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RichardCox

Features of MBT Desktop Pro

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MB Trading recently released the next version of its desktop application, MBT Desktop Pro, which builds on the features seen in the previous platform and adds some new enhancements that are relatively significant for forex traders. MB Trading’s attempt was to retain all of the account management systems and order types that were available previously and to make improvements on its charting software and alert systems but whether or not it succeeded in this task is up for debate and there are some significant pros and cons that can be seen in the offerings which should be considered by forex traders looking to start using the platform.

 

Some of the more well-known features in the application can be seen in MB’s access to daily research (its Morning Note), its Options Strategist feature and the low commissions that can be found relative to most of its competition. A list of the additional features available in the Desktop Pro include:

 

  • Charting Software with more than 100 built-in indicators, technical studies, and trading tools
  • A revised scripting language that applies to all asset classes and allows for the design of custom executable scripts
  • An enhanced back-testing system
  • Increased options for order placement
  • An automated scanner which can be used for finding patterns which meet customizable criteria (available for all asset classes, not just forex)

 

Overview of MB Trade Offerings

 

MB Trading is a US-based broker (regulated in the US) and is an ECN so its task is to match buyers with sellers. This is beneficial as this means the company does not have a direct active interest in whether clients win or lose in their trades. On the MB Trading website, the draws attention to its 4.5 star rating from Baron’s (which is a widely respected source) and specific award from Baron’s have come in the Best for Frequent Traders and Best for International Traders categories. These ranking do help to secure MB’s position as one of the more popular ECN traders in the US.

 

Clients using the MBT Desktop Pro are able to trade in all asset classes (stocks, commodities, etc) but it should be noted that forex trades are segregated and must be traded using an alternate account. Company highlights include excellent capitalization and highly competitive trading costs. Since the company is an ECN, forex trades are commission-based as a means for offering lower spreads. Per 100,000 base units traded, commissions costs are 2.95. This essentially comes out to roughly 0.2 pips for every full lot traded, so these are some of the lowest trading costs that can be found in the forex markets. The company offers some attractive promotions as well, so the company is clearly set on providing incentives for its clients.

 

Platform Specifics

 

MB Trading allows client to place trades using several different platforms, with most of the common options available (a trading platform for mobile devices, a the previously released MBT Desktop, the newer MBT Desktop Pro, as well as MetaTrader4). But while the MBT Desktop has been one of the company’s centerpieces for year, there is a reason these other platform options are available. Central weaknesses in the company offering can be seen in the lack of educational materials and in their platform itself, which lacks many of the advanced design offerings that can be found in MBT’s competitors.

 

Perhaps the most useful feature is the Market Depth field, which can be seen in the attached screenshot. This allows traders to see the price and size of transactions that are taking place (useful for seeing which orders are being filled and which aren’t). Switching between currencies is a bit cumbersome, however, as this must be typed in manually. Kind of surprising to see that they have not streamlined this but this is another example of how platform design does not appear to be at the top of MB’s list of priorities.

 

Charting Software

 

It can be said that what MB offers in transparency and low trading costs, it lacks in charting software, which will likely be a major problem for technical analysis traders. The Charting Tools available from MBT is clearly the weakest part of the company’s offering, as they use IntelliChart through a web browser. This is the reason MBT also offers MetaTrader and third party add-ons (like Ninja Trader), which are compatible with the platform. On the positive side, it can be said that MB does offer its clients work-arounds in order to get better platform efficiency and ease of use, but if a trader is looking for a new platform to conduct advanced technical analysis in constructing a position strategy, the MBT Desktop Pro is unlikely to be high on anyone’s list.

 

As can be seen in the attached picture, the charting software that is made available on the platform should only be used to get a sense of basic trends or support and resistance levels, as there is little in the way of allowing traders to make complicated object analysis when compared to other, more commonly used platforms like MetaTrader. While this will be viewed as unfavorable to traders of many styles, at least it can be said that MB does not limit trades to their own platforms and that there is some added flexibility in that other options can be used to augment the ECN offerings.

 

Upgrades from Previous Platform

 

But while there are some clear deficiencies in the power of MBT Desktop Pro as a tool for conducting technical analysis, it should be noted there are some improvements from the previous offering. Here is a list of some of the changes:

 

  • Platform bug causing no longer crashes when loading some workspace files has been removed.
  • Platform now remembers last workspace viewed from the account
  • Charting Improvements include the addition of the CCI (replacing the plugin)
  • New Trade Increment Snapshot Field added (communicating the minimum price increments)
  • New ways to control the Auto Cycle speed for the Symbol-Interval Bar.
  • Improved tick charts now have no limits on the number of ticks that can be shown
  • Addition of the Heikin-Ashi chart type
  • Addition of the middle line indicator in all band studies

 

Conclusion

 

When looking for a trading firm that is a true ECN and maintains high levels of transparency and fairness, MB Trading has a long established (in fact, award winning) reputation in these areas. When dealing with the platform itself, however, there is much to be desired as there is little in the way of technical analysis capabilities that will allow you to back test specific scenarios or use indicators that are new or less common to the forex trading community. Given these factors, MB can be used as your trading ECN if you are willing to use the MetaTrader option or other charting and analysis software that allows you to implement your preferred trading strategies.

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I used MB Trading for a while. I would never go back. The execution was garbage. Limit orders were executed at market price, and often times when I wanted to take liquidity (when there was plenty available) MB Trading wouldn't let my order execute alltogether, forex trading has asymmetrical slippage, support is an absolute joke, and the chief of compliance has no idea what he is doing.

 

Its very rare for me to ever post on any forum on the internet, much less call out a person or organization publicly like this, but after trading for the past 3 years and trying many brokers, I feel the need to say something.

 

I left MB Trading, and couldn't be happier.

 

Finn

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