MB Trading Reviews

One rule, i guess is all the broker in US is the same. One person cant open a same trade in both direction, long and short. why the US rule is so stupic, compare the rest of the world, it should allow its player to place both direction. i am giving MBT a 8 point, as I believe no broket in this world can be 10, either. I am Daniel Tan, fr Penang. Wish all trader the best in its trading and talk to your broker on issue, so as the broker can make a point to correct or improve it. REMEMBER, when u are born, did your parent teach u, to walk, talk, run , eat, etc ... So to be the best is pooling of brains and working to the common goals of many. The bottom line is everybody is looking for a profit, right!

I would say RUN as fast as you can from these shysters. I also noticed a lot of erroneous spikes that didn't used to occur when MB first bought out EFX. One thing you can count on is the order will be filled at the best price for MB Trading. They say they don't trade against you but I do not believe that anymore.

Also they told me the margin calls are automatic, but they aren't, they are manual, and if during one of these spikes your account goes into a margin call for a second, but then returns to the normal price, and their risk is no longer there, they will still close your positions at the price of the spike even if it is 5 minutes later.

If you ask then if they do that, they say NO, they do not, but when it happens, they say did your account reach margin call level?

The policy they wrote states they do margin calls to protect mb trading from risk, BUT if they wait 5 minutes after the spike, the risk is not there anymore, but that is irrelevant, they will close your positions at the spiked price, and they do it manually. If the margin calls are automatic, then there is no problem. But they close positions manually, and they can enter any price they like. WELCOME TO THE SLIPPAGE

WAKE UP, if they can close your position at any price they want to at any time, then they aren't a true ecn/stp as they claim to be.

RUN!!!!

Update 17/6/09:I am adding to my earlier post about MB Trading. After my review here I finally got a hold of the VP David Lipsette. He apologized and said he would reduce my commissions for one month because of the issues I was having. So I decided to stay.

BOY WAS THAT A MISTAKE!!!

They lowered my commissions for 30 days but wont let me trade. What good is that? Their policy states you must have a minimum account value of 100 dollars. I am teaching my wife the ins and outs of the platform and how to trade. My wife inadvertently pushed the wrong button and was caught on the wrong side of a trade. GBP/USD short.

The account value went below 100 dollars but then returned to over 100 dollars. My excess equity also exceeded 100 dollars. I tried to hedge the GBP/USD with and opposite trade in the EUR/USD long, but my order was rejected.

I called to find out why and was told by HUGO that I needed 100 dollars cash in my account.

This is a lie.

Yet one more lie told to the client by the customer service at MB Trading.

I told him I read on the website your account value needed to be 100 not the cash. Hugo then wanted me to go to the website and find the page and then call him back and tell him where it was.

I could not believe my ears. The customer service at MB Trading wanted me to train their people.

THEY ARE A BUCKET SHOP!!!!!!!
Clowns they are.

I called back this morning and was told my account value must be more than 100 but once I told them it was the excuse changed to the excess equity needed to be above 100.

Once I told them it was, then the excuse changed AGAIN, to

"you have an open trade so you can't enter another trade."

2 MORE LIES spewed by the customer service to get rid of me.

I then emailed David Lispette again and he didn't respond, instead I got a response from Brian Field who told me CURRENTLY your account value is below 100 dollars, and that's why you cannot open another position.

ANOTHER CLOWN

In my email I specified my account value "WAS" above 100, my excess equity "WAS" above 100, yet my order was rejected.

He thinks I need to know what my account value is after the GBP/USD has moved 100 points against me the day after the problem.

WHO DOES THAT?

A Clown.

I want to address the spikes from my earlier post also, Who do think keeps the difference between the erroneous spiked price and the actual price once it returns to normal?

MB TRADING KEEPS IT!!!

The fake 50 point spike--- then it returns to normal,--- then they stop you out at the elevated 50 point price and keep the difference.

I was also told by Mr Lipsette that when a spike occurs they "purge" the system, or in other words, CHANGE the prices.

If they tell you they don't touch the numbers, just ask yourself "How gullible am I?"

I also read the Barron's review of MB Trading and was astonished that they would claim the commissions are low, when in fact they are high. The average spread on the EUR/USD is about 1.5 pips, add that to the 1.4 pip commission = 2.9 pips you must overcome to make a profit. FXCM charges no commission and their average spread on the EUR/USD is less than 2 many times its less than one.

I do not believe Barron's review is an honest review at all.

In the review by Barron's it also states they have great customer service.

HAHAHAHAHAHAHAHAHAHAHAHA
That's a down right lie there.

In my opinion something fishy is going on there.

All in ALL if you want to trade choose ANYONE but MB Trading.

I have contacted the CFTC and the NFA.

My review stands. RUN!!!!!!!!!!

Reply from MB Trading: "If you are talking about a Live trade in a single account, there is no reason that this wouldn’t have been addressed, although we have no notes of such an incident. Meanwhile, you imply that our reps are paid to post positive reviews of our company on websites. We have about 70 reps, so even if they had to post 2 replies each per website per month, GoForex.net would have 140 posts with positive comments. Obviously, this is not the case. I have a better idea. Email justin@mbtrading.com with your account details and a description of the problems that you experienced in the Live environment, and Justin will address these concerns."

One clear downside is their relatively expensive commission of $10 per 100,000 USD traded round-turn. In effect, that adds roughly a pip to the existing spread. Thus, a 1-pip spread becomes 2, or a 2-pip spread becomes 3. On the other hand, if the spread is 2, you could be earning 1 pip net if you make the spread (that is, you sell limit at the ask and buy limit at the bid). Thus, the spreads are generally kept low by arbitrageurs who are always in the market to make the spread.

In general, trade with limits and you'll receive essentially a 1-pip spread. Prices are volatile at news times, but in many cases the spread is lower than with other retail brokers. At times of high volatility, the spread can even become inverted, though this is very difficult to take advantage of without having your automated trading app hosted on their black box servers.

So to wrap up this review, MBT are generally a fair broker, and have no incentives to screw you over. It's in their best interest for you to grow your account, because then you'll start making larger trades and pay them more commission. You don't hurt their bottom line by winning - you only hurt other traders' (or banks') bottom lines. Thus, they'll be happy to help you (live support is good) as long as you keep trading.

Rereading my review, I left out one key downside to MBT: their interest spreads (their swaps) are terrible. On some pairs, you pay MBT interest no matter which position you take! Thus, they are horrible for carry or long-term traders. If you're counting on interest to improve your bottom line, go with somebody else. If you trade intraday, this shouldn't worry you...just get out before rollover!