Choosing/Rating Stockbroker

[sholzywolzy]

Oseitutu,

I am quite unsure as to how to respond to your comments. A few points:

I used to work for a very small merchant bank (with a stock broking arm) on marina in Lagos exactly 8 years ago, which is where I first had any contact with the GM of Valmon securities. I now live and work in an Investment bank in London.

I do not get “hot tips” or Insider information, what I get is public information that I might not have because I live abroad.

[gbyg]

Originally Posted by Yomik

Hi,
I’m new to Nigeria stock. I need good stockbroker, can anyone recommend one to me. The only one that one of my friends recommends to me was IBTC; if any one knows anything about them let me know. Please guy help me out.



Thanks


Yomi

Yomi, i think this will help u out. And learn not be aggresive over people's opinion. check this link. God bless you. http://www.nairakobo.com/index.php/topic,57.0.html

[oseitutu]

Haba Aboki,
Even you would not score the bank you work in 5/5 on everything, would you?
5/5 means they are the Brokers you saw in your dream on the said day. Anyway like I said before, enjoy your good fortune and since you have seen how everyone is suffering with other 9ja brokers, do not fail to send him and his staff "London Goat" and "Peckham Ram" during sallah!

[longus]

Originally Posted by Tunde

AFRINVEST [WA] LTD will open an account which an investor can operate from anywhere in the world with just N500k. I live in the UK and so far so good with afrinvest. I will score them 5 out of 5 in every metric except communication. I call 2 or 3 times before I get thro to my assigned broker.
http://www.afrinvestwa.com/index.aspx

A note of caution to some of our forum contributors. If you live abroad and do not visit Nigeria regularly, you easily loose touch and may find it difficult to communicate with a real Nigerian. That may be responsible for some of the frustrations being expressed. As soon as you understand that there may be no power in the office when you called or that your assigned broker may be facing many challenges which you may not be familiar with, you will be OK.

Do you have to be physically present in Nigeria to open an account.
Do you know if they have a UBA account?
Does anyone know of a good stockbroker with a UBA account?
Transferring money to a stockbroker in naija seems to be a big problem as there are no interbank transfers in nija

[longus]

Can anyone tell me how to use CSCS i.e. crosscheck your shares against what the stockbroker tells you

[tobiquest]

CSCS's website http://www.cscsnigerialtd.com. You should be able to get more information on how to sign up and access your account online.

[Avocado]

Originally Posted by longus

Do you have to be physically present in Nigeria to open an account.

No, you don't.

Originally Posted by longus

Transferring money to a stockbroker in naija seems to be a big problem as there are no interbank transfers in nija

Good point. That's why it's important to have the same banker as your stockbroker. That way, you take advantage of online banking to carry out transfers without problems. Intrabank transfers are now done at no fees at all, and online too.

.

[DProfit]

Does anyone here uses Vetiva and will they be willing to recommend me, I currently use Leads and I am not getting very good service from them

[jules]

Originally Posted by Stockbear

Having visited a quite a few forums, it is evident that many Naijas (home/abroad) are now interested in investing in the Nigerian Stock Market. One question that continues to echo everywhere is "do you know a reliable stockbroker?"

A solution that will possibly assist all of us that fit this category, is for all memebers who currently use the services of a stockbroker, should submit the name of their stock broker to the forum with a rating out of ten. We will need the help of the moderator to compile names submitted then everyone can put a rating next to their choice.

The stock broker that scores between 9/10 must mean they are trustworthy/reliable, they have provided sound advice that has assited multiplying ones investment, reasonable charges, good customer service etc.

What do you all think? Everyone should please contribute, if they think this is viable.

Stockbear.

I quite agree with you, because presently the interest on investing is growing among us Nigerians, take for example i do bought some shares from this recapitalised banks but my problem here is that, i really don't know what to do next after obtaining their certificate is like asking myself what's up now? should i just fold my hands or tuck up the certificate somewere and wait till i get futher response from the banks is that how it should be? Really the idea of a stock broker now came to my mind, but how on earth we i get one, a good one for that matter. My interest is to be a participator not an onlooker.I live in Delta State, Warri to be precides. Please, if you have any help to render let me know. The issue of a stock broker is really something to ponder about. Thanks.

[slemo]

Originally Posted by Stockmarket_Voyeur

Hi Avocado

I've sent you a PM with my contact's details .

Will be grateful too if I can have details of your contact too.

