MBT Metatrader 4 vs. Generic Metatrader 4
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In order to integrate Metatrader 4 with MB Trading's ECN/STP execution, some behavior related to deal desks is not available. The following list describes certain functions of Metatrader (referred to as Generic Metatrader 4) and how they behave differently with MB Trading's Metatrader 4. Click here to download a PDF of this page.

Generic MetaTrader 4 allows you to add a stop loss and take profit to your market order via “Instant Execution,” whereas if you place a market order in MBT Metatrader 4, those columns cannot be changed because you must use the “Market Execution” order type.

Generic MetaTrader 4 allows you to rescan servers by clicking on the Connection Status in the lower right hand corner of the screen, where as MBT MetaTrader 4 does not.

Generic MetaTrader 4 differs on the close order box. You can check “Enable Maximum deviation from quoted price.” This option also comes up when you right-click to modify your order and then change it to market execution:

The MBT MetaTrader 4 order closing box does not have this:

When closing or modifying an existing order in Generic MetaTrader 4, at the bottom it says “Open price you set must differ from market price by at least x pips.” Also when you place a “Modify Order Type” the bottom reads “Stop Loss or Take Profit you set must differ from market price by at least x pips”:

MBT MetaTrader 4 version shows “0 pips at bottom,” reflecting that you are connected to an ECN:

Also when you place a “Modify Order Type” with Generic Metatrader 4, the bottom reads “ Stop Loss or Take Profit you set must differ from market price by at least 3 pips”:

MBT MetaTrader 4 version shows “0 pips at bottom again”:

Generic MetaTrader 4 quotes to a pip (four decimal places on most pairs, two on JPY-based pairs), as seen in this screenshot:

MBT MetaTrader 4 quotes to a tenth of a pip (five decimal places on most pairs, three on JPY-based pairs), as seen in this screenshot:

In Generic MetaTrader none of your orders change the quote. MBT MetaTrader, any limit order (to get into or out of a trade) reflects in the quote. The target (limit) side of a TTO, however, does NOT reflect in the quote because a TTO is waiting for either price to hit. Example below shows the Order window while setting up a Buy Limit between the spread on the GBPJPY on MBT Metatrader 4:

This next window shows the quote of GBPJPY after the order has been entered, reflecting the bid at 188.25:

There are some adjustments that need to be made to Metatrader Query Language scripts (Expert Advisors) due to differences between Generic Metatrader 4 and MBT Metatrader 4. These include, but are not limited to:

1. Scripts that use Instant Executions to place market orders with take profit and/or stop losses attached will not work. Instead, a market execution must be placed and then a take profit and/or stop loss added to the position.
2. Hard coding of +/- calculation of pips for profits may need to be adjusted to reflect the fifth decimal place of our ECN.

Generic Metatrader 4 platforms typically quote forex pairs in pips, which means 4 decimal places on most pairs and 2 on JPY-based pairs. MBT Metatrader 4 quotes pairs to the tenth of a pip, which adds a decimal place. Trailing Stops in Metatrader 4 are measured in “points,” not pips. Thus a 15 point trailing stop on Generic Metatrader 4 must be entered as a 150 point trailing stop on MBT Metatrader 4 to get the same 15 pip trailing stop results.

Generic MetaTrader has internal customer account statements. However, to correctly resolve the recent NFA rules regarding FIFO statements for customers, all MetaTrader statements have been turned off. Customers can get accurate FIFO-compliant statements via the MB Trading website login, just like an MBT Desktop account. In addition, customers can log into the MB Desktop and view their MetaTrader account balances, orders, and positions.

Generic MetaTrader handles only up to 5 decimal places (3 on JPY-based pairs). This is a recent event, as only 4 decimals were supported previously. However, on an ECN, partial fills for market order entries can occur, causing average prices that result in more than 5-decimal pricing. This can mess up EAs and cause positions not to be closable. Therefore, MBT MetaTrader 4 will round to the fifth decimal place (3 on JPY-based pairs) any ticket that gets a multi-part fill that results in an average price that goes beyond that fifth decimal. This will not be rounded on customer statements, which are handled through MBT Desktop and do not round pricing. Therefore, on the rare occasions where this occurs, the balance showing in the customer account in MetaTrader could be off by a small amount, usually pennies based on trade size, following that trade due to the rounding. If this occurs, then on the next day where the account is flat all positions at 5 pm EST rollover, a credit or debit for this amount will occur shortly thereafter to balance the account.

