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MBTrading free EXN or pay for limits?

  • #1
  • First Post: Jul 23, 2012 2:12pm Jul 23, 2012 2:12pm
For those of you who use MB - which of the two plans would be best? Their free EXN plan or the pay for limits plan? I'm thinking they should probably net out about the same over time as I use about 50% limit orders. Any thoughts about which one might be the better? Thanks for any input.
  • #2
  • Jul 23, 2012 2:47pm Jul 23, 2012 2:47pm
Quoting 9thInning
For those of you who use MB - which of the two plans would be best? Their free EXN plan or the pay for limits plan? I'm thinking they should probably net out about the same over time as I use about 50% limit orders. Any thoughts about which one might be the better? Thanks for any input.
that depends on the pair you are trading... for EUR/USD they might be about equal with 50% limit orders, for other pairs Free EXN is probably cheaper.

you can look at http://www.fxintel.com/live/ and compare the spreads for different pairs at different times of day, add commission to PFL and calculate which one is better for you.
I'm not insane; my mother had me tested.
  • #3
  • Jul 23, 2012 4:31pm Jul 23, 2012 4:31pm
Quoting RoBiK
that depends on the pair you are trading... for EUR/USD they might be about equal with 50% limit orders, for other pairs Free EXN is probably cheaper.

you can look at http://www.fxintel.com/live/ and compare the spreads for different pairs at different times of day, add commission to PFL and calculate which one is better for you.
Thanks RoBiK. If you use (or have used) both programs, can you comment on the execution? Was one or the other faster/better/more consistent, etc.?
  • #4
  • Jul 23, 2012 4:41pm Jul 23, 2012 4:41pm
Quoting 9thInning
Thanks RoBiK. If you use (or have used) both programs, can you comment on the execution? Was one or the other faster/better/more consistent, etc.?
sorry, i only used PFL so can't comment on the Free EXN execution.
I'm not insane; my mother had me tested.
  • #5
  • Jul 24, 2012 12:33am Jul 24, 2012 12:33am
Quoting 9thInning
Thanks RoBiK. If you use (or have used) both programs, can you comment on the execution? Was one or the other faster/better/more consistent, etc.?
I tested both live environments for about a month, although I had to use MT4 in both to make them equal since FREE EXN still isn't available via their far superior Desktop Pro software. I found executions to be snappy in both environments. With the recent drop in commissions on the PFL plan, I think it is slightly better for my trading, but it is still a factor of how many Limit orders you use. Also, know that on their MT4 platform, at least there is a bonus. If you have a Take Profit, whether or not you have a Stop Loss, if the T/P gets hit, you get paid for the Limit order. If you use a TTO order on the Desktop platform, this is not the case. I have had little to no issues and 99% of my fills on either comm plan were inside of a second or so.
  • #6
  • Jul 24, 2012 10:49am Jul 24, 2012 10:49am
Quoting 9thInning
For those of you who use MB - which of the two plans would be best? Their free EXN plan or the pay for limits plan? I'm thinking they should probably net out about the same over time as I use about 50% limit orders. Any thoughts about which one might be the better? Thanks for any input.
I have been a fan of PFL since the day it launched. I get filled between the spread all of the time, and the recent drop in commissions only make it more appealing. With MB, you also get the backing of a company that has been around a long time and WELL-REGULATED for a long time on the stock side under groups like the SEC and FINRA, which are much more established entities for smelling out corruption and fraud than someone like the NFA/CFTC (see PFG or MF Global as examples). Having said that, I haven't played with a FREE EXN account except on Demo. In four years of trading with them, my issues have been very minimal, and the few problems that I have had were resolved correctly.

