Choosing/Rating Stockbroker

[pumping]

I used cashcraft but I had a bad experience. My stockbroker held on to my money for weeks without executing and when he finally did he bought what I did not request and it was a stock that had just been placed on tech suspension that eveyone was trying to offload!!

One thing though, I think they provide the most financial information on their website. It is very rich and frequently updated.

I switched over to BGL and I have to say the service has been excellent. I must mention that I was linked directly to someone at BGL by a close buddy so this may have had an impact.

What I love about BGL so far. This is my own experience.

- Typical excution is same day or next day.
- Online you can see the buy or sell orders that have been placed on your behalf and the status.
- From your account you can navigate directly to your CSCS account to view your posted transactions and stock positions.
- My guy at BGL sends me stock analysis info but I must say that the website does not have any useful stock market information.

I don't know the minimum to open an account though. I started off with less than 2 M. It could be more or less.

Enjoy.

Pumping.

[ugovictoria]

[quote=afroline;4113]hi there

iam new here just wanted you guys to link me with a good stocke broker who can help me manage a portfolio and with not much money cus most of all these companies ,like ibtc and the rest have a minimu balance which is to high for me right now .hope to hear fromn you guys soon

uche[/

Hello People, i stumbled on this site this morning and was encouraged to see that wat is obtainable abroad(in terms of people rubbing minds abt investments) is finallly here.
Am working with a stock broking firm here in Nigeria(RESAN SECURITIES LIMITED, 3/4 TINUBU STREET, NEW NIGER HOUSE ANNEX 3RD FLOOR). I can authoritatively inform you that all most all the stock brokers have upped their minimum deposits from their clients due to the recent slash by SEC of the brokers fees from 2.75% to 1.5%; however some still collect any amount. Like my House, i am an Accounts Executive, and i can tell you that i collect as low as N20,000(twenty thousand), i do this because i remember that the first stock i bought was with N5,000 (WAPCO @ N19) and i sol it at N65 some months later. If i had been denied the opportunity of buying with that meagre amount, i probably would not have still been in the market as i would have been discouraged. but ever since then, its been forward ever. Therefore; i encourage people to invest watever they can no matter how little, and since i do the collection of money in my Firm, i hardly discriminate(as we have no policy yet on amount), but i tell people not to bring anything less than N50, 000 (fifty thousand naira). i hope this clarifys your question. Our phone numbers are 01-2664374 (PABX), 764-2032(Direct Line), 0803-504-9614

[Soweto]

Originally Posted by Curious

IBTC is quite high in that they require 10m. their business model is not to take every investor but only the bigger ones which is fair enough from them. most brokers require less than 2m and quite a lot require 500k. Ive heard UBA require 250k min but I'm not entirely sure if thats accurate.

There are quite a lot of threads in this forum that have discussed Brokers in Nija extensively, suggest you have a look.

High capital injection for a start up doesnt guarantee good services. There are so many good brokers we have discussed about on this forum, retrack a bit to see what we have discussed and make a choice.

Anyway,i deal with future view and so far so good. You can check out their websites ::FutureView Financial Services Limited ::
but please do your home work very well.

I am not sure if anybody has said anything about Futureview except me Strange!. So wait and here what other members will say about them bcos i know we have got d/f opinions. i trust the forum.

[DaInvestor]

Well i know FSDH is average but there initial fee is mad i think its 5 million naira. i know greenwhich securities are good, vetiva too is not bad. But i think the key is to try and get a link in these firms who would always push ur transactions 4 u. More like in the bank its easier 2 get a loan when u know the manager or a guy there than just any man walking into the bank. its Nigeria not me. and keep in mind the capitalization of these brokerage firms in Dec 2008 i think, so u dont get ur funds trapped. try and look ahead with dat in mind when considering a broker

[Bond 007]

[quote=Tunde;3054]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.

[Yomik]

Originally Posted by DaInvestor

Well i know FSDH is average but there initial fee is mad i think its 5 million naira. i know greenwhich securities are good, vetiva too is not bad. But i think the key is to try and get a link in these firms who would always push ur transactions 4 u. More like in the bank its easier 2 get a loan when u know the manager or a guy there than just any man walking into the bank. its Nigeria not me. and keep in mind the capitalization of these brokerage firms in Dec 2008 i think, so u dont get ur funds trapped. try and look ahead with dat in mind when considering a broker

About this capitalization of these brokerage that u just mentioned just now what is the best way to know if it will affect someones broker?

[Stockbear]

Originally Posted by Yomik

About this capitalization of these brokerage that u just mentioned just now what is the best way to know if it will affect someones broker?

