MB Trading WTF - can't close trade? | Forex Factory

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MB Trading WTF - can't close trade?

  • #1
  • First Post: Aug 17, 2012 8:27am Aug 17, 2012 8:27am
I use MB trading and have up until now had no trouble.
Today however my with my order at +82 I try to close it but it just fails.
I've been trying to call customer support to get them to close it for over half and hour. Been put through to about 10 different people who just pass me on or cut me off.

If and when I get this fixed I won't be trading with them any more even if I get my money back.

Shocking level of support.
  • #2
  • Aug 17, 2012 8:54am Aug 17, 2012 8:54am
Quoting rsmith911
I use MB trading and have up until now had no trouble.
Today however my with my order at +82 I try to close it but it just fails.
I've been trying to call customer support to get them to close it for over half and hour. Been put through to about 10 different people who just pass me on or cut me off.

If and when I get this fixed I won't be trading with them any more even if I get my money back.

Shocking level of support.
I don't mean to sound cruel, but you don't call customer support for a trade problem. You call their Trade Desk. They pick and close your trade. I've done it before, no issues. If you are getting "passed around" you dialed the wrong number. They have excellent support.
  • #3
  • Aug 17, 2012 9:00am Aug 17, 2012 9:00am
Are you trading on MT4?

It's possible it's a visual bug, in reality your trade has closed but MT4 continues to show it as open & calculate P&L.
  • #4
  • Aug 17, 2012 9:10am Aug 17, 2012 9:10am
Quoting rsmith911
I use MB trading and have up until now had no trouble.
Today however my with my order at +82 I try to close it but it just fails.
I've been trying to call customer support to get them to close it for over half and hour. Been put through to about 10 different people who just pass me on or cut me off.

If and when I get this fixed I won't be trading with them any more even if I get my money back.

Shocking level of support.
rsmith911-

Sorry to hear about your issue. Let me just be clear, did you call the Order Desk and tell them that you had a trade you needed to close? The number is on the contact page of our site here. There is no reason that you should have been transferred at all, so please let me know the details of what happened.
  • #5
  • Aug 17, 2012 9:44am Aug 17, 2012 9:44am
Quoting jleblang
rsmith911-

Sorry to hear about your issue. Let me just be clear, did you call the Order Desk and tell them that you had a trade you needed to close? The number is on the contact page of our site here. There is no reason that you should have been transferred at all, so please let me know the details of what happened.
Yes I called the stated number from the website and I tried all the options (press 1 for blah, 2 for blah etc.) as everytime it just said "failed to transfer your call" which ever one I tried.

I tried several more times and when I finally did get through they either just took my account number then cut me off or transferred me and cut me off again.

My order finally got closed long after I gave up trying to get through to the desk. Surprise surprise after the price dropped and it was closed for +3.5.

In my opinion they had a technical fault and everyone was calling them so they just gave up trying to deal with the calls. There was an issue a few weeks back when they sent out messages to customers because there were problems with orders in the system too.

I've had no problems with MB trading up until this point except often when I open/close trades when the market is liquid it says "order accepted" but then sits there for ages whilst the prices moves massively before finally processing the order usually miles away from where you executed it.

As I said I won't be trading with them until I get my money back. And if I do I'm seriously considering switching to my other broker permamently. In my case the amount of money I've lost isn't huge (I had a stop loss set but that wasn't executed either because the order couldn't be closed) but if I had been trading a larger sum or been another customer with more cash it could have been a very bad situation indeed.
  • #6
  • Edited 10:19am Aug 17, 2012 9:45am | Edited 10:19am
Quoting wannatradefx
I don't mean to sound cruel, but you don't call customer support for a trade problem. You call their Trade Desk. They pick and close your trade. I've done it before, no issues. If you are getting "passed around" you dialed the wrong number. They have excellent support.
Well they didn't for me. It was more like a scene from Boiler Room.

I'm with MBUK and their contact numbers are all the same FYI - they get routed to a "press x for y" type service. None of them were being handled however.

Customer Service 44-20-3519-0603
Customer Service, International 44-20-3519-0603
Forex Order Desk 44-20-3519-0603
  • #7
  • Aug 17, 2012 11:05am Aug 17, 2012 11:05am
I just had to laugh when I saw this. I rarely post here anymore, but had to chime in. I used to have a live account with MBT, and experienced ALL these same problems: unable to close orders, trades hanging forever, rude or incompetent reps, etc.

I closed my account long ago and don't regret it one bit.

Anyway, I hope you get it all resolved, and that they reimburse you for their f-up, but most likely that won't happen I'm sorry to say. But thanks for the good laugh (I mean that in a good way; just laughing at MBT that after all this time they still have the same issues).
  • #8
  • Aug 17, 2012 1:01pm Aug 17, 2012 1:01pm
Quoting TC East
I just had to laugh when I saw this. I rarely post here anymore, but had to chime in. I used to have a live account with MBT, and experienced ALL these same problems: unable to close orders, trades hanging forever, rude or incompetent reps, etc.

