Get straightforward answers to your questions about opening an online trading account.
What is the minimum amount required for opening an account?
Generally, 75,000 Naira equity is required to open an account.
What is the fastest way to open a new account?
The online application is the fastest way to open and fund your new account. If
you successfully open and fund your account electronically, you may begin trading
once the money is available in your account. You will need about 1 - 2 minutes to
fill out the information.
What does NgTradeOnline do?
NgTradeOnline provide customers with an online 24/7 portal where trades can be placed,
manage their accounts, and research trading company information; all in one convinient
place.
What is the CSCS?
The Central Securities Clearing System is the governmental organization that is
responsible for keeping electronic records of all share transactions that are effected
on the floors of the Nigerian Stock Exchange and from the dematerialization process.
Can I transfer my account between stockbrokers?
Yes you can transfer your account between stockbrokers by filling out an inter-member
transfer form for all the stocks you’re transferring and having your existing broker
sign off on the transfer.
How soon can I get notification of transactions?
An automated confirmatory email will be sent for every transaction, and one hour
after your mandate is executed, a contract note will be forwarded to your email
address.
What forms do I need to fill out to place trades?
You can place stock orders, (Buy or sell) by logging into your account and click
on Trade. All forms that needs to be filled out is done electronically. Whenever
you place a trade online, you agree that NgTradeOnline should use your initials
as your signature for these transactions.
Are there any restrictions on funds deposited into my NgTradeOnline account?
Yes. You may trade most marginable securities after funds are deposited and approved
into your account, however, funds cannot be withdrawn or used to purchase non-marginable
securities, initial public offering (IPO) stocks until 6 business days
after check deposit settlement and three business days for electronic funding deposit
settlement. All electronic deposits are subject to review and may be restricted
for 60 days.
Are there any fees?
No, NgTradeOnline do not charge any fees other than the regular buy and sell orders
commission. Please review our commission schedule.
How do I fund my account?
Please see
ways to fund your account.
How long does it take to get your order executed?
Executing the order you place for which payment has been validly settled between
your bank and our acquiring bank is executed on the same business day so long as
the confirmed settlement did not take place later than 10:00AM Nigerian time; which
is the cutoff time for the closure of the jobbing book in preparation for dealing
on the floor of the Nigerian stock exchange by our stock brokers.
How secured is the site for my transaction?
NgTradeOnline.com is secured with the high standard 1024 bit Secured Socket Layer
(SSL) Certificate provided by one of the world's best SSL certificate providers.
I have a certificate that is jointly held with my spouse. Can I open an Individual
account with this certificate?
Yes, but you need to send in a
Third-Party Release form that
is signed by both of you. The signatures must be signature guaranteed from a commercial
bank, savings and loan, trust company or credit union. Both persons also need to
endorse the back of the certificate.
On the front of the stock certificate, my name is printed "Jane Doe"; should I
sign the certificate exactly like that or should I sign my full name?
You must sign the certificate exactly as your name is printed on the front, including
initials, Jr., Sr., III, etc.
I have other questions regarding certificates in my company name, custodial certificates
and gifting of certificates. What should I do?
Simply contact a New Accounts representative at support@ngtradeonline.com, 24 hours
a day, 7 days a week. We can help you with these or any other issues you may have
regarding opening your account with stock certificates.
Can I download account information directly to Quicken and Microsoft Money?
Yes, users of Quicken and Microsoft Money can download their NgTradeOnline account
information into their Quicken or Money personal finance software.
Can I receive account statements electronically?
NgTradeOnline offers the convenience of receiving your account statements electronically
each month. We will notify you by email when your monthly statement is available
online. Your statement will show trades, dividends and any interest payments. Your
December statement will also include yearly totals of dividends and any interest
paid or received. You should retain your statements if you would like a history
of your transactions. A year-end recap of trades will not be provided.
