MB Trading

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In a related thread, DYS suggested that someone currently using MBT starts a thread on it. I have about a year experience with MBT and am happy with it.
MB Trading
Pros:
- Low trading fees $1 min charge per stock trade (market, limit and others - no extra for non-market orders)
- Low min. investment $2000 to open an account
- No min. monthly fee (ie. $10 for IB)
- No fee for modified or cancelled trades
Cons:
- Software-based not browser based interface. This feature may pose a challenge for those who trade at work and have restriction on external software installed on their workstations.
- Deposits can be by ACH or DCT/ACAT from checking accounts although withdrawals only can be made via wire transfers or checks in the mail

Related Threads:

IB Thread
Best online brokers for active trades thread
Firstrade vs. ScotTrade vs. Others

For those trying to decide between MBT and IB or are seriously considering one of them vs. others, there is a very good thread/document by a poster at Motley Fools Discussion Forum that goes into a detailed comparison of the two brokers. If you don't have membership and don't want to join, just use or create a throwaway mailbox to sign up for the 30 day free trial. IMO, it would be worth the extra effort.

Freetrade Alternatives - Part 2
Freetrade Alternatives - Part 1

Member Summary
Most Recent Posts
jpsmoney said: <blockquote><hr>youngcoolguy said: <blockquote><hr>Does MB Trading do a hard pull on my credit report for... (more)

youngcoolguy (Jul. 26, 2006 @ 10:40p) |

they gave me $10 credit for my birthday.<br>So cool!!

kaiotes (Aug. 10, 2006 @ 12:57p) |

I got $10 for my birthday too.

tranloi (Aug. 10, 2006 @ 1:24p) |

Their ACH system is currently down, and it is unknown when they will have it back up.
Staff Summary
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excellent thread, thanks for creating it!

I dont understand why these places dont have a web trading interface..weird

Anyway it seems at MBTrading you can also place orders via phone w/o additional charge, so isnt that an easy way to avoid the dedicated software issue?

didYOUsearch said:
I dont understand why these places dont have a web trading interface..weird


Web trading interface is too slow for the hardcore daytraders.

How long is the typical hold time if you want to talk to CSR?

Very nice looking broker and a useful topic.

I avoid opening new brokerage accounts but I may have to give MB a try. Thanks tylr.

Wow commissions are so cheap, you could probably dollar-average into ETFs weekly here if you wanted to.

a529612 said: How long is the typical hold time if you want to talk to CSR?
The few times that I used the phone I get a CSR after the rings. Most of the time though I used web chat (personal preference) which took about 2 - 3 minutes wait before a person came online. Although these contacts all took place with initial research and then account setup with brokerage, havent found any need to contact them for a year now.

Thanks Tylr,

I didn't know anything about MB Trading, but just you pointing out their offers, and their excellent fee structure, I'm gonna jump onboard to them ASAP.

Your review was helpful, but the #'s were enough to convince me of what looks like a stellar offer.

gwagwa said: Wow commissions are so cheap, you could probably dollar-average into ETFs weekly here if you wanted to.

Exactly what I want thinking, or at least invest very regularly without concern. I'm surprised I've never heard of this place before.

a529612 said: didYOUsearch said:
I dont understand why these places dont have a web trading interface..weird


Web trading interface is too slow for the hardcore daytraders.


Too slow ? Obviously they have not developed an AJAX based interface.
If you let anyone install a software on YOUR machine, you are basically
at their mercy -- more over Micro$oft-only means I am staying away

invisible said: Too slow ? Obviously they have not developed an AJAX based interface.
If you let anyone install a software on YOUR machine, you are basically
at their mercy -- more over Micro$oft-only means I am staying away


ummm, AJAX is inherently no faster than Web 1.0 technology - it all relies on the same infrastructure.

I read on the other forum that if you do 3 trades in 5 days your deemed a 'day trader' and therefore need to maintain a balance of $25,000

johto said: invisible said: Too slow ? Obviously they have not developed an AJAX based interface.
If you let anyone install a software on YOUR machine, you are basically
at their mercy -- more over Micro$oft-only means I am staying away


ummm, AJAX is inherently no faster than Web 1.0 technology - it all relies on the same infrastructure.


well, by those standards everything is exactly the same speed, i mean, doesn't everything use the interweb as infrastructure.

ajax IS faster because only the portion of the webpage that needs to be updated is sent, thus less data sent out more often leads to faster page refreshes

oops, i thought we were talking about trading stocks. in which case AJAX gives us no help with real time quotes as there's still too much latency not to mention asynch JS issues, and the amount of data POSTed to perform a trade, well, that's pretty insignificant and less than the overhead of XML messages.

anywho, someone else had it right when they mentioned this is a finance forum. thanks to tylr and DYS for pointing this out- hadn't heard of MBT.

dkart said: I read on the other forum that if you do 3 trades in 5 days your deemed a 'day trader' and therefore need to maintain a balance of $25,000
That's correct only if you want to maintain the ability to trade on a 4:1 intraday margin basis with account < 25K. If the violation occurs, what happens is that your account would be restricted to intraday cash trading for the next 90 days or you choose to bring the account value up to 25K+. This wasn't a problem for those like me who mostly do cash trading or keep positions over days/weeks.

