34 replies to this topic

[TrinityeXchange]

Hello all. I just received a notification from my broker Al-Jazera that there is a new policy change beginning 5/8/2012.

Minimum wire $1000
Minimum stock purchase 100,000 shares

Just thought I would pass it along. Why the change, I do not know. It is still 1/2 the typical minimum share purchase amount of other brokers.

Be blessed.

[rightsonword]

Well, that sucks. I enjoyed the freedom of purchasing as much or as little as I wanted.

[haymon]

Just maybe there growing up, or ISX is growing up, or their getting ready for RV

[moneysoon]

Well this limits the little guy from getting in on things.

[slb]

I also got the same e-mail. Really limits my buys now.

[dinarful]

Also, the minimum amount to open the account is $10,000.00 US
Every consecutive wire must be $1000.00
Minimum order of shares is 100,000
If anyone knows of any other broker that doesn't have a minimum and they are on the up and up, I would really appreciate the information since I was just in the process of sending them my identification, but now I can't afford these minimums.

Thank you for all your help,
Hilda

Edited by paperboy, 09 May 2012 - 11:50 AM.
correction of minimum order of shares

[slb]

10K to open - is steep pre RV. Makes one wonder what there thinking.....

Edited by slb, 08 May 2012 - 05:28 PM.

[Goldiegirl]

Also, the minimum amount to open the account is $10,000.00 US
Every consecutive wire must be $1000.00
Minimum order of shares is 1000,000

If anyone knows of any other broker that doesn't have a minimum and they are on the up and up, I would really appreciate the information since I was just in the process of sending them my identification, but now I can't afford these minimums.

Thank you for all your help,
Hilda

I didn't see anything in his email about min $10K USD to open an account. I've opened one and have yet to wire. I was expecting to wire at least $1000 and I do agree it limits people from purchasing smaller amounts over a period of time but with the cost of wiring I thought I'd make my buys worth while. It's still half what Warka requires as far as min shares.

Dinarful, the min order of shares is 100,000. You have an extra zero in there...you almost scared me until I read his email.

[dinarful]

I didn't see anything in his email about min $10K USD to open an account. I've opened one and have yet to wire. I was expecting to wire at least $1000 and I do agree it limits people from purchasing smaller amounts over a period of time but with the cost of wiring I thought I'd make my buys worth while. It's still half what Warka requires as far as min shares.

Dinarful, the min order of shares is 100,000. You have an extra zero in there...you almost scared me until I read his email.

oooops....about adding the extra 0
The email I received today said:

The new account has to be funded within a period of 1 month
The minimum amount of the first wire funding the account is $10,000
Every consecutive wire after that needs to be $1,000
The minimum number of shares is 100,000 of any single company

I just emailed Warka to see if they changed or updated their policy so I'll see what they say.
If anyone knows of any other broker that does not have a minimum....please let me know.

Thanks everyone.

[Goldiegirl]

oooops....about adding the extra 0
The email I received today said:

The new account has to be funded within a period of 1 month
The minimum amount of the first wire funding the account is $10,000
Every consecutive wire after that needs to be $1,000
The minimum number of shares is 100,000 of any single company

I just emailed Warka to see if they changed or updated their policy so I'll see what they say.
If anyone knows of any other broker that does not have a minimum....please let me know.

Thanks everyone.

Oh that's odd. I created my account a couple of months ago and have yet to fund it. $10K USD is too steep. He said $10K USD not 10,000 dinar?

[dinarful]

Oh that's odd. I created my account a couple of months ago and have yet to fund it. $10K USD is too steep. He said $10K USD not 10,000 dinar?

Yes, I specifically asked him if he was referring to USD or dinar.
He wrote back....10,000 USD
I emailed him back stating that I was dissappointed that they changed their policy since I was ready to send them my identification to open an account, but that I wouldn't be able to fund 10K. I'm hoping to hear back from them tomorrow.

I'm sure there's another brokerage firm that doesn't require a minimum, so the search continues, for me anyway.

