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urstill1
#1 Posted : Friday, October 11, 2013 4:36:37 PM
Rank: User


Joined: 9/6/2013
Posts: 1,446
Location: In a house
Can one instruct their broker on the minimum amount that can be transacted in their account in a single transaction/trade? This mainly to control the transaction charges! Some brokers have gone rogue and execute trades that result upto 15% fee. Case in point is selling of 100 Mumias sugar shares despite ordering a sale of thousands of them.
Kindly assist on how I should go about this.
King G
#2 Posted : Friday, October 11, 2013 5:14:16 PM
Rank: Elder


Joined: 6/20/2012
Posts: 3,855
Location: Othumo
With ATS, it will be difficult next to impossible to do that.
Thieves
murchr
#3 Posted : Friday, October 11, 2013 7:20:16 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
Why cant you just move to a broker who has an online platform and make your rules?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Pesa Nane
#4 Posted : Friday, October 11, 2013 7:36:30 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
urstill1 wrote:
Can one instruct their broker on the minimum amount that can be transacted in their account in a single transaction/trade? This mainly to control the transaction charges! Some brokers have gone rogue and execute trades that result upto 15% fee. Case in point is selling of 100 Mumias sugar shares despite ordering a sale of thousands of them.
Kindly assist on how I should go about this.

Transaction fees are a percentage and whether charged on 1000s of shares or 100s, there should be no difference.
The only unavoidable 'extra' cost is the stamp duty which is charged per transaction (Its not a % but its minimal).

* Transaction above Ksh. 100,000.00 are charged 1.8% of buying / selling price.

* Transactions below Ksh. 100,000.00 are charged 2.1% of the buying / selling price.

INSIST ON NOT BEING ROBBED! Demand refunds.
Pesa Nane plans to be shilingi when he grows up.
Realtreaty
#5 Posted : Friday, October 11, 2013 7:55:48 PM
Rank: Elder


Joined: 8/16/2011
Posts: 2,297
You need to understand percentages. Charges are levied as a percent of sale. Some brokerge firms have a maximum number where they will give a discount for a buy or sale for a certain amount say they may charge a commission of 2.0% for 100000 or more and 2.1% for less than 100000.
Also note that what you tell them to sell is not bought buy another buyer wholesome but they sell to different buyers in bits within a period of time depending with the market unless you take a buyer who is willing to buy all what you are selling. This is one reason we see odd shares hard to sell. If I want to buy 2600 shares of mumias, the broker may get these shares from different willing sellers in batches of 800, 1200 and 600. The percentage commission charge from each must add up as if it was done from one seller.
urstill1
#6 Posted : Friday, October 11, 2013 9:47:31 PM
Rank: User


Joined: 9/6/2013
Posts: 1,446
Location: In a house
Realtreaty wrote:
You need to understand percentages. Charges are levied as a percent of sale. Some brokerge firms have a maximum number where they will give a discount for a buy or sale for a certain amount say they may charge a commission of 2.0% for 100000 or more and 2.1% for less than 100000.
Also note that what you tell them to sell is not bought buy another buyer wholesome but they sell to different buyers in bits within a period of time depending with the market unless you take a buyer who is willing to buy all what you are selling. This is one reason we see odd shares hard to sell. If I want to buy 2600 shares of mumias, the broker may get these shares from different willing sellers in batches of 800, 1200 and 600. The percentage commission charge from each must add up as if it was done from one seller.


I do know how the percentages work. What makes a broker to charge me over 100 shillings for a 100 mumias shares yet I ordered for thousands of the same? If they bought/sold in batches then I need to be charged like a single transaction!! There are several cases where I have made purchases of more than 100k yet my broker never charge me the agreed rate of 1.8% coz after selling the shares in batches of less than 100k, I get charged 2.1% for each batch and stamp duty on each. This results in way more than 2.1% fee!! Yes, my broker has an online platform and I make most of my orders there!!
Pesa Nane
#7 Posted : Friday, October 11, 2013 11:14:04 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
urstill1 wrote:

I do know how the percentages work. What makes a broker to charge me over 100 shillings for a 100 mumias shares yet I ordered for thousands of the same? If they bought/sold in batches then I need to be charged like a single transaction!! There are several cases where I have made purchases of more than 100k yet my broker never charge me the agreed rate of 1.8% coz after selling the shares in batches of less than 100k, I get charged 2.1% for each batch and stamp duty on each. This results in way more than 2.1% fee!! Yes, my broker has an online platform and I make most of my orders their!!

