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MB Trading Futures - Introduction

  • #1,881
  • Apr 6, 2008 9:52am Apr 6, 2008 9:52am
Well he did not say they can't he said they chose not to do so. That is the difference.
  • #1,882
  • Apr 6, 2008 11:37am Apr 6, 2008 11:37am
Quoting phil90
Well he did not say they can't he said they chose not to do so. That is the difference.

No, he said:

  1. Abide by all Federal Money Laundering laws, which currently means that we cannot accept funds that don’t come from a like-name account, which rules out Paypal.

Logically, if Oanda does accept paypal, then they would not be abiding by all Federal Money Laundering Laws. This I don't believe, so there must be a different reason why EFX won't/can't accept CCs.

I once called EFX and was told by a rep that Interactive Brokers is a dealing desk. Why do brokers spin the truth (or tell blatant lies)? We find out sooner or later anyway. This is the best way to lose customers.

  • #1,883
  • Apr 6, 2008 1:12pm Apr 6, 2008 1:12pm
Quoting scexglobal
No, he said:

  1. Abide by all Federal Money Laundering laws, which currently means that we cannot accept funds that don’t come from a like-name account, which rules out Paypal.

Logically, if Oanda does accept paypal, then they would not be abiding by all Federal Money Laundering Laws. This I don't believe, so there must be a different reason why EFX won't/can't accept CCs.

I once called EFX and was told by a rep that Interactive Brokers is a dealing desk. Why do brokers spin the truth (or tell blatant lies)? We find out sooner or later anyway. This is the best way to lose customers.

Thanks for the explanation. His other post says they chose so but this one claims that they had to. I understand what makes it confusing.
  • #1,884
  • Apr 6, 2008 2:06pm Apr 6, 2008 2:06pm
Quoting scexglobal
No, he said:

  1. Abide by all Federal Money Laundering laws, which currently means that we cannot accept funds that don’t come from a like-name account, which rules out Paypal.

Logically, if Oanda does accept paypal, then they would not be abiding by all Federal Money Laundering Laws. This I don't believe, so there must be a different reason why EFX won't/can't accept CCs.

I once called EFX and was told by a rep that Interactive Brokers is a dealing desk. Why do brokers spin the truth (or tell blatant lies)? We find out sooner or later anyway. This is the best way to lose customers.

Let me explain it this way:

With PayPal, an individual can transfer money to another PayPal member with little or no verification of funds, basically “where did the original funds come from?”. Second, it’s possible to fund a PayPal account with a Credit Card - two items which do not comply with our funding policies.

If other firms would like to offer PayPal, Credit Card Funding and Debit Cards - that's fine, but MB feels differently about traders borrowing funds for highly leveraged investments and we like funds to and from like accounts.
  • #1,885
  • Apr 6, 2008 2:29pm Apr 6, 2008 2:29pm
Thank you for the explanation Justin. It is easier to track the origins of funds coming from banks, in any case of investigation.
  • #1,886
  • Apr 6, 2008 2:43pm Apr 6, 2008 2:43pm
How can you tell if the money wired to broker is taken from CC or not?
  • #1,887
  • Apr 6, 2008 3:02pm Apr 6, 2008 3:02pm
Quoting phil90
Thank you for the explanation Justin. It is easier to track the origins of funds coming from banks, in any case of investigation.
You're welcome.
  • #1,888
  • Apr 6, 2008 3:07pm Apr 6, 2008 3:07pm
Sunstar, I don't think you get the point.

They don't accept CCs because it would promote irresponsible behavior.
You probably know how easy it is to end up in debt with a credit card on your hands, if not from your own experience, then from other people's.

As for debit cards...I'm presuming they are not accepted for the same money laundering prevention reasons.Although most of them are issued by real, respectable banks, there are services that can offer anyone re-loadable debit cards, relatively anonymous and without requiring too much personal information in order to be purchased.

I guess some people are afraid they could be used for money laundering, as opposed to bank wires which (presumably) do not offer such a high degree of anonymity.
  • #1,889
  • Apr 6, 2008 3:32pm Apr 6, 2008 3:32pm
Tenantro i understand the point (i dont use any kinds of cc btw, totaly against it hehe). i just want to say that not accepting cc payment is not a way to stop irresponsible people. you can still take money from your cc and wire it to the brokers (tho brokers dont accept direct cc payments). so they accept money from cc, just without knowing it
  • #1,890
  • Apr 8, 2008 2:30pm Apr 8, 2008 2:30pm
Quoting jleblang
FXBaby ~

I guess it is a good thing that I am on these boards to clarify when people make incorrect statements. EFX was not an IB of MB Trading. Read the language on the website. As of March 1, we have been acquired by MB Trading, so we are now one and same company. The EFX website will go down around June 1 and no longer exist. And I’ll just say the same thing that I said to Moe. I get an awful lot of e-mails from people thanking me for taking the time to publicly answer their questions. It saves us time in having the same conversation over and over via Live Chat or e-mail, and it helps people get information all in one place. Just like anything else in life, if you don’t find the information useful, there are literally hundreds of threads of conversations here on FF that cater to all things trading and forex. Something has to be what you are looking for.
Justin,

You said that the efx website is going to no longer exist; will that affect Navigator?

Is MBT going to have 2 platforms the EFX platform and the Navigator platform?

I really like the Navigator, I hope they don't get rid of it.
  • #1,891
  • Apr 8, 2008 3:15pm Apr 8, 2008 3:15pm
Quoting profitplay
Justin,

You said that the efx website is going to no longer exist; will that affect Navigator?

