Choosing/Rating Stockbroker

[nezvest]

I have account with LionStockBrokers Ltd. They used to be at 12th floor of 31 marina street in Lagos Island but I learnt they have moved. I must say they are wonderful both in excecuting orders and offering available information.

I oppened my account with then with just N6,500 in 2006. They actually can open with just N500. Now I have good investment with them and it is safe. I encourage anyone who needs a broker to visit them. They also have branches outside lagos. I know of Kaduna and Benin.

Thanks

[nezvest]

I opened account with Kaduna branch of LionStockBrokers Ltd in 2006 with just N6,500. Actually you can open with as low as N500. They are just wonderful in both excecuting my orders and offering other services when I need them.

Their head office used to be at 12th floor, 31 marina street lagos Island Lagos but I learnt they have moved a bit up in the same road now.

Any one who needs efficient service should visit this brokerage house. I score them 99%.

God bless SMN!!!

[chidiohaz]

Then is the reason why I am advocating for one to have a Special CSCS Account. Where no Stockbroker would play games with your account and you are in full control. I believe by the time my stock hit the =N=5m mark, I can then open this Special Accounts and call the shots.

Like this I can have this Lion Stockbrokers, Cashcraft and Diamond Securities and consolidate their activities in my Special CSCS account. Just being careful that's all!!!!!

[pumping]

Originally Posted by chidiohaz

Then is the reason why I am advocating for one to have a Special CSCS Account. Where no Stockbroker would play games with your account and you are in full control. I believe by the time my stock hit the =N=5m mark, I can then open this Special Accounts and call the shots.

Like this I can have this Lion Stockbrokers, Cashcraft and Diamond Securities and consolidate their activities in my Special CSCS account. Just being careful that's all!!!!!

OK. But when you need to sell, you have to start signing forms to release the stocks for sale. If you don't sell regularly, good idea.

[chidiohaz]

There is no problem with the signing of the sale orders. I can give my mandates and once it is being followed then I'm home and dry!

Moreover, I don't think I would be making sales frequently like that except on rare occasions where the situation dictates otherwise. I am a long-term player

[newton]

Well even if u dont sale freq chidiohaz, d other ppl that wd meet d same creteria 4 d cscs special account might do just that hence pumping's concern. Fact is i dont blame IBTC, Zenith sec, FSDH n co. Wt the ever growing appetite of investors, excess funds in circulation, plus the sahre purchase laons all around, its bcom difficult to manage their client's hence the need to raise d bar so as to keep d numbers in check n keep delivering qualitative services.

[suni]

Pls can somebody advise me, i am about to register with Horizon stockbrokers (Horizon Stockbrokers Limited) as my broker, are they ok?

[Apache]

Originally Posted by Avocado

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.

Just confirmed that GTBank securities does not exist

[faoogoke]

Originally Posted by suni

Pls can somebody advise me, i am about to register with Horizon stockbrokers (Horizon Stockbrokers Limited) as my broker, are they ok?

I use forthright securities. They have a web site and even though I moved to Abuja I still run my account as if in Lagos.
The only snag is however your account officer. My previous accounting officer was terrible. She forgets every mandate to buy or sell.
My present account officer is okay. They are also not dubious.

[ogo]

Hi All,

I started trading 4yrs ago and I initial use Equity Securities Limited and the services I got then was very ok with a sound account manager they call 'The GURU' but after the merger with Intercontinental Securities i wasn't get good services at all even using the same account manager it took time to make transactions and forever to know your account balance and i think that was due to the change in banking software. Well as for last year things changed when my account manager and a few of the directors formed their stock broking firm called EQTL with a fully paid up capital of 350m and 3 branches in Lagos, Abuja and Kano. I presently make all tradings through EQTL and they haven't done badly. For now there is no minimum for account open and you dont have to pay for verification of share certificates, which I used to pay when I was using ISL. Online facility just started but you can only get you account balance and other services are yet to work but available on the site. Customer support is good and below would be my rating:

Stockbroker: Equity Capital Solutions Limited, EQTL
Website: :: Equity Capital Solutions Limited | A member of the Nigerian Stock Exchange ::
Duration: 1 years.
Communication: Previous/Present account Manager = 4.5/5
Speed of execution: 4.0/5
Accuracy: 4.0/5
Online Facility: 2/5
Alternative to online facility: 4.0/5
Customer Service: 3/5
Verification services: 4.0/5.0
Professionalism*: 4.0/5
Information dissemination: 2/5
Research: 3/5
Daily Data: 3/5

[chubby]

I am officially using two brokers and unofficially using one. All total to 3 brokers. I must also mention here that I am not a full time stock investor, still crawing to learn the rudiments before moving in fully.

