Menu
Search Brokers +

Broker Reviews

MB Trading

Published by
On Monday, July 7th, 2014 .

Overview

MB Trading offers active investors the platforms and tools they need to succeed, including access to forex and futures trading; however, customer service lacks in quality and the broker's research offering is nearly non-existent.

Dislikes

MBT World a poor effort at community functionality; additional charges for trading after hours under the MBTR plan.

Special Offer: Receive 100 Free Trades - Learn More

MB Trading Review

MB Trading is built with active and seasoned investors in mind, while also catering to intermediate investors. While most prominently known for forex trading (we ranked them No. 1 for forex in our 2011 Forex Review), the broker offers the full spectrum of trading: equities, options, futures and forex

This review will only focus on MB Trading's equity and options offering. 

Commissions & Fees

For regular stock trades, two commission plans are offered: flat fee $4.95 per trade (MBTR plan) and the other is $0.0075 per share with a $4.95 minimum per trade (MBTX plan). Options trades are $.95 per contract if trading 0- 10 contracts and can be as low as $.15 per contract when trading 251 contracts or more. For a complete breakdown, please see click the Commissions & Fees tab above and scroll down to the notes section.

One important note is that under the MBTR plan, after hours trades are charged an extra $.005 per share, a fee that is archaic in todays world and should be put to rest. Also, clients are charged a $7.50 data fee each month atleast $25 in commissions are not spent month.

Lastly, mutual funds are not supported by MB Trading. 

When it comes to commissions and fees overall, active traders will find MB Trading's rates competitive, however, not as low as the deep discount leaders Lightspeed and Interactive Brokers. This is especially true for trading on margin. With that said, if trading large order sizes of 3,000+ shares or 101+ contracts, MB Trading is the cheaper route.

MB TradingTradeStationInteractive BrokersOptionsHouseLightspeed Trading
Stock Trade Fee (flat)$4.95$9.99N/A$4.75$3.00
Options Base Fee$0.00$0.00$0.00$8.50$0.00
Options Per Contract Fee$0.95$1.00$0.70$0.15$0.60
Broker Assisted Trades Fee$4.95$20.00$30.00$4.75$25.00
Commissions & Fees

Platforms & Tools, Mobile

MB Trading offers a variety of platforms, with the two primary ones for equities trading being MBT Desktop Pro (desktop-based) and MBT Web (web-based). The broker also offers mobile apps for the iPhone, Android and iPad.

MBT Desktop Pro is not built for newer investors, and instead has active traders at heart. From trade hotkeys to market depth ladder trading, level II quotes, advanced charting, one-click trading buttons, completely customizable watch lists, direct market access and all data real-time streaming, there is a lot to like.

MB Trading Desktop Pro ladder tool

The weaknesses with the platform include a lack of snap windows for easy set-up, limited option trade analysis (P&L reporting is minimal, and probability and risk analysis could be more intuitive for less experienced traders), and the UI overall, which requires some time to get used to.

MB Trading Desktop Pro charting

As far as speed and smoothness goes, MBT Desktop Pro is the flagship platform, a pleasant experience and bug-free. However, the same cannot be said for MBT Web. We found opening and closing MBT Web in Chrome to be a lost cause, forcing us to use Firefox or Internet Explorer instead.

MB Trading Web loading screen

With mobile trading, the iPad app has a lot of potential. It is apparent that MB Trading's mobile strategy is to create a seamless user experience whether on mobile or the web, and given proper tech resources alongside time, they may very well accomplish their mission.

Back to MBT Desktop Pro, one big positive for active traders is the order entry capabilities. Customizing and placing orders, despite the type, is a smooth experience. The number of order types available is also staggering, with 28 total available as of this review.

Other Notes

Like most active trader-focused brokers (in this case TradeStation, Lightspeed, Interactive Brokers, etc) MB Trading does not offer any research, and education is extremely weak. This is expected.

