Get on board the Nigerian stock market by dialing a short code *5474#.
The code gives you access to the stock market live on your phone with real-time information and you can connect with a stockbroker.
To get started here are the 3 steps you need;
1. Research and decide on the stockbroker you are comfortable with. For me, I use morgancapitalgroup.com, and if you prefer on-the-go platform, Trove (@trovefinance on Twitter) or Bamboo (@investbamboo on Twitter). These are the ones I use, but you can do your own research and share your options here let’s discuss.
2. Register with a Broker
After deciding which Broker to use, you would be required to fill out an application with them and provide the regular KYC information - using your NIN/PVC/International passport and a Utility bill. it’s just like opening a Bank account. After verification of your information, your account would be created and you will be required to deposit a minimum of ₦5000 to activate your account.
Some people would tell you to register a CSCS as well so that you can have a CSCS number, but I don’t think that is necessary because you will automatically get one when you make your first trade, just find it on your “Purchase statement”.
3. Start trading
After your account has been activated then you can start trading.
So, the reason I use Morgan Capital is because I can see live activities, like the bids and offers, the number of trades on particular stock, the amount etc to be able to decide how much to bid or offer a stock. Unlike the on-the-go apps. So, it’s a choice, if you want to do that, or you just want to buy and go.
So, that’s that on getting started. Let’s talk about what Nigerian stocks you should be buying after setting up your account.