IOW, if you do cash trading, there is no restriction on the number of trades over x days.

You state above that the minimum deposit to open an account is 2,000

Is there a minimum balance on the account?

Can I deposit 2,000 open the account, then take 1500 out and leave the 500 for trades?

1.00 commissions!! that has a nice ring to it, would really cut down on the % increase needed to get back commissions on trades.

thanks op

lookingdeals said: You state above that the minimum deposit to open an account is 2,000

Is there a minimum balance on the account?

Can I deposit 2,000 open the account, then take 1500 out and leave the 500 for trades?

1.00 commissions!! that has a nice ring to it, would really cut down on the % increase needed to get back commissions on trades.

thanks op


Thats what I did. I talked to a CS rep and they said there is no minimums and only a minimum opening balance.

lookingdeals said: You state above that the minimum deposit to open an account is 2,000

Is there a minimum balance on the account?

Can I deposit 2,000 open the account, then take 1500 out and leave the 500 for trades?

1.00 commissions!! that has a nice ring to it, would really cut down on the % increase needed to get back commissions on trades.

thanks op

$500 for trades?

TheWiseGuy said: lookingdeals said: You state above that the minimum deposit to open an account is 2,000

Is there a minimum balance on the account?

Can I deposit 2,000 open the account, then take 1500 out and leave the 500 for trades?

1.00 commissions!! that has a nice ring to it, would really cut down on the % increase needed to get back commissions on trades.

thanks op

$500 for trades?


TheWiseGuy, <-- that fits you perfectly

The above was an example, and even if I was contemplating only investing 500.00 that would be my personal preference. I lost enough earlier this year playing very risky stuff, so 500.00 might be all I can muster end of year, LOL

qaa541 said: lookingdeals said: You state above that the minimum deposit to open an account is 2,000

Is there a minimum balance on the account?

Can I deposit 2,000 open the account, then take 1500 out and leave the 500 for trades?

1.00 commissions!! that has a nice ring to it, would really cut down on the % increase needed to get back commissions on trades.

thanks op


Thats what I did. I talked to a CS rep and they said there is no minimums and only a minimum opening balance.


thanks for the reply qaa541

invisible said: Too slow ? Obviously they have not developed an AJAX based interface.

By "too slow" I don't think he means the interface per se, but the additional latency that a WWW based application brings to the table. i.e. you hit "submit" on some form, and your request goes to the http server, which passes it to a cgi application, which passes the data to some backend application server, which processes the transaction and sends a response to the cgi application, which passes the data to the http server, which passes the data to your web browser.

Much quicker for a standalone app to connect to the backend server directly.

anyone know if there's any way to access your mbt account through a web browser (or even pda + wifi?) they do have an API so I've been looking for any third party apps that would let you do this (I can't really install trading software at work) - but so far haven't found anything

Scottrade still wins out

MB trading commission fees
100 shares = $1
1000 shares = $7.50
1500 shares = $10
3000 Shares = $17.50

Scottrade commission fees

1000 shares = $7
1500 shares = $7
3000 shares = $7

So if your a nickel & dime trader MB is for you, better yet if you are a nickel & dimer you should be in mutual funds instead.

I think its safe to say most ppl in this forum are trading LESS than 1000 shares at a time, unless youre talking about stocks whose shares are just a few $$ each.

qwex said: anyone know if there's any way to access your mbt account through a web browser (or even pda + wifi?) they do have an API so I've been looking for any third party apps that would let you do this (I can't really install trading software at work) - but so far haven't found anythingYou can try a remote control application like www.logmein.com to control a PC at home.

qwex said: anyone know if there's any way to access your mbt account through a web browser (or even pda + wifi?) they do have an API so I've been looking for any third party apps that would let you do this (I can't really install trading software at work) - but so far haven't found anything Two of the 3rd party apps that I know about (QuoteTracker & TradeBullet) are just apps, they don't provide web interfaces so that doesnt help you. I'd have to go with scanchain on this, remote controlling a PC that has MBT's Navigator installed is probably the best way to go if you can't install anything on your work machine.

or just use the trade by phone option, its the same price

Since the original post mentions no monthly fees and I see some talk about low balance accounts I thought I should point this out:

MBT Navigator Software Fees
Free Level 1 3/4 quotes are not available to accounts inactive for more than 30 days or accounts with balances under $2,000.