Easy to withdraw and deposit, and lots of order types that most brokers don't want you to have (this was the original draw for me, back when they were the first to let people split the spread). I like transparency, and that's what the PFL plan is all about, and it works.
  • #7
  • Jul 25, 2012 1:51pm Jul 25, 2012 1:51pm
Quoting fxstevyboy
I tested both live environments for about a month, although I had to use MT4 in both to make them equal since FREE EXN still isn't available via their far superior Desktop Pro software. I found executions to be snappy in both environments. With the recent drop in commissions on the PFL plan, I think it is slightly better for my trading, but it is still a factor of how many Limit orders you use. Also, know that on their MT4 platform, at least there is a bonus. If you have a Take Profit, whether or not you have a Stop Loss, if the T/P gets hit, you...
I have been doing a lot of research since the PFG situation and have also decided to open with MBT. I am very concerned about what seems to be a series of ethics issues stemming from the business of most of the "Forex only" brokers, who all came up before regulation in the Wild West period of FX. I considered both Tradestation and MBT, but the Tradestation offering doesn't seem to be anything special. I have done my demo testing and am now opening small accounts in both PFL and FREE EXN plans with MBT and will let you know my results in terms of speed and quality.
  • #8
  • Jul 25, 2012 4:47pm Jul 25, 2012 4:47pm
Good info on both options - thanks to all who have responded. I am hoping more people will still chime in, so I am basically lurking in my own thread here.
  • #9
  • Jul 25, 2012 5:46pm Jul 25, 2012 5:46pm
I only have experience with the MB Trading Free EXN execution, but it has been perfect and stress free. Have you tested both of them yet? Please let us know what you find! Thanks!

Quoting 9thInning
Good info on both options - thanks to all who have responded. I am hoping more people will still chime in, so I am basically lurking in my own thread here.
  • #10
  • Jul 26, 2012 1:31am Jul 26, 2012 1:31am
Quoting jmerk
I only have experience with the MB Trading Free EXN execution, but it has been perfect and stress free. Have you tested both of them yet? Please let us know what you find! Thanks!
I did a lot of testing late in 2011 of several FX brokers and posted some of my results on FF. Frankly, I settled on MB Trading and the FREE EXN plan for a few reasons, here they were:

1) Established broker with a track record of regulation in the US
2) No hedging (a scam, although their UK outfit offers it)
3) No deal desk, which I confirmed in 20 ways
4) Platforms

I picked the FREE EXN plan because I found the executions faster, but honestly, with the drop in PFL comms, I think it is now a wash and you can use this broker either way. I have had two issues during my live trading, and both were resolved sufficiently. All in all, a great broker, and I don't expect to have PFG issues with them.
  • #11
  • Jul 27, 2012 12:44pm Jul 27, 2012 12:44pm
Quoting brenn82fx
I have been doing a lot of research since the PFG situation and have also decided to open with MBT. I am very concerned about what seems to be a series of ethics issues stemming from the business of most of the "Forex only" brokers, who all came up before regulation in the Wild West period of FX. I considered both Tradestation and MBT, but the Tradestation offering doesn't seem to be anything special. I have done my demo testing and am now opening small accounts in both PFL and FREE EXN plans with MBT and will let you know my results in terms...
Just a quick note to close out the week. I had some small size trades in the system today on live accounts in both PFL and FREE EXN using stops/markets to get in and T/P Limits to get out. We had GDP data that caused a fast market and then the comments out of Europe here about 15 minutes ago. Executions were very smooth during both, no issues on either platform. The difference between the two in terms of my accounts (both sides started equal at $3k) is barely a few dollars, and it isn't clear if that's just how today's trading lands or if it an indication that one is better for my style. I will comment on that when I have a few weeks of data. So far, both systems seem equal, and so close to the same net that I'm not even sure why they have the two offerings. I don't think the average trader would notice much of a net difference over time, but I guess a few weeks of trading will tell.
  • #12
  • Aug 1, 2012 3:39pm Aug 1, 2012 3:39pm
Quoting brenn82fx
Just a quick note to close out the week. I had some small size trades in the system today on live accounts in both PFL and FREE EXN using stops/markets to get in and T/P Limits to get out. We had GDP data that caused a fast market and then the comments out of Europe here about 15 minutes ago. Executions were very smooth during both, no issues on either platform. The difference between the two in terms of my accounts (both sides started equal at $3k) is barely a few dollars, and it isn't clear if that's just how today's trading lands or if it an...
In the last 10 days of trading, I have netted out slightly better on the PFL plan placing the same trades in both accounts (one FREE EXN, one PFL). Executions have been superb, no delays, everything virtually instant. Only wild card is the swap rates and rounding for FIFO, but the adjustments are small. Net of all of that (and I use about 50% Limit orders), I've come out slightly ahead on PFL, but the reality is that either plan is about the same.

