MBB24 is a forex broker, offering two account types. Trading conditions for both are the same, but one of them is a mini account, allowing trading with lower volumes.There is no minimum deposit requirement, but clients who have less funds to invest, should prefer the mini account (where one standard lot contains 10,000 currency units instead of the standard 100,000).
The Company. Security of Funds
Company Country Regulation
Market Big Bear Group ltd. Vanuatu VFSC
MBB24 is owned by Market Big Bear Group, an Vanuatu- based company. It is regulated by the local Vanuatu Financial Services Commission (VFSC), which is notorious for its loose acceptance standards and has recently attracted lots of dishonest brokers. To learn more about the risks involved with off-shore brokers, read this article.
Regulation is one of the most crucial elements of a broker’s identity. A tightly regulated company has to follow certain rules, while the less monitored ones often partake in shady practices. Different countries have different legal environments and while the one in Vanuatu is not that reputable, others are pretty solid. Lets take a look at Australia, another relatively popular destination for forex brokers. The local financial regulator, the Australian Securities and Investments Commission (ASIC) enforces lots of rule upon registered companies. One such principle is the application of segregated accounts, which forbids companies to mix client funds with their own. This effectively creates a barrier, which prevents the broker from “dipping into” the free funds in margin accounts. Furthermore a company must have total capital holdings of at least AUD 1 million before applying for the license (in Vanuatu this requirement is $2,000). This assures the broker has a long term approach and can withstand financial shocks.
Other than the Vanuatu regulation Market Big Bear Group has another broker, operating on the whiteisoft.com domain. That broker is called “Market Big Bear Group” and has the exat same conditions (and website) as MBB24.
Minimum Initial Deposit
There is no minimum deposit requirement at MBB24. While this may seem a bit strange, given the fact there are some costs associated with the creation of a new account, this is not that uncommon of a practice. The FCA-regulated forex broker and spreadbetting provider, IG, also doesn’t have an entry barrier.
The minimum initial deposit shouldn’t be among your chief concerns, when looking at a forex broker. This may be worth considering, if you are an inexperienced trader, willing to deposit a small sum, just to see how it would feel to trade with real money.
Average spreads & Commissions
MBB24 offers floating spreads, but does not provide any information about them. Our testing showed the EUR/USD spread moving in the 2.8-3.2 pips area, during the early European session, one of the most liquid times of the day. This is really high in comparison to what other brokers, are currently providing. Do you want to know more about the spreads, offered by other brokers? If the answer to that question is yes, feel free to check our real-time comparison here.
MBB24 offers a maximum leverage ration of 1:400. At this point in the industry’s development, this is not an unusual level. It is more than enough for serious traders and is even sufficient for the ones who consider forex a form of gambling (not that we recommend that). We must mention some brokrs offer even more absurdly high leverage ratios, like 1:500 or even more.
Do beware, high leverage can be very dangerous. If you are not fully aware of how lot sizing works, what the value of pip in your next position would be and where your stop-loss level would be, please familiarize yourself with these concepts before you start trading.
MBBB24 provides its services via MetaTrader4(MT4). When it comes to currency trading, this is a well-known platform. It is offered by many brokers, as the developers are willing to provide it to almost anybody. Given its popularity, it is no surprise MT4 has a massive library of custom made technical indicators and automated trading systems ( Expert Advisors). The platform offers a “marketplace” where you can view, try and purchase such trading tools. The best thing is, this functionality is totally independent from your broker and if you decide to switch to a different MT4 broker, you can migrate your entire collection of tools with no hassle.
The charting experience you can get from MetaTrader is pretty solid. Furthermore the platform has mobile versions in both major app stores. It basically has the same feeling, while being optimized for a smaller screen and touch screen control. One of the great features is that if you have accounts with multiple brokers, you can save all of them and later on simply switch between them, only with a few taps on the screen.
Methods of Payment
There is only one payment method at MBB24 – Bank Transfer. This is a bit of a shame, since as you may know, these transactions can take several business days. On the other hand instant payment options such as a Credit/Debit Card or e-wallets, like Neteller are not supported.
MBB24 is a forex broker, regulated in Vanuatu. This may be better than no regulation, but we have our doubts about the stringency of most off-shore agencies. Furthermore the company’s trading conditions are far from ideal, with spreads almost double the industry averages. The option to open a mini account is great for newer traders, but we would recommend doing so with another broker.
MBB24 Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about MBB24 Review.