Is MBT going to have 2 platforms the EFX platform and the Navigator platform?

I really like the Navigator, I hope they don't get rid of it.
Hi profitplay ~

The EFX Navigator and MB Navigator are the exact same platforms - MB will continue to offer the MB Navigator to all clients for all asset classes.
  • #1,892
  • Apr 8, 2008 3:22pm Apr 8, 2008 3:22pm
Thanks.

What I thought was maybe they were going to get rid of Navigator because of EFX Remote Trader.
  • #1,893
  • Apr 8, 2008 3:25pm Apr 8, 2008 3:25pm
Justin:

Any major changes to the API?? I am currently developing a charting package for MB Trading and I am just wondering if I need to hold off until the integration is complete.
  • #1,894
  • Apr 8, 2008 3:33pm Apr 8, 2008 3:33pm
Quoting magnumfreak
Justin:

Any major changes to the API?? I am currently developing a charting package for MB Trading and I am just wondering if I need to hold off until the integration is complete.
If there have been any changes to the API - it is not a result of the merger.

Did you see our most recent press release?

http://forexfactory.com/news.php?do=news&id=79483
  • #1,895
  • Apr 8, 2008 8:11pm Apr 8, 2008 8:11pm
Quoting jleblang
If there have been any changes to the API - it is not a result of the merger.

Did you see our most recent press release?

http://forexfactory.com/news.php?do=news&id=79483
Nice. Thanks for the update. FIX connectivity provides more capabilities than a standard API. Should be fun.
  • #1,896
  • Edited 10:59pm Apr 8, 2008 8:58pm | Edited 10:59pm
Hi Justin,

Does this mean we can receive futures data feed too?

I was contemplating to open a futures account with MB, would that require me to open a different account? could my account be a globalone account?

regards
  • #1,897
  • Apr 9, 2008 9:57am Apr 9, 2008 9:57am
Hi Justin,
I know that you have already addressed the question abt funding by another currency than USD.
As my understanding, the problem lies within the commissions, right?
I live in France so I really hope to fund my live acc with EURO. I have some suggestions like these. Could you pls comment on them?

Let's look at the site http://www.mbtrading.com/fx/commissions.asp. We have 4 categories of commisions.
1. So either we change the 1st category to EUR-based for users who want to fund their acc by EUR. And we can also apply the other categories, for ex, exotic pair, to change base to EUR.
2. Or/And we apply the commissions based on pips or by percentage

My idea is based on: USD's value actually changes every seconds. You could base the commission on USD, you can also base on another currency which also changes like EUR or anything else.

Well, further analysis into whether the commission is getting better or worse is out of my hand anyway
  • #1,898
  • Edited 4:08pm Apr 9, 2008 10:40am | Edited 4:08pm
Quoting jest1081
Hi Justin,

Does this mean we can receive futures data feed too?

I was contemplating to open a futures account with MB, would that require me to open a different account? could my account be a globalone account?

regards
jest1081 ~

The GlobalOne Account is for Stocks, Futures & Options - we currently can not support Forex in the same account for clearing reasons. You'll still use the Navigator and have one login, but the user will need to toggle between accounts.
  • #1,899
  • Apr 9, 2008 10:48am Apr 9, 2008 10:48am
Quoting SoD
Hi Justin,
I know that you have already addressed the question abt funding by another currency than USD.
As my understanding, the problem lies within the commissions, right?
I live in France so I really hope to fund my live acc with EURO. I have some suggestions like these. Could you pls comment on them?

Let's look at the site http://www.mbtrading.com/fx/commissions.asp. We have 4 categories of commisions.
1. So either we change the 1st category to EUR-based for users who want to fund their acc by EUR. And we can also apply the other categories, for ex, exotic pair, to change base to EUR.
2. Or/And we apply the commissions based on pips or by percentage

My idea is based on: USD's value actually changes every seconds. You could base the commission on USD, you can also base on another currency which also changes like EUR or anything else.

Well, further analysis into whether the commission is getting better or worse is out of my hand anyway
HI SoD ~

I apologize, but I'm not quite sure what you are looking for here?

I refer you to this post though, if you have not yet had a chance to read it; http://forexfactory.com/showpost.php...postcount=1619

Regards,
  • #1,900
  • Apr 9, 2008 5:24pm Apr 9, 2008 5:24pm
Well, I think I did not state it very clearly.

In my previous post, I meant why can't MBT take the commission also in EURO?

OK, let's take an example. Suppose my account is in EURO.

With a similar comparison with this http://www.mbtrading.com/fx/commissions.asp, we have those similar categories

1.EUR/JPY -> EUR based currency
2.USD/JPY -> non-EUR based currency
3.USD/CHF -> exotic, EUR is not available as cross currency (USD/EUR)
4.CHF/JPY -> well... i got headache but i hope you got the idea

The rest of the problem with commission is how to calculate it. This is where my thought comes in as I stated previously. You can make it according to pips or percentage or well, something more relevant.

for ex,
1. USD based -> Deal Size x 0.00005 == 0.5 pips == 0.5%
--> EUR based -> 0.5 pips also
OR --> EUR based -> 0.5%

My argument is that if you can make USD based, you can also make EUR or other currency based like that. Your commission will be in EUR for ex, there is no need to convert it back to USD like you said in your previous post.

USD or any other currency does not have a fix value right?

Hope I get myself through to you clearly enough
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