Choosing/Rating Stockbroker

[londoncool]

Originally Posted by saheewale

Cashcraft now charges extra N500 naira per transaction( buy or sell) after the deduction of commission. I was not informed until i stormed their office today due to a sell commission on one of my stocks that was up to 8% and another buy that was up to 7% when the N500 was applied. So they said that's the new directive from above.

I'm quite surprised punters are still using these Stockbrokers. They are Cowboys, they normally buy and sell shares on their clients portfolio without any instructions or authority.

[eniyanman]

Originally Posted by londoncool

I'm quite surprised punters are still using these Stockbrokers. They are Cowboys, they normally buy and sell shares on their clients portfolio without any instructions or authority.

Anyone who's been around long enough would have heard about them. It's surprising that people still use them. Abi na jazz?

[hispy99]

http://www.proshareng.com/news/singleNews3.php?id=1799
SEC suspends two stockbroking firms for infractions

[pumping]

Originally Posted by hispy99

http://www.proshareng.com/news/singleNews3.php?id=1799
SEC suspends two stockbroking firms for infractions

I could not access the publication. Abeg, which stockbroking firms were effected?

[hispy99]

Originally Posted by pumping

I could not access the publication. Abeg, which stockbroking firms were effected?

For some reason I could not access the URL myself anymore. Unfortunately, I can't remember the names. If it's any consolation, neither was BGL

[pumping]

Originally Posted by hispy99

For some reason I could not access the URL myself anymore. Unfortunately, I can't remember the names. If it's any consolation, neither was BGL

LOL...thank you. That is a relief..

[nosa2]

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

[pumping]

Originally Posted by nosa2

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

I was requested to do the same by BGL last year. I only had to scan the requested document (I used my passport) to them once and not for subsequent transfers.

[cashrules]

Originally Posted by nosa2

Is there any new rules from sec with regards to KYC, because I made a sale of some stock and told my broker to pay the cheque into my account and he is telling me he needs some proof of identification, drivers license or passport before he can issue a crossed cheque in my name. Guys i need to know if there were any new rules on this issue.

Yea, recently there has been very high levels of fraud in the capital market business hitting stockbroking firms and Registrars so badly. Infact a friend of mine that works in First Registrar has been in and out of SFU @ Alagbon for a transaction that passed through them.

These stockbroking firms have been mandated to arrange KYC for their customers before parting with the cheque from sales proceeds ortherwise if its found to be a fraudulent transaction, they will bear the losses and face criminal proceedings for aiding and abetting fraud.

But come o! E be like say the money wey u wan collect too much! Easy sha cos u sabi say Liquidity tight for these stockbroking firms.

[ken_emy]

Greetings my Good people,

Have spent the last 7 hours or so going thru all the posts on choosing a good broker and it's been awesome.

Personally I have pruned down the list to 5 - BGL, Afrinvest, FSDH, FUSL and Zenith but want what appears to the human eyes as the best option as we can only do our part.

So My Oga dem for the house - KOD, Hispy and others so numerous to mention which do u think is the best as I only have 2 weeks to spend during my next trip soon and want to move my portfolio from Centrepoint even if that is the only thing i get done. Haba, at least make I cut my losses as e too plenty.

Also for the broking firms requesting for 5m minimum entry requirement - The 5m na combination of equity and cash abi na only cash as I swear down I never see that kind liquid cash at once since my mama born me.

Please make una advice una humble servant.

Once more, I dogbale for the house.

[cashrules]

Originally Posted by ken_emy

Greetings my Good people,

Have spent the last 7 hours or so going thru all the posts on choosing a good broker and it's been awesome.

Personally I have pruned down the list to 5 - BGL, Afrinvest, FSDH, FUSL and Zenith but want what appears to the human eyes as the best option as we can only do our part.

So My Oga dem for the house - KOD, Hispy and others so numerous to mention which do u think is the best as I only have 2 weeks to spend during my next trip soon and want to move my portfolio from Centrepoint even if that is the only thing i get done. Haba, at least make I cut my losses as e too plenty.

