The way I understand it, you need an investor number from DFM before you can open any sort of account with a broker. To get one, you have to go to DFM and then a broker in person with the usual bits of paper. Maybe someone can go for you if you've signed the required papers.
I'm guessing that you don't need a residents visa in your passport.
[edit] Best information I have is that you DO need a residents visa to get both an investor number, and to open a broker account. Opinion based on personal experience and some broker websites saying resident visa required to open an account. [/edit]
[edit 25 Feb 2007] Resident's visa is not necessary apparently. According to some brokers. [/edit] _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Sun 25 Feb 2007 09:54; edited 2 times in total
Emirates International opens online trading service
By Arif Sharif, Staff Reporter
Dubai: Emirates International Brokerage, a top-three UAE brokerage, said yesterday it will begin offering an online service from today that will allow its clients to buy and sell shares over the internet.
Hamood Abdullah Al Yasi, general manager at Emirates International, said the service will be free, and was aimed at both retail and institutional investors and will help reduce workload at the brokerage.
"The conventional process of trading is often time-consuming as it involves placing orders over the phone, following up on the status and the retrieving of reports," he said.
Abdullah said he especially expected institutional investors from outside the UAE to use the service.
Emirates International Brokerage, a unit of Emirates Bank, UAE's third biggest bank by assets, said it was the second brokerage in Dubai and the first in Abu Dhabi to introduce an online trading service.
Dubai has 48 brokerages and Abu Dhabi, 33. The two markets together list nearly 80 stocks.
The brokerage said it had invested $2 million in the introduction of the service. The service will open to its existing clients today and to others in January.
The service will help reduce administrative costs at the stock exchange, said Hassan Al Serkal, compliance manager at the Dubai Financial Market.
Can't find website yet through google. Tried guessing a couple - eib.ae and ebi.ae return DNS errors at present. No information on efs-online.com that I could see either.
Only this week did I finally get completely on-line with this broker i.e. accessing both ADSM and DFM. After several months of getting the paperwork together with investor #'s and several paper applications to link to Emirates bank trading accounts I managed to have it all together.
As well I finally got to speak with a person who was prepared to give me advice on the process and who apologized for the delays and lost paperwork. It was a shock! I also have the mobile # and was advised to sms whenever I wanted a trade.
I set up a trade yesterday on their screen which is clean and contains all information including account balances, portfolio, live exchange data and generally enough to get the job done. My trade was actioned immediately, was shown on screen and was followed immediately by an sms with the trade details and #.
.... and no it wasn't a 50K trade. I haven't been advised of that but note that their fees haven't increased in the 2 years I have been with them. I will admit that it has been a tough ride getting this together but I'm happy to have reached this level of control.
.... and no it wasn't a 50K trade. I haven't been advised of that but note that their fees haven't increased in the 2 years I have been with them.
Thanks for the update. That's interesting, I'll forward on the information to the person I spoke to.
Erm, what fees are they charging you though ? Are you talking about the trading commissions or something else? _________________ UAE IPO list | posting guidelines
It appears they charge a premium then. Market commission is 0.35% + 10 dhs with a minimum of 75 dhs (ie 75 dhs for anything less than about 18,500 dhs transactions).
If you know what their brokerage fee is, it would be good to know. I can add it to the database I'm building ... _________________ UAE IPO list | posting guidelines
I just read a comment somewhere else that EIB may have a minimum trade amount of 15,000 dhs but after reading the comments above, it sounds like they don't. It doesn't really make sense that they would have a minimum trade amount, or perhaps it's only for buying shares? _________________ UAE IPO list | posting guidelines
Well long way back i put the bid for 20000 Amlak shares at 5.39. But only 1000 was executed out of it. The next day market was crashing down so i tried to sell 1000 Amlak at around 5.31. But the system was saying trade cannot be entered. Once i called emirates brokerage they told me that i can execute this trade on phone but i need to have atleast 15000 AED worth of shares to trade online. That was a news to me. In the end i executed that trade on phone but till that time amlak price was 5.26 .
Good to have the information here. Thanks stockplayer . Not so good that it cost you money to find out
Anyone else reading this, if you want to find a broker with no minimum amounts for online trading, have a look at the UAE online brokers page on sharewadi.com. _________________ UAE IPO list | posting guidelines
Every now and then I encounter a website that I can't stay logged in to. Often it's because the site uses your IP address as a check to stay logged in. Etisalat changes your IP address at irregular intervals (seconds to hours) but some larger networks in the UAE have static IP addressing for computers so they're ok.
I would be surprised if that was the explanation though. Surely the EIB IT people would know about the Etisalat proxy and dynamic IP addressing? _________________ UAE IPO list | posting guidelines
Etisalat proxy is used for http (runs on tcp port 80) traffic ONLY, brokerage/banks sites are normally https (run on tcp port 443) therefore you do not need to use the Etisalat proxy with https.
SW you are right that the IP may change when you use Etisalat proxy and this can be seen as a security breach by some systems and may lead to the disconnection.
I suggest that in your browser setting select https protocol to NOT use the proxy. By doing this the destination will see your public IP as source and not the Etisalat proxy IP which may change. This should give you a stable connection.
Hope this is helpful. Please let me know if it resolves the issue.
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? Are you talking about the trading commissions or something else?
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