Thread: Beware Of this broker!

WATCH OUT FOR MB TRADINGgt;gt;
Letter to Brian Field of MB TRADING:

Dear Brian:
That is an open letter to youPersonally; also being posted on Different Forex bulletin boards. I want the Forex retail clients to see how you've treated this customer...

Thursday, April 12, 2007 that I bought 1 full lot of EUR/USD at around 5:25pmEST.

I had a 50 pip profit target. I saw this trade for over 10 hours, and at approximately my $500 profit target has been attained.
I clicked the sell at”market” button, and received the”order never filled; couldn't connect to server” message. Of course, at this moment, the market also took a turn against me. I repeatedly pushed the sell button, with the exact same message coming up each time. I then tried calling your trading desk to escape the trade . The phone just rang and rang. NO ANSWER. So I attempted your customer support number. The phone just rang and rang. NO ANSWER.

Eventually, at about 3:55am, the server”appeared” back on line. I had been down to $380 of profit. I decided to watch the market for a while to see if it'd come back to my target so that I could get out. It came up to about $440; subsequently turned around again. To restrict additional loss, I left the trade at $400 profit.
About 4:15am, I called your trading desk again. This time someone answered. He said you'd been having server issues all night, and was”flooded” with calls. He also said to get hold of you in the morning.
The next morning, (Fri the 13th) I called and asked for you. You refused to take my call, and instead I had been switched into Mike Blossett(? Spelling erroneous of last name?) Who eventually told me that he had been your Chief Trading Officer.

I explained to him what happened. He continued to tell me that you guys are down for maintenance at 5pm and 12am (despite the fact that this doesn't have anything to do with you being down 3 1/2 hours afterwards during the LONDON opening). He also made the statement that NOBODY offers 24 hour access to the FX markets whenever they're open (in spite of the fact that every other broker EXCEPT for you offer this). It is possible to check the recording of our call; although this is hard to trust.

He confessed that he was confused by the 3 hour EST vs PST gap (that in itself is terrifying. .) , and that maybe there was a problem. He said he'd look into this and get back to me within an hour. Its 3 days later and I'm still waiting.

I don't expect you are going to have the courtesy to respond to this email since you did not have the courtesy to speak with me Friday. I really don't expect to EVER here from Mike although I had been promised a return call. I DO expect my 100 to be credited to my account. I have 3 other computers running at precisely the exact same time, and EVERY SINGLE ONE was upgrading market data at 3:40am on the 13th. So I know the problem was not on my conclusion.

I'm posting this on public bulletin boards so EVERYONE can see how you respond and treat your clients in a real-world situation. I have never done business with a broker that really refused to respond to a customer complaint. Up to now I have been pleased with you people.

When by chance you DO respond with the email, I'll place it on the boards that this is posted on. .
http://www.forexclarity.com/forum/im...c/progress.gif

Looks like plausible explanation and a reasonable resolution for me

I had a similar issue where my commerce appeared to turn the wrong manner and I lost my connection I signed back on and discovered that my stop struck the in the incorrect amount and I got my refund in a few days. Minus the commisions for 1 entrance and 2 exits none the less I left a profit didnt see a difficulty within it.

Has anybody experienced these problems with efx group?

I have had some very brief reverted to the orders/quotes server, luckily I have never become a trade during those tho. If it was them, or even the internet, I couldnt tell.

But I believe you need to place things into perspective here. Every broker has its own downtimes, heck even exchanges like CME occasionally do. The one thing you can do about it's always haveing your stops and goals already set up when that occurs.

MB Trading enjoys the opportunity to address your queries. My
apologies for not reacting earlier however I wanted to give you a
succinct, well researched response. With respect to your attempt to shut
your long position in the EUR/USD. I understand that you desire for MB
Trading to charge you $100 for your 10 pip gap between your market
price of 1.3522 along with your noted attempt to close your place in 1.3532.

Our research suggested the following:
-Between 3:38:00 and 03:41:02 am ET the range of”Bid” action was
1.3531 and 1.3533. You put no Sell orders in this time.
-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 (time of re-connect) and 04:15:46 (time you closed
your long position), the”Bid” range was between 1.3519 and 1.3530.

Your attempt to close your place in 1.3532 would have stayed
unfilled and as such MB Trading considers no credit is due. We
understand that you did in fact suffer an inconvenience and therefore we
apologize.
MB trading does all within our power to ensure a reliable platform to
transaction from. We surely have one the highest levels of reliability as
evidenced by our uptime however this doesn't ensure that there will
be no disconnect or potential downtime. We do ensure that in the
case of any downtime that MB Trading will do everything within our
power to solve the issue quickly and restore connectivity.
Unfortunately, MB Trading will not have the ability to honor your request
charge you $100. We are however willing to charge your account $25 in
commission on account of this inconvenience.

Please let me know if this is sufficient

Sincerely,

Brain Field

I have to give credit. . .they did refund you your trading expense, and you still earned a profit.

Originally Posted by ;

MB Trading appreciates the opportunity to deal with your questions. My
apologies for not responding earlier however I wished to give you a
concise, well researched answer. With respect to your attempt to shut
your long position in the EUR/USD. I know you desire for MB
Trading to charge you $100 for your 10 pip gap between your sell
price of 1.3522 along with 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” action was
1.3531 and 1.3533. You put no Sell orders during this time period.
-Your link was lost in 03:41:02 and reestablished at 03:44:41.
Throughout 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
know that you did in fact suffer an inconvenience and for that we
apologize.
MB Trading does everything within our power to ensure a reliable platform to
trade from. We surely have one the greatest levels of reliability as
evidenced with our uptime nevertheless that this does not guarantee that there will
be no disconnect or potential downtime. We do ensure that at the
event of any downtime that MB Trading will do everything in our
power to solve the matter immediately and restore connectivity.
Regrettably, MB Trading will not have the ability to honor your request to
charge you $100. We are however willing to charge your account $25 at
commission on account of this inconvenience.

Please let me know if this is satisfactory

Sincerely,

Brain Field

Great occupation by mbtrading.

Scary! One can only imagine the attempts they'd have made to hide'd the sums been 10 or 100 times larger!

I have yet to find that $25 credit...
We'll see if it happens...