Given the PFG situation, I agree with others that it is probably more important to be with a broker that trades in more than just FX and has been around a while and regulated by a few entities. Happier every day with my choice of MB.
  • #13
  • Aug 2, 2012 9:09am Aug 2, 2012 9:09am
A question: is via mt4 still the only means of trading on free exn?
  • #14
  • Aug 3, 2012 9:41am Aug 3, 2012 9:41am
Quoting m.m.m.
A question: is via mt4 still the only means of trading on free exn?
My understanding is that they are working on building the FREE EXN infrastructure into their main platform and it shouldn't be much longer.
FXChant Singing the World of Forex
  • #15
  • Aug 7, 2012 12:55am Aug 7, 2012 12:55am
Quoting brenn82fx
Just a quick note to close out the week. I had some small size trades in the system today on live accounts in both PFL and FREE EXN using stops/markets to get in and T/P Limits to get out. We had GDP data that caused a fast market and then the comments out of Europe here about 15 minutes ago. Executions were very smooth during both, no issues on either platform. The difference between the two in terms of my accounts (both sides started equal at $3k) is barely a few dollars, and it isn't clear if that's just how today's trading lands or if it an...
OK, I'm now about three weeks into this live trading test comparison between MBT Free EXN and PFL. Both accounts the same size, both running the same EA. Not a glitch on either platform in the almost three weeks. Net results are that I'm slightly more profitable on the PFL plan, and I have executed about 45% of my trades as Limit orders that I got paid for there. I'm going to stick by my original comment. The average trader wouldn't notice a net difference, and I think that's why MB offers both plans. If you prefer spread-based plans (but you can still execute between the spread at no fee), the FREE EXN plan is for you. If you prefer a comm plan like most "ECNs" but with the bonus of getting paid for Limit orders, PFL is for you. But the net results are very close to the same. I do get filled more frequently with my limit orders on the PFL plan.
  • #16
  • Aug 7, 2012 7:13pm Aug 7, 2012 7:13pm
So now that they switched the pay for limits plan to only $0.50 per $100k and charge 4 times that and the spreads are slightly wider than free EXN, how do you think it works out that pay for limits gets you better net results?

Also, thanks for your input everyone -- very helpful and appreciated.
  • #17
  • Aug 9, 2012 12:02pm Aug 9, 2012 12:02pm
Quoting m.m.m.
A question: is via mt4 still the only means of trading on free exn?
They are now saying just over a week until FREE EXN accounts can be opened for Desktop instead of MT4.
  • #18
  • Aug 9, 2012 12:04pm Aug 9, 2012 12:04pm
Quoting 9thInning
So now that they switched the pay for limits plan to only $0.50 per $100k and charge 4 times that and the spreads are slightly wider than free EXN, how do you think it works out that pay for limits gets you better net results?

Also, thanks for your input everyone -- very helpful and appreciated.
I'd rather pay less commissions than worry about the get paid part. Bottom line is that when you need to get out of a trade, the Limit thing doesn't help. But let's say you can maintain a 75 market/25 limit ratio. That's effectively a $1.85 or so commission rate on pretty tight spreads. How many ECN commission model brokers are $1.85?
  • #19
  • Aug 9, 2012 2:53pm Aug 9, 2012 2:53pm
Quoting brenn82fx
I'd rather pay less commissions than worry about the get paid part. Bottom line is that when you need to get out of a trade, the Limit thing doesn't help. But let's say you can maintain a 75 market/25 limit ratio. That's effectively a $1.85 or so commission rate on pretty tight spreads. How many ECN commission model brokers are $1.85?
That's a great point. Thanks again for all the input you've given!
  • #20
  • Sep 7, 2012 10:35am Sep 7, 2012 10:35am
Just a quick follow-up to this. The free exn plan has definitely been working well for me the past few weeks and I think it's also worth noting that their desktop pro software is the better option to use with it.
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