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MBT or Pfgbest?

  • #1
  • First Post: Jan 31, 2011 10:34pm Jan 31, 2011 10:34pm
MBT or PFGBEST? these are the two I been looking at for my new broker,
they are my choises beacause they are ECN and they don't demand a fortune for opening a new acount,
the only question now is, which one will suit me best?

I will be trading forex and seldom hold over night. moslty a little scalping here and there and sometimes Im in for the whole day, sometimes over night but very rarely,

someone said MBT are closing their servers twice a day for service, is this true?

also I worry a bit about their leverage 50:1
can you still make decent money?

which one would you choose?
Bulls are stupid Animals!especially when Im short!
  • #2
  • Jan 31, 2011 11:13pm Jan 31, 2011 11:13pm
MBT has no equal in Forex in my opinion.

Traded Mini-Dow futures a few years back with PFG Best. No complainants here, you can not go wrong with them, at least that has been my experience with them.

This has been a few years ago and things might have changed since then. My only complaint was the platform. Easy to use but ugly to look at.
  • #3
  • Feb 1, 2011 3:53am Feb 1, 2011 3:53am
thanks for your input, which one do you think would be more cheap for my style of trading?
Bulls are stupid Animals!especially when Im short!
  • #4
  • Feb 1, 2011 8:00am Feb 1, 2011 8:00am
Quoting roughtrader
MBT or PFGBEST? these are the two I been looking at for my new broker,
they are my choises beacause they are ECN and they don't demand a fortune for opening a new acount,
the only question now is, which one will suit me best?

I will be trading forex and seldom hold over night. moslty a little scalping here and there and sometimes Im in for the whole day, sometimes over night but very rarely,

someone said MBT are closing their servers twice a day for service, is this true?

also I worry a bit about their leverage 50:1
can you still make decent...
Have had live accounts with both and my preference would be PFG. MBT is ok but in my opinion are overrated. Their spreads can be beat by other brokers, and when I traded with them they had that ridiculous 10 minute disconnect around midnight EST and also something at 5pm too. That may have changed now I don't know, but it was very odd as every other broker on the planet could somehow keep their platforms running during those times but MBT couldn't.

Anyway, PFG was always good to me; I used their Currenex and Best Direct 8 platforms. For your type of trading either would be fine I think.

Best wishes
  • #5
  • Feb 1, 2011 8:55am Feb 1, 2011 8:55am
Quoting TC East
Have had live accounts with both and my preference would be PFG....
MBT hasn't had the midnight maintenance downtime in over two years. They only have the one at global rollover (5 pm EST) when all of the banks settle. MBT is my preferred by far, especially if you use their Desktop Pro platform. Their execution is great and their new Pay for Limits offering will be hard for another broker to touch, but the real reason to use them is all of the order types. They give you much more control than most brokers.
  • #6
  • Feb 1, 2011 9:06am Feb 1, 2011 9:06am
I use MBT as well and there is only one server shutdown per day, which is at global rollover. The platform is solid and inexpensive, plus they just launched the new pay for limit orders, which is seriously cool.
  • #7
  • Feb 1, 2011 9:20am Feb 1, 2011 9:20am
Quoting IndyTrader
MBT hasn't had the midnight maintenance downtime in over two years. They only have the one at global rollover (5 pm EST) when all of the banks settle. MBT is my preferred by far, especially if you use their Desktop Pro platform. Their execution is great and their new Pay for Limits offering will be hard for another broker to touch, but the real reason to use them is all of the order types. They give you much more control than most brokers.
Oh I see...it's been a while since I had the account there, but good to know they've improved. I still think the 5pm shutdown is ridiculous though; I've never experienced that anywhere else, and I've used a lot of brokers.
  • #8
  • Feb 1, 2011 10:29pm Feb 1, 2011 10:29pm
MBT by far! You get paid for limit orders now, can't beat that!
  • #9
  • Feb 1, 2011 11:18pm Feb 1, 2011 11:18pm
Thank you very much people! I think MBT may be very good but I have desided to go with PFGBEST, I need a stable broker and I don't think I could stand daily shutdowns, also, I haven't heard from MBT even though I emailed both of them the same time 2 days ago, got a reply from Patrick Steel from Pfgbest right away, great guy! and friendly support! and he explained everything I wanted to know, I have a feeling I will like it there
Bulls are stupid Animals!especially when Im short!
  • #10
  • Feb 2, 2011 12:46am Feb 2, 2011 12:46am
Quoting hamlet
MBT by far! You get paid for limit orders now, can't beat that!
no you cant beat that but they dont offer micro or mini accounts do they? You must trade with a minimum one lot (100k) position I believe. When I have the funds to trade that size Im in until then Ill stick with Oanda
BTC Return This Year: na
  • #11
  • Feb 2, 2011 12:53am Feb 2, 2011 12:53am
I have just opened an account with PFG and so far I'm quite happy.

