Only 10% Of Nigeria’s 263 Stockbrokerage Firms Have Functional Online Trading Portals- Report

Proshare NG, an online finance, investment and economic news portal, has published the third edition of its online trading portals ranking report, focusing also on FX trading portals like MERIFX, Eagles Global Market, HFTM, unlike the previous editions released in H1 and H2 2016 that dwelt on trading portals owned by Capital Market Operators trading on the floor of the Nigerian Stock Exchange.
The result of the online trading ranking portal survey was carried out between July 4 and August 15, 2017 and reflected that of the 275 responses received from users, 38.18% were in favour of Meritrade; 22.18%, for Mytradebook; 20.36%, Easytrade; 7.64%, APTetrade; 3.27%, MorganCapital i-Trade; 1.09%, TRW e-Trader; 0.73% each in favour of InvestNow and CityTrade; and 0.36% for Stanbic IBTC’s e-Trade, Afrinvestor and LeadTrader respectively.
However, no response was obtained in favour of Bancorp e-Trade, WSTC e-Trader, GTI Online Trader, Cordros TradeButton and CapEx Trade trading poratls.
A statement by Proshare Ng listed criteria used for the ranking to included technology and services, with Easytrade emerging tops, based on Speed of Execution; while Meritrade and Myreadebook emerged 2nd and 3rd respectively.
Based on accessibility on mobile; Meritrade emerged first position, followed by Mytradebook and EasyTrade on the second and third respectively.
On customer service and expectation, Meritrade again placed first position, while EasyTrade and Mytradebook emerged 2nd and 3rd respectively, while based on customer service responsiveness Meritrade, EasyTrade and Mytradebook also emerged 1st, 2nd and 3rd respectively in that order.
A look at the FX Trading portals ranking showed MERIFX emerged on first position on all categories while FXTM emerged 2nd as responses were only received in relation to the two FX trading portals.