MB Trading is now out of the forex brokerage business.
In August 2015, [B]TradeKing (US),[/B] a multi-asset broker based in Florida, acquired [B]MB Trading (US),[/B] a multi-assent broker based in California. The combined companies operate under the TradeKing name.
TradeKing is an introducing broker (IB) for [B]Gain Capital (US).[/B] MB Trading is a licensed U.S. retail foreign exchange dealer (RFED), operating as an ECN broker. This mismatch is now being eliminated. MB Trading (owned and operated by TradeKing) will abandon its RFED license, and exit the forex market. TradeKing will continue to operate as an IB for Gain.
[B]The forex clients of MB Trading will be transferred to Gain Captial.[/B]
Here is the announcement which appeared in Finance Magnates —
Yes, I was just informed about this as I am an MBTrading customer. I am being forced to make this decision and having to go through the Broker research that I did a few years ago. TradeKing is , apparently, a trade desk. I see that this is going to be a challenge to make this big decision and only have a few days to make it. I have yet to hear directly from TradeKing only emails from MBTrading that this event is taking place.
MBTrading users are being forced to close/reopen their positions and realize p/l simply to move over to tradeking’s platform by the end of this week. Seem like this will require traders to accept huge drawdowns (or wins) if they’ve been holding longer term trades. Spoke with the rep there and they said there would essentially be no difference, as one’s cost basis will be moved to the current market buy/sell. But this will affect overall account equity and one’s ability to trade additional positions, wouldn’t it? Is this even legal???