DaWee,
It really depends on what you are looking for. I have used both brokers and there are strong points to both.
Joey is correct IB's rates are better than MB's. That is their strong point. And lots of third-party front-end applications to choose from.
But I would disagree that MB Navigator isn't easy. Enter a price, select order type, hit the Buy or Sell button. Doesn't seem very complicated to me. Plus, Navigator supports hotkeys as well. Both brokers offer Demo versions of their software, so you can see what you prefer. IB's TWS uses Java, which may be cross platform and all that, but it has always felt clunky and resource intensive to me and I just prefer to stay away from it. I have worked in the software industry and can't imagine why they built TWS as it is.
If you want to trade futures all hours, MB is not an option. They close their desk overnight. It has never been an issue for me, but it would be for sure for some. I dont know why they wouldn't change this though.
The big plus with MB is customer service, and it is why I use them now for my primary account instead of IB. Despite all safeguards we may put in place, inevitably things will happen where we need some assistance. When things like this happen and I have a position in the market, instead of calling IB and hoping someone answers, and then getting someone with a bad attitude who may or maynot be helpful, I prefer calling MB whose trading desk is very professional and treats customers as if they are valued, and who I can count on to work with urgency to solve any issues. On my very first correspondence with the Futures desk at MB, the guy on the desk told me, if you ever have any problems, feel free to contact me directly, and he gave me his info. That is just not going to happen at IB.
Some on this forum have accused those of us who appreciate this kind of customer support as in need of hand holding. Maybe that is true, but I think it is far more likely that I may loose money due to an unexpected technical issue than a firm going under. And if something happens, I want to know that my broker will pick up the phone and work to help me straighten it out. So I am willing to a pay a little more in commissions for this peace of mind. As a bonus, one of the executives of MB monitors this board and answers questions and considers requests. He has been very helpful, both to other members of this forum, and to me personally. To my thinking and trading style, one successfully resolved large issue pays for any difference in commissions.
If you are just concerned with the safety of your entire account at MB, as others have mentioned, they clear through Penson who is giant. But I wouldn't worry about that at IB either.
I have had my account with MB for a year now and I have been very happy with them and I wouldn't hesitate to recommend them. Fast execution, good fills, great trading desk. More for commissions, but as long as I am doing well trading, to me it is worth the extra.
Enzo
