MB Trading Futures - Introduction

Hi Justin,

What is the largest lot size I could expect to get filled in ONE price by bank LP if I place a market order in Free EXN Plan?

There’s really no exact number as the banks can put up whatever size they need up to 10,000 lots (where 1 lot = 10,000 currency). Your question asked “most” which would be 10,000, but I would say more commonly we see the banks at 100 to 500 lots.

Justin, Do you have any answers to my question on MBT for Mac? This was asked a few posts back.

Also are the programmers aware of the very buggy iOS apps? Again this is not specific to me - its a global thing. The app locks up and exits to home screen. It freezes while switching to various screens. Eventually it refuses to load and must be deleted and reloaded from app store. It a very buggy app - if i didnt need to manage trades on the go , i would not have it on my phone.

I'm waiting go hear back from one of our programmers on this, I'll let you know as soon as I can.

Is it the same story with the iPad app? The reviews would lead me to believe so but I've never tried it.

yes unfortunately is the same, very buggy app!

Still waiting...

The Android app has not worked for about 2-3 days now. Can't login at all to see positions or do trades.

Justin,

With the PFL orders, do you get a rebate even if you buy with a limit at the ask and sell with a limit at the bid?

Pete,
Yes, you get paid for any non-marketable limit orders that gets filled. If you want to scalp 0.1pip and gain $0.06USD in rebates, you can (rebate rate = 1 micro lot, 1000 units). You can place orders inside the spread, and all those other goodies that other brokers prohibit.

BroncoCap

I'm currently an account holder with MB and am quite happy with my experience, and consider the company certainly one of the best US FX retail brokers.

One small issue I'd raise however is the speed of deposits, particularly credit or debit card deposits. The policy whereby all deposits not received by 10 or 11 AM PST will not be processed on the same business day is rather cumbersome. I understand and am quite sympathetic to any reasoning behind the time limit, whether it be cost related, settlement related, or otherwise.

From the customer's perspective though, the speed of deposits for an FX trader of course can make quite a difference. Although it's certainly possible to stuff an account with great amounts of buffer cash to guard against any and all force majeure and unexpected price movements of all varieties, there's an opportunity cost there in regards to that cash and tighter money management. Even with large and sensible reserves of buffer cash a client is still at a relatively increased risk of significant liquidations if rapid or even instant deposits aren't possible. Waiting the better part of a day to deposit funds into an account by any method other than bank wire (which of course has it's own inherent restrictions) is limiting.

In my opinion, ideally there'd be a deposit system available similar to what Oanda has in place at the moment- whereby the traditional settlement periods still apply in terms of withdrawals, but deposits are credited to the account instantly 24 hours a day.

Any news or information regarding the current policy and future developments would be most welcome.

Just my 2 cents.

Again, very happy with my experience--I'm not sure if any of those guys check out this particular forum, but I'd like specifically to extend my thanks/compliments to MT4 support who've gone above and beyond to be helpful to me on several occasions.

Thanks Bronco

I was wondering what they meant by a "marketable limit order". Which sounds like buying at the ask and selling at the bid.

Actually, Broncocap's answer is not correct in the sense of what you were asking.

If the bid on EURUSD is 1.3000 and you place a Limit order to sell at 1.3000, you will NOT get paid because the order is marketable at the time (i.e. there is already someone there at the price you want). If you put the order at 1.30001 (one tenth of a pip above the bid), you now become the ask at that price, making the spread 1/10th of a pip. If you get filled, then you are paid. Your order HAS to hit the EXN as a limit for others to see and hit in order to get paid (has to be NON-marketable).

So just to be clear:

Market order...your buy or sell will keep trying to execute (hopefully at the existing bid or ask, but sometimes the market is moving) until filled

MarketABLE Limit order...your buy or sell is at a price that could already be matched at the market, but since you selected Limit, you can't get "worse" than your Limit in a fast market (great way to prevent slippage on news, and something most brokers don't offer), but no payment

Non-Marketable Limit order...your buy or sell is at a price that cannot yet get filled, you get sent to the EXN to display, and when someone hits you, you get paid

The easiest way to remember it is that someone has to HIT YOU to get paid. That's the only method where you are adding liquidity to the feed.

Ahh, that makes sense. I just had to clarify Thanks a lot.

it is 3 cents on entry limits and 3 cents on limit exits, so 6 cents, buit if you enter as a pending limit weaiting to get filled you get the 3 cents, but if you close it at market or as a SL or a trailing stop you will be charged 5 cents which is offset by the 3 cents so the RT will cost you 2 cents net (5-3).

its awesome, I am piling up all sorts of rebates.

Have been a big fan of PFL, disappointed when the Free EXN took away customer liquidity from it
( I've traded PFL for 10 months daily, I know the difference).

As of now, Free EXN participants (only MetaTrader accounts) have trading costs of around .8 pips EUR/USD
(essentially the spread with your markup in it).

With the current "fast" markets and lack of previously seen liquidity,
there are times when I want (need) to take liquidity (use market orders) on entry and exit.

I use Navigator Pro, your platform, which has won countless awards for multiple years for execution.

At current pricing, commissions on EACH side of my market orders is 3/8 of a pip IN ADDITION to the spread (EUR/USD).

My effective costs, using NAV PRO, are OVER 1.5 pips round trip for market orders- TWICE the Free EXN MetaTrader costs.

I want another option, I will give up your quarter pip payment, GET THE COSTS DOWN.
I'm using your native, award winning platform, and I have only one option which is PFL. The costs are too high in many situations.

I don't care about being mixed in with the MetaTrader client pool.
Give us an option of lower costs, something comparable to what you've succeeded to do with the Free EXN platform.

Stepping in front of the algorithmic liquidity providers with limit orders is not always desirable.
When I do not want to do that, I pay twice as much as the Free EXN users.

Market order (spread +costs) ~ 1 pip per round trip EUR/USD for NavPro users please!

If the commission costs were reduced 60%, I would trade 5-10 times as often as I do now with current market conditions.
You can do the math.

Justin, please take/forward this to the idea "group" for customer concerns, complaints, and suggestions.

I agree. I've been wondering why they only offer one system (PFL) for non-MT4 customers. This makes no sense...

The only thing that would matter is that mbt provides other means of trading than metatrader on the free exn (preferably api). Metatrader is full of sh*t.

I agree.. I'd rather stab myself than trade with MT4

Desktop won't load account ever since rollover ended.Is it just me?