Choosing/Rating Stockbroker - Page 9

Betiku Franklin Olugbenga · #**161** (**permalink**) 19th October 2007, 11:40 AM

If you have your cscs account number i will suggest you contact the cscs office of the NSE for a summary statement of your account.
You are supposed to be getting a trade alert every time there is a transaction in your account.

pumping · #**162** (**permalink**) 19th October 2007, 02:57 PM

Quote:

Originally Posted by chubby

I don't even know the location of my broker as I am not residing in the town with them. My main problem is that I don't receive any news from them, not even a list of my stock. As I am now, I don't which and which stock I have with them, as they are not sending me any detail. I joined them last year November through a friend, though I kept receiving notice of shareholders meeting, meaning that they actually used my money for stock, but no details so far. as per the number of units I hold withy each company, I don't know. Could you please advise me on how best to get out of this.

Out of annoyance, I abandoned the first brokers and registere with another one here in Abuja where I am residing. at least I am having information but still not as expected. Need help.

You have to be more serious with this stockbroking business o. Don't you hear of brokers that sell stocks without the authority of clients? You can't just assume your stock are there. Go to your stockbroker and verify. It is your money, abi no be so?

Owo · #**163** (**permalink**) 18th November 2007, 11:28 AM

Hi guys,
I have some question regarding registration with a stock broker, I will be glad if some can answer them for me.
Why do some broker take as much as 500,000k as deposit to register a client?

what do they do with this deposit?,
Doest the deposit generate interest?

Am interested in selling and buying shares using brokers, is the charges they ask of me buying carring out my request not enough for them.

Finally, can some please provide me with a good broker with less tha 50,000 deposit for registration with good on-line present please.

cheers
Owo

donfiazo · #**164** (**permalink**) 19th November 2007, 02:19 PM

I'm A Young Man In My Early 20s. I Just Finished My Nd In Computer Science/info. Tech. I Have Heard Alot About The Stock Market And I Really Want To Go Into Investing In It To Better My Future, I Have Checked For So Many Online But They Are Usually Based In Lagos, But I'm Currently Based In Asaba. I Have Heard Of This Amyninvestment Youth Club That You Can Register With 500 And Open Account With 5,000 Naira, And Other Investment Company I Have To Reached Them Thru Email But No Reply Its Really Fustrating. I'm Really Serious I Need Help On Online Investment That Allow Opening Of Account With 5,000 Or Less, So That I Can Open The Account From Here And Not Going To Thier Offices First. Please I Need Authentic Ones

donfiazo · #**165** (**permalink**) 19th November 2007, 02:22 PM

I'm A Young Man In My Early 20s. I Just Finished My Nd In Computer Science/info. Tech. I Have Heard Alot About The Stock Market And I Really Want To Go Into Investing In It To Better My Future, I Have Checked For So Many Online But They Are Usually Based In Lagos, But I'm Currently Based In Asaba. I Have Heard Of This Amyninvestment Youth Club That You Can Register With 500 And Open Account With 5,000 Naira, And Other Investment Company I Have To Reached Them Thru Email But No Reply Its Really Fustrating. I'm Really Serious I Need Help On Online Investment That Allow Opening Of Account With 5,000 Or Less, So That I Can Open The Account From Here And Not Going To Thier Offices First. Please I Need Authentic Ones

panasharp · #**166** (**permalink**) 20th November 2007, 12:45 PM

Quote:

Originally Posted by Owo

Hi guys,
I have some question regarding registration with a stock broker, I will be glad if some can answer them for me.
Why do some broker take as much as 500,000k as deposit to register a client?

what do they do with this deposit?,
Doest the deposit generate interest?

Am interested in selling and buying shares using brokers, is the charges they ask of me buying carring out my request not enough for them.

Finally, can some please provide me with a good broker with less tha 50,000 deposit for registration with good on-line present please.

cheers
Owo

Owo,
The 500,000 naira is initial deposit to open the account not a fee. You can choose to to deposit the fund but actually request an opening transaction i.e. buy shares of XXX company worth 500,000 naira. In addition, some will allow you to transfer your share certificate with total value of 500,000 naira.

For a good broker, you will do well to read the whole of this thread and make some inquiries, I did and it worked out. I can recommend my broker, but you should do some research first.

Enjoy!

Jaytee · #**167** (**permalink**) 20th November 2007, 12:59 PM

I have accounts with two Stock brokers, CashCraft Asset Management Ltd and Integrated Trust and Investments Ltd. I can rate the two of them as being ok for me.

MISUC · #**168** (**permalink**) 20th November 2007, 04:34 PM

Kindly advice me.Is anyone currently using UBA Stockbrokers?I am considering opening an account with them.I will really appreciate it if they can be rated with the method that has been used on this thread previously.

Owo · #**169** (**permalink**) 20th November 2007, 08:46 PM

Thanks Panasharp for you kind response.
Truely I have read the tread and I have realised that people have different experience with brokers.
I will be glad if you recommend you broker to me. Though i have asked My old man to check out Eurocomm for me but he is abit relunctant to pay them a visit.

cheers

bjluv · #**170** (**permalink**) 21st November 2007, 12:49 PM

Does anyone have infos or experiences with Trust Yield Securities Ltd? I would like to know if they are realiable before I approach them and start to work with them. Thanks for your comments.

