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For FX - MBtrading or another good Broker ?
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For FX - MBtrading or another good Broker ?

  #1 (permalink)
Sienna
Melbourne, Australia
 
Futures Experience: Beginner
Platform: Ninja Trader
Broker/Data: Ninjatrader Brokerage
Favorite Futures: Transiting to ES,CL, YM
 
Posts: 41 since May 2012
Thanks: 22 given, 9 received

For FX - MBtrading or another good Broker ?

Hi All
I have a question on US or UK brokers for FX trading and would be grateful for feedback:.

Background:
I currently papertrade FX with ThinkOrSwim (ToS), which I used when trading options. To go live, I want to open an account with a different US broker, as ToS seems to be too expensive for FX trading. I do like their platform, though.

For FX, does anyone have good experiences with MBtrading or another broker, for small/modest account sizes? The forum posts on MBtrading (that I could find) are a bit dated. Does anyone have recent experience that they could share?

My wishlist for an FX broker is:
Regulated, ECN if possible, reasonably tight spreads, LOW fees and minimal round turn fees (which is why I want to leave ToS) very stable fast platform, good customer service and security of funds. I would use Interactive Brokers but donít have the minimum account size, plus their customer support is lousy. There are no Ďmustsí on platform, other than reasonably easy to use - Metatrader or any other is ok.

On security of Funds:
A few Australian FX brokers offer customer funds held in separate AAA rated well known Australian banks. Does MBtrading or another broker offer the equivalent in the US.
Does anyone have a well founded advice on security of funds when trading with a US broker in FX?

On ECN:
How important is it? I hear that Market makers will sometimes stop hunt you. Is that a nasty rumour, by traders who blame the market for their woes? Would ECN broker eliminate this problem?

thanks very much for taking time to consider the above

cheers

Sienna

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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Leicester England
 
Futures Experience: Beginner
Platform: NinjaTrader, MT4
Broker/Data: MBTrading
Favorite Futures: EUR/USD
 
Posts: 35 since Apr 2012
Thanks: 2 given, 23 received


---The forum posts on MBtrading (that I could find) are a bit dated.---

Have a look at this forum, almost daily updates on MBT.

Broker Discussion @ Forex Factory

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  #4 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received


sienna View Post
Hi All
I have a question on US or UK brokers for FX trading and would be grateful for feedback:.

Background:
I currently papertrade FX with ThinkOrSwim (ToS), which I used when trading options. To go live, I want to open an account with a different US broker, as ToS seems to be too expensive for FX trading. I do like their platform, though.

For FX, does anyone have good experiences with MBtrading or another broker, for small/modest account sizes? The forum posts on MBtrading (that I could find) are a bit dated. Does anyone have recent experience that they could share?

My wishlist for an FX broker is:
Regulated, ECN if possible, reasonably tight spreads, LOW fees and minimal round turn fees (which is why I want to leave ToS) very stable fast platform, good customer service and security of funds. I would use Interactive Brokers but donít have the minimum account size, plus their customer support is lousy. There are no Ďmustsí on platform, other than reasonably easy to use - Metatrader or any other is ok.

On security of Funds:
A few Australian FX brokers offer customer funds held in separate AAA rated well known Australian banks. Does MBtrading or another broker offer the equivalent in the US.
Does anyone have a well founded advice on security of funds when trading with a US broker in FX?

On ECN:
How important is it? I hear that Market makers will sometimes stop hunt you. Is that a nasty rumour, by traders who blame the market for their woes? Would ECN broker eliminate this problem?

thanks very much for taking time to consider the above

cheers

Sienna



I use MB Trading. There are pros and cons. Their systems were a bit unstable but I think that has been fixed because haven't had any outages over the last couple of months. Another good one to look at is LMAX. It is regulated under UK law and has been getting positive reviews.



On the question of stop hunting, I don't think it will be happening on ECN or if it is even possible. The price for currency pair is published from the blended price feeds of the Interbank market. So if you have a stop loss order sitting 20pips away, how are they going to move the price in an ECN environment? Everybody and their uncle would cash in the arbitrage opportunity for some free money.

I have never dealt with a bucket shop or a Metatrader (LOL) broker so I am not sure if it happens there or even how they do it on their own platforms. Must be widening the spreads and then hedging on the open market.

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  #5 (permalink)
Elite Member
Slovakia
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: futures
 
Posts: 112 since Aug 2009
Thanks: 19 given, 55 received

Look on LMAX its in UK they are DMA offer web platform ,Multicharts and MT4 minmum for deposit is 10000 but through some IBs you can open account with 1000 min trade size is 0,1 for FX kontrakt comissions for 0,1 kontrakt 0,03 per side By webplatform are orders held on their servers by Multicharts I dont know and by MT4 are held on your pc

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  #6 (permalink)
Sienna
Melbourne, Australia
 
Futures Experience: Beginner
Platform: Ninja Trader
Broker/Data: Ninjatrader Brokerage
Favorite Futures: Transiting to ES,CL, YM
 
Posts: 41 since May 2012
Thanks: 22 given, 9 received

to obelixtrader

Hi Obelixtrader
Thanks !
Which IB's would offer a $1000,- account start with LMAX?
best
sienna

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  #7 (permalink)
Elite Member
Slovakia
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: futures
 
Posts: 112 since Aug 2009
Thanks: 19 given, 55 received

i have opened account through Trade in an FOREX Multilateral Trading Facility by opening account you will be redirected to the LMAX page
and second is DMA to LMAX - Access LMAX exchange with PathFinder Trader - LMAX Trading - FastBrokers but you open account direct with fastbrokers and they have own platform for trading on LMAX

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