I've closed two accounts with IB because I got locked out of my TWS each time and couldn't get back in, so I don't know if I can do another one. I've looked over the list of brokers listed on ET and MBT looks interesting because it has about 35 opinions posted with a 75% approval rating. Its also been around awhile and has a low per share commission at 1 cent per share and 1 dollar minimum per round turn trade. Furthermore, there is no platform or maintainance fee and if I send them 30k then I have high expectations that it won't get lost somewhere out there in the hinterland. My question is can I scalp stocks with these people or will they mess with my trades like some other brokers that I've had. All replies will be greatly appreciated. Regards
I really like the way MB is set up FWIW. I like their software. I am currently testing out a live FX account with them for the next few months. Instruments may be different, but the concepts should still be pertinent as to whether or not I like them. I'll let you how my experience goes as time progresses, and I'd appreciate it if you'd do the same. Thanks.
mb platform goes down once and a while but its pretty good, way easier to use than tws, plus they actually pay interest on your balance
Thanks for the replies. Wish someone would answer my scalping question. That's the only way I trade. Regards
Their commissions are much higher compared to others. You pay $7.50 per 1000 shares plus SEC fees when you short and sell. If you're scalping I believe that is an expensive rate.
No, you don't pay $7.50 per 1000 shares. You pay a penny on the first 500 shares and 1/2 cent thereafter. So the first 1000 is $7.50 and additional 1000 share increments are $5. I believe their commissions are the same as IB except for the first 500 shares. And SEC fees can be offset by MB paying interest on all cash and not excluding the first $10,000.
Hi, using MB for quite a while pretty happy, a few thing though, The MBT is not good for scalping entering in and out very quickly is very hard. what you can do nontheless is defining hotkeys (very useful) for specific orders prices and even quantities, or you can use a system which fits scalping like Ninja trader which supports MB trading (even more useful). second the quote server is lagging too many times so try to have a backup server for quotes (I use ameritrade's) and third thing, if you use a stop market orders u can get very bad fills sometimes, so i suggest using stop limits or not using stops at all (only limits and markets). I know it sound pretty bad but this are things you can easly overcome and relativly to the other brokers MB is still one of the best (it was rated second in Barron's broker rating this year, the first BTW was ThinkorSwim but it's not good for stocks)