Choosing/Rating Stockbroker

[crtide]

Originally Posted by chineduz

I thought some people might find this useful, taken from Nigerian Tribune Newpaper
News -- Factors to consider before choosing a stockbroker -Ndi Okereke-Onyuike, DG, Nigeria Stock Exchange (NSE)

The last paragraph of the report rightly says

Finally, never hesitate to expose fraudulent stockbrokers if you have been a victim. Concealing their dishonest acts would only make the number of their victims be on the increase. Exposing them either through a petition to the Security and Exchange Commission or through letters to the dailies would nip their shady activities in the bud.

I support 100% even if it is narrating your experience, feel free to mention the names of the brokers or firm

[chineduz]

Originally Posted by Apache

Hi guys,

Something good just happened to me which i felt i should share. I just opened another stockbroking account with LeadCapital last week (meanwhile to open a stockbroking acct with them is just =N=50,000).
I just got a text from CSCS that an acct has been opened for me and i will be alerted on all buy/sell transactions. This is good bcos i didn't get anything like this when i registered with Zen sec.
Is this unique with Lead capital or is it CSCS that has stepped up their game?

I don't think its unique Lead Capital, it would be more likely the later given that I got the same text from CSCS when I opened an account with my broker and that was about it, I was very impressed when I got given that I am non-resident. Have not received anything further from the CSCS though my monthly stock statements were up to date as of Dec 2007

[Akinkem]

Originally Posted by Stockbear

Omotayo1,

All the services you request are available with cashcraft,I recently joined them. However my expectations haven't been met as yet. i.e email msgs about stock picks. specifically, I informed my so called account manager of my investment goals, to date, no response about how they will help me achieve this etc.

I am certain there are many out there who have had much better experiences than mine, let's hope they come forward.

Pls, give me more information about this your broker most importantly the contact address

[bjluv]

Originally Posted by Apache

Hi guys,

Something good just happened to me which i felt i should share. I just opened another stockbroking account with LeadCapital last week (meanwhile to open a stockbroking acct with them is just =N=50,000).
I just got a text from CSCS that an acct has been opened for me and i will be alerted on all buy/sell transactions. This is good bcos i didn't get anything like this when i registered with Zen sec.
Is this unique with Lead capital or is it CSCS that has stepped up their game?

From this page, I noticed that the minimum is N500,000

Is GTI Capital from GTBank PLc and is anyone using Equity Capital?

[Yomik]

Originally Posted by Apache

Hi guys,

Something good just happened to me which i felt i should share. I just opened another stockbroking account with LeadCapital last week (meanwhile to open a stockbroking acct with them is just =N=50,000).
I just got a text from CSCS that an acct has been opened for me and i will be alerted on all buy/sell transactions. This is good bcos i didn't get anything like this when i registered with Zen sec.
Is this unique with Lead capital or is it CSCS that has stepped up their game?

I think there may be some short of mistake somewhere, because I’m using Leadcapital and to open account with them is 500,000 not 50,000.

[Were it not for God]

Good day All,

I am truly impressed with what is going on in the Nigerian capital market. I must suggest to discerning investors that FSDH Securities is probably where you want to be. I have not spoken to anyone physically there and all my orders and questions have been via e-mails.

Interestingly, I worked there briefly after leaving school about 4 years ago and I must say that their services have been nothing but excellent.

FSDH Securities Limited

[Babs_O]

Originally Posted by Yomik

I think there may be some short of mistake somewhere, because I’m using Leadcapital and to open account with them is 500,000 not 50,000.

At this moment Lead Capital said they can open for me with any amount. Thus I won't be surprised if any person gets an account opened even with less than N50k at this moment.

[chibiks]

Guys, how does one know which Companies will meet up with the sec requirements (eg. sec website?)- is it 1 billion or 2 billion and is dec 09 the deadline?

If broker doesnt meetup, it means both ur money in the broker account and money in ur cscs will be frozen?

Regards.

[Apache]

Originally Posted by Yomik

I think there may be some short of mistake somewhere, because I’m using Leadcapital and to open account with them is 500,000 not 50,000.

Well, i was told 50k. I have paid it and i have gotten a CSCS number. I ahve also started buying already. so 50k it is.

