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Oanda vs. MBT FREE EXN 64 replies

what's the differences from EFX between MBTrading? 5 replies

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I am looking for EA to put Buy Stops, Buy limits, Sell limits, and Sell Stops. I will 0 replies

Attachments: MBTrading free EXN or pay for limits?
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MBTrading free EXN or pay for limits?

Quoting 9thInning
Just a quick follow-up to this. The free exn plan has definitely been working well for me the past few weeks and I think it's also worth noting that their desktop pro software is the better option to use with it.
The Free EXN plan is more expensive than just paying the commission. Do the math.

Take the EUR/USD on free exn. The spread is usually 1.1 pips on MBT Free Exn. Now you can easily find brokers who have 0.3 pips spread on EUR/USD. Effectively you are paying about 0.8 pips each way as commission with MBT or 1.6 pips round trip.

Say your usual position size is 10 lots or $100,000. Which is $10 per pip. So that means you pay MB Trading $16 commission per $100,000 traded.

Most brokers charge $2.95 per $100,000 or in other words $5.90 round trip.

That just the EUR/USD no other forex instrument has a smaller spread. With free exn and instruments like AUDUSD or GBPUSD the spread is usually 2+ pips so you end up paying an effective commission of $30 per $100,000.
We're all stories in the end. Just try to make it a good one.
Quoting Traderji
The Free EXN plan is more expensive than just paying the commission. Do the math.

Take the EUR/USD on free exn. The spread is usually 1.1 pips on MBT Free Exn. Now you can easily find brokers who have 0.3 pips spread on EUR/USD. Effectively you are paying about 0.8 pips each way as commission with MBT or 1.6 pips round trip.

Say your usual position size is 10 lots or $100,000. Which is $10 per pip. So that means you pay MB Trading $16 commission per $100,000 traded.

Most brokers charge $2.95 per $100,000 or in other words $5.90 round trip....
I trade the FREE EXN plan all day and the EURUSD spread does NOT average anywhere close to 1.1 pips. It's much closer to 0.8 all session. But, where your math falls even further off is that on the FREE EXN plan, my limit orders cut into the spread and I get filled a lot of times long before the bid/ask crosses to my price (just like their other plan, but on that one you get paid, but the spreads are wider). Meanwhile, show me an FX broker in the US that is regulated and not a scam operation where you can get filled on 20 trades a day on a 0.3 pip EURUSD spread.
Now that is some fuzzy math...you should consider running for office...you'd fit right in.

Quoting Traderji
The Free EXN plan is more expensive than just paying the commission. Do the math.

Take the EUR/USD on free exn. The spread is usually 1.1 pips on MBT Free Exn. Now you can easily find brokers who have 0.3 pips spread on EUR/USD. Effectively you are paying about 0.8 pips each way as commission with MBT or 1.6 pips round trip.

Say your usual position size is 10 lots or $100,000. Which is $10 per pip. So that means you pay MB Trading $16 commission per $100,000 traded.

Most brokers charge $2.95 per $100,000 or in other words $5.90 round...
  • Post #24
  • Quote
  • Edited 1:38pm Sep 8, 2012 1:28pm | Edited 1:38pm
Quoting zznbrm
Now that is some fuzzy math...you should consider running for office...you'd fit right in.
Instead of making stupid nonsense statements why don't you disprove my maths?
We're all stories in the end. Just try to make it a good one.
Quoting fxstevyboy
I trade the FREE EXN plan all day and the EURUSD spread does NOT average anywhere close to 1.1 pips. It's much closer to 0.8 all session. But, where your math falls even further off is that on the FREE EXN plan, my limit orders cut into the spread and I get filled a lot of times long before the bid/ask crosses to my price (just like their other plan, but on that one you get paid, but the spreads are wider). Meanwhile, show me an FX broker in the US that is regulated and not a scam operation where you can get filled on 20 trades a day on a 0.3 pip...

You can see the average spread on mbt free exn and many more brokers on this website

www.fxintel.com/live

This is the same website that MBT uses on it's own website to compare spreads. Here is a comparison of the average spread in EUR/USD on Free EXN vs Pay for Limits

http://i.imgur.com/2Fi9K.png


Note the math in my post was just for EUR/USD which has the smallest spread, check out the average spread for the Aussie or Cable to be proper horrified.

Now if you are doing limit orders only then why trade on the free exn at all? Why not get paid on the pay for limits exn? And by the way you are wrong, the pay for limits has a smaller spread than the free exn. That is whole point of the free exn, no commission but wide spread. Don't believe me - look at the screenshot above.

If you are doing market in with limit out (or reverse) then even paying the spread one way is more expensive than paying the round trip commission at *any other* broker. Just check out the website I linked above there are heaps of good brokers who have lower spreads.

I was trying to help out but I guess you can take a horse to the pond but etc etc. So good luck.
We're all stories in the end. Just try to make it a good one.
Quoting Traderji
Instead of making stupid nonsense statements why don't you disprove my maths?
See...that is the perfect response of a politician...pass the onus on to the other guy to prove you wrong. You are a natural!

Quote
Take the EUR/USD on free exn. The spread is usually 1.1 pips on MBT Free Exn. Now you can easily find brokers who have 0.3 pips spread on EUR/USD. Effectively you are paying about 0.8 pips each way as commission with MBT or 1.6 pips round trip.

Why are you counting the difference in spread twice?
Quoting zznbrm
Why are you counting the difference in spread twice?

It is round trip. You pay the extra spread both when you open and then close the position.