One disappointment came through our customer service testing. MB Trading's support, whether it be phone, email or live chat, was very inconsistent. Some reps were nice, while others made us feel rushed and unappreciated. In some phone calls, we had a connection in less than a minute, while others took up to five minutes. One email came back in less than an hour, while another took more than two days. Overall, when it comes to customer service, MB Trading has room for improvement.

On the positive side, MB Trading's website is well organized and easy to navigate. For a broker with such a diverse offering, this is no easy task, and while MB Trading has done multiple iterations of its website, we feel this one is the best yet.

Closing Thoughts

MB Trading is a broker built for active traders and investors who not only have an interest in stocks, but also options, futures and forex. The flagship platform, MBT Desktop Pro, is fast, bug-free and an order entry magician. Coupled with its competitive commission rates, this makes MB Trading a legitimate competitor.

Like all brokers, there is also room for improvement. The MBT Web platform still has its fair share of bugs and customer service is also weak, with inconsistency and a lack of attention to detail making for a poor client experience.


Blain Reinkensmeyer

Reviewed by

Blain has been involved in the markets for over 12 years, heading StockBrokers.com equity broker research and reviews. His personal blog, StockTradingToGo.com, provides to-the-point daily market recaps to over 17,000 subscribers.

Commission Notes

Minimum Deposits - MB Trading minimum deposits to open an account vary by account type. For a cash account (stocks, options) the minimum is $1,000, margin accounts (stocks, options, futures) need a $2,000 minimum deposit, and for an IRA account (stocks, options) the minimum is only $500.

Stocks - MB Trading offers two different commissions structures for stocks: a flat rate setup and a tiered offering. Here at StockBrokers.com we utilize the flat-rate commissions structure for listing rates throughout the site. Both offerings and all subsequent fees are broken down below.

Flat-fee trading stock commissions - The MBTR plan offers both market and limit orders at any share price with an unlimited amount of shares for $4.95. Thus, a 100 share purchase of a $50 stock would cost $4.95, and a 8,000 share purchase of a $100 stock would cost $4.95. There are additional fees however for trading during pre (before 9:30 AM EST) and post (after 4:00 PM EST) market hours, or if placing any of the following specialty order types: Reserve, Discretionary, or Pegged. This additional fee is $.005 per share ontop of the base commission rate of $4.95.

Tiered stock commissions - The MBTX plan is designed for more active traders seeking better (professional) executions for their trades. Stock trades placed under this plan are $0.0075 per share with a $4.95 minimum per trade.

Data feeds & fees - It is important to note that MB Trading does charge a $7.50 per month data fee waived if a minimum of $25 in commissions are spent in a given month. Also note for clients who opt to have Level II quotes, there is a $10 monthly fee which can be waived if 10 trades are placed each month. A variety of additional advanced data feeds are also available.

Tiered Options commissions - All options orders are charged based on the number of contracts: $0.95 per contract (1-10 contracts); $0.60 per contract (11-100 contracts); $0.35 per contract (101-250 contracts); $0.15 per contract (over 251 contracts). The broker does not allow any naked put or call options orders to be sold. Also, there is a $.01 per share fee to exercise options contracts.

Mutual Funds - Mutual funds cost $12.95 per trade and must be phoned in. Mutual Funds currently cannot be traded through any MB Trading platforms.

Other Investments - MB Trading offers both forex and futures trading.

International Trading - MB Trading offers international trading support. For a full list of countries supported please visit the site.

Trade Commissions Breakdown

$4.95 Stock Trade Fee (flat)*
$0.0075 Stock Trade Fee (per share)*
$0.00 Options Base Fee*
$0.95 Options Per Contract Fee*
$0.00 Options Exercise Fee
$0.00 Options Assignment Fee
$12.95 Mutual Fund Trade Fee
$4.95 Broker Assisted Trades Fee
$1,000.00 Minimum Deposit

Margin Rates

7.45% Under $24,999.99
7.45% $25,000.00 to 49,999.99
7.45% $50,000.00 to $99,999.99
7.45% $100,000.00 to $249,999.99
7.45% $250,000.00 to $499,999.99
7.45% $500,000.00 to $999,999.99
7.45% Above $1,000,000.00

