MB Trading

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I have an account with mb, and loving it,

fees are deducted each day around 12 am

anyone who wants to know more about mb please free to pm me or want tips and help trading stocks
I DONT tell anyone what to buy or sell, just what to look for in scalping and daytrading stocks

Is there any daytraders in here or future traders?

From http://mbtrading.com/fees_software.asp

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

So, how can I make another trade if I do not access to quotes due to my account being inactive?


kallumama said: [Q]"Free Level 1 3/4 quotes are not available to accounts inactive for more than 30 days or accounts with balances under $2,000."

There is no sense in trading stocks if you don't even have $2000 to invest. Keep it in a bank CD.

kallumama said: [Q]From http://mbtrading.com/fees_software.asp

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

So, how can I make another trade if I do not access to quotes due to my account being inactive?You dont need current quotes to place a buy/sell order (esp if you're just placing market orders). I wonder if mbt still gives you the last price real-time even without the bid/ask stats. Got to agree with adityanm here, if you dont have $2k then maybe other investments might make more sense.

Looks like you need to have 2000$ always in their account. 4% on 2000 is 80$/year. So, essentially, the annual fee is 80$.

Here is the chat I had with a rep:

You have been connected to Tech Guy.
Tech Guy: Hello, Welcome to MB Trading! How may I help you?
The One: Hello, I had a question about fees.
Tech Guy: sure, go ahead.
The One: is there an inactivity fee?
The One: I am new to the stock market and do not plan to be a day trader. i
The One: might buy couple of stocks couple of times in a year - there may be a delay of more than 30 days between my transactions
Tech Guy: there are no inactivity fees.
Tech Guy: just maintain your account balance.
The One: would that be a problem? For example, if I buy GLD today and then 2 months form now, can I buy IBM.
The One: or would my account be deemed inactive?
Tech Guy: as long as your account is funded there is no reason to close your account
The One: what is account balance? If I buy 3000$ worth of GLD, would that be considered in account balance? or ddo I have put 2000$ cash with you
Tech Guy: the only way you can close and account is you actually requesting that.
The One: what is account balance? If I buy 3000$ worth of GLD, would that be considered in account balance? or ddo I have put 2000$ cash with you
The One: all the time
Tech Guy: you need a certain amount of funding into your account.
Tech Guy: correct or you will receive a maintanence call.
The One: do you pay interest on the account balance?
Tech Guy: there is a percentage interest but it varies on a daily basis.
The One: how do I learn more about the interest?
The agent is sending you to http://www.mbtrading.com/intRates.asp.
MBT Gus: there is where you find out about interest on our accounts
Tech Guy: we are working on a new process so that you will be able to view the interest rates.
The One: what is "maintenance call"
Tech Guy: when you reach a critical level its a call that lets you know your at a risky level
Tech Guy: and to bring your account back up to a safe level.
Tech Guy: Is there anything else that I can help you with?
The One: From your website: "Free Level 1 3/4 quotes are not available to accounts inactive for more than 30 days or accounts with balances under $2,000."
The One: If I keep 2000$ balance but have inactivity of 2 months, can I still trade?
The One: the above statement seems ambiguous from what you have been telling me
Tech Guy: correct
Tech Guy: you must maintain that account balance.
Tech Guy: Im sorry if I may have made it sound incorrectly.
The One: do I have to be active as well?
Tech Guy: but that is what a maintanence call is used for to keep and account at a certain balance.
Tech Guy: the account just needs to have the correct balance at all times.
The One: do I have to be active as well to be able to trade?
The One: ok, so I do not need to be active to be trade.
The One: Please correct the statement on your website then: "Free Level 1 3/4 quotes are not available to accounts inactive for more than 30 days or accounts with balances under $2,000
Tech Guy: that is correct.
The One: that seems to be an incorrect if I understodd you correctly
The One: thanks for your hlep.
Tech Guy: not a problem.
Tech Guy: Is there anything else that I can help you with?
Tech Guy has left the session.
Your session has ended. You may now close this window.

kallumama said: [Q]Looks like you need to have 2000$ always in their account. 4% on 2000 is 80$/year. So, essentially, the annual fee is 80$.Here's my experience with MBT and interest payments. I have no idea if this applies to everyone or only folks with margin accounts (which I have).

