MB Trading

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bonkers said: [Q] in your account preferences?
yes.
[Q]if they charge extra if you choose to have the annuals, proxy material, ect sent to you by mail?

no

A question: On http://www.mbtrading.com/options.asp they are listing
- Buy/Sell long puts
- Buy/Sell long calls
- Write covered calls
as the only available strategies.

Is that true ? Do they allow spreads or other complex strategies ?

voxindi said: [Q]Do they allow spreads or other complex strategies ?
I have not done many option trades but AFAIK all the strategies are defined only by the trader himself out the basic trades. I can hardly justify paying extra even for the quotes for the number of trades that I do.

voxindi said: [Q]A question: On http://www.mbtrading.com/options.asp they are listing
- Buy/Sell long puts
- Buy/Sell long calls
- Write covered calls
as the only available strategies.

Is that true ? Do they allow spreads or other complex strategies ? That is true. I've heard good things about ThinkOrSwim for the kind of options trading you are talking about

I noticed today that there Plan C stock commission rate has totally changed. Now its $4.95 per trade up to 4000 shares. Then .01 after that per share.


http://www.mbtrading.com/ratesStocks.asp

Details from there web site:

Plan C - $4.95 per trade¹

Plan C offers swing traders and investors the lowest possible commission rate. While this new commission plan is also available to active day traders, MB Trading reserves the right to change commission plans (to A or B) at any time, solely at our discretion.
Selecting Plan C will designate access only to the new MBTR order route.

* MBTR features all advanced order types offered by MB Trading.
* MBTR does not primarily route orders to ECNs, meaning that there is less liquidity available than with the MBTX route. MBTR utilizes specific liquidity pools to avoid traditional routing costs.
* MBTR does not actively seek price improvements, although such improvements are possible.
* MBTR's execution speed is comparable to that of MBTX.
* Self-directed order routes (including ARCA, INET, BRUT, and REDI) are not available with Plan C.

Clients who subscribe to Nasdaq Level II:
The $10 monthly fee is not waived with Plan C, regardless of account balance or trading activity. Level I 3/4 quotes are always free.

1. A commission of $4.95 is based on a 4,000 share order. There is a $0.01 charge for each share above 4,000.

If you don't trade more than 500 shares at a time then Plan A looks to be much better now. Also the MBTX order routing under Plan A sounds like its better to me then the new MBTR order route that Plan C uses.

tried opening an account, but I did not finish all the steps. It appears that you need to make at least $50,000 and have over $50,000 in equity excluding your house, cars, etc.

Can you use this software in the office environment?
I have no problem using Yahoo messanger, but I tried using software from Ameritrade (I believe called "xxx Analyzer") and I cant access it. The upload window keep pop-ing up.

Thks!

bonkers said: [Q]I noticed today that there Plan C stock commission rate has totally changed.

This is news to me too since I changed to Plan C just yesterday and here is my email to them.

[Q]As a customer I am very displeased (since I do not want to use any four letter words to describe my exact feelings) that you have changed your commission plans twice within a week without any prior notice to your customers.

Are you guys schizophrenic who follow the voices that tell you how to treat your customers?

When I signed up for your service, I was told that customer service was your strong suite but this does not reflect well on your business.


I wil wait for their response, if any.

adityanm,

Yeah, thats bad if there not keeping there customers informed about changes ahead of time. Its something you would expect maybe from a start up company but not from one that has been around a little while. It gives me some pause about even opening an account with them. I don't want to see commission rates changing all the time and also being left in the dark about them untill after the fact. <img src="i/expressions/face-icon-small-sad.gif" border=0> It will be interesting to hear what there reasoning is for not informing there customers ahead of time about these changes.

bonkers said: [Q]adityanm,
It will be interesting to hear what there reasoning is for not informing there customers ahead of time about these changes.

I just received an email informing that the new rates will not apply to old customers but I am not sure if I fall in that category since my rates were to go in effect on 4/1/06.
Their commission may have been lower but they have lost my trust.
I wonder if they broke any SEC rules on transparency.

i'm surprised that they didn't politely ask u to take ur nickel n'diming business elsewhere. brokers like mb weren't made for the casual investor. investor type folks that are looking at it for cheap commissions probably end up costing them more money than they want to admit.

TheWiseGuy said: [Q] investor type folks that are looking at it for cheap commissions probably end up costing them more money than they want to admit.

You may be right but their only selling point is their lower commissions and that is their niche.
Have you seen the ads for Scottrade, Sharebuilder etc?
It may cost them more money but it at least keeps them in business.


adityanm said: [Q]TheWiseGuy said: [Q] investor type folks that are looking at it for cheap commissions probably end up costing them more money than they want to admit.You may be right but their only selling point is their lower commissions and that is their niche.
Have you seen the ads for Scottrade, Sharebuilder etc?
It may cost them more money but it at least keeps them in business.I strongly disagree, their selling point is that they cater to the serious trader (not investor).