If you choose one of the big firms, you can be certain they have already met, if not surpassed this requirement.

[c kenneths]

To be on the safe side its better buying things from bigger brokers, who knows?

[Yomik]

Originally Posted by c kenneths

To be on the safe side its better buying things from bigger brokers, who knows?

What is the definition of big broker, i have two broker one is leadcapital, another one is Valmon, would i call any of these two big broker?

[kaymoney]

The bigger Broker C kenneths is refering to should be the likes of IBTC,Zenith, Vetiva etc. But the question is how many people can afford their initial starting capital? Especially the newbies in investing.

[Dankem]

Hello,

Can you people tell me what you know about the business activities of the following firms: Mountain Investment and Securities Limited and Marimpex Finance and Investment Company Limited. A link to their website and information on weither they are members of NSE will be appreciated as well.

I also want to know if it is possible/acceptable to deal with more than one stockbroking firm at thesame time though with different shares. If possible, does that mean one can have more than one CSCS account, or how will it be done.

Thanks

Dankem

[hispy99]

Nigerian Stock Exchange - Exchange Members

Yes, you can have more more one stock broking firm, which means that you can have more than one CSCS account.

[phoneworks]

[quote=ugovictoria;5483]

Originally Posted by afroline

hi there

iam new here just wanted you guys to link me with a good stocke broker who can help me manage a portfolio and with not much money cus most of all these companies ,like ibtc and the rest have a minimu balance which is to high for me right now .hope to hear fromn you guys soon

uche[/

Hello People, i stumbled on this site this morning and was encouraged to see that wat is obtainable abroad(in terms of people rubbing minds abt investments) is finallly here.
Am working with a stock broking firm here in Nigeria(RESAN SECURITIES LIMITED, 3/4 TINUBU STREET, NEW NIGER HOUSE ANNEX 3RD FLOOR). I can authoritatively inform you that all most all the stock brokers have upped their minimum deposits from their clients due to the recent slash by SEC of the brokers fees from 2.75% to 1.5%; however some still collect any amount. Like my House, i am an Accounts Executive, and i can tell you that i collect as low as N20,000(twenty thousand), i do this because i remember that the first stock i bought was with N5,000 (WAPCO @ N19) and i sol it at N65 some months later. If i had been denied the opportunity of buying with that meagre amount, i probably would not have still been in the market as i would have been discouraged. but ever since then, its been forward ever. Therefore; i encourage people to invest watever they can no matter how little, and since i do the collection of money in my Firm, i hardly discriminate(as we have no policy yet on amount), but i tell people not to bring anything less than N50, 000 (fifty thousand naira). i hope this clarifys your question. Our phone numbers are 01-2664374 (PABX), 764-2032(Direct Line), 0803-504-9614

Hope you are not spamming this forum

[Naijadr]

Originally Posted by Curious

IBTC is quite high in that they require 10m. their business model is not to take every investor but only the bigger ones which is fair enough from them. most brokers require less than 2m and quite a lot require 500k. Ive heard UBA require 250k min but I'm not entirely sure if thats accurate.

There are quite a lot of threads in this forum that have discussed Brokers in Nija extensively, suggest you have a look.

I joined UBA through their NRN section (they have a NYC office, but I found it faster to deal with the Head office in Lagos), the Non resident Nigerian acct (great for nigerians in US, UK or Canada incl opp for $250k personal home loan and all)
1st I had to open a Current account with them, minimum of N100k
Then the brokerage acct, minimum of N250k
So far so good, communication is excellent by email (the NRN relations officer assigned to u deals with their UBA brokers and gets back to u), quickest response was 9mins. They really love their NRN customers

I spent months trying to find good brokerage with a decent minimum, at the end I'm happy I'm with them, they arent going anywhere.
The downside is I cant check my material online, I can check my current info, process bank transactions, transfer money but cant see my brokerage info, I can imagine within the next yr or so, they'll have that.

I use their uba remit system to send money www.ubaremit.com and that takes 2 business days to hit my uba current acct, its like western union just cheaper, and it goes straight to my bank acct which is safer. Then I place a transfer for them to move it from my current account to my brokerage acct.

I went with UBA because its UBA and also because I didnt want any help picking stocks, wanted to do my own analysis, and its a 1 stop shop for my money, profits and dividends can be transferred to my current acct with no wahala.
I plan on getting a CSCS online acct so I can check it on my own.

[Apache]

Just got this from the proshare site. Would be very useful for those looking for new stockbrokers

[hispy99]

Originally Posted by Apache

Just got this from the proshare site. Would be very useful for those looking for new stockbrokers

Very elightening, this futher highlights the need to be very careful in choosing a broker.

thx a lot!