[Cory2679]

I've been researching ECN forex brokers, and I've almost decided on mb trading.

I have the following list of criteria (which mb trading seems to meet):

• No dealing desk
• Straight through processing
• Full-time ECN
• CFTC registered FCM
• NFA member
• 100:1 leverage
• Competitive execution, spreads, commissions, etc.

My questions for this thread...is there any particular reason why anyone would recommend not going with mb trading? Is there any ECN forex broker that anyone would recommend over mb trading for any particular reason?

Thanks,

Cory

[Kiwi]

When you have had enough of MB and decide that 50:1 might be enough you might consider interactive brokers. I've never traded with MB but I always get the feeling that they are a step on the way like ameritrade or something. I could be wrong.

[MidKnight]

There was a decent thread on that 'other' forum some years back where a trader I very highly respect was questioning MBTs liquidity providers for the FX market. A guy from MBT was replying to thread (from memory, I think he was the principal for MBT) and wouldn't give any information on the guys queries about who was providing liqudity. The MBT guy kept saying it was part of their proprietary process or some equally obscure and nonsense response. The trader kept pressing but the same responses were given. I thought that was pretty shady. I mean what is so proprietary about saying UBS, deutsche bank etc are making our markets. With IB you can view the FX product info and find a list of all the banks that are making the markets for the ECN FX product. It is no secret, and it shouldn't be a secret for you as a customer - IMHO.

With kind regards,
MK

[Cory2679]

Thanks for the input, guys. I appreciate it. All things considered though, I think I'm still going to move foward with mb trading for now.

Like I said, they seem to meet all of my criteria...and I do want 100:1 leverage. While most of the time, 50:1 would be sufficient (I believe the highest leverage IB offers is actually 40:1, Kiwi), since I'm currently focused on only the EUR/USD, there are times when I'm watching price on something like a 1 minute chart (side by side with something like a 15 minute chart) and will enter a trade with 5 or maybe even 4 ticks of risk (at a significant area)! With those trades, sometimes I like to put on some size...I currently generally risk the same amount per trade (2%), so that small risk zone requires more size...these types of trades offer spectacular R:R opportunity for me.

I would never need more than 100:1...I could sometimes use more than 40:1.

Regarding their ECN forex broker status, I asked them (take it for what it's worth)...

Cory: Hello. I'm looking for an absolute, all-inclusive "yes" or "no" answer to the following: Is mb trading a true full-time ECN forex broker (no dealing desk + straight through processing + electronic communications network, 100% of the time)?
MBT Paul: Yes

All in all, I think MBT is good for my current situation and what I currently want/need.

EDIT: I will keep IB in the back of my mind for the future...I've heard nothing but good things about them here...MBT has been mixed.

[Cory2679]

Originally Posted by Cory2679 »

EDIT: I will keep IB in the back of my mind for the future...I've heard nothing but good things about them here...MBT has been mixed.

IB seems to have a respectable following...even around TL...you guys (Kiwi, MK), thales (althought I don't think he trades spot fx), I think Blowfish, and maybe some others.

Furthermore, I was just reading a thread in the "other" forum about some guys trading some huge size in spot fx...while a lot of the conversation was about big guys having relationships with multiple banks/prime brokerages/liquidity providers, etc., IB still was talked about highly.

It seems that among the ECN forex available to an individual retail trader, IB really shines.

So, it'll probably be pretty much like Kiwi's first post for me...MBT as a stepping stone to IB.

I'm still not up to trading at full size ("full size" for me is a $10k account...IB's initial deposit requirement). MBT will allow me the opportunity to continue to scale up to "full size" with an ECN broker, rather than a market maker like oanda.

[keymoo]

You could also consider dukascopy - very transparent and have good protection with swiss banks.

[dam5h]

where does fxcm fit into this picture? i'm trying to learn more about forex and the various brokers.

[Cory2679]

Originally Posted by dam5h »

where does fxcm fit into this picture? i'm trying to learn more about forex and the various brokers.

fxcm is not an ECN broker.

This link was provided on another thread that I thought was useful in my research: ECN brokers list | ECN/STP Forex brokers It'll probably help answer some of your questions.

EDIT: Well...I take that back...if you're trading with FXCM Active Trader it's an ECN according to the link I provided.