My first option of broker is

Union Capital Markets Limited,they based in lagos while I am in Abuja, but they have now opened a branch in abuja at Union bank Complex
3rd Floor, area 3
Garki
09-7807153
Abuja

When I could not get information from them, I opened account with Investment Masters & Trust Ltd. Still the same problem.

Investment Masters & Trust Ltd.
9, Yola Street
area 7, Garki, Abuja FCT.
P.O. Box 2989 Garki Abuja
Welcome to ng.com

Then Lion Stockbrokers Ltd, helped me to get one stock on IPO when I was not disposed to do so myslef because of tight shcedules in my place of work. They bought the stock and opened account for me for just that one stock.


All these brokers have never given me any information even on request. I became depressed and stopped private placement for the time being.

Thanks for this thread as it will go a long way in advicing young investors like us to invest appropriatly.

[suni]

Originally Posted by suni

Pls can somebody advise me, i am about to register with Horizon stockbrokers (Horizon Stockbrokers Limited) as my broker, are they ok?

I gues i am yet to get a straight answer to my above request. I am not requesting to be introduced to a stockbroker, but i wanted to know from anybody who has idea about Horizon, Horizon Stockbrokers Limited, how good they are? Hope someone can help me out this time around.

[Apache]

Originally Posted by suni

I gues i am yet to get a straight answer to my above request. I am not requesting to be introduced to a stockbroker, but i wanted to know from anybody who has idea about Horizon, Horizon Stockbrokers Limited, how good they are? Hope someone can help me out this time around.

I don't think anybody on this forum uses the broking firm or know anythting about it if not, they would have replied.
are you having issues with them?

[Grant]

Avoid Crossworld Securities Nigeria Limited.

Their services are dismal. They require N1m and they say they allow online monitoring on a daily basis. However, it has been impossible to view account update online or do any transactions since March 2007 online. They do not reply e mails. Expect poor service and ZERO analysis. Their telephone lines are almost impossible to get through to. Poor customer service.

Anybody had a similar experience with them?

[Grant]

--------------------------------------------------------------------------------
Please avoid Crossworld!

If you pick them, expect:

Unprofessional behavior
Poor customer service
Delays in executing buy/sell orders
No response to buy/sell orders
No feedbacks
Inability to access your account online. Their system has been down since March 2007.
Lack of information given and un-updated account details
No tracking of your bonus share certificates and dividend warrants

[a.i.onyeahialam]

I use Capital Bancorp and my initial attraction there was because my class mate works there and I opened my account about 8 years ago when I was too young and scared to go anywhere where I didn't have an insider to secure the future of my little money then.
If I have to rate their services based on my current awareness of good customer services and experience of living abroad where things work, I will not choose them but i came to realise that getting good customer in Nigeria is still a problem, its a skill lacking in generality Nigerians, the public and private sector within the country. Therefore to exist in that country and make most use of the stock exchange goodies getting good customer response was something I had to equate with developing a personal relationship with my account manager.

For Capital Bancorp
Account opening Deposit: None is required, you pay in money when you want to trade or require a transaction

Communication: Zero, they never respond to their official emails unless when I wrote specifically to my account manager personal email

Online presence: Not yet

Transaction speed:1-5days

Commission: Ranges from 1 -4 % depending on the amount invested

One good thing I have found however is that they have used their discretion to buy my good shares, none of them have failed me except Cadbury's.

But they have a ministry attitude but if you get the right account manager things could be done better on an individual basis.

I have still stuck to them because the devil I know is better than the angel I don't know. I am still waiting for customer services to generally improved in Nigeria and also in the Stock exchange sector and I guess no stock broker will want to be left out.

Big stockbrokers like Zenith etc may not necessarily be the best, small and upcoming ones who need customers may be a better bargain.

Capital Bancorp present address is 9/11 McCarthy Str, Onikan