Miscellaneous Fees

$12.95 Bond Trade Fee
$0.00 Treasury Trade Fee
$0.00 CD Trade Fee
$0.00 IVR Trade Fee
$30.00 IRA Annual Fee
$20.00 IRA Closure FEe
$0.00 Forced Margin Sellout Fee
$30.00 Returned ACH Fee
$30.00 Returned Wire Fee
$75.00 Stock Certificate Processing Fee
$235.00 Stock Certificate Delivery Fee
$5.00 Paper Statement Fee
$2.00 Paper Confirmation Fee
$15.00 Domestic Wire Fee
$50.00 International Wire Fee

Broker Ratings

Overall
Commissions & Fees
Ease of Use
Research
Platforms & Tools
Customer Service
Mobile Trading
Offering of Investments
Education

Broker Awards

2014

MB Trading was awarded 4 stars for Platforms & Tools. Read the 2014 Online Broker Review.

2013

MB Trading was rated 4 stars for Platforms & Tools. Read the 2013 Broker Review.

2012

MB Trading was Best in Class for Platforms & Tools, Active Trading, and Options Trading. Read the 2012 Broker Review.

Offering of Investments

Yes Stock Trading
Yes Options Trading
Yes Mutual Funds
Yes Forex Trading
Yes Futures Trading
Yes OTCBB / Pink Sheets
Yes DRIPs
Yes After Hours Trading
0 Commission Free ETFs
0 Retail Locations
7650 Mutual Funds (Load)
4282 Mutual Funds (No Load)
0 Mutual Funds (NTF)
11932 Mutual Funds (Total)
4 Complex Options Max Legs
NA Clearing Firm
No Inactivity Fees
No Minimum Deposit
No Fee IRAs
Yes Broker Assisted Trades

Research

Yes Mutual Funds Research
Yes Pink Sheets / OTCBB Research
Fixed Income Research
Yes Global Market Overview
Equity Research - SEC Filings
ETF Research - Top 10 Holdings
ETF Research - 3rd Party Reports
Fund Research - Strategy Overview
Fund Research - 3rd Party Reports
Fund Research - Fees Breakdown
Fund Research - 3rd Party Ratings
Screener - Stocks
Screener - ETFs
Screener - Funds
Screener - Options
Screener - Bonds

Banking

Checking Accounts
Savings Accounts
Credit Cards
Debit Cards
Mortgage Loans
Retail Locations
No Fee Banking
Mobile Check Deposit
ATM Fee Reimbursement

Customer Service

Yes Phone Support
Yes Email Support
Yes Live Chat (prospect clients)
Yes Live Chat (current clients)
24/7 Support

Recommended For

Best in Class Commissions & Fees
Best in Class Platforms & Tools
Best in Class Research
Best in Class Customer Service
Best in Class Ease of Use
Best in Class Investor Education
Best in Class Mobile Trading
Best in Class Active Trading
Best in Class Options Trading
Best in Class New Investors

Mobile Trading

Yes iPhone App
Yes iPad App
Yes Android App
Mobile Site

Platforms & Tools

Yes Virtual Trading
Yes Web Platform
Yes Desktop Platform
Yes Mac Platform
Yes Platform Backtesting
Yes Trade Hot Keys
Yes Streaming Time & Sales
Yes Level 2 Quotes
Streaming CNBC TV
Yes Sitewide Real-time Quotes
Yes Watchlist Streaming Real-time Quotes
Yes Options - Chains Basic View
Yes Options - Chains Spreads View
Yes Options - Greeks Analysis

Active Trading

Yes Internalizes Trades
Yes Receives Payment for Order Flow
Yes Direct Market Routing (Stocks)
Client Liquidity Rebates
4000 # of Easy to Borrow Stocks

Education

Investor Dictionary
Live Seminars
Yes Investor Community

Compare MB Trading:



All pricing data was obtained from a published web site as of 04/07/2014 and is believed to be accurate, but is not guaranteed. The StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the top of this page. * For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

StockBrokers.com Square Logo