More info: http://www.trustyieldsecuritiesonline.com/

Stockbear · #**171** (**permalink**) 22nd November 2007, 11:02 PM

Investors Beware!!!

Cashcraft are systematically skimming money from their clients. Their published commission rates are 2.355% (buy) and 2.6475% (sell) effective 23 April. Go back and look at all your transactions, they will not add up!!! They haven't changed their commission rates. They have seriously skimmed from me, others that I know and many others.

I'm still trying to resolve other issues around giving specific buy and sell instructions, which includes minimum and maximum prices, and yet they still manage to sell below my minimum prices and buy above my maximum prices (within 2 weeks over N50K has gone down the cashcraft drain into their pockects!). They buy and sell to us mugus from their own stock on their own terms.

A close friend has almost liquidated all of his stock with them for above reasons. He got so fed up he has resorted to allowing them sell or buy at market prices within the 5% margin. Even then, they still conveniently manage to buy and sell weeks after specified times.

Their service is simply appalling to say the least.

They have a systematic way of skimming, which is entrenched in the way they instruct and groom their representatives. How can you explain various clients experiencing the exact same process???

The time has come once again for all of us to volunteer information about the quality of our brokers services.

A friend has also told me another horror story about Zenith Securities. His friend deposited N5m. Issued a buy mandate for specific stock. They not only bought at a rate higher than specified but continued to top up further on said security without being mandated to almost depleting the account

In case you are wondering why I haven't closed shop with cashcraft: being self-employed have very little time to initiate a move.

Let us keep this thread alive with frequent updates to our brokerage services.

Apache · #**172** (**permalink**) 23rd November 2007, 09:03 AM

Quote:

Originally Posted by Stockbear

Investors Beware!!!

A friend has also told me another horror story about Zenith Securities. His friend deposited N5m. Issued a buy mandate for specific stock. They not only bought at a rate higher than specified but continued to top up further on said security without being mandated to almost depleting the account

.

@Stockbear
I also use Zenith Securities and i have been using them for the past7 months and i can assure you that their service is very good. i don't know what might have happened to your friend's friend but i am sure there must have been a misunderstanding somewhere which i am sure if you probe further you will see.
I am saying this because i also give mandates to Zensec too on maximum or minimum prices and till date, they always buy in between the high and low of that particular trading day. i have never experienced a situation where they bought above my mandated price.
I am not saying Zensec is perfect, definitely i have had some issues with them but overall, i will rate them V.V Good.
I also have friends that trade with Zensec and it's all similar stories. I think there's something your friend's friend is not saying but definitely if he goes to their office, it will all be sorted out.

son5070 · #**173** (**permalink**) 23rd November 2007, 08:50 PM

Pls Guys,am Having Problems Giving Orders To My Broker To Buy Stocks For Me.i Always Place My Buying Price 5% Below The Previous Day Ending Price And My Broker Never Seem To Get My Orders Carried Out.can Someone Pls Advise Me On This.thanks

Stockbear · #**174** (**permalink**) 23rd November 2007, 09:26 PM

Quote:

Originally Posted by Apache

@Stockbear
I also use Zenith Securities and i have been using them for the past7 months and i can assure you that their service is very good. i don't know what might have happened to your friend's friend but i am sure there must have been a misunderstanding somewhere which i am sure if you probe further you will see.
I am saying this because i also give mandates to Zensec too on maximum or minimum prices and till date, they always buy in between the high and low of that particular trading day. i have never experienced a situation where they bought above my mandated price.
I am not saying Zensec is perfect, definitely i have had some issues with them but overall, i will rate them V.V Good.
I also have friends that trade with Zensec and it's all similar stories. I think there's something your friend's friend is not saying but definitely if he goes to their office, it will all be sorted out.

Apache: I must say that you must be one of the lucky ones. Alanbow recently joined Zenith Securities and his horror story is posted somewhere at the start of this thread. I spoke with him a few days ago and things haven't changed.

Stockbear · #**175** (**permalink**) 23rd November 2007, 09:34 PM

Quote:

Originally Posted by son5070

Pls Guys,am Having Problems Giving Orders To My Broker To Buy Stocks For Me.i Always Place My Buying Price 5% Below The Previous Day Ending Price And My Broker Never Seem To Get My Orders Carried Out.can Someone Pls Advise Me On This.thanks

Son5070:If you place your buying price 5% below the previous day's closing price, it has to be that the stock is losing steam and not gaining. If it's gaining you are better of placing your buy price at 5% above the last closing price, if the stock is that good and fundamentals support it at that price.

son5070 · #**176** (**permalink**) 23rd November 2007, 10:10 PM

Quote:

Originally Posted by Stockbear

Son5070:If you place your buying price 5% below the previous day's closing price, it has to be that the stock is losing steam and not gaining. If it's gaining you are better of placing your buy price at 5% above the last closing price, if the stock is that good and fundamentals support it at that price.

Thanks for this explanation,i do appreciate.