Cybertrader v. MB Trading (I use both and here's JMHO for anyone interested)
(Mark, only replying to your msg as I thought you might like the feedback)
First of all, would like to say that both systems have their strengths (and some weaknesses) and am 95% happy with both. Both systems give you incredible executions. Neither system has prohibitively expensive commissions. Both systems have great tech support. However . . .
On the following issues:
Commission discounts: MBT beats Cyber here as hyperactive daytraders can significantly reduce their commission cost by doing as little as 100 trades per month ($17.95 each). 200 trades gets you $16.95 per. However, if you don't do that many trades, Cyber is less expensive as the base rate is $3/trade lower than MBT.
Data feed cost: With MBT, you only have to do 50 trades per month to get Level II free. Cyber you need 100. MBT wins on this one.
Data feed: Both have superior systems. MBT (realtick) has better charts IMHO. In addition, the money flow information on realtick is invaluable. Basically, realtick has a better market minder feature. However, the color coded time & sales on Cyber is just an amazingly helpful trading tool. Plus, the ECN books on Cyber are great. I like having both systems running at the same time and highly recommend it for any serious daytraders.
Ease of entering orders: Both are very good and easy to use (once you learn how of course)
Tech support: Both are great. However, MBT does have an 800 number where Cyber doesn't. However, Cyber does have a very good instant chat feature that you can use to contact tech support right from the software. Only problem is that you can't see what you type (confusing at times).
On-line account information: Contrary to what I've read here, Cybertrader's clearing house (Penson Financial) has a fantastic web site. I especially enjoy printing my daily trade confirmations right from the site. MBT's site has this too, but the printout is not particularly crisp and nowhere near as good as Cyber's.
Executions: Again, I'm not sure that I agree with some posts on this thread regarding this issue. I've been 100% satisfied with the executions I get on MBT using both ARCA and ISLD. If one isn't working for you, use the other. The only problem I have is not MBT specific, but is trader specific. WHO THE HELL SELLS 1 SHARE OF STOCK? That is sooooooooooooooo annoying. Especially if you never get the other 999 shares and you pay $20 to buy 1 share. Hazards of the trade I guess. As for Cybertrader, haven't used them as long, but am happy with the executions too.
Trading statistics: Cyber has great software here giving you some idea on a daily basis how effective you are trading. MBT doesn't really have anything close in this respect. Nice feature.
Anyway, I hope this helps some that aren't sure which one to use. I highly recommend using both. No sense being penny wise and dollar foolish as they say.
Good luck. |
