I have Roth-IRA equity account , Before applying for futures account they never mentioned about custodian thing. After account approved they said I have to go through millinium trust custodian[one of the most expensive]. I advise stay away from this broker. Remember Mbtrading bought wizetrade. What more reference can I give. I am switching to TDA or IB.
I like the flexibility they offer with their Desktop Pro platform in terms of orders and order routing, but it does take time to understand and get used to it. Once you do, it's worth it. In general, their spreads are tight and MB has always been straightforward in the way they do business. After all, it helps them to help those of us who are traders using their services. And in terms of customer service, I've had good experiences (no major issues). I think the accolades they get, in particular from Barron's almost every year, are well deserved.
I heard the buzz about MB Trading's "Pay for Limits" and was cautious at first, wondering if it was a gimmick. After 6 weeks of trading under the guidelines to qualify for the rebates, I have received just over $3000. I trade Forex full time and as long as this program remains in place (MBT says that it will), it looks like I will stay ahead of the game seeing as my rebates cover my commission costs.
I have a live acount with MBT. After reading so many good reviews about MB Trading I decided to give them a try, I been with them now for a cupple of months. I can only state that the good reviews must be written by people that don't really know what they are talking about, or supporters of MBT, or maybe long term traders who doesn't understand the value of fast executions.
I have been very disapointed with MBT, mostly because of my trading style, I like to say that other traders might not have these issues.
First the bad things:
A very laggy execution, sometimes up to 5 seconds! Since I am a scalper this is killing my trades, and I had to give up scalping all together. Note: longer term traders won't have this problem, so maybe the good reviews comes from them?
The MT4 platform is really buggy, I cannot understand how they can let people trade with this junk, requotes after requotes, and messages such as: "trade desk is busy" and more. Did I mention unbeliavable slow executions? We are talking some serious liquidity problems here, and very poorly programming of the MT4 software.
Sometimes you cannot close your trades in the MT4 platform so you have to call them by phone, very anoying and expensive since I live in europe. And the worst thing, the trade is running against you. and you can't close it. Note: this is only the MT4, the other platform is better and they really made a lot of effort to make a good platform, but it takes some time to learn it, and it too suffers from slow executions. The other bad thing is very expensive rollovers.
The support is ok, sometimes slow but for the most time they are acceptable, the live chat is really nice but they can't help you with everything, like if the trade is running against you, they can't close it, you have to call them by phone, they should fix this.
Another thing that is very anoying is that they reboot their servers all the time, usually at least 2 times a day, under this period your open trades are unaccessable and it has happend that stoplosses are not prooperly executed because of this since it sometime cause a gap in price so the stoploss is technically jumped over. very anoying I HATE IT! these stops last about 5-6 minutes but it is not unusual that this period sometime is extended, especially during rollovers.
The good things are:
They don't mess with your trades or trade against you since they are ECN. And fast withdraws and deposits, just about 1 day from europe both ways, impressive! I do hope they can add credit card transfers, that would be so much easier. And they have very nice spreads, they are not the best but very good.
Conclusion, is MBT as good as everyone is saying? Hardly!, they could be very good if they added some more liquidity providers, as for now I doubt they have more than 1 bank. If you are a scalper then you will not be a happy customer at MBT. For longer term traders, they are good but stay far away from their MT4.
MB Trading is BY FAR the best ECN Broker I have traded with. They have the tightest spreads I have seen, great customer support, and super low commissions - especially since they introduced their 'Pay For Limits' rebate program. I am very happy with MBT and I will continue to do business with and recommend them.
Good software, very difficult application procedure for UK residents
After deciding to trade the American markets, I tried out a number of software platforms and found MBtrading's to be the easiest for a beginner and best to use.
I was unable to open an Interactive Brokers account as I had no trading experience, and didn't like any other brokers software.
The problem was that MBtrading have a huge list of countries which they deal with from China,Ghana,Russia,Niue??,Seychelles, Israel,Lebanon and Vanauta?? but for some reason not the UK. To open a UK account you need to be a member of the FSA. Which I looked into and seemed to include a very select membership of Professional Financial advisors.
When I applied though it was hinted that if I had an address in one of these countries I could open an account. At the time I didn't have a foreign address which I could use, so ended up forming an offshore company in the Seychelles using Fidelity Corporate Services who are based there. They provided a highly recommended service and I ended up paying around £400 to form and register a new company. Using this company I then opened an account with MBTrading which was reasonably straightforward, although was rather confusing regards to the US tax laws.
I have not yet used the telephone ordering service but have used the direct chat feature which was of a good quality. My direct contact with staff has been favourable and a pleasant experience.
As a beginner not knowing other software, I would say the software is excellent with good level 2 data. My orders are fullfilled smoothly and quickly by the smart router system, and it is easy for me to set up watchlists, and switch from one screen to another.
The order entry screen is clear and easy to follow and well laid out.
Anyone who wishes to try out the software can download and do so for free with a practice trading account.
If you then wish to open an account and are a UK resident, I would say that the result is worth the annoyance of the difficult procedure, particularly if you wish to be daytrading and want a simple and easy to understand interface at your fingertips. If you aren't and wish a to try out an excellent platform, then try downloading the software and see what you think.......