MBT are one of the best ECNs out there for low-capital forex brokers. MBT forex broker allow trades down to micro lots, which helps traders with small margin accounts perform appropriate risk management. MBT forex broker follow a true ECN model, where your limit order becomes the bid or ask, enabling you to make or at least avoid the spread. MBT forex broker don't manipulate prices at all... it's not in their best interest, as they only make money on interest. It is of course possible that their liquidity sources (the banks) manipulate prices to stop hunt or the like, but that will happen on any broker out there that uses bank feeds (essentially all of them).

One clear downside is their relatively expensive commission of $10 per 100,000 USD traded round-turn. In effect, that adds roughly a pip to the existing spread. Thus, a 1-pip spread becomes 2, or a 2-pip spread becomes 3. On the other hand, if the spread is 2, you could be earning 1 pip net if you make the spread (that is, you sell limit at the ask and buy limit at the bid). Thus, the spreads are generally kept low by arbitrageurs who are always in the market to make the spread.

In general, trade with limits and you'll receive essentially a 1-pip spread. Prices are volatile at news times, but in many cases the spread is lower than with other retail brokers. At times of high volatility, the spread can even become inverted, though this is very difficult to take advantage of without having your automated trading app hosted on their black box servers.

So to wrap up this review, MBT are generally a fair broker, and have no incentives to screw you over. It's in their best interest for you to grow your account, because then you'll start making larger trades and pay them more commission. You don't hurt their bottom line by winning - you only hurt other traders' (or banks') bottom lines. Thus, they'll be happy to help you (live support is good) as long as you keep trading.

Rereading my review, I left out one key downside to MBT: their interest spreads (their swaps) are terrible. On some pairs, you pay MBT interest no matter which position you take! Thus, they are horrible for carry or long-term traders. If you're counting on interest to improve your bottom line, go with somebody else. If you trade intraday, this shouldn't worry you...just get out before rollover!