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Forex FAQ: Pay For Limits

General Stocks

General Options

General Futures

General

What is “Pay for Limits”?

MB Trading will pay 1.95 per 100,000 volume of the base currency executed for Forex Limit orders posted that add liquidity to its FOREX EXN. This applies to every non-marketable Limit¹ order that you place that gets filled.
What defines a “non-marketable” order?

Non-marketable refers to a an order which is not immediately executable and rests on the internal limit order book for some period of time, thus adding liquidity when another order of equal or greater value fills with the resting order.
Do I get charged the normal retail rate of 2.95 per 100k and then receive the Credit?

No. You only pay us 2.95 per 100k for marketable orders. You only get paid 1.95 per 100k for non-marketable Limit orders. There is no fee and then a credit for Limit orders, it is just the credit.
What about Stop Limit orders?

A Stop Limit where the stop is one price and the limit is set just beyond that to control slippage is a “marketable” order which would not qualify for the Pay for Limits scenario.
What platforms does this apply to?

This applies to any platform or front-end connected to the MBT Forex EXN including MetaTrader4 and MBT Desktop and Desktop Pro.
Is a Take Profit on MetaTrader 4 considered a Limit order?

Yes, and that is the case whether or not you also have a Stop Loss in place on the trade.
Is the Take Profit part of the TTO on Desktop considered a Limit order?

No, with a TTO order the server holds until either price is hit and then fires market order. Therefore, this order type is not credited.
Do I get paid both ways in the trade if I use Limit orders?

Yes, if you entered with a Pending Limit and then have a Take Profit, you would get paid both ways.
Does it matter if it is a partial fill?

Partial or not doesn’t matter. The only thing that matters is whether you posted a Limit order up. Any piece or total of that order that gets filled, you get paid.
Is there a limit on how many rebates someone can receive?

No, there is no limit to how many credits at this time. However, due to higher cost of business in China, “Get Paid for Limit Orders” is not available for Chinese residents. All Chinese residents have a fee of 1.95 per base currency for all order types.
How much is rebated/credited for non USD based pairs such as the EUR/USD, GBP/USD, NZD/USD, AUD/USD, etc….?

In these cases you would calculate the amount from the base currency. For example:
EUR/USD current rate 1.35
100K traded
1.95 x 1.35 = 2.63 credit
Where can I see an example of how this works?

You can view a video of Pay for Limits at this location: http://www.youtube.com/user/MBTradingFutures?feature=mhum#p/c/0/0xgfqVVfY1w
Can I fund in a currency other than USD?

You can fund with USD, GBP, JPY, CAD and EUR.

Securities products are offered through Manhattan Beach Trading Financial Services, Inc. ("MBTFS"), member FINRA, SIPC. MB Trading Futures, Inc. (MBTF) is a CFTC registered RFED and member of NFA. MBTF offers execution and settlement services for futures based products and off-exchange foreign currency (Forex) products. Trading in futures, options and Forex is speculative in nature and not appropriate for all investors. Investors should only use risk capital when trading futures, options and Forex because there is always the risk of substantial loss. MBTFS and MBTF are sometimes referred to collectively herein as "MB Trading."

¹MB Trading FX offers two Forex pricing models. Both models employ our RFED to client facing execution system with slightly different pricing and markup models. For purpose of clarity the two pricing models (Plan 1 and Plan 2) both operate on the same technology. The underlying technology is named The MB Trading Electronic Xrossing Network, abbreviated as EXN for the remainder of this disclaimer. The main differentiator between the models is twofold.

A. Difference in amount of markup or markdown of liquidity partner (banks) quotes when displayed to clients.
B. Commission Structure charged to client

Plan 1 or “Pay for Limit” plan employs the EXN technology in a commission model. This model charges a client 2.95 in their base currency per 100k of executed currency for market orders and pays a client 1.95 of base currency for posted, executed limit orders. In the Pay for Limits model, the term "Payment for Limit Order" refers to a non-market order which is not immediately executable and rests on the internal limit order book for some period of time, thus adding liquidity when another order of equal or greater value fills with the resting order.

Free Commission Plan employs the EXN technology in a markup only plan, which means that MB Trading receives a markup embedded in the spread as compensation. This plan does not add an additional commission, does not pay the client a rebate for posted liquidity as Plan 1 does yet does still offer the benefit of allowing the client to post quotes which is displayed to all other clients on Plan 2.

Additional information to note is that “Actual Total Paid to Clients” counter is kept on the company website which displays The Actual Total Paid to Clients currency number which is updated every five minutes and stops counting during the weekend when the market is closed. The number calculates from the launch of Pay for Limits, which was January 31, 2011.

Due to higher cost of business in China, “Get paid for limit orders” is not available for Chinese residents. All Chinese residents have a fee of 2.95 for all order types. Accounts with special commission rates are excluded from Payment for Limit Orders. There is a minimum fee of $0.01 for all Forex and spot trading orders that take liquidity.

MB Trading earned a 4.5 out of 5 star rating in Barron’s 2011 Review of Online Brokers, tying for the top spot overall. The company earned a total of 33.8 points, one tenth of a point under the top score. MB Trading also scored in the top three for separate categories of Range of Offerings, Trade Experience, Trading Technology, Usability, and Customer Service and Education. MB Trading earned a 4.5 out of 5 star rating in Barron's 2010 Review of Online Brokers. The company ranked second overall and tied for first place in the categories of Trade Experience and Portfolio Analysis & Reporting. The company also won the category of Usability. The company also tied for first place in the separate categories of "Best for Frequent Traders" and "Best for Options Traders."

*Real-time Forex Quotes are provided via the MBT Quote API. Quotes are available during platform hours from Sunday at 5 pm EST to Friday at 5 pm EST, except during the scheduled maintenance period from 4:58 pm to 5:06 pm EST. Extended maintenance periods are possible, and messages regarding maintenance are sent via the MBT Desktop, MBT Desktop Pro, and MBT Web 2.0 trading platforms. In addition, MBT begins MetaTrader 4 maintenance at 4:57 pm EST, one minute earlier.

MB Trading provides Google Translation of our website for educational or informational purposes for its international customers. The graphics, applications and some portions of the website are not translated. Customers must bear the sole responsibility of evaluating their regional translation before making any decisions based on such information outside of what the English version of the site represents.