MB Trading - Are these guys serious?

A

akeyla

I just started trading with them -

I get 4:1 DTBP but not 2:1 overnight.. I don't even have a margin loan with them. It is less than 2:1. Here's the kicker: Their software does not show either your morning, real time or overnight buying power.
Shortable shares are not available on all the hard to find stocks. I asked their trade desk and was told that MB does not have a system to record and keep track of the extra interest that is charged on these stocks and hence does not offer shortable shares in them.
Lagging data feed on quotes particularly during busy periods.
Customer service: Even though these guys promptly pick up the phone they are clueless and inept.
Time to find another firm.
 
Quote from akeyla:

I just started trading with them -

I get 4:1 DTBP but not 2:1 overnight.. I don't even have a margin loan with them. It is less than 2:1. Here's the kicker: Their software does not show either your morning, real time or overnight buying power.
Shortable shares are not available on all the hard to find stocks. I asked their trade desk and was told that MB does not have a system to record and keep track of the extra interest that is charged on these stocks and hence does not offer shortable shares in them.
Lagging data feed on quotes particularly during busy periods.
Customer service: Even though these guys promptly pick up the phone they are clueless and inept.
Time to find another firm.
More...

I'm constantly amazed at some of the posts here. Rather than complaining here on ET why not pick up the phone and speak directly to MB regarding issues. I've communicated directly with Ross on issues when necessary. I've been with them over 5 years and recently set up 2 additional accounts to trade through the Managed Account Trading option. As far as your complaints; BP is shown in the morning, not sure why you can't find it. Quote issues have decreased to next to nothing (Fed rate days are sometimes an exception). At least that's my experience with the fastest business cable offered by my provider and wireless. As far as your knock on customer service --- if a rep doesn't know the answer they'll get someone else online to resolve the problem.
 
Quote from DHOHHI:

I'm constantly amazed at some of the posts here. Rather than complaining here on ET why not pick up the phone and speak directly to MB regarding issues. I've communicated directly with Ross on issues when necessary. I've been with them over 5 years and recently set up 2 additional accounts to trade through the Managed Account Trading option. As far as your complaints; BP is shown in the morning, not sure why you can't find it. Quote issues have decreased to next to nothing (Fed rate days are sometimes an exception). At least that's my experience with the fastest business cable offered by my provider and wireless. As far as your knock on customer service --- if a rep doesn't know the answer they'll get someone else online to resolve the problem.
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i have their latest software and it does not show any buying power period. Are you a shill for MB Trading. I've gone through your posts and you jump up to defend them at every opportunity.
Look Einstein, I challenge anybody on MB to look at my records and tell me that I am wrong. I can prove every single thing that I've outlined on this post.
 
Hi Akeyla,

Maybe I can help. Your buying power is fine however there is a display issue in the "account balances" window of the newest version recently released. We of course are fixing that now but if you are on the 11.0.0.1 version, which it sounds like you are, then the display will not show for overnight BP. Let me reiterate this is only a display issue and that your BP is working just fine internally. In fact, if you go to the level II window as an example you will see your BP displayed correctly. It is only an issue in the account balances window. If there is anything else that I can help you with please feel free to IM me. I would be happy to assist.

Regards,

Steve
 
Quote from MBT-Steve:

Hi Akeyla,

Maybe I can help. Your buying power is fine however there is a display issue in the "account balances" window of the newest version recently released. We of course are fixing that now but if you are on the 11.0.0.1 version, which it sounds like you are, then the display will not show for overnight BP. Let me reiterate this is only a display issue and that your BP is working just fine internally. In fact, if you go to the level II window as an example you will see your BP displayed correctly. It is only an issue in the account balances window. If there is anything else that I can help you with please feel free to IM me. I would be happy to assist.

Regards,

Steve
More...

Steve, thanks for your help. For the last 4 days my overnight buying power has been incorrect. These are figures I double checked with penson's website. The DTBP is 4:1 but the overnight is not 2:1. It is approx 40% of the DTBP instead of the 50%. So to reiterate it is not the buying power but the overnight buying power that is at issue and faulty. Yes I am on 11.0.0.1 which does not show any buying power period which is disconcerting to say the least. I also stand by what I mentioned in my earlier post about shortable shares. I have the records to prove everything that I've said except the short shares issue since it was a verbal conversation that I had with your account desk. However, I am sure other traders will also have this problem - the inability to short hard to find stocks.
 
Quote from akeyla:

I just started trading with them -

I get 4:1 DTBP but not 2:1 overnight.. I don't even have a margin loan with them. It is less than 2:1. Here's the kicker: Their software does not show either your morning, real time or overnight buying power.
Shortable shares are not available on all the hard to find stocks. I asked their trade desk and was told that MB does not have a system to record and keep track of the extra interest that is charged on these stocks and hence does not offer shortable shares in them.
Lagging data feed on quotes particularly during busy periods.
Customer service: Even though these guys promptly pick up the phone they are clueless and inept.
Time to find another firm.
More...

IB has dramatically improved their shortable list in the last year...
I short only "hard-to-find" stuff...
And stocks I couldn't get for 15 years at various brokers...
Are now consistently available.

This makes me VERY profitable.

Plus at IB you get interest on your short position.
So if you are roughly 50/50 long/short...
Your NET interest will be positive.

Sure IB has issues... lots of them...
But they are 2007 type issues...
As opposed to the 1987 type issues you described.
 
Quote from akeyla:

Yes I am on 11.0.0.1 which does not show any buying power period which is disconcerting to say the least.
More...

As a user of 11.0.0.1 I can say that BP does show up --- it's right on the order entry screen, below the buy/sell buttons and adjacent to the Position size.
 
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