MeriTrade Emerges Investors’ Favourite Online Trading Portal
Goddy Egene and Nosa Alekhuogie
An online trading portal launched by Meristem Securities Limited in 2014, MeriTrade, has been adjudged by investors as the number in the capital market.
According to a survey carried out on online trading portals in the Nigerian stock market by Proshare Limited, MeriTrade emerged the best in all the criteria used. Easy Trade by Investment One came second while Afrinvestor by Afrinvest Securities Limited came third.
Proshare said 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. In order to obtain accurate information from the various brokerage firms, Proshare also 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 criteriatechnology, accessibility, services and fees and benefits-for the ranking and in all, MeriTrade emerged first.
In terms of technology, speed of execution, 52.5 per cent of the responses rated very fast, 40.6 per cent fast; 6.0 per cent slow and 0.9 per cent very slow.
Among the platforms rated very fast, MeriTrade emerged first followed by Easy Trade, while Cordros came third. Afrinvestor(fourth); APTe-Trade(fifth); LeadTrad er(sixth);ARMStocktrade(sev enth); MyTradebook(eigth); Morgan Capital(ninth) and
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StanbicIBTC(10th).
The platforms that received yes from respondents were led by MeritTrade, followed by EasyTrade, while Afrinvestor placed third.
Others are: APT e-Trade (fourth); Cordros(sixth); MyTradeBook( seventh); Morgan Capital(eigth); ARMStockTrade(nineth) and StanbicIBTC(10th).