Additional Quote Feeds
    CME/CBOT Futures FREE with a funded Futures account
    Option Chain FREE after 10 contracts/month, otherwise $10 per month
    Nasdaq Level II FREE with a $25,000 balance or if you trade 10,000 or more shares per month with Plan A, otherwise $24.95 per month


(Plan A is the per share commission structure, Plan B is the that flat $9.95 per trade structure, its useful if you trade larger volumes)

but you dont HAVE to buy the quotes, so it is possible to pay $0/month with MB, unlike IB which hs a $10 monthly min

I was hoping I wouldn't have to go with remote control software (my cable ISP can be flaky) but I guess if it works, it works.


MB Trading web page needs udating... it still talks about the Education IRA with $500 limit and IRA with $3000 limits.
link

for those using MB trading and Yodlee, please post in this thread and ask for Yodlee to add support. Thanks.

winter said:
Nasdaq Level II FREE with a $25,000 balance or if you trade 10,000 or more shares per month with Plan A, otherwise $24.95 per month

It may be of interest to mention that the 25K balance requirement seems to include margin BP not just account value so free access to Nasdaq Level II could be had for much less than the 25K requirement. And as a previous post mentioned there is no requirement that you have to use or buy any additional softwares or capabilities.

tylr said: winter said:
Nasdaq Level II FREE with a $25,000 balance or if you trade 10,000 or more shares per month with Plan A, otherwise $24.95 per month
It may be of interest to mention that the 25K balance requirement seems to include margin BP not just account value so free access to Nasdaq Level II could be had for much less than the 25K requirement. And as a previous post mentioned there is no requirement that you have to use or buy any additional softwares or capabilities.
I am very surprised to hear that. How strange.

I'm just confused by the whole concept of trading merit badges.

Shouldn't young scouts be required to earn their own badges??? I know I had to.

Seems to me to be an indication of the rate of moral/social decay.

MB Trading seems to be geared toward frequent traders.

BUT if I just trade small numbers of regular stocks (no options, margin accounts), is there any downside to using MB (which will cost only $1 per trade) instead of Scottrade/Firsttrade (at $7 per trade)? In other words, will a novice, small-time investor be OK with MB Trading? It seems that it's low fees benefit pretty much any type of investor, but I just want to be sure.

youngcoolguy said: MB Trading seems to be geared toward frequent traders.

BUT if I just trade small numbers of regular stocks (no options, margin accounts), is there any downside to using MB (which will cost only $1 per trade) instead of Scottrade/Firsttrade (at $7 per trade)? In other words, will a novice, small-time investor be OK with MB Trading? It seems that it's low fees benefit pretty much any type of investor, but I just want to be sure.
I agree that they are geared towards active trading but as far as I can tell you can use them as an inactive trader as well as long as you meet whatever the requirements are to avoid any monthly or data fees (which I thought was $25k asset balance but someone else stated earlier in this thread its $25k buying power which is much less).

If you need any handholding then I would not recommend them, but if you know what you are doing and just want to place trades I think you will be happy. Their trading interface is clean, their executions are fast and they arent trading against their customer orders like some other brokerages do.

You can sign up for a demo account and then play with the trading interface (Navigator software), I would recommend trying that out and if you like what you see then sign up. Penson who they clear through also pays pretty good interest rates on your cash account balances (if swept to a MM fund, paid 3.2% for month of December).

winter said: I agree that they are geared towards active trading but as far as I can tell you can use them as an inactive trader as well as long as you meet whatever the requirements are to avoid any monthly or data fees (which I thought was $25k asset balance but someone else stated earlier in this thread its $25k buying power which is much less)

As I understand it, there is no monthly fee for inactive traders/account. Inactive being defined as no activity for 30 days. There are real-time streaming quote feeds, some of which are free and some others have either min. trading activity or min. balance requirement or you can pay a monthly fee for them but as DYS mentioned above, these quote feeds are optional and you don't have to use them. Nasdaq Level II quote feed which was discussed above provides real-time current bid/ask price and bid/ask size of a Nasdaq security at various price levels-this is the one that have a balance requirement and is a basic req./tool for day trader. Nasdaq Level I which is free and has no requirement only provide the current best bid/ask price. Based on the previous inquiry, I don't know if OP would even be interested or need these or any other optional data feeds.

The only other min. requirement that I know of is the initial deposit of 2K for cash account and 5K for margin account, don't even know if there is even a fee if ongoing balance falls below these levels except for loss of margin account classification for below 5K. Didn't check into it because I intend to keep my allocation for this account in much higher balance.
http://mbtrading.com/fees_software.asp

One profile which happens to be mine that I thought is very cost effective in using MB is infrequent trader (avg 3-5 trades monthly which was why I selected MB over IB). Trading mostly in upper smallcap/midcap/large cap stocks in 100-200 shares per transactions.


I have just opened an account with them and made two trades but they did not post any commission yet. Are they giving a free ride for a while or they post all commissions at one time at month end?

Skipping 103 Messages...
I got $10 for my birthday too.



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