these have been confirmed by them both and that's all I know about CashCraft.

This is absolutely not true about Cashcraft because I have been using Cashcraft for a long time. Perhaps this could be as a result of a misunderstanding between the investor and his/her accounts officer.

On the issue of credit purchase, yes! thats correct and I like it so much as far as Cashcraft is concerned. When they buy, you pay! simple! That's one of the advantages of the 2Billion Capitalisation exercise going on about Stockbrokers. Cos' if you leave your fund with a stockbroker and they make any unregistered/unconfirmed purchase by you on your behalf, you that would be CONFUSING!!!!!

[chineduz]

Originally Posted by chidiohaz

This is absolutely not true about Cashcraft because I have been using Cashcraft for a long time. Perhaps this could be as a result of a misunderstanding between the investor and his/her accounts officer.

On the issue of credit purchase, yes! thats correct and I like it so much as far as Cashcraft is concerned. When they buy, you pay! simple! That's one of the advantages of the 2Billion Capitalisation exercise going on about Stockbrokers. Cos' if you leave your fund with a stockbroker and they make any unregistered/unconfirmed purchase by you on your behalf, you that would be CONFUSING!!!!!

I wonder if it matters what sort of portfolio account one has with the firm i.e discretionary or non-discretionary. What do you think?

[chidiohaz]

Originally Posted by chineduz

I wonder if it matters what sort of portfolio account one has with the firm i.e discretionary or non-discretionary. What do you think?

Please be detailed in your contributions! I don't understand this discretionary or non-discretionary. Now I ask discretion on whose part??????

[chineduz]

Originally Posted by chidiohaz

Please be detailed in your contributions! I don't understand this discretionary or non-discretionary. Now I ask discretion on whose part??????

The portfolio manager has discretion to make investment decisions on the clients behalf in which case you would leave your portfolio to be managed by the firm as opposed to partail or non discretionary in which case you manage the portfolio yourself dishing every instructions at your own risk, but you are entitled to seek for advise none the less at any time.

[chidiohaz]

Originally Posted by chineduz

The portfolio manager has discretion to make investment decisions on the clients behalf in which case you would leave your portfolio to be managed by the firm as opposed to partail or non discretionary in which case you manage the portfolio yourself dishing every instructions at your own risk, but you are entitled to seek for advise none the less at any time.

This is clearer Chineduz, for me I gave no discretion to my portfolio manager. He brings his suggestions to me, then, I sit back to study the fundamentals and researches before I give the orders. Honestly speaking, if he goes contrary to my instructions, I reject such transactions at his expense.

[chineduz]

Originally Posted by chidiohaz

This is clearer Chineduz, for me I gave no discretion to my portfolio manager. He brings his suggestions to me, then, I sit back to study the fundamentals and researches before I give the orders. Honestly speaking, if he goes contrary to my instructions, I reject such transactions at his expense.

Thats fair enough and I do not think it would be fair on investors if there account were to be manipulated without prior consent.

[richkid]

Hi People,
I've been asleep while you guys have been forging ahead in this business. But as my people say, 'when a person wakes up, that's his morning'. I've seen no comment at all about Diamond Securities Ltd, which is a subsidiary of Diamond Bank. They have a very professional-looking website which allows online access to your account. I'm not sure if online transactions are possible, but I've just sent them an email about this. I've also asked about their minimum deposit. I'd be grateful for any info. Otherwise, I'll keep you posted as to their services. It just seems so convenient to have your bank and brokerage account in one place.

[Taipan]

Originally Posted by chidiohaz

This is absolutely not true about Cashcraft because I have been using Cashcraft for a long time. Perhaps this could be as a result of a misunderstanding between the investor and his/her accounts officer.
...

Beware absolutism! Chances are that you'll end up wrong half the time. It would be ridiculous for me to say Nigerian police don't take bribes because they haven't taken from me before.
And I'm not talking about a misunderstanding here. Two people (my brother and my friend) reported to me that their stockbroker bought shares they never ordered. What even made it awful in the case of my friend was that they were bought at their peak.
Thankfully however, it seems they were bought on credit - not 100% sure about that - so they can pay whenever they have money.

[knightofdelta]

Originally Posted by Taipan

Hip hip hip Hurray!!! I've just been promoted to senior member! Everbody, free drinks this friday at any club of your choice!

Ok, so that's not the purpose of my post.
I don't use CashCraft but my brother and also a friend does and from them, I've found out two things about them. First, they allow them to buy stocks on 'credit' even though they haven't been with them long. Now that's good. But secondly and unfortunately, they sometimes buy stocks on your behalf without first obtaining your permission/approval i.e. they buy stocks on your behalf you never placed orders for!
Now, these have been confirmed by them both and that's all I know about CashCraft.

That is exactly the same problem I had with them. I told them to buy 300000 units of Dunlop and they bought 250000 units. I called my account officer and told him about the error and he told me they would buy more. The next time I checked, I had 750000 in my portfolio. I saw my account balance and my heart almost went on a strike. I had to zoom off to their office to report the case and I was referred to some guy like this who apologized profusely. I felt good with myself.

I checked my account later and guess what? I had exactly 300000 units and well, they sold off the 450000 on top and I was billed for the sale. They charge 2.72% to sell. Do the calculations. Remember to add the buying fees, which was 2.65%.

Now, another thing that ticked me off was the fact that the initial 250000 was bought at 3.11 and the extra was bought at 3.28 and the remaining 450000 was sold at 3.19. More calculations for you. If you were in my shoes will you still be happy with them?

I will reiterate my statement. Cashcraft, WAKE UP! or I'm gone like the wind!

The Knight of Delta.

[chymex]

Originally Posted by chidiohaz

I started using Cashcraft Asset Mgt. Ltd. with one Share Certificate that is even below their minimum =N=50,000 initial deposit. I am NOT aware of this =N=250,000 someone is saying he/she started with as the minimum deposit. If one is serious in investment, I believe that with even =N=10,000, you can have an account with Cashcraft Asset Mgt. Ltd.

I went to IBTC Securities by Bonny Camp to make an enquiry and I was told that their Minimum is =N=5m, I took off in full throttle!!!!

You must be lucky if IBTC demanded only N5m from you to open up an account. I spoke with them yesterday and they said that the minimum they will take to open for me is N10m. I simply told them that they are not serious and walked away.

Guys what's really the problem of IBTC? Is it that they are too rich to discuss with the grass root and middle class or what? This is high level arrogance. Abi them no like my face?