By Nkiruka Nnorom
MeriTrade, an online trading portal by Meristem Securities Limited, has emerged first in a survey carried out on online trading portals in the Nigerian stock market by Proshare Limited. Easy Trade by Investment One came second while Afrinvestor by Afrinvest Securities Limited came third.
According to Proshare, the online portal survey was carried out between November 4 and 22, 2016. Proshare carried out a customer survey for 18 days in order to get direct feedback from customers that make use of the various platforms.
The company explained that in order to obtain accurate information from the various brokerage firms, they sent out letters and emailed the same content to the brokerage firms.
“Out of all the brokers contacted, only 13 responded to our letters and emails. They include Meristem Securities, Stanbic IBTC Stockbrokers, Lead Securities, CSL Stockbrokers, Afrinvest, Investment-One, Cordros capital, WSTC Financial Services, APT Securities, Capital Bancorp, Greenwich Trust, TRW Stockbrokers and ARM Securities,” the company said.
Proshare used four criteria for the ranking including technology, accessibility, services and fees and benefits. In all, MeriTrade emerged first.