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MB Trading Futures - Introduction

  • #1,761
  • Mar 11, 2008 2:47am Mar 11, 2008 2:47am
Its a pitty really. MB is competitive with their currency futures fees ($20 for 1 mio. Eur/Usd compared to $50 for their spot trading). They have built a very good technology and infrastructure, but dealing on those fees is a bit silly (except maybe for very small traders that cant go future or a bigger ecn).

They dont have euro accounts, so its out of question for me anyways.
  • #1,762
  • Mar 11, 2008 10:27am Mar 11, 2008 10:27am
Quoting fxtrader42
I have been demo trading with MB to see if they are worth while. Now having found the swaps, and after calculating the commissions they're one of the most expensive brokers in the market (including dealing desks.) If you trade anything where USD isnt the base currency their commissions are rediculous. Spread on GBP/USD is usually somewhere around 2 pips. Commission going in about 2 pips. Commission going out about 2 pips. If I do a trade of 1M in GBPUSD it will cost me 200 dollars in commission and that doesnt inlude the spread. That is not even competitive with most dealing desks. Plus if you are short any of their pairs you get killed on the swaps but dont get much in return if you are long. With that being said MB doesn't make sense with all the other brokers out there that offer a much better deal. I am sure you could work out some sort of deal with them if you were a high volume guy but I doubt it would be as good as an ADMD at 12$ per million. Instead of making their money on spreads like dealing desks, they make a killing on commissions and a killing on rolls.
TraderKGB ~

Actually, I’m a little surprised at what you’re saying. “For those trading larger accounts, $50 per million simply doesn’t compete.” We have a ton of large accounts, and none of them are paying $50 per million. You go to $4 rate with us just trading $500 million, and I see an awful lot of accounts doing this, and they aren’t even close to million dollar accounts. Remember that with us, if you trade one full lot on the GBPUSD, that’s $200,000 in volume when you buy and $200,000 in volume when you sell. I’m always confused on these boards when people make that comparison. We have plenty of customers at a $30 per million rate. So if the argument is that “my account is too big and I do too much volume to pay $50,” it’s almost a given that you wouldn’t with us. Just something to consider.
  • #1,763
  • Mar 11, 2008 10:35am Mar 11, 2008 10:35am
Quoting jleblang
TraderKGB ~

Actually, I’m a little surprised at what you’re saying. “For those trading larger accounts, $50 per million simply doesn’t compete.” We have a ton of large accounts, and none of them are paying $50 per million. You go to $4 rate with us just trading $500 million, and I see an awful lot of accounts doing this, and they aren’t even close to million dollar accounts. Remember that with us, if you trade one full lot on the GBPUSD, that’s $200,000 in volume when you buy and $200,000 in volume when you sell. I’m always confused on these boards when people make that comparison. We have plenty of customers at a $30 per million rate. So if the argument is that “my account is too big and I do too much volume to pay $50,” it’s almost a given that you wouldn’t with us. Just something to consider.
Justin,

Just to make sure I understood correctly: $4/USD100K if monthly volume is 0.5 Billion ? Please clarify.

Regards,

Max
  • #1,764
  • Mar 11, 2008 11:21am Mar 11, 2008 11:21am
TraderKGB,

Have you worked with ADMD? I talked with one of their guys a couple of weeks ago; I explained what and how much I will be doing in a month. I got quoted at 12$. I didnt know that they had different tiers but it makes sense. I am looking for one other company to do business with and so far I think ADMD is what I am going to go with. I trade with Autobahn and Hotspotfxi now but I would be very curious to hear any feedback on ADMD or any of the others. However, please do not say Dukascopy as I do not want to work with that company.

