Not all brokers are equal
25+ CREPMF-licensed brokers operate on BRVM. They all execute the same orders on the same order book — but total cost, UX and ability to serve a diaspora investor vary widely. Seven criteria to examine before signing.
1. Effective fees (not just the headline commission)
Official brokerage is capped at 1% on equities. But real cost also includes:
- Custody fees (0 to 15,000 FCFA/year)
- Settlement fees (billed by DCBR, often passed through)
- FX commissions if funding in EUR
- Outgoing transfer fees
Ask for a worked example on a 1,000,000 FCFA order to compare brokers on a like-for-like basis.
2. Execution time and routing quality
Slippage between quote and fill price depends on dealing desk quality and your order size vs line liquidity. Ask: on a 500,000 FCFA SONATEL order, what's your median execution time? What slippage do you see? The best brokers are < 30 seconds / slippage < 0.2%.
3. Multi-market coverage: BRVM + BVMAC + GSE
Some brokers only route BRVM. Others cover BVMAC (via inter-broker agreement) or even GSE (via correspondent). If you want regional diversification, a multi-market broker avoids multiplying accounts.
4. API and technical integration
For serious investors, API access (orders, portfolio queries, IFU downloads) is a real plus. Modern brokers offer documented REST APIs. Traditional brokers have none and force email-based orders.
5. Diaspora-ready client support
Signals to validate:
- Documented non-resident client handling
- Support hours overlapping your time zone
- Email AND WhatsApp channels (often more reliable from abroad)
- Announced and verified response SLA
6. Minimum entry
Varies from 100,000 FCFA (~€150) to 1M+ FCFA for non-residents. Key if you start with small amounts. Prefer brokers with no minimum or < 250,000 FCFA.
7. Reporting quality
Daily and especially for tax filing, clear reporting saves hours. Evaluate:
- Monthly statement (UX, CSV export)
- Real-time positions (not just month-end)
- Automatic IFU in January
- Exportable order history
Simplified decision matrix
For a beginner diaspora investor (yearly budget 500k-5M FCFA):
- High weight: minimum entry, diaspora support, automatic IFU
- Medium weight: effective fees, reporting
- Low weight (for now): API, multi-market
For an active investor (> 10M FCFA/year, 10+ orders/month):
- High weight: effective fees, execution quality, API
- Medium weight: multi-market, reporting
- Low weight: minimum entry