Metaquotes, the provider of MetaTrader, does regular updates to the platform in the form of LiveUpdates. MB Trading will have advance notice of live updates from MetaQuotes to test thoroughly in our demo environment before automatically being released to customers. Once we have tested the latest update, we will make the LiveUpdate available to our customers in their live accounts. We strongly advise against getting an update for the Metatrader 4 Client from another broker than has not been tested on our end.

Download MetaTrader 4

You can download MB Trading’s ECN version of Metatrader 4 and sign up for a demo by clicking on the link below.

Click here to download the latest Metatrader 4 Client.

LiveUpdates will upgrade the software on your machine as they become available. However, please note that LiveUpdates are only made available after we test them with our systems. Therefore, it is possible that an available version update from Metatrader will not be immediately implemented.

TOP MT4 WITH MB Trading FAQ’s

1. What is the minimum to open an account?
   $400
2. How do I open a live account?
   Click here to open an account and specify Metatrader 4.0.
3. How do I sign up for a demo?
   Download the MetaTrader 4 Client here and fill in your details.
4. How long does the demo last?
   Indefinitely if used, but expires after 90 days of non-use.
5. Which currency pairs can I trade?
   All available currency pairs currently supported by MB Trading. Click here for the current list.
6. Is the quote feed and execution the exact same?
   Our Live and Demo quote feeds are identical except that Limit Orders entered into the Demo environment do not affect the Live quotes and vice versa.
7. What is the leverage amount available to me?
   100:1
8. Will hedging be automatically enabled?
   The NFA no longer allows US brokers to enable hedging in accounts. Therefore, hedging has been disabled.
9. Do I have to have the MBT Desktop downloaded in order for MT4 to work properly?
   No. The two platforms run independently of each other.
10. Can I have both platforms up at the same time?
    Only if you have funded a Nav account and a Metatrader account separately.
11. What will be the minimum trade size I can place?
    0.1 lot or 1000 currency units.
12. Will there be partial fills on large orders?
    It is possible that any order with receive a partial fill on a true ECN.
13. Will I be able to contact support if I need assistance with a trade?
    Yes, we provide support for the MT4 platform. Please contact us at 877-212-1112 or click on the MBT University and Metatrader support chat links on the Contact page of our site.
14. Will I be able to upload my own Expert Advisors?
    Yes, although our system has slight differences with a deal desk system in relation to Expert Advisors. If your EAs don’t work immediately, check out our MBT University Forums to seek solutions.
15. Can I have multiple accounts with MT4?
    Yes.
16. Will I be able to view reports?
    FIFO-Compliant reports are handled through the MB Trading website with our standard MBT Desktop statements. Statement reporting in MetaTrader is not available.
17. Is there a deal desk associated with the MB Trading MT4 platform?
    No, we are a non-deal desk broker and our MT4 platform is ECN based.
18. Where can I find tutorials to assist me with learning how to use MT4?
    Both our MBT University site and our Metatrader pages include extensive information about using Metatrader with MB Trading.
19. What is the purpose of the RSA Advanced Security key?
    The security of our clients, their personal information, and funds is a priority to MB Trading. As a firm it is our responsibility to take all measures possible to ensure our clients security needs are met. The MetaTrader 4 trading platform offers Advanced Security authentication, which is based on the use of 1024-bit RSA encryption. All authentic data of the account, apart from common encryption, will be additionally signed with a numeric key automatically generated the first time a customer logs into his/her account using the Metatrader Client.
    
    Upon a client’s first login to his account, a window will pop-up with a black area in the middle. The client is prompted to hover the cursor over the black area to generate the key. Once the generation is completed a file will have been created in the following directory C:\Program Files\MetaTrader 4\config. This is the default installation location of MetaTrader, but a client could possibly change this during installation. However the key file will always be in the \config folder in MetaTrader directory.
    
    Clients will only be able to login to their account with their Master password on a computer that has the key file in their \config folder. However they can use their investor password (read only) on any computer.
20. How can I trade my Metatrader account from more than one machine with the RSA Security enabled?
    Clients may copy or email the key file to all computers they intend to use and drop this file into the \config folder. In the event a client needs to login using their master password on a computer not previously set-up they will need to call in and have a customer support rep reset their RSA key, which also requires resetting the master password.