Fast executions, they don't sell your order flow, advanced order types, ability to select how your order is routed, direct API interface and of course cheap commissions.

If they just wanted to offer cheap commissions to investors they would not have created a complicated interface like their navigator, they would just offer web-based trading.

i have to agree with winter, their selling point is execution and their target is active traders. scottrade's selling point is commish even tho theirs is higher.

winter said: [Q]I strongly disagree, their selling point is that they cater to the serious trader (not investor).
Not true. Their commission structure is designed to attract any investor. Active traders have much better deals at Interactive Broker and Cybertrader etc.

[Q]they don't sell your order flow, advanced order types, ability to select how your order is routed, direct API interface and of course cheap commissions.
Again wrong. They do offer ability to select your routing.

[Q]If they just wanted to offer cheap commissions to investors they would not have created a complicated interface like their navigator
As a matter of fact I find their navigator far less complicated and much reliable than web trading.




In any case the issue is their practice of making changes without warning and not the amount of commission. You started talking of apples when I was talking about oranges.

Anyone having trouble with MBTrading.com ? The page doesn't come for me for the past 2 days.

kewldealspdx said: [Q]Anyone having trouble with MBTrading.com ? The page doesn't come for me for the past 2 days. I had trouble with the website this morning (wouldn't load) although traceroute showed that I was getting there just fine. It started working again for me in the last hour or so. This did not affect my ability to log into my account via the Navigator though.

adityanm said: [Q]winter said: [Q]I strongly disagree, their selling point is that they cater to the serious trader (not investor). Not true. Their commission structure is designed to attract any investor. Active traders have much better deals at Interactive Broker and Cybertrader etc. You are entitled to your opinion but I disagree. I have met many active traders who have chosen to go with MBT over IB. It really depends on many factors that are beyond the scope of this thread. The bottom line is that MBT has features that are designed to appeal to active traders and lacks many features that would appeal to traditional investors. Anyone who has an account at Ameritrade or eTrade and MBT would immediately recognize the differences.

[Q][Q]they don't sell your order flow, advanced order types, ability to select how your order is routed, direct API interface and of course cheap commissions. Again wrong. They do offer ability to select your routing.Not sure what you are talking about, I said MBT allows you to route your orders and they do. Perhaps you misread what I wrote above.


adityanm said:

[Q]I just received an email informing that the new rates will not apply to old customers but I am not sure if I fall in that category since my rates were to go in effect on 4/1/06.
Their commission may have been lower but they have lost my trust.
I wonder if they broke any SEC rules on transparency.


Thats not so bad then if the rate change does not affect old customers. At the same time they still should of sent out an email to all customers explaining this ahead of time so there customers knew what was going on. I am sure they waisted alot of time on support answering emails and phone calls since they failed to communicate properly. Did you ever find out from them if you fall under the old rate plan or not?

winter said: [Q]kewldealspdx said: [Q]Anyone having trouble with MBTrading.com ? The page doesn't come for me for the past 2 days. I had trouble with the website this morning (wouldn't load) although traceroute showed that I was getting there just fine. It started working again for me in the last hour or so. This did not affect my ability to log into my account via the Navigator though.

Yep, same problem here the past few days on and off not being able to connect to there web site.

Has anyone here had any issues in the past with there software not being able to log in or trade or errors, ect? Or is it pretty stable.

bonkers said: [Q]I am sure they waisted alot of time on support answering emails and phone calls since they failed to communicate properly.
Actually I suspect they hardly got any emails because no one but FW readers knew about it in the first place.
Most customers are still in the dark and would never know the opportunity they missed.

Yes, they have confirmed that I will get the rates that were advertised on their web site for 2 days.
Personally I very rarely trade more than 200 shares since I like to diversify.
It means that I will pay half the commission on most of my trades from next month.

bonkers said: [Q] Has anyone here had any issues in the past with there software not being able to log in or trade or errors, ect? Or is it pretty stable.

MB Navigator was still working fine for me but web site was like yo yo.
I could not not even get to support chat window from the MB Navigator.
When I called them I was told that web site had problems and offered to help me on
phone if I had any questions.

They do not charge anything extra if you place an order on phone.

adityanm said: [Q]Actually I suspect they hardly got any emails because no one but FW readers knew about it in the first place.
Most customers are still in the dark and would never know the opportunity they missed.