I closed my account long ago and don't regret it one bit.

Anyway, I hope you get it all resolved, and that they reimburse you for their f-up, but most likely that won't happen I'm sorry to say. But thanks for the good laugh (I mean that in a good way; just laughing at MBT that after all this time they...
Sounds more like user error. I've called the Trade Desk. Never had to be transferred. Either there are a lot of people on these boards that don't know what they are doing, or there are a lot of people on these boards making stuff up.
  • #9
  • Aug 17, 2012 4:18pm Aug 17, 2012 4:18pm
Quoting fxstevyboy
Sounds more like user error. I've called the Trade Desk. Never had to be transferred. Either there are a lot of people on these boards that don't know what they are doing, or there are a lot of people on these boards making stuff up.
EDIT from earlier (to be a bit nicer): Just because you had a good experience with MBT doesn't mean everyone has. It's entirely possible those with a bad experience actually know what they're doing and aren't "making stuff up."

I'll just leave it at that.
  • #10
  • Aug 17, 2012 4:26pm Aug 17, 2012 4:26pm
Quoting TC East
EDIT from earlier (to be a bit nicer): Just because you had a good experience with MBT doesn't mean everyone has. It's entirely possible those with a bad experience actually know what they're doing and aren't "making stuff up."

I'll just leave it at that.
I totally agree that someone can have a bad experience while others do not. I was just pointing out that if you dial the right number (order desk) when you have a reason to place an order or have an order problem, they have no reason to transfer you. If you call into support, they aren't licensed to take your trade, so they can't help you and have to transfer you. So it is possible that someone doesn't understand this and doesn't look at the options and just dials the main number, causing themselves problems.

This guy seems to have been having trouble with the phone lines in general callnig from UK. I wouldn't know how that goes, but it doesn't seem like a reason to leave a broker over one trade that they presumably will fix if it cost you anything and you can prove that it was stuck just because there was a phone line issue. I could totally see leaving a broker if you have constant bad fills or something, but to say "I have never had a problem with MB, but today I had a stuck trade, the phone lines didn't work, and I haven't even found out if they are going to give me any financial compensation for a stuck trade but I'm leaving them anyway before they even decide" seems pretty extreme.

I've been using them for about three months now and haven't had a glitch, but I'm sure if/when I do, it won't be the end of the world and they will fix anything that goes wrong.
  • #11
  • Aug 17, 2012 6:17pm Aug 17, 2012 6:17pm
Quoting fxstevyboy
I totally agree that someone can have a bad experience while others do not. I was just pointing out that if you dial the right number (order desk) when you have a reason to place an order or have an order problem, they have no reason to transfer you. If you call into support, they aren't licensed to take your trade, so they can't help you and have to transfer you. So it is possible that someone doesn't understand this and doesn't look at the options and just dials the main number, causing themselves problems.

This guy seems to have been having...
Firstly I find it quite objectionable that you infer it was my fault. I tried all their number options from the switch board that you get put through to and they weren't answering ANY. Plus when I got through the the order desk they took my account number, put me on hold and then cut me off. It was just avoidance tactics because there system was obviously up the spout.

As for leaving them being extreme on the contrary I think that if on the ONE occasion I've had to contact them with a serious order problem and they treat me that badly it would be suicidal to stay trading with them. If they regularly fixed problems like this with no issues then I'd have to be very unlucky to run into this on my first time wouldn't you say? More likely from the sounds of it is that they regularly have these problems and treat customers like this. Or perhaps you've now you've got an account with them (for all of 3 months) you are now desperately trying to convince yourself that they are a great broker after all...

Whether they refund my profit from today is immaterial really. But how could I trust them with larger orders in future after todays cock up knowing I might not be able to close an order or have a stop loss executed when the consequences could potentially be catastrophic.

My other broker is LMAX and I have to say they are streets ahead of anything else I've tried as far as service and execution is concerned. The only problem is that the platforms they provide aren't as nice to use as some others.
  • #12
  • Aug 17, 2012 9:29pm Aug 17, 2012 9:29pm
Quoting rsmith911
Yes I called the stated number from the website and I tried all the options (press 1 for blah, 2 for blah etc.) as everytime it just said "failed to transfer your call" which ever one I tried.

I tried several more times and when I finally did get through they either just took my account number then cut me off or transferred me and cut me off again.

My order finally got closed long after I gave up trying to get through to the desk. Surprise surprise after the price dropped and it was closed for +3.5.

