Beware Of this broker! - Page 2
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Thread: Beware Of this broker!

  1. #11
    Quote Originally Posted by ;
    MB Trading appreciates the opportunity to deal with your queries. My
    apologies for not responding earlier however I wished to give you a
    concise, well researched answer. With regard to your endeavor to close
    your long position in the EUR/USD. I understand that you need MB
    Trading to charge you $100 for the 10 pip gap between your sell
    price of 1.3522 and your subsequent effort to close your position in 1.3532.

    Our study suggested the following:
    -Between 3:38:00 and 03:41:02 am ET the range of”Bid” activity was
    1.3531 and 1.3533. You put no Sell orders in this time period.
    -Your link was lost in 03:41:02 and reestablished at 03:44:41.
    During these 3 minutes and 39 seconds, the”Bid” range was 1.3528 and
    1.3531.
    -Between 03:44:41 (period of re-connect) and 04:15:46 (period you closed
    your long position), the”Bid” range was between 1.3519 and 1.3530.

    Your effort to close your position in 1.3532 would have stayed
    unfilled and as such MB Trading considers no charge is expected. We
    understand that you did actually suffer an inconvenience and for that we
    apologize.
    MB trading does everything in our power to ensure a reliable platform to
    transaction from. We certainly have one the highest levels of reliability as
    evidenced by our uptime however that this does not guarantee that there will
    be no disconnect or potential downtime. We do ensure that in the
    case of any downtime that MB Trading can do everything within our
    capability to solve the issue quickly and restore connectivity.
    Unfortunately, MB Trading won't be able to honor your request
    charge you $100. We're however willing to charge your account $25 in
    commission on account of the inconvenience.

    Please let me know if this is decent

    Sincerely,

    Brain Field
    It is so amusing. It is like people do not get that computers can keep second by second logs of what happens or something. No, I really MEANT to put an order in is what I intended, but my Internet connection was down in the time and that I did not wish to call in and put a trade in over the phone. Some of the things that I see on these boards over $25...I can't imagine why the brokers actually wish to be in company and deal with us.

  2. #12
    Audio,

    You have the letter that's all you need. . .MBT will give you the credit if they have not already. It likely has to be passed along to someone in accounting.

    Simply contact them at your leisure and make reference to the letter in the event that you really need the 25 that quickly.

    Quote Originally Posted by ;
    I have yet to find $25 charge...
    We'll see if it occurs...

  3. #13

  4. #14
    Glad that worked out for you. I've utilized MBT for some time now and have been really happy with them, so I've been fascinated in your own circumstance.

  5. #15
    Quote Originally Posted by ;
    Okay.. I have the credit. .
    My friend, welcome into the world of finance and more specifically brokers. Yes, this can be an irritation but I have some far far worse stories of my own over far far more money than $100.

    We all despise brokers but down time is just something all brokers experieice from time to time. If it occurs on a regular basis you havve cause to become angry, otherwise you shouldn't get so stressed by this.

    My present futures broker proved so great enough to loose $16,000 of mine that I wanted deposited into my FX account. It took them 6 weeks to monitor these funds. Additionally more than a 3 week period they were able to charge me on my DAX commisions by $1850, I am still having to struggle to get back these funds even though they have agreed they charged me (three weeks and counting).

    I've had numerous accounts that have many brokers and we've yet to find one where through down time I have not lost atleast $1000 through lacking a transaction, or networks going down while I had contracts in the market. I've lost thousandzzzz of my cash through such mess ups

    I've even had a very charming guy from Zurich telling me that he didn't believe I'd deposited funds into an account with them (which I had and afterwards proved). I think his word were yee Sir, prove it. I felt like leaping on a plane from London and going over there only to punch him!!

    The list goes on and on and OOONNNN.

    Since I said previously, WELCOME TO THE WORLD OF FINANCE AND BROKERS!!

    Regards, Charlie

  6. #16
    I dropped 50k. I called the deal desk to shut order on the telephone on a friday in profit by 50k. The dealer gave me a confirmation order number. When the market order started on Sunday there was a gap and my order was still active. I called and they said they have no evidence of me calling to close order. I gave them the confirmation number and they still denied it.

  7. #17
    Quote Originally Posted by ;
    I lost 50k. I called the deal desk to close order on the phone to some friday in profit by 50k. The dealer gave me a confirmation order number. When the market order opened on Sunday there was a gap and my order was still active. I called and they stated that they haven't any proof of me calling to close order. I gave them the confirmation number and they still denied it.
    Come on Drfrankm, you gotta tell us exactly the broker!

  8. #18
    i can appreciate your situation. I have has similar experience previously with a different broker. The fact remains that MB trading is NOT responsible for any loss you might suffer because of electronic failure. Read the trading arrangement files that you signed carefully and you will see. All brokers insists about this particular clause. Be grateful you got out with $400 profit. If they have numerous electronic failures I'd look for a different broker. Trading is difficult enough without that added stress! Very good luck and great trades to you.

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