  • #12
  • Feb 2, 2011 7:00am Feb 2, 2011 7:00am
Quoting fido
I have just opened an account with PFG and so far I'm quite happy.

what platform are you using
  • #13
  • Feb 2, 2011 7:27am Feb 2, 2011 7:27am
Since they started to Pay for Limit orders I've never been out of credit on my MBT Commission balance which is nice. I use NT7 and their SuperDOM to place my trades and the combination works very well.

Its a shame they dont trade for the first 5 mins on Sunday opening and if you like to trade weekend gaps then they're not your best bet. Otherwise though they're great.
He was looking for the card so high and wild hed never need to deal another
  • #14
  • Feb 2, 2011 11:23pm Feb 2, 2011 11:23pm
Quoting PoundTrader
what platform are you using
I use TradeVec.
  • #15
  • Feb 3, 2011 1:04am Feb 3, 2011 1:04am
Quoting TC East
Oh I see...it's been a while since I had the account there, but good to know they've improved. I still think the 5pm shutdown is ridiculous though; I've never experienced that anywhere else, and I've used a lot of brokers.
You only experience that on brokers that are true STP and ECN. The rest deal desk in that window.
  • #16
  • Feb 3, 2011 4:19am Feb 3, 2011 4:19am
Quoting IndyTrader
You only experience that on brokers that are true STP and ECN. The rest deal desk in that window.
No; PFG Currenex never did, and the broker I use now (a "true" STP) simply negotiated with their banks to maintain liquidity during the 5pm rollover. I have traded just a bit, and like I was saying I've used a lot of brokers, not just the bucketshops so am aware of the difference.

I know MBT maintains that party line to their clients, but there are ways to handle the 5pm rollover other than just shutting down the whole platform. But it really doesn't matter if you (or anyone else) is happy there; and I know you can certainly do worse than MBT...
  • #17
  • Feb 9, 2011 6:57am Feb 9, 2011 6:57am
I would recommend you to go with MBT.
  • #18
  • Feb 15, 2011 12:47pm Feb 15, 2011 12:47pm
I am new to trading but I am looking to open a good size account and would like to trade spot Silver. My dilemma has been trying to find a good broker. After reading this threat I feel that maybe one of these brokers could work for me. I am not sure MBT does spot Silver but PFG seems to.

I am so worried about picking the wrong broker after countless hours of research about different brokers and such bad reviews. There has to be some good legit brokers.

It has me so concerned about them manipulating my trade and trading against me and not letting me out of trades to take profit. Has anyone ever had that experience with either of these Brokers?

Also do you know if there demo accounts are a good representation of how they really work on a live account? I have read some reviews on different brokers that say the demo is very different to a live account.

Thanks for any help you can give me I appreciate it.
  • #19
  • Feb 15, 2011 1:14pm Feb 15, 2011 1:14pm
Quoting Goldbug26
I am new to trading but I am looking to open a good size account and would like to trade spot Silver. My dilemma has been trying to find a good broker. After reading this threat I feel that maybe one of these brokers could work for me. I am not sure MBT does spot Silver but PFG seems to.

I am so worried about picking the wrong broker after countless hours of research about different brokers and such bad reviews. There has to be some good legit brokers.

It has me so concerned about them manipulating my trade and trading against me and not letting...
Regarding honesty, both of these brokers are I believe. As for trade execution, I did have some issues with MBT re slow execution sometimes. But I'm pretty sure it was not broker manipulation, but rather low liquidity maybe, technology issues, etc. At PFG, I never had slow execution (trading with their Currenex platform-not sure about the others).

I understand your broker concerns, but with either MBT or PFG, you don't have to worry about broker tricks, dishonesty, etc. That doesn't mean you'll never have a problem, but if you do it won't be because of them trying to pull a fast one on you or something...

Re. demo accounts, as you probably know, the only thing that can be same as live are the spreads; execution is never the same and can't be no matter who the broker is. Demo is a pretend environment with unlimited liquidity and perfect execution; live is live Also, demo accounts run on different (and slower) servers than live accounts. I'm pretty sure the spreads/pricing is same demo and live at each broker though, although you can ask them directly.
  • #20
  • Feb 15, 2011 9:31pm Feb 15, 2011 9:31pm
Thank you so much TC East this really helps.
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