Choosing/Rating Stockbroker

[bwalaman]

Unfortunately agree with most of the postings… what to say???

But this general and common experience should caution us against short-term thinking, because while certain decisions are taken/made with a short-term horizon. The fact is that one waits 3-6 months for the certificate, another 1 – 3 months for verification etc…factor in the post office and brokers and the average runs into 12 months!

I am holding out hope that consolidation will improve things…

[Royal]

hi all,

This thread is heaven sent! just decided to change my stockbrokers today! they goofed big time. I told them to sell some of my stock and buy another immediately. this was yesterday. this morning they told me that MD is not around and he is the only one who trades! until he comes back there is nothing they can do. i should ask again next week.

where I am planning on going, these guys can't go with me! i am watching this thread closely and i am grateful for it.

Kind regards

[c kenneths]

No good business that provides service can entirely depend on one individual, its a bad sign, shop around for another broker and dont be held down by an absentee businessman.

[Avocado]

Originally Posted by Royal

hi all,

This thread is heaven sent! just decided to change my stockbrokers today! they goofed big time. I told them to sell some of my stock and buy another immediately. this was yesterday. this morning they told me that MD is not around and he is the only one who trades! until he comes back there is nothing they can do. i should ask again next week.

where I am planning on going, these guys can't go with me! i am watching this thread closely and i am grateful for it.

Kind regards

Royal: what's the name of this stockbroking firm where only the MD does the trades?

.

[olusolakemmy]

i dont believe that any stockbroking firm that meant business will be operating such a disatrous method.
why will the MD be the only one to trade?
well, u have got the best advice, dont wait further stay away from such firm.

The name of the stock broking firm that i use is

PSL LIMITED,
IT IS OWN BY SKYE BANK.
LOCATED AT CATHEDRAL HOUSE, CMS LAGOS

The gist is that they dont give advice, they only take orders and sell or buy, end of story.

I once planed to move from them,but later discover that the story is the same everywhere.

[Achii Kima]

hello ; Guys go for Zenith securities, I am with them and so far I am comfortable.

[Avocado]

Originally Posted by Achii Kima

hello ; Guys go for Zenith securities, I am with them and so far I am comfortable.

Okay, but why? Remember: many of us with certain stockbrokers got there by referral. If you could say a word or two or three for what they do, and what they could improve, you'll be helping those who will make a decision based on some information.

.

[Avocado]

Originally Posted by olusolakemmy

The name of the stock broking firm that i use is

PSL LIMITED,
IT IS OWN BY SKYE BANK.
LOCATED AT CATHEDRAL HOUSE, CMS LAGOS

The gist is that they dont give advice, they only take orders and sell or buy, end of story.

That's an "execution only" service. Well, could you copy/paste their charges on this Trading Fees thread? Perhaps they're cheaper because they do less?

Cheers.
.

[c kenneths]

Thats funny Avocado, i dont think their charges will be any different from the others.

[Avocado]

Until the data comes in, you never know. As you could see from the thread above, total 'buy side' fees can vary from 1.6650% to 2.771%. And, yeah, you do have a point: it does appear that crappy service correlates well with higher fees.

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[Stockmarket_Voyeur]

Hi guys,

I was very pleasantly suprised by my Stockbrokers (Strategy & Arbitrage Ltd) today and thought I should sing their praises because I haven't experienced the horror stories gone through by some others on this site.

The officer in charge of my account is pretty clued on and actually has the foresight to use her initiative without waiting for me to prompt her. For example, here is an extract from an email I got today from her today:

NASCON which was bought over by dangote is giving out 400million shares at N22 today at the floor of the exchange. Since I was out on the road and couldn't get to you to confirm your interest or not, I put in 10000units for you pending when I inform you. In the case that you do not want it, then it would be crossed to someone else. I just thought it would be better not to miss out on the offer because I was waiting to get in touch with you.

I'm sitting here in (positive) shock that she actually thinks of her clients .... Hope is not lost!

[blackgeneral]

Please does Strategy & Arbitrage Ltd have a website? Address? Phone number?