Thanks

[sholzywolzy]

Originally Posted by oseitutu

Haba Aboki,
Even you would not score the bank you work in 5/5 on everything, would you?
5/5 means they are the Brokers you saw in your dream on the said day. Anyway like I said before, enjoy your good fortune and since you have seen how everyone is suffering with other 9ja brokers, do not fail to send him and his staff "London Goat" and "Peckham Ram" during sallah!

Originally Posted by sholzywolzy

Stockbear,

Hello again!

I have been with my broker for only 2 years. I hasten to add that I have known him ( the General Manager) professionally for about 7 years.

Name: Valmon Securities Limited.
Address: 8th Floor, Akuro House 24, Campbell Street. Lagos.
Telephone: If anyone is interested please PM me for name and telephone details.


Knowledge = 5/5
Accuracy = 5/5 .. no mistakes yet!
Speed of execution = 5/5
Online facility = 1/5
Communication = 4/5
Customer Service= 5/5

Knowledge: So far they've always given me useful information and advice.

Accuracy: No mistakes have been made with either my buy or sell instructions.

Speed of execution: I guess i have been lucky ... but anytime i give instructions,the instructions go thru on the same day with any outstanding done the very next day.

Online facility: Although they have a web site, things like checking your account balance, instructions etc. are not currently available.

Communication: He tends to do this via email, scanning and attaching confirmation of trades etc. Does not initiate telephone calls (possibly because I don't live in Nigeria = high costs) ... but i am not complaining at all.

Customer Service: very good.

All in all I am extremely satisfied with them.

I was considering IBTC .... better online services ..... but in the end customer service won.

Stockbear before you ask: I do not have NGN 30 million. Ha! Ha!
Hope this helps!

An update if you like.....

I'd now like to score Valmon 5/5 for online services... This means they score 29 out of 30. Why? cos just today I was given access to their online support system. This system provides access to my statement, my trades , my CSCS account details and the latest NSE pricelist (FYI: Nigerian Breweries closed at 43.01 today - 29 June 2007).
Get over yourself and PM me for their details ... you know you want to.

[oseitutu]

Originally Posted by sholzywolzy

An update if you like.....

I'd now like to score Valmon 5/5 for online services... This means they score 29 out of 30. Why? cos just today I was given access to their online support system. This system provides access to my statement, my trades , my CSCS account details and the latest NSE pricelist (FYI: Nigerian Breweries closed at 43.01 today - 29 June 2007).
Get over yourself and PM me for their details ... you know you want to.

You no fit get me joo. I will PM you when you guys (VALMON) do private placement! Nice to hear they are facing the challenge in the Information Age. Do keep us posted.

[Stockbear]

Originally Posted by Jules

I quite agree with you, because presently the interest on investing is growing among us Nigerians, take for example I bought some shares from the recapitalized banks but my problem here is that, i really don't know what to do next after obtaining their certificate is like asking myself what's up now? should i just fold my hands or tuck up the certificate somewhere and wait till i get further response from the banks is that how it should be? Really the idea of a stock broker now came to my mind, but how on earth we i get one, a good one for that matter. My interest is to be a participator not an onlooker.I live in Delta State, Warri to be precises. Please, if you have any help to render let me know. The issue of a stock broker is really something to ponder about. Thanks.

Jules: There's a lot that needs to be learnt in order to be a smart investor. I'm assuming that like many of us you were also told, that when you invest in stocks your money doubles, triples and possibly quadruples! This isn't an impossible feat to achieve, but it requires some hard work (to be undertaken by a firm of competent stockbrokers with a team of competent analysts) and a combination of other market forces, which work together to produce such results. There's a premium to be paid for the provision of such services which is usually out of the reach of small investors like you and I.

The alternative: You become a smart investor by learning the ropes. To do this you need a good understanding of Fundamental Analysis. This is the means buy which you learn how to pick fundamentally sound companies and therefore good stock.

A good place to start is the free book given when you join SMN, but you will need to read other books. These books will help you know/decide on what your investment strategy should be, based on your personality, investment goals and your risk aversion.

If you are investing to have a better life and you don't mind taking risks (knowing full well that just as you can easily make money on the stock market, you could also easily lose every bit of your investment), then you might be looking at how to turn your money round in a short space of time, which would involve you trading. Active Trading would involve you doing your research/analysis of potential stocks that could, based on good fundamentals and market sentiments, appreciate within a short space of time: 3 to 8 months (the time frame in which your stock reaches your projected exit point is how long you stay in the market). This would mean that you stay away from public offers which under present circumstances take a year and sometimes more before you can get your share certificate and then sell, if you so choose to.

If you must invest in offers, I would suggest only IPO's (Initial Public Offers).

