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I've used them since around 2000. I think not long after they opened up. I day traded stocks back then. They are one of the few ecn brokers you can find. The complaint always was that their commissions were too high. Well they just lowered them - for forex. More competitive now. Never had a problem. Quick wires. Very professional. They now have MT4 in a ecn format which I think is an industry first. A lot of forex guys like that trading platform. I switched to ninja awhile back. You can trade direct through ninja with them.
Here is a comparison chart I found. I would not consider anyone who is not an ecn.
MB is a good choice. IB is good as well. I don't have any experience with non ECN's, but have heard horror stories from some who do. It's not smart to be with a non ECN. I think that is the big take away.
The best one in this business is Dukascopy. A friend of mine is beta testing his home made connection to NT including chart trader etc.
It's the Nr1 for serious forex traders in the world. Recently they obtained a Swiss bank status, that is a very important thing in Forex world.
Nr2 for me is definitely PFGBest.
This is what a friend trader writes me :
About Dukascopy commission, Dukascopy is way cheaper than any other broker(as far as I know). I have been with Dukascopy for around 4-5 months now, They are really good in their business. Spreads are always lower than PFG. commission is lower too.
If we trade daily with 2 mini with Euro or Pound based pairs, around 10 trades a day= 400000 * 1.4 almost 600000 USD
20 days a month: 20 * 600000= 12000000 =12 million USD
For 12 million USD per month, duka charges only 64 USD per 1 million USD tarded where as PFG charges 100$ USD per 1 million USD traded.
Duka turns out to be cheaper.
As far as technology is concern, I can see Dukascopy is much better, I have been working on their JForex API for more than 2 months now. It is very fast.
Anyway imho for little account can be good and surely better than most of other forex brokers. You can take also 45% commission rebates thru IA's like MOBforex or Mulecole6.
But if u have bigger account or trade one lot or more there's better way to go, one can be Interactive Brokers, or some Currenex, HotspotFXi, ICAP/EBS, etc., brokers.
I was looking for opening a small Forex account for testing stuff with cash, and maybe let some of my kids play with this small account, research a bit and finally choose MBT. My account was open in less than one business day, and it looks serious.
Duka want the next choice, but no Ninja, didn't like their Java platforms, and I didn't want to wait 1 month for opening the account.
