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Having CSCS Account Numbers: How Advisable?

I need an expert on this issue. I am in the process of changing my Stock Broker and that would involve transferring my existing CSCS account number from my current broker to the new one. I was told this process of transferring could take weeks, even months. Hence, I thought it would be a good idea to open a new CSCS account with this new broker, I was told this process of opening a new CSCS account takes only 3 days. My question is that Is it possible to have 2 CSCS account numbers under same name but with different brokers. Expert opinion needed pls, Can you pls also recommend a good stock broker with online portfolio monitoring facility -(this is very important)?

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19 answers

Say no more, Cashcraft or Cashthieves

http://www.nairaland.com/nigeria/topic-118241.0.html#msg2032949

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i do not even know any of their offices,but i am dealing with the one in Lagos and all is well and so far so good.if you want to deal with my contact there, i can give you his name and phone number.i can only use the online facility as i am based in europe.

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@STAKE

which of their branches did you go to? and is their online facility working for you?

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cash craft is very good as far as im concerned,i got my cscs account in 2 days free of charge and im doing good business with them,lets not generalise a personal perception of the coy.we probably dealt with different people in the company

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Ogonge you may have to read this to know how to monitor your stockposition online

Check this posting

http://www.nairaland.com/nigeria?topic=58129.msg1179284#msg1179284

ICT AND NIGERIAN CAPITAL MARKET TIPS (1)

HOW TO ACCESS/MONITOR YOUR STOCK ACCOUNT ONLINE[size=8pt][/size]

The optimization of Information and Communication Technology (ICT) in the Nigerian capital market by regulatory bodies and stockbroking firms has led to several possibilities which are yet to be fully embraced by existing and prospective investors.

 

It is worthy to note that the process of opening a stock dealing account with a stockbroking firm/CSCS is being done electronically. Stock trading in most investment houses is presently done online and real time while sell/purchase mandates from clients are taken via GSM/SMS, emails or through the traditional mandate forms.

Investors can now monitor their stock account themselves on the internet or opt for the SMS option via trade alert. Find below three simple steps need to gain access to your stock position online:

1. Open an individual or corporate stockbroking account with a listed stockbroking firm and obtain your CSCS Clearing House Number (CHN).

2. Register as a new user on CSCS website using your CHN.

< http://www.cscsnigeria.com/modules.php?name=Your_Account&op=new_user>

3. Fill out CSCS Online Access form and submit to CSCS through your stockbroking firm.

For further information to contact: made@madeonlineng.com

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@dis guy

how much did cash craft charge you for the cscs nos and is their online facility working?

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I really hope that someone from Cashcraft is reading this and tells the managment of the company to do something about this situation.

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So which stockbrokers do you recommend here in Port Harcourt.

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I won't advise my enemy to open an account with cashcaft. Their customer servive is nothing to write home about.

I opened an account with them and for more than a month now, my money has being in their account idle. I called them and was told that it can take another one or two months for my CSCS no to be ready. And no explanation for that.

NIGERIA STILL HAS A LONG WAY TO GO.

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It is still possible to get CSCS account in three days. email madeonline@gmail.com for details.

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Is it possible to monitor one's stock on the internet via cscs, same way one checks bank account balances online. I will like to know the modalities if it's possible.

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Cashcraft were suspended from trading for three weeks in May because of a petition that was written from unknown quarters to the SEC on the issue of some of their branches not being headed by certified stockbrokers.

The SEC then took a tour of the affected branches and eventually the issue was settled and Cashcraft was cleared for trading.

This however created a massive backlog of clients whose account opening processes were affected. In addition, Cashcraft has arguably the largest number of clients of all broking firms in Nigeria, due largely to their policy of collecting as low as N100,000 for account opening, utilizing the power of numbers. This is unlike firms like IBTC which prefer to get fewer clients with high-net worth (utilizing the principle of volume).

This policy of Cashcraft, while laudable (because it allows intending investors who do not have much money to start off with to participate in the stock market) is beginning to create an administrative headache.

When I started trading, I got my CSCS number in four days.

Now it can take as long as 8 weeks for customers to get CSCS numbers. At Nairastocks.com, I have had to take some very radical decisions of late because of the problems I am currently having securing CSCS numbers for a few clients for the reasons deduced above.

I understand that it is now possible to go to the CSCS directly and pay some money to obtain a CSCS number. I intend to use this approach to get CSCS numbers for new clients at Nairastocks.com.

Perhaps others can employ this approach too.

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Alangrange is a good stockbroker from my personal dealings with them. They paid me over N400k trapped in a brokage firm (since 20001) that was taken over by them. I had given up hopes of recorvering the money when they suddenly wrote me last year that i had a credit balance with them.

@dollyp1cute, whats the issue with Cashcraft please?

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I'll also like to hear from Dollyp1cute her personal experiences with Cashcraft.

While not personally voucing for anybody,from my advise to jungle,its quite clear there are almost no stockbrokers without issues,

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@dollyp1cute

Please tell us what cashcraft did to you as some of us are about to open accounts with them; before its too late.

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@dollyp1cute

Please, if we are to avoid cashcraft, which stockbroker would you recommend based on your experience?

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Avoid Cashcraft as much as possible, look at their research report but avoid them.

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Jungle,

There's no probs with you having 2 CSCS account numbers,  I had 3 at a time.

But it may be advisable for proper monitoring to move all your shares to one house.

All stockbrokers are about the same,just pray you meet serious God fearing people,so I dither in recommending brokers.

But cashcraft have a good online monitoring facility.

Hope this helps.

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