Justin, I spoke with someone at MB yestereday... I believe his name was Nick and he told me they do not offer better deals on commission. Are you telling me something different. Can you compete with 12$ per M?
  • #1,765
  • Mar 11, 2008 12:04pm Mar 11, 2008 12:04pm
Quoting fxtrader42
TraderKGB,

Have you worked with ADMD? I talked with one of their guys a couple of weeks ago; I explained what and how much I will be doing in a month. I got quoted at 12$.
I briefly had an account with ADMD, through an IB (won't make that mistake ever again..). I didn't place any trades because the spreads were downright atrocious (for an ECN). 3 on USD/JPY, 4-5 on AUD/USD, etc. They were so terrible it actually made dealing desks look GOOD!

The IB had quoted me at $25/M, and when I inquired about the $14/M rate on ADMD's site, he said that was for those doing volume in the billions per month (this could very well have been total BS, who knows, never trust an introducing broker..).

$12/M is suspiciously low. I would get a demo of their CNX feed and at least compare it to the other ECNs before you make the jump. The spreads I saw were twice the size of Oanda's, and that was before commissions. If you're already on FXi, what's the point in switching?
  • #1,766
  • Mar 11, 2008 12:30pm Mar 11, 2008 12:30pm
Quoting jleblang
You go to $4 rate with us just trading $500 million
The volume tiers would be fine if the intro rate was a bit more competitive. For high volume scalpers, perhaps it's of little afterthought. My strategies involve highly variable monthly volume. A lower flat rate, regardless of volume, is preferable.
  • #1,767
  • Mar 11, 2008 1:17pm Mar 11, 2008 1:17pm
Thanks for the thoughts, yea I stay away from IB's. If you know how IB's make their money then you know you are the one getting screwed. (in FX)

I am setting up a 0 credit line live account with ADMD for demo purposes. However, this will not allow me to see anything but spreads. Also, I am not switching by any means. I have a credit line with DB on the autobahn platform and I use HSfxi. However, for what I am doing I need a third provider. I have looked at IB, MBT, multiple currenex brokers and Oanda. I have not been impressed with any of them.

Oanda - shows great prices, but when I opened a small account, I saw that when I wanted to close out of a winning trade that I got slipped almost everytime. For example I would be up 10 pips and when I closed I only made 8. Considering this there spreads as I found should actually be considered about 2 pips higher.

IB - has the worst customer service of all time but their not terrible.

MBT - flat out doesnt compete and I dont really like the platform. I thought they were going to be the one that I was looking for after reading about them but what I read and what I have seen from them is not the same.

Currenex - always depends on the broker.
  • #1,768
  • Mar 11, 2008 4:50pm Mar 11, 2008 4:50pm
I suppose Justin means $40 instead of $4 if you trade more than 500 mio.

If its really $4 ill sign up tommorrow
  • #1,769
  • Mar 11, 2008 9:25pm Mar 11, 2008 9:25pm
Quoting Trader KGB
I briefly had an account with ADMD, through an IB (won't make that mistake ever again..). I didn't place any trades because the spreads were downright atrocious (for an ECN). 3 on USD/JPY, 4-5 on AUD/USD, etc. They were so terrible it actually made dealing desks look GOOD!
Trader,,, i took a different approach, i have an IB with "my broker" for myself and the couple of guys i frequent for advice, there are no additional commission fees (2 on eurusd 3 on gbpusd 2 on usdjpy and 3 on usdchf)and collectively we have more sayso when any of us get an erronious situation or a bogus deal (which has not happened after trading for over a year with them) Even though our accounts do not nearly make up a majority of their account volume pooled together under the umbrella they make a bigger chunk than when you go it alone. The point of this story i guess is we found a pretty good broker and created a more controlable situation than we could have individually
  • #1,770
  • Mar 11, 2008 10:17pm Mar 11, 2008 10:17pm
Quoting fiberangel
Justin,

Just to make sure I understood correctly: $4/USD100K if monthly volume is 0.5 Billion ? Please clarify.

Regards,

Max
fiberangel,

Yes, that is correct $4/100,000 or $40 per million.
  • #1,771
  • Mar 11, 2008 10:24pm Mar 11, 2008 10:24pm
Quoting fxtrader42
TraderKGB,

Justin, I spoke with someone at MB yestereday... I believe his name was Nick and he told me they do not offer better deals on commission. Are you telling me something different. Can you compete with 12$ per M?
fxtrader42 ~

Not sure why that comment would have been made, but I can assure you if a client is doing volume, we can adjust the commission scale.

