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.