Ever heard of 'computer error'? but it can be reviewed on demand!
Pesa Nane plans to be shilingi when he grows up.
georgegop
#8 Posted : Saturday, October 12, 2013 7:01:34 AM
Rank: Member


Joined: 8/30/2010
Posts: 183
Location: Migingo
Which broker might this be?
Don't Work for Money, Let Money Work for You..
urstill1
#9 Posted : Sunday, October 13, 2013 4:35:25 PM
Rank: User


Joined: 9/6/2013
Posts: 1,446
Location: In a house
georgegop wrote:
Which broker might this be?


CFCFS
guru267
#10 Posted : Monday, October 14, 2013 6:05:12 AM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
The rules are simple... They say 1.8% or 2.1% per TRANSACTION...

In Kenya many stocks except for blue chips rarely have any single sellers with more than 100k worth of shares so this forces your brokers to buy In small batches at 2.1%
Mark 12:29
Deuteronomy 4:16
urstill1
#11 Posted : Monday, October 14, 2013 8:54:45 AM
Rank: User


Joined: 9/6/2013
Posts: 1,446
Location: In a house
guru267 wrote:
The rules are simple... They say 1.8% or 2.1% per TRANSACTION...

In Kenya many stocks except for blue chips rarely have any single sellers with more than 100k worth of shares so this forces your brokers to buy In small batches at 2.1%

I feel conned by my broker buying a batch at less than 800 shillings then charging commission of over 100 bob. I'm just not allowing this. Unfortunately, the only way I can contact them is via email. So far no response.
maka
#12 Posted : Monday, October 14, 2013 2:58:58 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
urstill1 wrote:
guru267 wrote:
The rules are simple... They say 1.8% or 2.1% per TRANSACTION...

In Kenya many stocks except for blue chips rarely have any single sellers with more than 100k worth of shares so this forces your brokers to buy In small batches at 2.1%

I feel conned by my broker buying a batch at less than 800 shillings then charging commission of over 100 bob. I'm just not allowing this. Unfortunately, the only way I can contact them is via email. So far no response.

Wait for the response...if nothing happens write to CMA.
possunt quia posse videntur
urstill1
#13 Posted : Tuesday, October 15, 2013 3:51:31 PM
Rank: User


Joined: 9/6/2013
Posts: 1,446
Location: In a house
maka wrote:
urstill1 wrote:
guru267 wrote:
The rules are simple... They say 1.8% or 2.1% per TRANSACTION...

In Kenya many stocks except for blue chips rarely have any single sellers with more than 100k worth of shares so this forces your brokers to buy In small batches at 2.1%

I feel conned by my broker buying a batch at less than 800 shillings then charging commission of over 100 bob. I'm just not allowing this. Unfortunately, the only way I can contact them is via email. So far no response.

Wait for the response...if nothing happens write to CMA.


Despite the amount involved is very little but it is these little overcharged amounts from several clients that make them millionaires. My fees have never truly been reflected on those percentages. In this case, the broker purchased shares worth 790 shillings and charged me 104 shillings. Shouldn't that have been 16.60 bob. They never mentioned any other fees so I believe the only fee is the 1.8% and 2.1% depending on the transaction. I'm now demanding a whole review of my statement. The day I noticed this few shillings conning, I stopped injecting more money into my account. I will definitely write to CMA if no proper explanation come forth.
NB: I never ordered anything that much. It is what they sold. My order was way higher.
mv_ufanisi
#14 Posted : Wednesday, October 16, 2013 10:49:45 AM
Rank: Member


Joined: 1/15/2010
Posts: 625
I use NIC and so far no problemos like these.
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