Yes, they have confirmed that I will get the rates that were advertised on their web site for 2 days.
Personally I very rarely trade more than 200 shares since I like to diversify.
It means that I will pay half the commission on most of my trades from next month.


adityanm,

Well congratulations on being able to get in on the old rate plan. <img src="i/expressions/face-icon-small-smile.gif" border=0> I was thinking about maybe signing up under Plan C at that rate but then it was gone so fast. I usually buy/sell less then 500 shares myself so Plan A still looks pretty good. Im trying to get used to the MBT Navigator software demo right now. I am not used to a system that is so geared towards active trading. Im more used to the web based systems with the simple, clean, and colorful interfaces. It takes some getting used to. At least the software seems to be pretty customizable so you can change some things to suit your needs.


One of the things that worried me a little since it is software based was, what if you had problem with the software or were on the road and wanted to make a trade. But if they offer phone support for trading at no additional charge then that is great. A question I have though is how good is there phone trading desk? Are they friendly and helpful and more importantly do they answer pretty quickly?





bonkers said: [Q] Im trying to get used to the MBT Navigator software demo right now. I am not used to a system that is so geared towards active trading. Im more used to the web based systems with the simple, clean, and colorful interfaces. It takes some getting used to. At least the software seems to be pretty customizable so you can change some things to suit your needs.

I am not a very active trader but I find the navigator superior to other software that I have used
specially from Schwab and Scottrade. YMMV

[Q]One of the things that worried me a little since it is software based was, what if you had problem with the software or were on the road and wanted to make a trade. But if they offer phone support for trading at no additional charge then that is great. A question I have though is how good is there phone trading desk? Are they friendly and helpful and more importantly do they answer pretty quickly?

One of the best things is that you are not put on hold and get a human voice whenever you call.
I have called them only a couple of times and was very pleased.

I personally prefer customer service provided by the navigator itself where several CSR are on line at any time.

Even though I was so upset with their this act, I would recommend it to any one.


adityanm said: [Q]I am not a very active trader but I find the navigator superior to other software that I have used
specially from Schwab and Scottrade. YMMV


It is very nice software that gives you alot of control. But not being an active trader myself either I find the software to be a little difficult to figure out at first. But I found that once you play around with the demo awhile and read the user manual it becomes much easier to use and understand.



[Q]One of the best things is that you are not put on hold and get a human voice whenever you call.
I have called them only a couple of times and was very pleased.

I personally prefer customer service provided by the navigator itself where several CSR are on line at any time.

Even though I was so upset with their this act, I would recommend it to any one.


Thank you for sharing your experience with them. There support sounds like it is really good. For the price that they charge I would of expected much less.

Hi everyone,

I just downloaded the MB software and requested a demo account. I tried logging in from work but get the following error message: "Unable to connect to perms (216.52.236.18)".

I usually have to enter the proxy server information for any software I use to connect outside. Does anyone know if there is a way to do that? I contacted MB and they did not know how. Maybe there's a wizard in this forum that can help me. Thanks.

It doesn't use HTTP/HTTPS, it connects to the following addresses on the specified ports:

216.52.236.18 5030
216.52.236.17 5020
216.52.236.141 7000

so unless you have a way to proxy or tunnel this traffic you are probably out of luck.

Here's some info that I found out :
1. No credit report obtained ! - Anyone confirm this ?
2. Level 1 3/4 quotes provided as long as account has some "value". Per rep this means either cash or stocks.

Below is the conv :
Welcome to MB Trading. A Representative willl be with you momentarily...
You have been connected to MBT Jamie.
MBT Jamie: Hello, Welcome to MB Trading! How may I help you?
RR: HAve couple of Q's
RR: Is there a fee for roth IRA ?
MBT Jamie: there is an annual fee
The agent is sending you to http://www.mbtrading.com/fees_misc.asp.
RR: how much ?
MBT Jamie: $30
RR: Do u pull a credit report for non-margin trading account ?
MBT Jamie: Not at this time
RR: r u sure - because we r planning on a mortgage and would not want to have enquires on my report
MBT Jamie: yes
RR: ok. thanks. oh is there an inactivity / account minimum ?
The agent is sending you to http://www.mbtrading.com/fees_software.asp.
MBT Jamie: The MBT Navigator is always FREE!

The MBT Navigator software is available for FREE. Regular cash accounts and margin accounts are never charged account inactivity or maintenance fees.
RR: "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 if I do not have any tx in a month , then I'll get no quotes at all ?
MBT Jamie: refers to accounts that have no cash in the account for 30 days or more
RR: hmm., just to clarify , if I have more *some* cash in the account then I'll still get quotes even if I haven't traded in the last 30 days ?
MBT Jamie: exactly
RR: so it has to be cash not just stocks held in the account ?
MBT Jamie: stocks held in the account are fine
MBT Jamie: no value in the account for 30 days or more
MBT Jamie: may have quotes turned off
RR: ok thanks. that's helpful.
RR: that's all I had
MBT Jamie: My pleasure, have a great day!
RR: thanks.

Any bonus for signing up?


