How Securities are traded on ALTX
Step 1: An investor is required to open an account either through an ALTX business promotion agent, on the ALTX website or through an ALTX trading member. The account can be either brokered or is direct market access account; in which case the investor shall trade using the Direct Market Access facilities on available on ALTX. In all three cases if all the relevant information is provided, the account shall be fully authorized by ALTX within 24 hours after which the account shall be eligible to start trading on ALTX.
Step 2: After the account is authorized, the investor shall get login details to both the MyALTX system and the ALTX trading system. The MyALTX trading system provides the investor with information about their holdings, transactions, corporate actions (interest payments, dividends, capital repayments), available securities and their prices and also enables them to deposit money via mobile money or using a debit or credit card. The trading system is where Direct Market Access clients can trade on their own on ALTX.
Step 3: After evaluating which of the available securities the investor wishes to invest in the investor can then deposit the amount of money (minimum 10,000/=) that they plan to invest. Deposits can either be done by USSD or on MyALTX. For more about depositing money click the following link [link to how to deposit money]
Step 4: After depositing the funds, the investor can either place an order through their broker or directly on the ALTX trading system in the case of DMA-enabled investors.
Step 5: The transaction will settle latest the day after the investor trades and the investor will be able to verify completion of the transaction under the Transactions menu on MyALTX and the purchased securities under Holdings on MyALTX.