In my opinion they had a technical fault...
Rsmith911-

Thank you for bringing our attention to this matter. As you correctly pointed out, it appears that there was a phone system issue with our UK lines briefly this morning that prevented proper routing of the calls. We are investigating the problem and will take steps to make sure that it does not happen again. The CEO of the company is aware of the situation and has ordered a full review. Beyond that, we are also reviewing any trade desk and support involvement to determine if anything was handled incorrectly based on call logs and recordings. I can assure you that no rep intentionally hung up on you, but it is possible that your line was disconnected as a result of some of the phone system problems that we were experiencing. As usual, we will get to the bottom of the matter and figure out with as much accuracy as possible any financial reimbursement is due to you, which, I believe, you have been contacted separately that we already have. We appreciate your understanding and welcome any further reports of issues (in detail please) that you might experience. If this includes private information including your account number, please send that in private. As we have stated in the past and always do, if the problem is on our end, we make good on the situation. Technology problems can happen, but we stand by to fix them.
  • #13
  • Aug 18, 2012 4:17am Aug 18, 2012 4:17am
Quoting rsmith911
Firstly I find it quite objectionable that you infer it was my fault. I tried all their number options from the switch board that you get put through to and they weren't answering ANY. Plus when I got through the the order desk they took my account number, put me on hold and then cut me off. It was just avoidance tactics because there system was obviously up the spout.

As for leaving them being extreme on the contrary I think that if on the ONE occasion I've had to contact them with a serious order problem and they treat me that badly it would...
bro,thats why i had switched to LMAX long time ago...
  • #14
  • Aug 18, 2012 5:29am Aug 18, 2012 5:29am
Well credit to MB trading they contacted me (4am there time!) and had a record of all the exact times I had tried to close the order and the exact times I called. They acknowledged that the line was dropped on several occasions. So they are crediting me for the amount that I would have received when I tried to close the order.
  • #15
  • Aug 31, 2012 9:41am Aug 31, 2012 9:41am
  •  s7c
  • | Joined Mar 2011 | Status: try and fail but don't fail to try | 289 Posts
k, that's 4 time when i can't close a trade using MBT desktop pro platform.
i just called them because their quotes were delayed, they were 10 pips above or below market compared with the other platforms. when reported they had no idea about this and during this time i could not close the remain of my position and till i got transferred to the trading desk and of course till i tell them my acc nr and waited on hold they closed my trade with a difference of around 40pips and hang up the phone!!!
even if they would have agree to give me the difference back they do that in returning your commissions which i never get them back in previous 3 instances...
so i got sick of them, there is not a forex broker reliable anymore? can i make an official complain somewhere?
  • #16
  • Aug 31, 2012 10:04am Aug 31, 2012 10:04am
which country do you based?
  • #17
  • Aug 31, 2012 12:33pm Aug 31, 2012 12:33pm
Quoting TC East
I just had to laugh when I saw this. I rarely post here anymore, but had to chime in. I used to have a live account with MBT, and experienced ALL these same problems: unable to close orders, trades hanging forever, rude or incompetent reps, etc.

I closed my account long ago and don't regret it one bit.

Anyway, I hope you get it all resolved, and that they reimburse you for their f-up, but most likely that won't happen I'm sorry to say. But thanks for the good laugh (I mean that in a good way; just laughing at MBT that after all this time...

Agree with this. I have closed my account too. MB Trading has too many technical problems. I don't think I ever went through an entire day without getting disconnected multiple times. Data corruption issues with weird spikes in the charts which many users have reported.

No regrets moving on from MBT. Have a look at

http://www.fxintel.com/live

Lots of brokers there to choose from and with much better spreads than MB Trading. Good luck.
We're all stories in the end. Just try to make it a good one.
  • #18
  • Aug 31, 2012 1:07pm Aug 31, 2012 1:07pm
Quoting Traderji
Agree with this. I have closed my account too. MB Trading has too many technical problems. I don't think I ever went through an entire day without getting disconnected multiple times. Data corruption issues with weird spikes in the charts which many users have reported.

No regrets moving on from MBT. Have a look at

http://www.fxintel.com/live

Lots of brokers there to choose from and with much better spreads than MB Trading. Good luck.
Totally Agreed!
  • #19
  • Aug 31, 2012 3:35pm Aug 31, 2012 3:35pm
Quoting rsmith911
Yes I called the stated number from the website and I tried all the options (press 1 for blah, 2 for blah etc.) as everytime it just said "failed to transfer your call" which ever one I tried.

I tried several more times and when I finally did get through they either just took my account number then cut me off or transferred me and cut me off again.

My order finally got closed long after I gave up trying to get through to the desk. Surprise surprise after the price dropped and it was closed for +3.5.

In my opinion they had a technical...
All forex brokers engage in bucketshop activity: you have no proof that your trades are being hedged in the ECN pool. Mathematicians construct models for forex firms showing them the % of trades that will fail. Thus the broker has a strong incentive to be the house and have you "trade" against their own internal Excel spread sheet, your trade never impacted on the interbank market in any case.

But in some cases clients do make money like in your case and they really don't want to take the loss.

This is why I elsewhere made a post that instead of giving brokers our cash lets rather trade demo and m-to-m our profit losses via Bitcoin or paypal everyday. But it seems nobody understands this idea that anybody can operate as a bucketshop, stop believing the illusion that MBT or any other broker are actually hedging their trades - they are not.
  • #20
  • Aug 31, 2012 4:11pm Aug 31, 2012 4:11pm
"against their own internal Excel spread sheet"
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