Cashcraft - Thieves Or A Broker

cashcraft is o.k i give then 60% out of 100% because there have been some good reports and there have been some bad reports. but what really needs to be done is a major overhaul of the securities industy in nigeria as a whole. meaning the laws need to be created and guidlines given that allows EFCC to go after erring stockbrokers.

Reasons for delay in buying and selling stocks in nigeria are: when you give a broker a mandate to buy or sell (i.e you tell them to buy or sell) it takes betwen 1 to 14 days or more for the stocks to be bought the reason for this is because the buy or sell form has to be stamped with stamp duty and signed (with use of stamp) by about 2 or 3 officials from NSE, SEC, CSCS respectively and this is why it takes up to one week to buy or sell, by which time the profit you hoped for is gone.

This means that NSE, SEC, CSCS and your broker are making huge gains from your money as a i speculated.
this only leaves you with the ability to make money via quaterly dividends and bonuses and if your lucky by the stock rising for a period of 3 month

the solution to this is to make sure your broker has an automated tading system with direct computer network linkage to NSE and CSCS this way your trades can be executed real time and you can know immediately if a stock is available or not!

About 90% of nigerian brokers are still using paper forms, while 10% are using this ATS (automated trading system) so make sure you ask your broker if they are suing ATS to trade. Also make sure you sign up with cscs for an individual investor account . that way you can log on to cscs to confirm your trades, e-dividends, e-bonuses etc
Infact there are new regulations now that firsms must notify SEC, NSE about all bonuese and dividends so also check SEC and NSE website to monitor new subsequent dividends and bonuses.

yes cashcraft has a good research and informations on dividend, bonus, AGM's etc once your registered with them.

they even has direct linkage to a GTB and UBA bank account which allows you to transfer money back and forth between your brokerage account and your bank account.

these are the reasons i would give them 60-70% out of 100%.