With so many scams out there, I have some questions. They claim to be a non-dealing firm. Charge $6/RT/standard lot (100K). Does this mean no pip spread during exchange hours (what about news events)?? Min account is $400, yet they claim to offer ECN access? Is that possible? I've been on many demos before, want to start real trading. If anyone can give honest advice, I would really appreciate this. My main concern is the ECN. Is it true that, if for instance my account is $1000 and leverage 25x, I will be seeing the depth of the interbank market and my order will be hitting the actual bids/asks by ACTUAL traders and institutions (not MB's agents) and I'll be getting instant fills?
I've know the guys at MBT since they started the firm and I can say that every experience and interaction I've ever had with them has been positive. At one point I ran one of the largest daytrading chatrooms on the web, we had several hundred paying members, and we would refer everyone to MBT, and never had a problem at all.
Mouse, I am here to help clarify when I see something inaccurate. So letâs discuss MBT and being a true ECN, which is absolutely the case. There are many claims of forex firms being an ECN or not and while most of them are not; you can do a simple test to determine a true ECN. See if you can post a bid or an offer and have it display on your brokers montage for the world to see and more importantly, trade with. I speculate that many (most) of them will not display your order in the montage, hence they are not an ECN by definition. Try this with MBT and you will see your bid or offer appears instantly and can be filled by another MBT customer. There's your proof. Iâve noticed so many brokers calling themselves ECN's, when in reality they are only STP (straight through processing), which in many cases is debatable, but I will save that for another day. Although good, STP is merely one component of being an ECN but it does not make the firm an ECN. I hope this helps clarify and I urge you to put it to the test. Regards, Steve
Steve, thanks for chiming in here. So basically you're saying that a trader can see the Level 2 market depth, put in an order at a specific price and see that price level increase according to the size of the order. Correct? You said that it can be filled by other MBT customers. What about the other participants, the banks, the instritutions, etc, since the MB claims that customers trade on an ECN with multiple liquidity providers? Regarding small accounts, if I open a 1K account and trade on 25x leverage, will my orders be posted/appear on the ECN or will they be dealt with inside the firm? In other words, my main concern is that I see the Level 2 market depth and that my order goes straight to the ECN with the only relation to MBT being that I pay the commission to have my order go to the ECN. Does having a small account have any effect on being able to trade straight with the other liquidity providers you have on the ECN? Also, you can PM me if you don't want to disclose this here, what are the names of the liquidity providers? Thanks a lot for your time and help!
Gubinec... >>>>>answers below Steve, thanks for chiming in here. So basically you're saying that a trader can see the Level 2 market depth, put in an order at a specific price and see that price level increase according to the size of the order. Correct? >>>> Exactly, Correct. You said that it can be filled by other MBT customers. What about the other participants, the banks, the instritutions, etc, since the MB claims that customers trade on an ECN with multiple liquidity providers? >>>> Correct. To further clarify it will execute with all our banks, institutions and anyone on the network. Regarding small accounts, if I open a 1K account and trade on 25x leverage, will my orders be posted/appear on the ECN or will they be dealt with inside the firm? >>> there is only one place all orders are dealt with and thats on the ECN (this encompasses all participants). Everyone and every order is treated the same. In other words, my main concern is that I see the Level 2 market depth and that my order goes straight to the ECN with the only relation to MBT being that I pay the commission to have my order go to the ECN. Does having a small account have any effect on being able to trade straight with the other liquidity providers you have on the ECN? >>> All customers are treated the same. Also, you can PM me if you don't want to disclose this here, what are the names of the liquidity providers? >>> We have made it a policy not to distribute this information for competitive purposes as well as confidentiality agreements with several banks. However, it is no secret that there are several of the biggest banks on our system that provide liquidity. I am sure you can easily name the top 6-7. Thanks a lot for your time and help! >>>>You are most welcome.