MB Trading Rant...

Discussion in 'Forex' started by Cambist, Apr 19, 2010.

  1. Cambist


    So I've been quite happy with MB Trading until recently and thought I should share my problems here and (maybe?) get some support.

    Firstly, I manage accounts for clients and I've been waiting for a new account to get linked to my master account for almost a week now. I've faxed the authorization form in TWICE to TWO different numbers and have yet to receive a response. Phil Naftolin was the most recent person that was supposed to help me. I faxed it to the number he gave me and emailed him telling him I'd done so. I received a failed sent mail saying the message has been delayed for 2 days... an issue with MB Trading's email client? I don't know. So I'm STILL waiting for that linkage which is extremely frustrating.

    Now, to the issues I had last night...

    I closed some positions and all of a sudden my buying powers for several accounts were all out of whack. My largest account was showing a negative equity balance. Mind you I no longer even had positions on. After resetting the platform and trying to figure it out I had to call and they "reset" something and it was immediately fine. It was an easy fix, but a pain none the less.

    But it got worse... I then tried to place a limit order and it was immediately canceled upon placing it. I tried again and again AND AGAIN... canceled every time! WTF was going on. I called again. The phone rang and range AND RANG AND RANG for a good minute or two. I hung up, got on the live chat and was furiously typing asking why nobody was picking up. He said someone was there and call again. I did. The phone rang again for more than a minute until someone finally picked up. I couldn't help saynig "WOW, finally fucking picked up the phone?!?!!". "I'm sorry sir, we're answering calls as fast as we can". I understand if there's a backlog but don't take me off the litte phone message and allow the phone to ring unless you're actually planning on answering the damn thing.

    Ok so on to explaining my problem. They were aware that there was an issue placing orders and would be fixed in a few minutes. I asked if this was a normal issue and he assured me it wasn't. Ok great, so I can't place a limit order and go to bed, I have to wait until MB figures their shit out and gets their act together.

    I checked 15 minutes later and was able to place my limit order and go to bed but I couldn't sleep because I was so furious with the terrible customer service and flimsy platform.

    Thanks MB Trading, because of the above issues I'm considering moving my business elsewhere.

    FYI, this is for forex accounts only.
  2. Visitors


    I do see your problem

    but believe it or not even a very good standing firm like IB has had those kinds of issues.

    What happens is they hire some fancy IT guy that promises to make system better and he Fu**s it up.

    And they have to take time to restore original default parameters etc.

    I see this all the time in all companies. For example IB always messes with something that already works fine and they screw up.

    IT guys want to prove themselves and they try to fix what already works.
  3. Cambist


    Perhaps, but get my damn authorization form processed for my client already!!! This is ridiculous.

  4. MBT-Steve

    MBT-Steve Sponsor


    I was able to research the issues based on what you had indicated. The email issue is because you had enterred two email addresses to Phil of which one was wrong, hence the bounce back. The other was good and Phil is assisting you which you are aware of. We have given you two different fax numbers and have received nothing yet. Is it possible that you have input the fax numbers incorrectly? If you can scan and email that might solve the problem. I can assure you our fax lines are fine. Phil is in direct contact with you so I am sure we can figure out why we are not receiving your document and get this rectified for you.

    With regards to the trade issue.. we had a sequencing anomoly at startup but this was fixed quickly. We had a large influx of calls at the same time which is why you were not able to get immediate assistance as you have in the other times. I apologize but unfortunately we are not staffed at a 1:1 customer to rep ratio. Nevertheless we work diligently if there ever is an issue and this case was resolved quickly. Thank you for your understanding.


  5. MBT-Steve

    MBT-Steve Sponsor

    Update for you.. We received and are processing now for you. If you need further assistance please PM me and I will be happy to help.
  6. Cambist


    Steve, I appreciate your prompt reply but find it ironic I get faster support by posting in a non MB forum. I guess that's the power of public humiliation.

    To clarify, I sent the fax twice last week and I did not screw up the numbers. Regardless, I'm glad things are being processed now. Also, my original email to Phil was not sent with two addresses. The original probably has yet to go through and I have no idea why.

    I hope in the future these forms can be processed much faster. As you can probably see from my trading activity last week I did just shy of 100% return for my clients. Unfortunately, this individual had to miss out on those gains because of a lost fax.

    Lastly, I understand having some trade issues but it was incredibly frustrating when I was trying to manage orders. Even more frustrating is a phone that continues to ring without getting picked up. I'd much prefer some lame elevator music and a "we'll be right with you" message. It gives a false impression when the phone begins to ring but doesn't get answered which furthered my frustration.

    Again, thanks for your replies and I'm glad that Phil is in touch with me directly. I hope things can be processed today.

  7. Cambist


    Just wanted to update here...

    The client account is now linked up and ready for trading... WHEW!

    Thanks Steve for your prompt replies and Phil for being on top of this once we finally got in touch. As I stated before, I haven't had any issues with MBT until this all happened so it all came as quite a surprise.

    I'll give them the benefit of the doubt and assume it was an anomaly.