Penson is the clearing firm for MBT. When I set up my MBT account they (Penson) gave me the option to sweep idle cash into a money market fund managed by Scudder. For those not familiar with this, the money is taken out of and placed back into the MM account automatically as it is needed/becomes available (e.g. you do not have to manage this yourself)

According to my statement from Penson for the month of December I was paid an average interest rate of 3.22%. This is MM fund, it is not FDIC insured. I believe that the interest rates posted on MBT's site (1.1%?) reflect those accounts who do not elect to sweep their free cash into a MM account. I would double-check with MBT that this option (sweeping to a MM fund) is available to non-margin accounts.

Someone else pointed out that IB does not pay interest on the first $10k that you keep with them but they have very competitive interest rates on the balance above that amount so if you are planning on opening a low-balance account and are concerned about interest that is another consideration. I'm not an IB customer so please take that information with a grain of salt.

[Edit: I see now that the link that the chat dude sent you includes information about sweeping into Scudder fund as well, it wasnt there just a few days ago, MBT Interest Rates)

They sure to take a while to process your application. I sent mine in two weeks ago and only yesterday did they acknowlegdge receiving it and moving forward with the app. They haven't even cashed the check yet.

jpsmoney said: [Q] I sent mine in two weeks ago and only yesterday did they acknowlegdge receiving it and moving forward with the app.

I sent my application by fax and received acknowlegement by email right away. I did not send any check because I funded it by transfer from another broker and my account showed the funds within a couple of days.

kallumama said: [Q]Looks like you need to have 2000$ always in their account. 4% on 2000 is 80$/year. So, essentially, the annual fee is 80$.

I think that someone already mentioned that if 2K is the amount that someone can afford for this type of account then there is probably better place for it elsewhere.
The conclusion on annual fee does not make any sense at all since if an individual allocates x$ for this type of account then he/she will want to grow or decimate it by trading equity not just leaving it there to earn or not earn interest that could have/should have been earned elsewhere. If you want to earn 4% on 2K then put it in a 4% savings account if you decide to invest/gamble/trade your 2K then pick an another vehicle such as a brokerage account or fund etc. but to calculate an annual fee due to loss of interest from an entirely different vehicle as 'fee' incurred demonstrates a lack of understanding on basic finance.

for a novice, is it really good? I have a sharebuilder account and I am trying to start trading. However, I will still be mainly a buy and hold person. Do you think this is the right brokerage for me?

drbose said: [Q]for a novice, is it really good? I have a sharebuilder account and I am trying to start trading. However, I will still be mainly a buy and hold person. Do you think this is the right brokerage for me?

Not sure how to answer your question since 'start trading' is contrary to 'buy and hold person' so I would suggest you clarify your investment objectives and see what you want to do. As to whether MBT is the right brokerage much depends on the previous answer but if you want to invest/trade primarily in stocks/ETFs/CEFs (not mutual funds) then MBT may be a cost effective option. You just need to come up with your investment dollars and compare the cost if you were to invest it in your sharebuilder accout vs. MBT vs. your favorite fund etc. and see what the cost incurred for these options would be.

On a different note, for those who have signed up W/ MBT, you may receive a $10 credit in commissions on your birthday. That's 10 possible free trades.

stfs said: [Q]On a different note, for those who have signed up W/ MBT, you may receive a $10 credit in commissions on your birthday. That's 10 possible free trades.

Where did you find this?
Do I have to request it or it is automatic since they already know the birth dates of all customers?

adityanm said: [Q]stfs said: [Q]On a different note, for those who have signed up W/ MBT, you may receive a $10 credit in commissions on your birthday. That's 10 possible free trades.

Where did you find this?
Do I have to request it or it is automatic since they already know the birth dates of all customers?

Re stsf's post above, from my experience, didn't have to request it. The BD card with that bonus came exactly on the bd a few weeks ago...kind of freaky but am not complaining.

I emailed them two days ago to ask if they offer a Roth-IRA account (they advertize IRA).
Have not received a reply yet.

Comission seems to be reasonable. But I am novice, just opened Scottrade account.
Anyway to place trades through a web interface (from work)?