[SidneyJr]

I’m sorry to here this. I just got my account number back from Aljazera Brokerage. But I wanted to start investing slowly with asmaller amount of money.
This is why Idon’t go with Rabee Securities and I went with Warka Bank instead. Now, I don’t know what I’m going to do. I’malready deep in with
Warka Bank, so maybe its time for me to hit the pause button and just wait & watch.

[paperboy]

dinarful - I edited your original post so that the correct amount is there. Hope that helps.

[dinarful]

dinarful - I edited your original post so that the correct amount is there. Hope that helps.

Hey, thank you!

[HolySpirit]

Well this limits the little guy from getting in on things.

But see the "EFG-Hermes Offers ISX Shortcut" notification reported on the Iraq Business News newsletter. Starting in January I believe, this Egyptian Investment Bank made it possible for investors to purchase equity swaps, which allow investors to earn the return on the underlying name without actually owning any shares. Google this. The pros seem to outweigh any cons. There may be no cons. I need to call them.

[pluMmet]

I have verified that one needs 10k to start with AlJazera. I'm very pleased that I was able to sneak in before this went into effect but I had finally convinced my brother to open an account and this shuts him out. Man that's cruel

[Goldiegirl]

I’m sorry to here this. I just got my account number back from Aljazera Brokerage. But I wanted to start investing slowly with asmaller amount of money.
This is why Idon’t go with Rabee Securities and I went with Warka Bank instead. Now, I don’t know what I’m going to do. I’malready deep in with
Warka Bank, so maybe its time for me to hit the pause button and just wait & watch.

I'm going to write him and find out. I've had my account for a couple of months and have not funded it due to some other expenses that came up. His email yesterday said nothing of at $10K min, only that the wire must be $1000.

Goldie

I have verified that one needs 10k to start with AlJazera. I'm very pleased that I was able to sneak in before this went into effect but I had finally convinced my brother to open an account and this shuts him out. Man that's cruel

Oh so you have the account as I do and we are ok but friends of ours can't.? Hummm that shuts out pretty much everyone and I have no desire to deal with Warka ISX.

[rightsonword]

I have verified that one needs 10k to start with AlJazera. I'm very pleased that I was able to sneak in before this went into effect but I had finally convinced my brother to open an account and this shuts him out. Man that's cruel

I'm going to write him and find out. I've had my account for a couple of months and have not funded it due to some other expenses that came up. His email yesterday said nothing of at $10K min, only that the wire must be $1000.

Goldie

Oh so you have the account as I do and we are ok but friends of ours can't.? Hummm that shuts out pretty much everyone and I have no desire to deal with Warka ISX.

Yeah, it sucks that no one else can get in. Definitely wouldn't deal with anything Warka related until some new news comes in about their situation. If you are really close to someone interested in the ISX, you can always invest for them if they give you the money. It's a hassle, but with some simple book keeping, you can keep track of who's is who's.

[SidneyJr]

Yeah, it sucks that no one else can get in. Definitely wouldn't deal with anything Warka related until some new news comes in about their situation. If you are really close to someone interested in the ISX, you can always invest for them if they give you the money. It's a hassle, but with some simple book keeping, you can keep track of who's is who's.

I just receivied this email from Aljazera Brokerage.

Aljazera Brokerage aljazeraco@gmail.com

9:06 AM (2 hours ago)


Dear Mr. xxxxxxxxx ,

As an ISX account holder , you need to fund your account within the first month of obtaining it by wiring a minimum $1,000 . Failing to do this will result in our closing your account .

[Goldiegirl]

I confirmed with him yesterday. I have yet to fund my account created in January. It's been temporarily closed and they never told me I had to fund it within one month when I opened it (never got notification they were closing it) I have to pay $30 to reinstate it and wire $1000 within the next 2 weeks or it's closed permanently.

I don't get the new tough rules and frankly who the H*LL has 10K to through on the ISX.

Trinity I know you have dealt with them the longest. Any idea why the tough rules at this stage?

I'm not sure what I'm going to do at this point.