[bjluv]

lists of stockbrokers here

[lounger]

Originally Posted by Tayo

Sorry if I'm breaking the rules but i don' t think this will fit in as a comment on the blog. I've heard quite a lot about cashcraft and some other stockbrokers. What I'm really looking for is a stockbroker who will allow me full access to my account over the internet such that I can view total number of shares I have, currently value of my shares, how much balance I have in my account and most importantly allow me to place an order for buying of new shares from my web account which will be processed at the end of the day's trading. Does you know if cashcraft offers such services? Or do you know of any other broker who offers such?

Citi investment cap 47A Glover Road tel 012719620 does all these things

[STOCKMAESTRO]

Does anyone have any experience with Diamond Securities and Fidelity Union Securities?

Thanks.

[chibiks]

Please people - does anyone have any experiences with Diamond Securities please?

Thank you.

[umar10]

I think Cash Craft Asset Management could be rated as one of the best because:
1. When opening an account with them you can get your CSCS number Via text message within a week.(depending on account officer).
2.Your transactions Purchase/Sale can be executed within 2-3 days after instructions and a trade alerts are promptly sent via SMS.
3.Ability to monitor your account 24/7
4.Daily update of portfolio.
5.beneficial advices(subject to your account officer).
6.respond to e-mails from client(sometimes it take days)
7.Minimum account opening of #50,000.

But have some shortcomings which includes
1.Delay in Verification (because some of my certificate took almost 4 months to be verified),though they attribute it to particular registrars, yet i wont believe it as we apply almost the same time with a friend from a different broker but he got his cleared much ealier than mine.
2.difficulty in performing tranactions online.(because i tried but it failed).

[BigSeun]

Originally Posted by umar10

I think Cash Craft Asset Management could be rated as one of the best because:
1. When opening an account with them you can get your CSCS number Via text message within a week.(depending on account officer).
2.Your transactions Purchase/Sale can be executed within 2-3 days after instructions and a trade alerts are promptly sent via SMS.
3.Ability to monitor your account 24/7
4.Daily update of portfolio.
5.beneficial advices(subject to your account officer).
6.respond to e-mails from client(sometimes it take days)
7.Minimum account opening of #50,000.

But have some shortcomings which includes
1.Delay in Verification (because some of my certificate took almost 4 months to be verified),though they attribute it to particular registrars, yet i wont believe it as we apply almost the same time with a friend from a different broker but he got his cleared much ealier than mine.
2.difficulty in performing tranactions online.(because i tried but it failed).

Are you sure you are talking about "cashtrash" sorry cashcraft? Their service is one of the worst in the industry. I operate an account with them and am not enjoying the service am receiving. Too many customers, imagine how can the firm effectively and efficiently service a customer base of over 80,000 customers?

[Apache]

Originally Posted by chibiks

Please people - does anyone have any experiences with Diamond Securities please?

Thank you.

Send a PM to newton, he uses Diamond securities

[faoogoke]

ALL,
I want to add one thing to Forthright Securities which I endured but can no longer endure. It is that the company is damn inefficient and I guess they delibrately keep customers money to trade with while my account officer would refuse to pick his phone when I call and will not reply my text messages. I was repeatedly lied to that my dangote refunds had been paid to my account.
I am gradually selling my shares in their custody.

[Lukas]

The bigger the amount we put in, the better the service
I dont know if this is a good idea but i think we should all judge brokage firms
based on the amount you put in. I honestly think that the money money you put in will determine the kind of service you get. But we could seive out the good firms by knowing those where you put in small money and still get good services. So when we comment i we could all use this scale for knowing the approximate amount of our various investment in these firms

10M upwards- Experienced Players
5-10M - Master Players
1-5M - Big Players
500k-1M- Small Players
100-500k-Novice
Less than 100k- Beginners

We could use this scale to judge this people so that we can really know the people that give quality service irrespective of the amount of investment we put in.

[chibiks]

Good people,

how long does it take after the submission of account opening documents before broker opens an account.

I dont understand these brokers oh.

I submitted all documentation 1 week+ ago by email - I did not even get simple automated response nor has anyone been in contact with me saying "Thank you for submitting your documents; your application is now under review and will take 1 week or 3 months"

Is this normal - if i dont get any response after 2 weeks, I will email them and tell them to shun the account opening - or do they expect me to start calling them and coercing them to open the account.

This is quite absurd and bad service from the start - is this acceptable behaviour by the broker?

[tonyawo]

Hi ALL,

Does anyone have any experience with Rostrum Invesment and Securities Limited? They are situated inside Dolphin Estate, Ikoyi. Thanks.