Also for the broking firms requesting for 5m minimum entry requirement - The 5m na combination of equity and cash abi na only cash as I swear down I never see that kind liquid cash at once since my mama born me.

Please make una advice una humble servant.

Once more, I dogbale for the house.

U have chosen well! Those five are good and well recommended! As for me am doing business with FUSL...Thier Online Presence is not very wonderful but I have placed a face to all my transactions and since then I dont have any probs.

The min requirement here is N1M..in stocks or cash or a combination of both. f you desire I would PM the name of my account Officer, amsure he would treat u fine as well.

[hispy99]

Originally Posted by ken_emy

Greetings my Good people,

Have spent the last 7 hours or so going thru all the posts on choosing a good broker and it's been awesome.

Personally I have pruned down the list to 5 - BGL, Afrinvest, FSDH, FUSL and Zenith but want what appears to the human eyes as the best option as we can only do our part.

So My Oga dem for the house - KOD, Hispy and others so numerous to mention which do u think is the best as I only have 2 weeks to spend during my next trip soon and want to move my portfolio from Centrepoint even if that is the only thing i get done. Haba, at least make I cut my losses as e too plenty.

Also for the broking firms requesting for 5m minimum entry requirement - The 5m na combination of equity and cash abi na only cash as I swear down I never see that kind liquid cash at once since my mama born me.

Please make una advice una humble servant.

Once more, I dogbale for the house.

I used to use Afrinvest till they notified me that they will be charging an annual "maintenance" fee of N20k. I don't know if that fee was ever implemented as I moved my account to BGL.

[knightofdelta]

Originally Posted by hispy99

I used to use Afrinvest till they notified me that they will be charging an annual "maintenance" fee of N20k. I don't know if that fee was ever implemented as I moved my account to BGL.

Shuo! Na on top 20K you come move account? I know your average transactions gulp over N10m in brokers' commission alone.

[wanaj0]

Originally Posted by hispy99

I used to use Afrinvest till they notified me that they will be charging an annual "maintenance" fee of N20k. I don't know if that fee was ever implemented as I moved my account to BGL.

Doubt if it was ever implemented.

[hispy99]

Originally Posted by knightofdelta

Shuo! Na on top 20K you come move account? I know your average transactions gulp over N10m in brokers' commission alone.

It wasn't the amount that pissed me off, it was the underlying principle. Here was my portfolio bleeding cash and my brokers wanted to screw me again by taking a maintenance fee for doing absolutely nothing. I thought it was a very insensitive and greedy policy on their part, so I moved my account.

[hispy99]

Originally Posted by wanaj0

Doubt if it was ever implemented.

All the more baffling, why piss off your clients in the first instance?

[123.rado]

The Securities and Exchange Commission has suspended Diamond Securities Limited, an operator in the capital market, from all capital market activities.

SEC Suspends Diamond Securities for flouting market rules - Proshare

[Favourcares]

Please, is this a normal practice with Stock brokers, my Stock broker charges me interest monthly on the money left in my stock broking account. I just decided to ask because it makes me to move money into my account (stock broking) only at the beginning or middle of the month and also make sure nothing is left before the month ends to avoid the interest.

[solainvest]

Originally Posted by Favourcares

Please, is this a normal practice with Stock brokers, my Stock broker charges me interest monthly on the money left in my stock broking account. I just decided to ask because it makes me to move money into my account (stock broking) only at the beginning or middle of the month and also make sure nothing is left before the month ends to avoid the interest.

Are you sure about this? It is not possible they debit your account for your cash which is a free float for them. It is never a practice and will never be one.

Kindly check with them or check your statement, it is not possible.

[knightofdelta]

Originally Posted by Favourcares

Please, is this a normal practice with Stock brokers, my Stock broker charges me interest monthly on the money left in my stock broking account. I just decided to ask because it makes me to move money into my account (stock broking) only at the beginning or middle of the month and also make sure nothing is left before the month ends to avoid the interest.

Your stockbroker is supposed to give you interest on your outstanding cash balance sef, not charge. You should change your brokers very fast and report to SEC.