No, we can't offer 12/million and don't be suprised to find out any broker offering such a rate is making money off their traders else where.
  • #1,772
  • Mar 11, 2008 11:41pm Mar 11, 2008 11:41pm
Do not be surprised if the release of the wireless and automated Remote Trader is not going to be anytime soon. Hope I am wrong but doubt it.

Abi
  • #1,773
  • Mar 12, 2008 9:23am Mar 12, 2008 9:23am
Justin,

I know you have been brainwashed a bit by your company into thinking that all dealing desk models are bad. However, you claim that MB has banking relationships. If that is the case your main liquidity providers run dealing desk models and you are crazy if you think banks dont trade against you and your clients. I dont care how my broker makes money. All I care about is execution and price. If I get those two things and they trade against me I do not care. Bottom line is I know a lot of retail brokers who run desks who give those two things and are cheaper then MB Trading.
  • #1,774
  • Mar 12, 2008 1:16pm Mar 12, 2008 1:16pm
Quoting fxtrader42
Justin,

I know you have been brainwashed a bit by your company into thinking that all dealing desk models are bad. However, you claim that MB has banking relationships. If that is the case your main liquidity providers run dealing desk models and you are crazy if you think banks dont trade against you and your clients. I dont care how my broker makes money. All I care about is execution and price. If I get those two things and they trade against me I do not care. Bottom line is I know a lot of retail brokers who run desks who give those two things and are cheaper then MB Trading.
Well, duh... Of course the other side of your trade is "trading against you", just as you are "trading against them".

However, that entity should not be the same as the one that holds and executes your orders, establishes or manipulates prices, delays executions, etc etc.
  • #1,775
  • Mar 12, 2008 2:51pm Mar 12, 2008 2:51pm
Quoting phy
Well, duh... Of course the other side of your trade is "trading against you", just as you are "trading against them".

However, that entity should not be the same as the one that holds and executes your orders, establishes or manipulates prices, delays executions, etc etc.
I couldn't have said it better myself.
  • #1,776
  • Mar 12, 2008 3:05pm Mar 12, 2008 3:05pm
Quoting phy
Well, duh... Of course the other side of your trade is "trading against you", just as you are "trading against them".

However, that entity should not be the same as the one that holds and executes your orders, establishes or manipulates prices, delays executions, etc etc.
Phy,

Banks do all of what you described above. BTW how do you describe manipulating prices and delayed executions? I really look forward to your definition of a manipulated price.
  • #1,777
  • Mar 12, 2008 6:55pm Mar 12, 2008 6:55pm
hi, during new which is the spread in EFX?. Thanks.
  • #1,778
  • Mar 12, 2008 8:10pm Mar 12, 2008 8:10pm
Hello,

I am currently demoing EFX (using the Navigator platform) and would like some more information about Remote Trader before opening a live account. Does anyone know where I can find screenshots\feature lists\system requirements of Remote Trader?
Leonardo Follower
  • #1,779
  • Mar 12, 2008 8:56pm Mar 12, 2008 8:56pm
Quoting shodd
Hello,

I am currently demoing EFX (using the Navigator platform) and would like some more information about Remote Trader before opening a live account. Does anyone know where I can find screenshots\feature lists\system requirements of Remote Trader?

Here you can find small videos of the platform

http://www.efxgroup.com/tutorials.php

and this is the link to a webinar that shows the platform.
http://www.efxgroup.com/rtpres1b/index.htm
  • #1,780
  • Mar 13, 2008 11:56am Mar 13, 2008 11:56am
Quoting phil90
Here you can find small videos of the platform

http://www.efxgroup.com/tutorials.php

and this is the link to a webinar that shows the platform.
http://www.efxgroup.com/rtpres1b/index.htm
Navigator tutorials can be found here: www.efxgroup.com/events.php
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