For those interested in learning more about the charts found inside the MBT Desktop Pro, tonight Jason Miller is hosting a webinar that begins at 7pm EST.
You can register here: MBT Webinars
You can email Jason Miller (j.miller@mbtrad....) and he can provide you with a recorded link of any past webinar, or you might want to visit our YouTube channel and browse through our playlist. The videos on YouTube are short and straightforward.
Recent changes to our Client Protection Procedures
Tonight we sent out an email regarding changes to our client protection procedures and I'd like to share it with you. If you have any questions, please let me know.
Dear Valued Clients,
It is understandable that investors are concerned about the safety of their assets maintained at financial institutions, in the wake of the many published cases of fraud and ponzi schemes (e.g., Peregrine Financial Group, Bernard L. Madoff, Refco, MF Global). Over the past decade, many investors have been victimized around the world.
The Board of Directors ("Board") of MB Trading Holdings, LLC, an international financial services holding company and parent of MB Trading, a SEC/FINRA registered introducing brokerage, and MB Trading Futures, Inc., a CFTC/NFA registered Forex Dealer Member, (collectively "MBT Companies") understand investor concerns regarding the protection of their assets and the importance of maintaining a sound internal controls program.
The safeguarding of client assets is an important objective of the Board that is communicated to every level of management of the MBT Companies. To ensure the reasonable safety of client assets, the Board requires the MBT Companies to maintain internal control programs that provide the Board with assurances concerning the reliability of financial reporting, safeguarding of client assets and personal information, and compliance with appropriate securities, futures and forex rules and regulations. The primary objective of the internal control program is to detect and prevent (1) fraud; (2) violation of regulatory rules and regulations; and (3) risks due to errors in day-to-day business processes.
The management of MBT Companies is also required to implement rule and risk based principles on risk management and internal controls to achieve the Board's objectives. To fulfill their requirement, management seeks to identify and evaluate risks faced by the MBT Companies, and design appropriate systems of internal controls to monitor or prevent the risks.
Finally, to further the Board's commitment to the protection and safeguarding of client assets, the Board has recently adopted a requirement that obligates the Chief Financial Officer, Chief Compliance Officer and Chief Internal Auditor to join the Association of Certified Fraud Examiners (ACFE) and train to become Certified Fraud Examiners, whose examiners are trained to identify the warning signs and red flags that indicate evidence of fraud and fraud risk. The ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education and is also recognized by many regulatory agencies.
The Board has taken the aforementioned important measures to protect client assets, and will continue to adopt measures to safeguard client assets in the years to come as these efforts are in the best interest of the client.
On behalf of the entire Board, we thank you for affording us the opportunity to service your trading needs.
Ross H. Ditlove
Chairman of the Board of Directors
Everyone from regulators to brokers are dancing around the only true method to protect client funds: combination of segregated funds and some real insurance. This might explain why PFG Canada clients may not end up losing any money.
It isn't something MB or any broker can do.
It may be opening a pandora's box.... We already have regulations that if properly enforced protect client funds.
Where is the outrage at the NFA that was so stupid that for YEARS they communicated with a PO Box that Wasendorf had rented with the same name as his bank. Where is the outrage that the NFA relied on the paperwork Wasendorf forged on a copy machine in his office and then mailed from the same PO Box faking a 200 million dollar account balance of segregated client funds.
If the NFA are so incompetent that they can't enforce the regulations that already exist, why would the ultimate outcome be any better if we give them even more regulatory authority... give them more taxing power... give them more to oversee with an insurance scheme in the name of client protection?
I've been having a problem using the mobile app when entering orders. It's very consistent.
My first order of the day always goes in, regardless of whether it's a market/limit/trail, etc, and it doesn't seem to matter if it's on my demo or live account.
After the first order, no other orders go through; they get stuck at the screen after "Order Entry", just saying "Submitting Order.." at which point eventually nothing will happen (no timeout error), the order won't have been submitted, and I have to back out. The only solution is to restart the MBT app, in which case my next order will work, but then I hit the same problem again-- no orders after that submit, and I need to restart the app, and so on and so forth.
I'm using v 1.1.3, which is the newest version, and I have an iphone 4s.
What's up with the Android MT4 app for MBT Live? I've been using it for a couple months to manage my live MT4 PFL account trades, but it stopped updating/communicating 1-2 days ago. I decided to try uninstalling the app then reinstall it.
From Google Play, I installed "Metatrader 4".
When I tell it to login to an existing account, it asks to "Choose Trading Server". I enter the first 2 letters "MB" and it only finds two Demo entries:
MBT-Pay for Limits Demo
MB Trading Forex
MBTrading-Pay for Limits Demo
MB Trading Futures, Inc.
I'm a bit confused by these two Demo servers because they both say "Pay for Limits". However, the big problem is it doesn't find any "Live" server. (I don't know what the exact server name was before but the one I used worked for my live MT4 PFL account).
I only mentioned these because all the other stuff being recommended, or has already been recommended, only about 20% of it was geared to directly benefit all traders (things like stopping asymmetrical slippage, limiting the amount of time broker can modify fake prices, etc.)
When I log in, I am seeing accounts that are not mine. On multiple occasions today (because I have to log in and out every time I want to place a new order), when I've logged in, the positions tab is showing me other people's accounts and NOT mine, and these include live accounts. The same goes for order entry-- I have not tried entering orders on other accounts for obvious reasons but that would be horrible if it was possible.
I can't access any of my accounts at this moment. Every time I log in I am getting other people's accounts under my username, and none of my own. I have a small open position (with a stop) that I'm OK with, but this is pretty disconcerting.
edit: my accounts are showing again, but this was after 15 minutes of having to log in, log out, restart, etc.
edit2: On the plus side, I was finally able to get MBTweb working @ work for the first time, so I can manage anything through there. I do like having the option of mobile trading, though.
I made deposit by card yesterday and funds was processed/available today.
A few questions/problems:
1, Is there any plan to make funds from card deposit available instantly? As far as I am aware, most, probably all UK firms support this.
2, I wanted to deposit only £900 by card but I had to break it into smaller amount, i.e. 400 once and 500 once, otherwise I got error message saying amount exceeded ceiling limit. Why? On your website: Minimum per deposit: £200 GBP Maximum per deposit: £2,000 GBP" It's far less than £2000.
3, By mistake, I made £500 deposit to one of my accounts that I didn't want to use. Therefore later when I realised it I online chatted with cashier who sent me pdf file for internal transfer (website internal transfer didn't work because available fund was £0.00). I received a reply below:
We received your Internal Transfer Request. We will be able to process it tomorrow because the funds do not officially hit your statement, until after rollover today. The transfer request will be processed tomorrow.
OK now it's 18:49 Wednesday (EDT), about 2 hours later than rollover time. I logged in mbt uk website and tried to in do transfer online. It showed on one account, there was £500. I selected it and hit Submit Request button. Guess what, I got an error message below:
An error occurred. Requested amount exceeds available Equity. Request rejected. Please call the Cashier at 44-20-3519-0603 or email them firstname.lastname@example.org for further assistance.
Thank you for choosing MBTUK
Well, I choose MBT not for this type of error thought I then tried £400, still no luck, £1, still the same error!
Has anyone ever successfully transferred internally? Justin, could you please explain why I got that error message? Many thanks.
EXN feed frozen
Hi, just to inform you: the EXN feed is frozen since 50 minutes now. I have been on contact with the support, they say it will be reset momentarily, but that was 20 minutes ago...
Very bad. I am running an EA there, which would have had some actions by now. I didn't think this could happen for such an extended time!
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