JSE Brokerage Accounts Comparison Chart

JSE Brokerage Accounts

Comparison Chart

Buying and selling shares on the Jamaica Stock Exchange requires the use of a brokerage/equity account. With this account, you are able to instruct your Broker to execute trades and investments on your behalf. Your Broker will also collect all necessary taxes and fees from each trade and remit to the Government and other financial regulatory bodies, in addition to their own commission.
There are 12 licensed brokerage firms in Jamaica – each with their own individual requirements, pros and cons. The chart below provides a side-by-side comparison of all 12 of those firms to help you choose the most suitable Broker for your unique trading and investment needs. After you’ve reviewed the chart, visit our blog to learn more about buying and selling shares on the Jamaica Stock Exchange.
Brokerage Firm Account Opening Documents Minimum Opening Amount (JMD$) Broker’s Commission (%) Online Banking Platform JTrader Pro Access Notes
Barita Investments – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (2 pay slips, a job letter, or bank statement for past 6 months)

– 2 Telephone References*

$25,000 0.75% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Barita client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

 

GK Capital – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (1 pay slip, a job letter, or bank statement for past 3 months)

– 2 Telephone References*

$500,000
2%
Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), existing GK Capital client for at least 2 years, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

JMMB Securities – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (verbal declaration)

– 2 Telephone References*

100 units*
0.5%
or 2%*
Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current JMMB client, JMMB staff member, or current employer.

– Reference information must include: full name and contact number.

There is no set account opening minimum. However, your account must be funded to make an initial purchase at least 100 units of a stock.

– Broker’s Commission: A fee of 0.50% is charged on trades carried out via JMMB’s Moneyline platform. However, a 2% fee is charged on indemnity trades executed by JMMB Investments on your behalf.

JN Fund Managers – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Income (1 pay slip, a job letter, or bank statement for past 3 months)

– 2 Telephone References*

$250,000 2% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current JN Fund Managers client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

M/VL Stockbrokers – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

100 units* 2% There is no set account opening minimum. However, your account must be funded to make an initial purchase at least 100 units of a stock.
Mayberry Investments – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– 2 Telephone References*

$1,000,000*

(or USD equivalent)

0.67% – If Mayberry is the lead broker in an IPO, the $1 million minimum account amount will be waived.

Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Mayberry Investments client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

NCB Capital Markets – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– 2 Telephone References*

$0* 0.5% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Capital Markets client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

– While no minimum opening amount is required, NCB Capital Markets recommends starting your account with at least $10,000 to be prepared for investment opportunities.

Proven Wealth – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– 2 Telephone References*

$0*
0.75%
2%
Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Proven Wealth client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

– Broker’s Commission: A fee of 0.75% is charged on trades carried out via JTrader Pro with your Proven brokerage account. However, a 2% fee is charged on indemnity trades executed by Proven Wealth on your behalf.

– While no minimum opening amount is required, Proven recommends starting your account with at least $150,000 to be prepared for investment opportunities.

Sagicor Investments – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– 2 Telephone References*

$500 0.5% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Sagicor Investments client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

Scotia Investments – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– Proof of Source of Funds

– 2 Telephone References*

$500,000 2% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current Scotia Investments client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

Stocks & Securities Ltd. – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 3 months)

– Proof of Income (pay slips, job letter, or bank statement for past 3 months)

– 2 Telephone References*

$5,000 2% Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current SSL client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

VM Wealth Management – 1 Government Issued Photo ID (driver’s license, passport, voter’s ID)

– Tax Registration Number (TRN)

– Proof of Address (no older than 6 months)

– Proof of Income (pay slip, job letter, or bank statement for past 1 month)

– 2 Telephone References*

$10,000
0.75%
or 2%
Telephone References may be any two of the following: Justice of the Peace, Pastor, Medical Doctor, Lawyer, Police (rank of Inspector or higher), current VM Wealth client, or current employer.

– Reference information must include: full name, home address, place of employment, position at job and contact number.

– Broker’s Commission: A fee of 0.75% is charged on trades carried out via JTrader Pro with your VM Wealth account. However, a 2% fee is charged on indemnity trades executed by VM Wealth on your behalf.

A Few Things to Note:

  • The minimum opening amount required by each institution may be less than is required to purchase your desired stock and/or its quantity. For example, if an institution requires $1,000 to open a brokerage account but your desire is to purchase 300 shares of Company XYZ at $12 per share (= $3,600 total), you can only open your brokerage account with the minimum opening amount, but not purchase the stock(s) you want.

 

  • Broker commissions are separate from the total fees associated with each stock trade. In addition to your broker’s commission, you will also be charged a JSE Cess Fee (0.33%) and GCT (0.1245%) on each buy and sell order you place.

 

  • Online banking platform refers to each institution’s core online/web banking portal, whether full service (allowing you to buy and sell shares, view accounts, manage balances, etc.) or limited (manage balances and view accounts only).

 

  • JTrader Pro is the Jamaica Stock Exchange’s online trading platform. With JTrader Pro, you are able to buy and sell shares, see the buy and sell queues for each stock, transfer money between the platform and your brokerage account, view the latest activity for each stock, and much more. In order to access the platform, you must first create a brokerage account with one of the 7 registered brokers listed above.

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    🕒   Updated: May 8, 2020

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