Which Broker?? IB TS MBT ??? | Forex Factory

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Which Broker?? IB TS MBT ???

  • #1
  • First Post: Sep 19, 2007 10:43pm Sep 19, 2007 10:43pm
Hello,
I am about go live soon and not sure which broker to go for. I've narrow down my choice to 3 brokers.

1. IB
2. TS
3. MBT

All these broker have their pros and cons. Here is a little summary:

*** IB ***
1. Good Tight Spreads
2. One account for everything (Equity, options etc)
3. Account can be opened in currency other than USD.
4. Not so good trading platform.
5. Commission per trade

! Not sure if other trading software can be used with IB data feed
! Not sure how are spreads are during news announcements

*** MB Trading ***
1. Good Tight Spreads (Recommended for NEWS trading)
2. Account only in USD.
3. Not so good trading platform. ( I was told by their support ppl that they will have charting in less than 2 weeks)
4. Commission per trade

! Currently checking with NinjaTrader if they support Forex with MBT $60pm
! Not sure if other trading software can be used with MBT data feed

*** Tradestation ***
1. Good Tight Spreads
2. Account only in USD.
3. Very good trading platform. ($99pm or free with 10 standard lots)
4. Commission per trade

! Not sure how are spreads are during news announcements

What I trying to do is to have accounts one for my normal trading and one for news (Fleix or Dustin) and I would like to keep them separate from each other.

I would appreciate if you can assist me by pointing out more pros and cons of each broker and any other information you would like to share.

Thanks in Advance

Regards
The_One
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  • #2
  • Sep 20, 2007 12:35am Sep 20, 2007 12:35am
! Not sure if other trading software can be used with IB data feed

A LOT

If U trade only majors,go with fx futures...

you should provide us with more information on how do you approach the market
  • #3
  • Sep 20, 2007 12:43am Sep 20, 2007 12:43am
Quoting hanz
! Not sure if other trading software can be used with IB data feed

A LOT

If U trade only majors,go with fx futures...

you should provide us with more information on how do you approach the market
"A LOT"...can you name some please?

My trading style is simple. I use Bill Williams AO/AC and Gator indicators. Trade only in the direction on recent trend and hold trades not more than few hours.
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  • #4
  • Sep 20, 2007 12:56am Sep 20, 2007 12:56am
quotetracker free,amp...amp something also free

there is a lot...

if ur newbie go with efx

if ur experience go with IB if ur into auto and backtest TS
  • #5
  • Sep 20, 2007 4:21pm Sep 20, 2007 4:21pm
jes what about margin demands

Newbies !!
  • #6
  • Sep 20, 2007 4:42pm Sep 20, 2007 4:42pm
Quoting Digs
jes what about margin demands

Newbies !!


What about them? Can you please explain?
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  • #7
  • Sep 20, 2007 5:03pm Sep 20, 2007 5:03pm
Commissions are 2.5x higher at MBT than at IB and TS. I trade with IB and speak highly of their spreads, platform, feed, etc. Margin on cross-rates (25:1) and lack of NZD are a hindrance though.
  • #8
  • Sep 20, 2007 6:01pm Sep 20, 2007 6:01pm
Quoting Trader KGB
Commissions are 2.5x higher at MBT than at IB and TS.
IB has minimum fee of US$2.5 per order, but I saw MBT website its fee is about US$5 per 100,000 and MBT has mini lot of 10,000, not sure whether it is US$1 per mini lot???
  • #9
  • Sep 20, 2007 6:10pm Sep 20, 2007 6:10pm
Quoting hanz
If U trade only majors,go with fx futures...
I look at IB forex and Globex currency futures, it seem to me that IB forex has tighter spread, correct me if I am wrong.
  • #10
  • Sep 20, 2007 6:11pm Sep 20, 2007 6:11pm
Quoting Trader KGB
Commissions are 2.5x higher at MBT than at IB and TS. I trade with IB and speak highly of their spreads, platform, feed, etc. Margin on cross-rates (25:1) and lack of NZD are a hindrance though.
Yep... been around for a long time. Also decent protection of your funds. I wouldn't use anyone other than maybe EFX...
Mr. Trend
  • #11
  • Sep 20, 2007 6:30pm Sep 20, 2007 6:30pm
Quoting TickJob
I look at IB forex and Globex currency futures, it seem to me that IB forex has tighter spread, correct me if I am wrong.
They're usually the same for the euro and yen (1 pip on both spot & futures), and roughly the same on the aussie, pound, and cad during market hours. Right now in the pre-Asian session, yen and euro futures are both 1 pip, but pound/aussie/cad are all about a pip or two wider than spot.

