Choosing/Rating Stockbroker

[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.

[EIC]

Thank you again for another excellent idea. We have already been thinking along those lines.We will do it and keep u updated.

[Stockbear]

Thanks for taking the idea on board.

StockBear

[EIC]

Following on from Stockbear's suggestion, please start posting the name of your stock broker on this forum thread. Please submit the Name, address and website of the stock broker if you have it. Yes, just their name and contact details. Please DO NOT write the reviews of the stock broker yet! We will arrange for you to write your review on our blog.

[Menenata]

The name of my Stock Broker is Crossworld Securities Limited. It is located at 3rd Floor Bull Plaza, 38/39 Marina, Lagos. It's website is http://www.crossworldsec.biz/

[egoldman]

i think this is a good idea ,but i have some concerns about the mprivacy of them brokers ,do you think they would all like it if we put their names and numbers here on public forums ? would not be more legal if we ask our brokers weather they would like their details to be posted in public forums ?just trying to be on the safe side .


thank you all .

[paragon]

egoldman, what we are doing is giving our subscribers as well as the world information. In other words, we are advertising free for the brokers.
so send in your details if you have any.

thanks

[prof]

I think this is very good idea and should be given more publicity, good ones should be encouraged while the public should be made to know the bad ones for the safty of their money. I encourage everyone to participate in this as the result will be very revealing. My broker is Eurocomm Securities Limited, located at 18th Floor, Stock Exchange House 2/4 Customs Street, Lagos, P O Box 2283, Marina Lagos. Tel: +234 (0)1-266-4700 Tel/Fax: +234 (0)1-264-1726. Their website address is http://www.eurocommsecurities.com/

[Iceman]

I have been actively investing on the floor for 2 and a half years now. I diddn't start selling till a year after buying my first stock. I have really invested a lot and have made some good returns on investment from stock like FBN, WAPCO and Zenith. I nevertheless feel i'm not getting the best from my stoockbroker. One of my most concern is when i place an immediate order for a bluechip stock to be sold and it takes up to 5 days and sometimes i end up losing some of the value of the stock. or I place and order for 1000 shares of a stock and they mistakely place an order for it twice (i.e 2000 ) and then i end up owing and paying intrest. My stock broker is in Abuja and has to call Lagos to do my transactions. My web page doesn't get updated imm sometimes and CSCS takes about five days to update my account. I'm really curious, does this happen to others in this forum.

[ghm]

Currently, I registered with 2 stockbrokers IBTC Asset Management(http://www.ibtc.com or http://www.research.ibtc.com) and Lead Capital Ltd (http://www.leadcapitalng.com).

Although, I enjoy useful and satisfactory services from 2 other stockbroking firms Cashcraft(http://www.cashcraft.com) and Counterstrust Securities(http://www.counterstrust.com) but I do not have any account with them yet.

I will reserve my comment of the brokers till when it's time.

[Stockbear]

I only just signed up with Cashcraft. Iam still not decided on their efficiency or how profitable they are to me i.e stock picks/ buy and sell decisions.

I hope I don't have to take my business elsewhere!

[EIC]

You can write a review of your stock broker on our blog at...

http://www.stockmarketnigeria.com/ca...broker-reviews

http://www.stockmarketnigeria.com/ca...roker-reviews/

[Tayo]

Sorry if I'm breaking the rules but i don' t think this will fit in as a comment on the blog. I've heard quite a lot about cashcraft and some other stockbrokers. What I'm really looking for is a stockbroker who will allow me full access to my account over the internet such that I can view total number of shares I have, currently value of my shares, how much balance I have in my account and most importantly allow me to place an order for buying of new shares from my web account which will be processed at the end of the day's trading. Does you know if cashcraft offers such services? Or do you know of any other broker who offers such?

[Stockbear]

Omotayo1,

All the services you request are available with cashcraft,I recently joined them. However my expectations haven't been met as yet. i.e email msgs about stock picks. specifically, I informed my so called account manager of my investment goals, to date, no response about how they will help me achieve this etc.

I am certain there are many out there who have had much better experiences than mine, let's hope they come forward.

[adesegun]

Anyone with information of Topmost Securities and their operation?

[Stockbear]

Dear members/investors - Crucial to our success as investors is having an able stockbroker. Without a good stockbroker your money is as good as lost.

Imagine giving a sell order for a stock that is not worth investing in any longer, everyone is dumping their shares. Now imagine or factor in an inefficient stockbroker into that equation! That is a nightmare we all would not want to experience.

Can we all contribute information on our stockbrokers for better or worse and help each other choose good stockbrokers? If you choose to share please include information on:

Name of stockbroker:

Do they have an online presence:

Minimum Investment:

Do they have a Research Team (stock analysis):

Can you communicate with them through emails/text messaging: Essential for investors based abroad.

Will they be able to meet the recapitalization requirement:

Who are their bankers: Essential for ebanking transfers direct into their accounts (more important to investors based abroad).

Please feel free to include any other relevant info, but please share.

[Stockmarket_Voyeur]

My Stockborokers are :
Strategy & Arbitrage Ltd
15th floor,
Conoil building, Marina, Lagos

[Stockbear]

Dear members/investors - Crucial to our success as investors is having an able stockbroker. Without a good stockbroker your money is as good as lost.

Imagine giving a sell order for a stock that is not worth investing in any longer, everyone is dumping their shares. Now imagine or factor in an inefficient stockbroker into that equation! That is a nightmare we all would not want to experience.

Can we all contribute information on our stockbrokers for better or worse and help each other choose good stockbrokers? If you choose to share please include information on:

Name of stockbroker:

Do they have an online presence:

Minimum Investment:

Do they have a Research Team (stock analysis):

Can you communicate with them through emails/text messaging: Essential for investors based abroad.

Will they be able to meet the recapitalization requirement:

Who are their bankers: Essential for ebanking transfers direct into their accounts (more important to investors based abroad).

Please feel free to include any other relevant info, but please share.

This is a good example of what we need, which someone shared on Nairaland on a similar thread:

Try my brokers, Lead Capital. Website is www.leadcapitalng.com

They require N1m and they allow online monitoring on a daily basis. But expect poor service (2+ days to execute an order) and ZERO analysis.

http://www.nairaland.com/nigeria/top...tml#msg1193220

[Stockbear]

All I Can Say Is Stay Away From Cashcraft!

If you like unprofessional behaviour use them.

For delays in executing buy/sell orders use them.

For getting no response to buy/sell orders use them.

For lack of info given and un- updated account details use them.

[alanbow]

All the requirements above will be met by Zenith securities ltd.

They actually do not give you a dedicated account officer as they have a pool of people on the helpdesk who will pick up your queries. They are more geared towards internet based trading as all your mandates, your porfolio, all certificates deposited are shown online.

The only drawback is that the minimum requirement is 5M. This can comprise of your existing shares and cash.

I find the guys a bit arrogant though when I was there but they seem to get the job done.

I will come back in another 3 months to give an update. so far so good.