An article on the Nation (see link below) highlights what the NSE is doing to properly regulate online stockbroking portals. Online stockbroking portals are a fantastic way for retail investors to purchase and sell shares themselves online and in the comfort of their homes or wherever they are. The article also list four stockbroking firms that have launched online retail stockbroking portals. These included Meristem Securities Limited, Lead Capital Plc, Morgan Capital Group and Capital Bancorp Plc.
So how can you get started? This is how one of them explained it.
Managing Director, Capital Bancorp Plc, Mr. Higo Aigboje, said the portal will provide investors with round-the-clock access to their portfolio and cash statements while investors can also place their orders within and outside the trading hours of the NSE.
According to him, Bancorp e-Trade is designed as a convenient and transparent means to ensure investors are in control of their investments at any time.
To be eligible to trade on the portal, one needs only access to internet, a functioning e-mail address, any active bank account, a fair understanding of the workings of the stock market and a stockbroking account with Capital Bancorp.
He outlined that his firm has simplified the account opening process for new investors as they only need to fill account opening form and upload scanned passport photo, scanned utility bill that is not later than three months, scanned specimen signature, scanned mode of identification and their bank details.
The features of Bancorp e-Trade, which sits on the infoware e-business suite platform, included display of balance in any currency of choice, online mandate, ability to specify expiry dates on orders, display of portfolio balance and portfolio analysis, statement of account, ability to view and download contract note in different formats, ability to view certificates and verification status, live streaming of stock market prices, live portfolio valuation, amendments or cancellation to undone transactions, graphs and charts and online real-time client information.
I will try one out myself soon and possibly give a candid review.