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I believe Rad4633 is wrong and is confusing the UK closure. Until he produces a link, I would advise disregarding his post/not taking action based on his post.
If they really did close 40% of US office, there would have been press about it, and there isn't so far that I can find.
concerning US operations at MB except that the unprofitable European operation has been closed. Guys please try to follow Mike's lead and post responsibly.
Got an email from OptionsHouse today saything they will now be offering Mini Options. Had never even heard of them before so I assume many others have not either.
Mini options are available on these five securities:
Hi
I have used MB trading for the past 2+ years trading forex. I'm a $EURUSD scalper and have place as many as 1000 trades in a session. I have traded small size and large (up to a million). I've not had any of the problems that I've read about some of the posters experiencing.
I am totally in love with their "pay for limits" scheme since I only place limit orders. On some particularly busy days I've earned as much as my day job (pizza driver for a well-known pizza company that uses a game piece as their corporate logo) just in commission rebates.
I have no complaints and recommend them all my friends.
HI All,
has anyone used them for option trading? If so would you care to share your experience, especially re: Customer service, Platform (say compared to OptionsXpress or TOS), anything else you might think is important.
thnks
I can finally post in this section after having 10 posts whooooooowhoooooo
Here's my experience:
THREE WEEKS ago, I started attempting to open an account with MB Trading.
First, providing an ID, bank statement was a bit odd, but I proceeded with it.
Then a couple of days later, I get a request for my W-2 to "verify" my SSN. I sent them a copy of my W-2 with my Employer ID number and my contribution amounts crossed out (because they're irrelevant for "verifying" my SSN).
They came back a few days later saying I can't cross out any numbers!!! So, I bit my tongue and sent them a full version. A couple of days later, they came back and said they can't verify my SSN from EQUIFAX. I called EQUIFAX and they said they don't see anything wrong!!!
At this point I'm not interested in giving them my business any more. Especially after the way they handled their communication, I felt like I'm talking to a 15 yo. This experience was a waste of my time and was quite frustrating. I considered them because I heard good reviews. I should have recognized, however, that most of these reviews are from 2010-2011 period. It seems like they skimped out on customer service (putting a new grad in charge of New Accounts, while not knowing how to communicate with customers). I can't tell you how many times i saw the word "unfortunately" in their emails (when they finally sent them) . They just didn't want to earn my DayTrading Business.
I was actually fortunate to come across this now rather than later when my money is on the line.
I thought I'd share my experience here for others to have an actual record of a service, so there's no surprises.
Just for comparison sake, it took me two days to open an account AND fund it in Tradestation. You do get what you pay for (usually).
Good luck.
I really do not understand the enthusiasm of "wooohooo" to write a negative review about your experience or achieve that "status" for that matter.
Just to give you a bif of a background, I used to work for FCMs before I started my own operations. The back office gets dumped with lots of paperwork, and at times you have to work with them very patiently in order to get things done. If the paperwork is not entirely straightforward, they might take a few attempts. The FCM obligations from a regulatory perspective (after MF, PFG, etc) are very strict and they have to follow a strict guideline. Sometimes, the smallest of errors can cause a chain of time delays, and having an SSN match is critical. Also, paperwork that gets human edition of erasing details is not allowed, and it is not your call to decide what is relevant or not, because FCMs just like IBs get audited and what you may consider not relevant is a material factor to an auditor for their own reasons.
I wish I could tell you that we never had this happened, but it did, and we rely on the good faith, patience and tolerance of customers to assist us to finish the process. Just wanted you to present you with a view from the inside.
Thank you,
Matt
Optimus Futures
There is a risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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I never did open up an MBT account. Instead I went with Tradestation (TS). I use another broker to trade, but use TS for a series of indicators, which run well on TS.
I wired funds from Australia to TS, the minimum of $2k to open an account. The funds were stuck somewhere at TS for three weeks (true!), with my Australian bank (one of the majors) asking TS three times where the funds were, in their system.
My account manager at TS was as puzzled as I (IE: he was ineffective). The funds finally were credited and the account was opened. To this day, no one from TS has notified me where the problem/hold up was; total silence.
I am not new to international funds transfers and have opened other US based accounts before, from Australia, without any hitch. This was certainly an extreme experience.
The "wohooo" was to lighten up the mood a little while relaying an actual frustrating experience. In case if you didn't know, you can't post in this section unless you have 10 posts.. So there...
Thank you for shedding some light on the process.
Unfortunately, MB Trading service, regardless of the reasons, was pretty crappy. I'm pretty sure you know this since you're in the business, but a customer can still be satisfied with a service even after hitting administrative hurdles. However, if you hire high schoolers and a bunch of unqualified representatives, your customers will get what you pay for.. garbage of a service. And, that's exactly what happened to me. Just for laughs, the idiot I dealt with insisted that I was NOT a US citizen
