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MBT vs. IB for Serious Forex Trading
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MBT vs. IB for Serious Forex Trading

  #1 (permalink)
Elite Member
Califonia, USA
Futures Experience: Intermediate
Platform: NinjaTrader, Multicharts, TOS
Broker/Data: IB, MB Trading, TOS, TD
Favorite Futures: Equities, Currency
wangwang's Avatar
Posts: 18 since Feb 2011
Thanks: 65 given, 1 received

MBT vs. IB for Serious Forex Trading

Hey Guys!

I have been using MBT and IB for Forex trading for last a few months. I have traded spot currency with minimum amount in both brokers. Generally I have been happy with both brokers but when I tried to increase fund size ($100K+), I can't find the clear winner between the two. I have found below;

MBT Pros: Excellent for practice trading with small amount. Good commission with limit orders. For EUR/USD pair especially, its spread is tighter in various trading hours (Sydney, Asia and possibly London). Higher margin ratio (50:1). Slightly better in compatibility with Ninja Trader Indicators such as VolatilityBands V31 from Fat Tails. No maintenance fee.

MBT Cons: Lower acct. security (No segregated Forex account). Slightly higher commission than IB. Very inconvenient ACH transfer($5K maximum per month). Not so stable Order Server (I've expereinced Oder Server malfunctions almost bi-monthly especially on Sydney and Asia trading hours)

IB Pros: Account security(IB claims each forex acct. is covered by some kind of insurance). Higher access security (electronic security device upon log-in). Convenient deposit/withdraw structure. Better commission for market orders.

IB Cons: Higher spread mostly except New York trading hours.

I wish there is a brokerage firm which combines the pros of both companies. At this moment, I am leaning toward IB but I will miss the pros of MBT. Has anyone been using MBT with $100K+ fund size for long term without any securiy issues? Also if you know better Forex broker which can be accessible in USA, please shed light! Your efforts will be highly appreciated. Thanks for reading!

P.S.: I experienced MBT's order server freeze a few times for the last a few weeks. I thought that is critical issue and I finally decided to go with IB. So far, I am happy with IB.

Last edited by wangwang; July 20th, 2011 at 01:57 PM.
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