I've tried out their platform and the fact that they are an ECN broker is a big plus, but what is the general consensus here about them as a forex broker? Thanks in advance.
I've been using them for a few years and haven't had any problems whatsoever. Spreads are pretty decent and haven't had any problems with their data or the fills I'm getting. The few times I've had to discuss something with customer support they were responsive to my needs in a timely fashion. I'd certainly recommend them over many of the "bucket" shops out there.
No, hell no. Read my review. It's a total clusterfuck dealing with them. They don't even know how to follow simple instructions (ie depositing money into the correct account, when the acct number is written on the check...among other things) and then treat you like shit when you call after a week or two wondering where your deposit is. I wasn't even rude or angry but the guy acted like a teenager that just got grounded or something. Not trying to sensationalize things, but it was seriously shocking how this dude acted when I called. He was even watching TV in the background. It was outrageous. As if it were no big deal for my deposit check to just vanish for a couple weeks and that I was an asshole and impatient for bothering him about it. P.S. At the time, I worked at the bank I wrote the check from, so I know there were no processing errors or holds on my end. It was a cashier's draft as well, so nothing sketchy. In fact, the check was paid within a couple days of my sending it, so they were actually sitting on the money. Also, regarding this business about them being better than a "bucket" shop... My boy riskarb/atticus busted MB's ass on this one. Just read riskarb's comments and the president of MB's responses to him. You'll see MB come apart pretty quick on their defense. Anyways, riskarb know his shit and we'll leave it at that, so read about MB and it's *cough* "ECN" model. http://elitetrader.com/vb/showthrea...&perpage=6&highlight=riskarb mbt&pagenumber=1 P.S. The thread is interesting enough in the first place, seems as if a lot of people have found malicious spyware on the MB platform. hmmmm..... They are the epitome of a shady FX broker. Not sure about their futures and stocks, as they are more regulated and MB probably can't get away with anywhere near as much shady BS on that side....but as far as FX goes, it's a nightmare. And I still want to throat punch that asshole who copped an attitude with me at MB. Disclaimer: I am too lazy to totally retype this shyt every time a thread comes up "asking" about MB. So there is some cutting and pasting going on here.
Are you sure about that? As far as I know they're too expensive anyway, compare their commissions to someone like IB.
Check this out: http://mbtrading.com/fx/commissions.asp You are looking at $10.00-$13.34 each round turn in commission. PLUS spread. PLUS slippage. Damn! Oh yeah, and that's only half the fun! You still have to deal with some of the most absolutely horrendous rollover rates in the business! Uhh yeah, have fun with that.
No one found spyware in the platform. Their platform created a single registry entry that caused false positives with Adaware.
I used them, they are good but their platform is pretty lousy. Too bad they seem to be really slow to make it better.
agree, i have an account with them for slightly over a year, their commish is a little uncompetitive. However they still get away with it because MB provides a "playground" for people wanting to use a "ECN" platform with minimal opening fees. Thats how I started. But given current competition from MM, they do not seem to be that fantastic after all. If you are looking at only ECNs, then MBT is likely to be at the lower end of the list. If you compare all brokers, then MBT still has its edge. I read in other forums that MBT spreads are better than other ECNS in the current situation, base on my memory that is true sometimes. Platform is good, execution and fills are fine too. Last friday I put the quotes of Oanda and MBT side by side, both live accounts, their spreads on EU is largely identical. But with MBT you pay an extra 1+ pip for commish. Bottomline, if you are a large volume trader, then negotiate a better rate. Otherwise the only perks MBT has is that of NDD and able to trade micro lots. Despite recent complains about them in the broker ratings, Oanda is still the hardest to beat at the moment.
Yeah man it's pretty damn high! Up to $13 and change per round turn...man that's easily 2-3 times what the average person pays in futs commission. Ouch! That shit will add up!