Quoting zznbrm
See...that is the perfect response of a politician...pass the onus on to the other guy to prove you wrong. You are a natural!
Seriously? I posted the exact math and yet...

Lol it's funny I wrote my post so that someone might save a few bucks in trading costs and add to their bottom line. That was my good deed for the day.

But you seem to be such a douche-bag moron that now I am hoping that you keep going with the Free Exn. Seriously how freaking awesome is no commission, huh? hahahahaha... Good luck with it
We're all stories in the end. Just try to make it a good one.
Quoting Traderji
It is round trip. You pay the extra spread both when you open and then close the position.





Seriously? I posted the exact math and yet...
Double counting the spread can be illustrated with an example.

Let's assume a pair trades with a 1 pip spread. Further assume that this market never moves. (Why would you trade a market that never moves? I have no idea.)

You buy at the ask, and later sell at the bid. How much spread did you pay?

1) 1 pip
2) 2 pips

If anyone still says 2 then replace ask and bid with actual prices:
Ask price: 1.3001, Bid Price: 1.3000. Now how much is 1.3001 - 1.3000?
Quote
Seriously? I posted the exact math and yet...

Lol it's funny I wrote my post so that someone might save a few bucks in trading costs and add to their bottom line. That was my good deed for the day.

But you seem to be such a douche-bag moron that now I am hoping that you keep going with the Free Exn. Seriously how freaking awesome is no commission, huh? hahahahaha... Good luck with it

...
Attached Image (click to enlarge)
Click to Enlarge Name: eu-buy.PNG Size: 40 KB
Quoting zznbrm
...
I stand corrected about the double counting of the spread. However the math still checks out

Take your own example

MBT Bid: 1.27500
MBT Ask: 1.27511

Spread is 1.1 pips. Therefore if you place a buy market order, the best price you will get is 1.1 *away* from the highest price the rest of the market is willing to pay. So you are already down 1.1 pips or $11 for $100,000 lot.

The cost of trading in this case is $11. Now do the math using a broker with just 0.3 pip spread and $2.95 commission.
We're all stories in the end. Just try to make it a good one.
lol? You would lose $11 in your example, not 22. This stuff is so simple and obvious i refuse to type it out.
Quoting FXEZ
Double counting the spread can be illustrated with an example.

Let's assume a pair trades with a 1 pip spread. Further assume that this market never moves. (Why would you trade a market that never moves? I have no idea.)

You buy at the ask, and later sell at the bid. How much spread did you pay?

1) 1 pip
2) 2 pips

If anyone still says 2 then replace ask and bid with actual prices:
Ask price: 1.3001, Bid Price: 1.3000. Now how much is 1.3001 - 1.3000?

You are right. I stand corrected
We're all stories in the end. Just try to make it a good one.
I've been here a few years and, believe me, there have been some absolutely crazy posts from time to time. But this one is now my all-time favorite. Of course the "douche-bag moron" post was very good also.

Keep up the good work.

Quoting Traderji
Do you understand the concept of spread? Take your own example

MBT Bid: 1.27500
MBT Ask: 1.27511

Spread is 1.1 pips. Therefore if you place a buy market order, the best price you will get is 1.1 *away* from the highest price the rest of the market is willing to pay. So you are already down 1.1 pips or $11 for $100,000 lot.

Now when you want to close your position. You place a sell market order. Again the best price you get is 1.1 pips *away* from the lowest price the rest of the market is willing to get. So you loose 1.1 pips...
Quoting zznbrm
I've been here a few years and, believe me, there have been some absolutely crazy posts from time to time. But this one is now my all-time favorite. Of course the "douche-bag moron" post was very good also.

Keep up the good work.
No crap. Just use MB, pick the plan you want, and stop messing with the unregulated crap that is out there. Ignore the nonsense about bad fills, it doesn't exist, I haven't had any, and just trade. They are the only broker that is US-based, highly regulated, and does their #%$)(& right.
Is anyone still trading with MBT?
Quoting TraderRaven7
Is anyone still trading with MBT?
Yes I am . Why?
Forex is a losers game.
Quoting trader121
{quote} Yes I am . Why?
I am looking to open an account with MBT, can you tell me your experience with them?
How long have you been trading with them and do you have any complaints regarding it?
Quoting TraderRaven7
{quote} I am looking to open an account with MBT, can you tell me your experience with them? How long have you been trading with them and do you have any complaints regarding it?
TR7, next time you are on the MBT web site, take two minutes to use their live chat. Ask if they can open a forex trading account for a citizen of India.
  • Post #39
  • Quote
  • Edited Feb 20, 2015 12:07am Feb 19, 2015 11:57pm | Edited Feb 20, 2015 12:07am
Quoting Percival
{quote} TR7, next time you are on the MBT web site, take two minutes to use their live chat. Ask if they can open a forex trading account for a citizen of India.
I did ask them that and no they do not open an account for Indian citizens. It is alright though because I am not the one opening an account, a US citizen is.
I downloaded and opened a demo account and the spreads are less then alpari offerd.
I do not know what they are on a live account.
Can anyone currently MBT client provide information regarding spreads and the two account types?
Quoting TraderRaven7
{quote} I am looking to open an account with MBT, can you tell me your experience with them? How long have you been trading with them and do you have any complaints regarding it?
What's special about them is that they pay money for limit orders.

So if your strategy uses:

- Limit Order
- Isn't sensitive to the bid / ask spread of about 1 pip

Which is the case with my strategies, then it's in fact the best broker on earth, becuase over time you will make more money than with other brokers.
Forex is a losers game.
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