You will need to develop/choose your trading rules: these are rules which will govern your entry and exit points in the market. If you don't have rules it becomes very easy to loose all your money. For example; after conducting your analysis and you decide that the best price range for you to buy into a stock is between N5 - N10, if the stock is unavailable and goes past your N10 max. point, sticking to your trading rules, you will not buy past this point. Unless analysis/research/new information dictates otherwise. (at this point, I hope you should have realised that being a successful investor is a full time job in itself, if you intend to be serious about making serious money/returns from it).

On the other hand, if your exit point is N25, ordinarily you are supposed to stick with this exist strategy, but if market sentiments/news/research shows that the stock has better potential and good reason to surpass previous projections, based on new info, you will need to readjust/reevaluate your exit point to accommodate the new/updated/analysis info.

If on the other hand you don't have the stomach for the above, you might very well find it easier to just buy from Public Offers/IPO's (still doing) your research before choosing any stock. This way all you are required to do is sit and wait for your certificates and at the appropriate moment/price sell.

There's so much to learn and you can also start by visiting: www.investopedia.com

I hope this helps you, but all that I've written can be considered a mini guide. There's so much more information that you will need and will get to grips with over time.

[Dis GuY]

I am with cashcraft for about 2 month now, basically i have been trying to sign up since JAN. i sent them some emails to sign up from their website as they didnt reply i just forgot about it opening an account with them. but i got a phone number from a customer. signing up with them is va va voooom fast!

Online: apart from having 'system breakdown' every now and then to check your account, their website is full of infos lacking elsewhere. it is very neat too 3.5/5 (some infos outdated)

communication: I stopped emailing the person in charge of my portfolio, theres no point infact i dont email any nigerian company. I just call her and she is very friendly. she text me sometimes, then i call back

knowledge: dunno, i just do my own little research, thank you berry berry much

accuracy: so far so good still wondering if they cant get shares at the lowest price of the day

Stockbear can you please also interview cashcraft management, seems these people dont even know their rep outside their AC office

stock voyeur. i notice you only post when it comes to arbitage, whatsup dude

[Stockbear]

Originally Posted by Dis GuY

I am with cashcraft for about 2 month now, basically i have been trying to sign up since JAN. i sent them some emails to sign up from their website as they didnt reply i just forgot about it opening an account with them. but i got a phone number from a customer. signing up with them is va va voooom fast!

Online: apart from having 'system breakdown' every now and then to check your account, their website is full of infos lacking elsewhere. it is very neat too 3.5/5 (some infos outdated)

communication: I stopped emailing the person in charge of my portfolio, theres no point infact i dont email any nigerian company. I just call her and she is very friendly. she text me sometimes, then i call back

knowledge: dunno, i just do my own little research, thank you berry berry much

accuracy: so far so good still wondering if they cant get shares at the lowest price of the day

Stockbear can you please also interview cashcraft management, seems these people dont even know their rep outside their AC office

stock voyeur. i notice you only post when it comes to arbitage, whatsup dude

Dis Guy: You only need to search various threads here to see that those of us with Cashcrafty have nothing much to say about them than, look elsewhere!

Deal with them at your own peril!

[Ahaah]

I bought into "IBTC is one of the Best" hype early this year and it has turned out to be what it is, a HYPE.

Ignoring the numerous blunders my account was subjected to, 9.5 of every 10 of my BUY mandates were executed at the highest price of the day while 9.5 of every 10 of my SELL mandates were executed at the lowest price of the day. I lost respect for them having observed them fail miserably on this value measure.

Try calling their sole customer service number and the phone would ring endlessly without any response.

Yet they believe they are too good for those with investible funds below N10Million.

[windywendy]

Whao, that can be really annoying! I used to have the same experience with BGL. One thing you can do though is to specify the buy and sell prices when giving your mandate. That way you'll prevent them from using their discretion (or in this case, their indiscretion )

[Dis GuY]

Originally Posted by Stockbear

Dis Guy: You only need to search various threads here to see that those of us with Cashcrafty have nothing much to say about them than, look elsewhere!

Deal with them at your own peril!

it was all in a rush to get with the big stock boom, they happen to be the one will proper looking website and they fit my student budget at the time. I have been buying with the help of my 'cousin' and i wanted to do things myself from here. I think they'll improve

Nice tips wendy

[belloemmanuel]

hello can you please send me details of some stock brokers which can help secure ones future am a young investor with some numbers of IPOS

[c kenneths]

Have anyone else tried Eurocomm, their customer service is simply horrible and are they really serious, two months later and am yet to get my account printed out from there, or are they hiding something ?