Why is it so good if they charge for above 4000 shares

Just received email. MB trading now has ACH transfers:

ACH Transfers:
Deposit or withdraw funds using online ACH transfers! To get started, select "ACH Relationship" from the "Transactions" menu under the new "Account Management" link. ACH transfers to and from your MB Trading account are always free.

scanchain said: [Q]Just received email. MB trading now has ACH transfers:

ACH Transfers:
Deposit or withdraw funds using online ACH transfers! To get started, select "ACH Relationship" from the "Transactions" menu under the new "Account Management" link. ACH transfers to and from your MB Trading account are always free.


that is very good news .. but i dont see it in my account yet <img src="i/expressions/face-icon-small-sad.gif" border=0>

dandruff said: [Q]scanchain said: [Q]Just received email. MB trading now has ACH transfers:
ACH Transfers:
Deposit or withdraw funds using online ACH transfers! To get started, select "ACH Relationship" from the "Transactions" menu under the new "Account Management" link. ACH transfers to and from your MB Trading account are always free.that is very good news .. but i dont see it in my account yet <img src="i/expressions/face-icon-small-sad.gif" border=0>scanchain jumped the gun a bit there, quoting from the email
"MB Trading is pleased to announce several additions to our website and trading system which will take effect early next week." (emphasis mine)

winter said: [Q]voxindi said: [Q]A question: On http://www.mbtrading.com/options.asp they are listing
- Buy/Sell long puts
- Buy/Sell long calls
- Write covered calls
as the only available strategies.

Is that true ? Do they allow spreads or other complex strategies ? That is true. I've heard good things about ThinkOrSwim for the kind of options trading you are talking about

Is this true? Can I do straddles, spreads and other strats with MBT? I know that even for writing covered calls, you can only execute it by calling them. You can't do it through their software platform. I had a talk with a CSR, and his answer was the dumb, "you can only buy and sell options".

I've had a good experience with MBT so far. But I'm looking for a platform where I'd be able to write options, and execute different strategies..

Suggestions? Assuming MBT doesn't offer it, I'm considering thinkorswim/Tradeking/IB.

Thinkorswim is a fantastic platform for options trading. Check out their free classes while you're at it too.

question to those who are using mbtrading.
Is the ACH now active?
If the ACH is active, then opening penflex checking account does not offer any additional advantages? Am I right in this assumption (I understand that there will be no check wiriting facility)?
Anyone able to use Yodlee and MBtrading or MB Trading with MS Money? (I see Money gives access to penson financial services. Is this the same as access to mbtrading? Or do I need penson penflex checking account to access this facility on MS Money?)
Thanks for the answers to my (stupid, if they sound like that!!) questions.

I spoke to one of their customer service reps today and was told that ACH should be operational within the next couple of days.

We obviously don't know yet what the speed of their ACH transfers will be, so there may or may not be an advantage to using your own (external) ACH with the Penflex checking account. Penflex does offer check writing ability.

I just opened an account with MB Trading and will be funding as soon as they add the ACH option. I'm not a very experienced trader but I find their interface to be much more intuitive and useful than most web-based brokerages even if I'm not familiar with some of the advanced options.

MrFluteRadha said: [Q]Is the ACH now active? No, at least it does not yet appear where they said it would: (To get started, select "ACH Relationship" from the "Transactions" menu under the new "Account Management" link)
[Q]If the ACH is active, then opening penflex checking account does not offer any additional advantages? Am I right in this assumption (I understand that there will be no check wiriting facility)? Personal decision. At a minimum having the checking account would allow you to push/pull from external accounts rather than always initiating from the MB side. More flexibility is always better IMO (and its free so what's the downside?)
[Q]Anyone able to use Yodlee and MBtrading or MB Trading with MS Money? (I see Money gives access to penson financial services. Is this the same as access to mbtrading? Or do I need penson penflex checking account to access this facility on MS Money?) I do not believe that Yodlee supports Penson/MBT, I have requested Penson support in the Yodlee thread in the past.

I vaguely remember that Penson supports Quicken but as I recall the results weren't pretty when I tried it(sorry don't remember the details)... If Money also supports Penson then that should be the same as supporting MBTrading since Penson is their clearing firm so all account details should be available from them.

Finally I opened an account and its pretty fast!
And yeah they seems to have a really nice customer service.

I do see ACH option on my account. I am trying to link it to my checking account (waiting for trial deposits now/verification).

Thanks to gutzalpus and winter for your suggestions. I ended up sending a penflex checking account application any way!!

MrFluteRadha said: [Q]I do see ACH option on my account. I am trying to link it to my checking account (waiting for trial deposits now/verification). Great, thanks for letting us know, I had forgotten to check again since earlier this week - I just setup my first trial deposit too.

I don't know why MBTrading didnt wait until the new features were available before sending the email announcing them - I guess they were so excited they couldn't wait.



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