MB Trading frustrations

Discussion in 'Retail Brokers' started by amokmossart, Jun 14, 2011.

  1. This is a rant. I figured this place is good as any to vent my frustrations.

    Opened a forex account with MBT thinking they are great. I am based in UK so I choose GBP funding. Try to wire the money but it bounces back. Talk to my bank, they have no idea why. Talk to MBT, have to go through 3 persons and turns out they have sent me the wrong details.

    Resend the money again. After a couple days they are contacting me saying they received the money but cannot attach it to my account until I show them proof so I have to send in my account statement to show that indeed I was the one (when I wired the money I made sure I enclosed my MBT acc. no. but apparantely it was insufficient).

    Then I am trying to trade, turns out that I cannot execute USDSEK. Try MBT customer support again, but they have no clue, they tell me to call the dealing desk. The dealers tell me that GBP based account cannot trade this currency pair. I am thinking WTF, there was nothing in the documentation about this. Talk to customer service again, it turns out that GBP based account cannot trade SEK,NOK,MXN,DKK and maybe some other currency pairs. Need USD account. There is nowhere on the site or in the documentation about restrictions on currency pair trading based on what ccy your account is in.

    Now they cannot just convert my account into USD. No, they need all the documentation resent again. Ok fine I do this. Meanwhile I request a refund from my GBP account in cheque form, seeing as I have waited for so long I am in not a hurry. Turns out the cheque processing has been denied without any explanation. They did not sent me an email or called me. I had to chase them 5 times to get here.

    Meanwhile to online support system is shit. I am waiting in the queue and the number of people in front of me increases all the time. It can be like this : there is 1 people in front of me in the queue. Then its 2, then 3, then 2, then 3, then 2, then 1, then 2. Until the whole system times out and I can either call an international number or send them a message.

    Thats it. Thanks for reading.
  2. BwPirt


    Why did you go with them in the first place? Why not with a Euro Broker?
  3. Catoosa


    I think Interactive Brokers has an office in UK.