Inexpensive trading - recommended for everyone.
Written: Aug 01 '07
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Pros: 1. Cheap $1 per 100 share transaction.
2. Good customer support. Online Chat support.
Cons: Account management does not integrate current activity.
Need to install software for online trading.
The Bottom Line: I will definitely recommend it because of its low $1 per 100 share brokerage fee.
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| e_commentor's Full Review: MB Trading |
I started stocks trading with scottrade four years ago. Scottrade was good if you trade like once a while. Their fee was $12 per trade. As the volume of my trading activity increased, I started looking for another online broker that could be potentially cheaper. That was when I came across www.freetrade.com. I liked freetrade.com. They offered 20 free trading per months. Beyond that they charged $3 per trade.
Everything was going well till Ameritrade bought Freetrade. It changed its fee structure and started charging $5 per trade. It was then that I again started looking for a lower cost online broker.
A friend of mine suggested MB Trading during a party when the discussions were hovering around stock market. He did tell that they charge $1 per trade ( sort of).
So the next week I started checking MB Trading. I filled the online form. They required some form to be signed and sent. I followed all the instructions. It did take some time but I was finally in their system.
Commissions
You may like to check http://www.mbtrading.com/ratesStocks.asp for their commissions and rates. They offer plan A, plan B and plan C. The best bet for a small investor who usually but shares in lot of 100 is plan A. They Charge $0.01 shares per share for first 500 shares. Obviously the best bet will be to buy shares in lot of 100. If you buy 100 shares, you will be charged $1.00. If you buy $500 shares, you will be charged $5.00. Obviously, MB Trading is best when buying only 100 shares. They have progressively lower commissions for increasing number of shares. You may like to check that in the above link. I have never used beyond 200 shares at a time.
Online Trading
Unlike other online trading systems, in MB Trading you will have to install a software in you computer to start trading. It is not obvious from their website. I had to call the customer support, who provided a link from where the software could be downloaded. He insisted that I download the demo software first, play around with it before moving on to actual software. I declined his offer and insisted on using the final software. He gave the link. I downloaded the software and started using the system. I did make some mistake and realized why he insisted on demo version first. I will therefore advise others to be careful or use the demo first.
The online trading software is not very clear. There are many pop up windows each handling one or other tasks. I would have liked to see if they could implement them in fewer number of pop up window. Moreover, I would have liked if they could provide a mean to trade online without downloading and installing the software.
Managing Account As in all other online trading brokers MB Trading also provide a way to view and manage your account online. They however have one flaw. They have not integrated the today's account in the list. So it becomes difficult to know how much money you have for present transaction.
Fund Management You can add or withdraw funds from your MB Trading account using ACH, wire transfer etc. I have used only ACH Transfer and I had no issues with fund transfer.
Conclusion I am not very happy with the overall software feel and organization. But I am happy with the minimal $1 per share brokerage fee. I will definitely recommend this to others.
Recommended:
Yes
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Epinions.com ID:
e_commentor
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Member: Vikas Shukla
Location: Attleboro, MA , USA
Reviews written: 41
Trusted by: 16 members
About Me:
I am a hardware design engineer. I also provide SEO, Social media marketing consultancy.
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