I plan to open MBtrading account. Any sign up bonuses?
Do they offer any bonus for sign up through referral?
Please send referral/invitation to bob94102@yahoo.com


Not sure why I didn't see this thread before now, but thanks for the info on MBT. I have 2 brokerage and 2 Roth accounts with Ameritrade (only because they bought Datek), but I might give them a look. I like the Datek / Ameritrade streamer application, but I don't day trade / swing trade anymore so I don't much care what the interface is. Definitely like the level ii quotes being free (w/ balance).

I assume you can trade ETF's (already mentioned).

Thanks for the answer to the Roth question (duh!)

Thanks OP!

bob94102 said: [Q]I emailed them two days ago to ask if they offer a Roth-IRA account (they advertize IRA).
Have not received a reply yet. They do according to this: Available Account Types

[Q]Comission seems to be reasonable. But I am novice, just opened Scottrade account.
Anyway to place trades through a web interface (from work)? No web interface available, although apparently you can place trades over the phone for the same rate (never done that myself)

[Q]I plan to open MBtrading account. Any sign up bonuses?
Do they offer any bonus for sign up through referral?
Please send referral/invitation to bob94102@yahoo.com None that I know of

ToHellWithUGA said: [Q]I have 2 brokerage and 2 Roth accounts with Ameritrade (only because they bought Datek) LOL, that is exactly how I ended up with my Ameritrade accounts (former Datek customer). Yes, you can trade ETF's with MBT.
(Edit: Fixed typo)

I just finished opening my account. The software is pretty intense for a casual trader like me, but it's pretty easy to figure out the basics.

Also, their online ACH transfer service is down and they don't know when it'll be back up. So for now it's via broker transfer, paper check, or bank wire.

ACH service is down only if you want to initiate from them.

You initiate from anyone else like HSBC.

adityanm said: [Q]ACH service is down only if you want to initiate from them.

You initiate from anyone else like HSBC.Just to be clear, in order to do this you need to apply/request a (free) linked checking account with the clearing firm (Penson) otherwise you wont have a checking account number to ACH - is that correct?

I had my MBT account for 2 years and didnt even realize that the checking account option was there until someone else (perhaps you) pointed it to me recently.

winter said: [Q]
Just to be clear, in order to do this you need to apply/request a (free) linked checking account with the clearing firm (Penson) otherwise you wont have a checking account number to ACH - is that correct?

You are correct.

adityanm said: [Q]winter said: [Q]
Just to be clear, in order to do this you need to apply/request a (free) linked checking account with the clearing firm (Penson) otherwise you wont have a checking account number to ACH - is that correct?

You are correct.

Nice. Thanks! <img src="i/expressions/face-icon-small-happy.gif" border=0>

Update: If you call them (like I just did)and ask them about this they may not exactly get what you're talking about (initiating an ACH transfer elsewhere, etc). But after some discussion, you just have to open up one of these:

https://www.mbtrading.com/checkingAccount.asp

Well, after some reading, this is looking pretty good except 2 things (for me):

GTC orders are charged extra, and IRA accounts are charged $30. I place SOME GTC orders, but not usually, so this is not a huge deal. The IRA fee is big, though, so if I switch, I will only be switching my brokerage accounts. But then again, most of my IRA trades are $ cost avg type trades, so just a few trades will make up that $30. Anybody have opinions on this? Who do you use for Roth / IRA?

Actually, their pricing page says GTC orders are free (I assume that means they don't incur extra charge), so I guess that has changed since the info I read.

The one thing that I am waiting for is the ACH transfer option that they claim is supposed to be coming soon. See ACH Transfer - Coming Soon!

Anyone have any more info on this besides "coming soon"?

Probably a dumb question, but I've never used level II quotes before......

Q: Just opened an account and on the MBT Navigator it says "Level II". I didn't want (or want to pay for) Level II. Does it just say Level II even though it's the free "Level I 3/4"?

Thanks in advance for the answer

scottmagic said: [Q]Anyone have any more info on this besides "coming soon"?
It is so pitiful when some people do not even read earlieer messages in this thread and keep asking dumb questions.

worm690 said: [Q]Probably a dumb question, but I've never used level II quotes before......

Q: Just opened an account and on the MBT Navigator it says "Level II". I didn't want (or want to pay for) Level II. Does it just say Level II even though it's the free "Level I 3/4"?