Live CME futures prices (requires free signup)

IB's IdealPro can trade in 0.5 pip increments, so occasionally euro and the others are at 0.5 pip spread, but more often than not they hover around 1 for euro, yen, aussie; 2 for cad; 3 for pound.
  • #12
  • Sep 20, 2007 6:40pm Sep 20, 2007 6:40pm
Quoting TickJob
IB has minimum fee of US$2.5 per order, but I saw MBT website its fee is about US$5 per 100,000 and MBT has mini lot of 10,000, not sure whether it is US$1 per mini lot???
MBT/EFX offer minimum trade size of .1 lot or 1000 currency units. So the commission would scale based on the size you are trading.

Example:

100,000 = $5.00 per trade

10,000 = $0.50 per trade

1000 = $0.05 per trade

The execution is all the same.
  • #13
  • Sep 20, 2007 7:43pm Sep 20, 2007 7:43pm
Someone mentioned Margin requirement. Is it same for all 3 brokers as in 100:1 ??? someone said it is 25:1 for IB on carry pairs?
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  • #14
  • Edited Sep 21, 2007 11:04am Sep 20, 2007 8:11pm | Edited Sep 21, 2007 11:04am
It's a close race. They're both very good brokers... IB's been around for a very long time, and are known by most older traders. MB Trading is known for their futures...
Mr. Trend
  • #15
  • Sep 20, 2007 8:16pm Sep 20, 2007 8:16pm
Has anyone tried news trading with these brokers?
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  • #16
  • Sep 20, 2007 8:18pm Sep 20, 2007 8:18pm
Quoting The_One
Someone mentioned Margin requirement. Is it same for all 3 brokers as in 100:1 ??? someone said it is 25:1 for IB on carry pairs?
100:1 at MBT/EFX and TS.

50:1 at IB on majors. 25:1 on crosses. This is also important, at IB those margin levels are the initial and maintenance levels. Meaning if you put a trade on at 50:1, and it starts to go against you, IB will start stopping out of portions of the order so that your equity maintains 50:1 at all times. In reality, you'd want to give yourself breathing room and use say max 40:1 on majors and 20:1 on crosses. They're working on fixing this supposedly, but I don't think it'll be any time soon..
  • #17
  • Sep 20, 2007 8:22pm Sep 20, 2007 8:22pm
Quoting Mr Trend
To be honest, EFX is a bit better than IB, mainly because you can act as a true market maker in between the spreads. I can't do that with IB.
I can. Oftentimes put an order to buy in 0.5 pip above the bid, sometimes get filled, other times get filled at 0.5 below my limit (price improvement). Other times, don't get filled at all. All depends if there's a seller at my price and how active the market is. The point is, traders can trade within the spread at IB, just like at EFX, Hotspot, etc
  • #18
  • Sep 20, 2007 8:23pm Sep 20, 2007 8:23pm
Quoting Trader KGB
100:1 at MBT/EFX and TS.

50:1 at IB on majors. 25:1 on crosses. This is also important, at IB those margin levels are the initial and maintenance levels. Meaning if you put a trade on at 50:1, and it starts to go against you, IB will start stopping out of portions of the order so that your equity maintains 50:1 at all times. In reality, you'd want to give yourself breathing room and use say max 40:1 on majors and 20:1 on crosses. They're working on fixing this supposedly, but I don't think it'll be any time soon..

Thanks KGB...that make things so much clearer.
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  • #19
  • Sep 20, 2007 8:37pm Sep 20, 2007 8:37pm
Quoting The_One
Thanks KGB...that make things so much clearer.

Glad I could be of help. fwiw, I may look into TS in the near future for some systems work and will comment on the FX side.
  • #20
  • Sep 20, 2007 10:12pm Sep 20, 2007 10:12pm
Quoting TickJob
I look at IB forex and Globex currency futures, it seem to me that IB forex has tighter spread, correct me if I am wrong.
euro,yen 1 tick spread and ur in profit if ur 1 tick up inclusive of commission R/T
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