[blackgeneral]

Please does Strategy & Arbitrage Ltd have an address? website? phone number?

Originally Posted by Stockmarket_Voyeur

Hi guys,

I was very pleasantly suprised by my Stockbrokers (Strategy & Arbitrage Ltd) today and thought I should sing their praises because I haven't experienced the horror stories gone through by some others on this site.

The officer in charge of my account is pretty clued on and actually has the foresight to use her initiative without waiting for me to prompt her. For example, here is an extract from an email I got today from her today:



I'm sitting here in (positive) shock that she actually thinks of her clients .... Hope is not lost!

[alanbow]

Originally Posted by blackgeneral

Please does Strategy & Arbitrage Ltd have a website? Address? Phone number?

18th Floor, Bull Plaza, 38/39, Marina P.O. Box 360 Marina Tel/Fax: 01-2660233, 2668702, 01-2702296 e-mail: info@strategy-arbitrage.com

[olusolakemmy]

Originally Posted by Avocado

That's an "execution only" service. Well, could you copy/paste their charges on this Trading Fees thread? Perhaps they're cheaper because they do less?

Cheers.
.

avocado, thats realy funny.
when i signed on with them, they never told me that it is execution only services, but i discover that i have been sourcing for information on my own, nothing comes from them, when i gave order for CFAO last year, despite the crises in the company that i was blinded to, they joyously bought it and i was left alone to nurse my wopund.

they charge normal 4% plus the trade alert fee, whcih i cant remember what percentage right now but it is same everywhere, i guess

[Stockmarket_Voyeur]

Thanks Alanbow

The address is 18th Floor, Conoil building in Marina (I assume Conoil building and Bull Plaza are one and the same? )

I usually contact my account officer via her mobile number and email address which I'd rather not make public on this site. If you send me a PM, I'll send it through

[Avocado]

Originally Posted by olusolakemmy

...i have been sourcing for information on my own, nothing comes from them, when i gave order for CFAO last year, despite the crises in the company that i was blinded to, they joyously bought it and i was left alone to nurse my wopund.

Now, that's a very painful one. To give an order to buy stocks in a dead or dying company, and your officer doesn't say a word. One reason some stockbrokers have given is that if they perceive the client to be someone who knows exactly what they want and what they're doing, they'd just go ahead and buy. A little chat with the relevant officers about your expectations will clear things up.

Originally Posted by olusolakemmy

they charge normal 4% plus the trade alert fee, whcih i cant remember what percentage right now but it is same everywhere, i guess

First off, it's not 4% anymore. And, as the data presented by people show, it's not the same everywhere.

[femibyte]

Originally Posted by alanbow

18th Floor, Bull Plaza, 38/39, Marina P.O. Box 360 Marina Tel/Fax: 01-2660233, 2668702, 01-2702296 e-mail: info@strategy-arbitrage.com

Thanks a lot guys. I am currently with First City Group, and their customer service leaves much to be desired :-(. I don't get any email updates about my account positions, or any upcoming IPOs. If I could find a broker that would give me at the very least monthly account statements by email and info. about upcoming offerings, I'd switch in a heartbeat. I'll check these guys out.

[Avocado]

Originally Posted by Stockmarket_Voyeur

Hi guys,

I was very pleasantly suprised by my Stockbrokers (Strategy & Arbitrage Ltd) today and thought I should sing their praises because I haven't experienced the horror stories gone through by some others on this site.

The officer in charge of my account is pretty clued on and actually has the foresight to use her initiative without waiting for me to prompt her. For example, here is an extract from an email I got today from her today:

I'm sitting here in (positive) shock that she actually thinks of her clients .... Hope is not lost!

SV: Did your stockbroker buy some NASCON for you then?
.

[Stockmarket_Voyeur]

Kinda... extract from her follow up mail is below:

From the look of things, the exchange did not give us the total cummulative units of NASCON we asked for so we are going to apportion the units given to us so every single client of ours participates in it. I will let you know by monday what was apportioned to you.