Thanks in advance for the answer
Try this link and for addl info click on 'streaming level II Learn More'. It would say Level II but the quotes are only best bid/offers not for all market makers ie. look at all the bids for the specific time windows for Level II vs. Level I. Hope that helps.

link

This is terrible advice. The amount of money one has to invest shouldn't have anything to do with what investment choices one makes with it, unless the fees for certain choices overwhelm the potential gain. I don't think that's the case with this broker's fees, so there's no logical rationale for saying that this money would be better off in CDs.

adityanm said: [Q]There is no sense in trading stocks if you don't even have $2000 to invest. Keep it in a bank CD.

danimal67 said: [Q]This is terrible advice.
On the contrary it is the best advice.
It is a crime to not to prevent some one from commiting suicide.
SEC rules require all brokers to determine the worthiness and prior experience
of an investor before they should allow you to open an account.

Technical Question: The customer service person said that the software only works on Micro$oft platforms. I asked about Ubuntu or other open source OS.

Does anyone here know how to get around that? Just like there is Virtual PC, is there something that you use (or think might work in theory) to get around this restriction? Thanks.

EdithPiaf said: [Q]Technical Question: The customer service person said that the software only works on Micro$oft platforms. I asked about Ubuntu or other open source OS.

Does anyone here know how to get around that? Just like there is Virtual PC, is there something that you use (or think might work in theory) to get around this restriction? Thanks.Maybe something like WINE? I have no experience doing it but since you can dowload the Navigator software without being a customer you should be able to try before you buy, so to speak.

Has anyone tried their new Plan C? The fee is only 0.4c/share with plan C. What is the catch?

canoner2000 said: [Q]Has anyone tried their new Plan C? The fee is only 0.4c/share with plan C. What is the catch?Very interesting. The rate goes up to $0.01 per share beyond 4000, so, eventually, this will be more expensive than Plan A, which starts at $0.01 but goes down to $0.005 beyond 500 shares.

For some reason, their commissions page describes their MBTR routing type as a footnote to Plan C. Does that mean it's the only option there? The description is vague; are you getting internally executed with it?

LH2004 said: [Q]canoner2000 said: [Q]Has anyone tried their new Plan C? The fee is only 0.4c/share with plan C. What is the catch?Very interesting. The rate goes up to $0.01 per share beyond 4000, so, eventually, this will be more expensive than Plan A, which starts at $0.01 but goes down to $0.005 beyond 500 shares.

But that is per trade, right? Unless you trade about 10K shares per transaction, plan C has lower fee.

I don't know if the transaction with plan C is slower, I'm asking that.

[Q]Clients who select Plan C will only have access to the new MBTR order route. All other direct-access routes will be removed. The monthly Level II data fee cannot be waived with this commission plan.
That's the biggie for me. I've still not opened an account with MBT, mostly because I've just been too busy w/ new baby, but I was going to tonight (I noticed the plan C and came here to post it - I'm never the 1st though).

I might still pick plan A, but C does look good for the typical trades that I do. I was just really wanting that free level II.

But I guess you do still get their free "Level 1 3/4" Quotes.

And, I wonder what kind of difference there is in order fullfilment with the restricted routing? According to their site, "The goal of the MBTX router is to seek price improvements and pools of liquidity -- and to make the automated router smarter than the rest of the market". So, would the "MBTR" still give any routing "advantage", or would it be the same as the rest, or slower? I think I will email them.

Has anyone had trouble with the excution of option orders? I've experienced some slow excution lately. Over the past week, three times my bid was the higest out there (and the only one at that price level) and the offer price dropped to my bid price or even below my bid, yet my orders were not filled. I wonder what is going on.

With MB Trading how do they send you the annual reports of companies your invested in? Do you get them by mail or email? Thanks.

Their C plan sure looks interesting.

Any downside ?

bonkers said: [Q]Do you get them by mail or email?
Your choice.

adityanm said: [Q]bonkers said: [Q]Do you get them by mail or email?
Your choice.

Really, where are you given this choice? When signing up for the account or afterwards in your account preferences? Also do you know if they charge extra if you choose to have the annuals, proxy material, ect sent to you by mail?

Thank you!



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