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PFG FX Review

  • #41
  • Mar 21, 2007 2:03am Mar 21, 2007 2:03am
I have tried this broker(pfgfx) on live account for 1 month, and i must say they are one of the worst broker ever i see, they are pretty bad in order execution always requot and when you want to put pending orders in news time, they will cheat you by misleading the price and delaying your order execution, if you wanna try them so be careful, i didn't have good experience with them....
  • #42
  • Edited 4:28am Mar 21, 2007 4:21am | Edited 4:28am
I've been visiting Forex Expos {Link Removed} in Moscow since 2003. I've contacted personally with the staff of PFG and Fibo - all of them are good guys. Alpari are good professionals too.

One thing - I wonder why North Finance is discussed on this site. I've never seen them on the expo - despite the fact that they're russian company with headquaters in Moscow. They've changed their company's name 4 times brizan - fxteam - nf -and so on (west capital right now)
Actually the place on this expo reflects the level of the company, but I haven't seen even the banner of NF here. Alpari is regulated in London, Pfg is totally regulated in Russia - it depends on the interests of the company. But NF is regulated nowhere, that's why I was amazed that you even know about them
  • #43
  • Mar 21, 2007 2:10pm Mar 21, 2007 2:10pm
Well, my calculated risk to "let it ride" rather than close those big losses and try to rebuild the empire finally did me in - within an hour while I was in the shower, ouch. It wasn't a fortune, a good month of giving up Pepsi should pay for another account.

I did want to add that despite advertising no requoting even on the micro accounts PFGFX did do that to me at times of rapid market movement. Perhaps because I am still on dial-up there was too much lag in the timing of my request but, nevertheless it did happen at times.

Overall I was happy enough until I couldn't add a little extra money with the same method I had opened the account with just a few weeks earlier (Feb. 27th and added a little more in early March).

I have no idea if getting money out is a problem or not as I never got to that stage with the company.

I wasn't very concerned on the company being Russian based or controlled as this is a global market and they showed an office in the US and a small investment with a MT4 platform seemed a good deal to me.

Suppose I will try again, perhaps with a mini and perhaps a little bit better funded and sticking to those stoplosses will have a better result next time. Can anyone recommend a good broker that funds with credit cards and/or paypal?
  • #44
  • Mar 21, 2007 3:07pm Mar 21, 2007 3:07pm
Quoting mdietrich
I wasn't very concerned on the company being Russian based or controlled as this is a global market and they showed an office in the US and a small investment with a MT4 platform seemed a good deal to me.
Interesting thing about that US office. I phoned London to get the phone number to the US office. They did not have it handy or could not find it. I phoned Moscow and they told me the US office does not have a phone number because it is not currently open. I made these calls during the last half of Feb 2007. It would be nice if we had a FF member who lives in Northbrook swing by the office and confirm if it is a mail drop. I should add I have a small micro account with them which seems to work fairly well. If I can ever get it up to $400.00 I'll close out the account and see how that goes. I've also had a few requotes with cable internet.

mdietrich, If you are going to open another live account I would recommend one that allows micro lot trading. IBFX and FXDD have micro lots with MT4. You have to ask FXDD when you set up a mini account to allow micro lots. FXSOL is a non MT4 broker with micro lots. Some of these brokers charge a fee for PayPal and credit card deposits. A demo might be the best choice until you can achieve some consistent pip gains. Not that I ever followed that bit of advice but I wish I had.
  • #45
  • Mar 21, 2007 3:35pm Mar 21, 2007 3:35pm
sorry I haven't read this whole thread so I'm jumping here at the end but If they don't have an NFA # yet their US offcie could be open but not open yet..
  • #46
  • Mar 21, 2007 7:26pm Mar 21, 2007 7:26pm
Quoting nvwine
I should add I have a small micro account with them which seems to work fairly well. If I can ever get it up to $400.00 I'll close out the account and see how that goes. I've also had a few requotes with cable internet.
Hi nvwine,

I can't complain too much on the overall working of the account other than a few requotes. Still, I made a mistake in having too many open trades and refusing to close them myself sooner and had closed some good trades way too soon so my account status is mostly my responsibility.

Quote
mdietrich, If you are going to open another live account I would recommend one that allows micro lot trading. IBFX and FXDD have micro lots with MT4. You have to ask FXDD when you set up a mini account to allow micro lots. FXSOL is a non MT4 broker with micro lots. Some of these brokers charge a fee for PayPal and credit card deposits.

I am considering IBFX, perhaps I should have went that direction in the first place. I have a demo with FXSOL and like the interface so will give them a second look as well. For a little while I am back to demo trading like it or not. Will be good for me, builds character and all that.

I did like PFGFX in that I was able to get in with less than $200-250 upfront, and hoped to add perhaps $50 - 100 a month at a time to help grow the account and to cover those bad trades as I learn. Also on the good side PFG FX did apply my deposits from the credit card (when they accepted that method) within an hour or two. If in time I feel e-gold is a good method of funding perhaps I will reconsider and add back to my current unusable and orphaned 67 cents left in the account.
  • #47
  • Mar 23, 2007 8:41am Mar 23, 2007 8:41am
Quoting hedger
First of all, the name of the company - Pro Finance Group... "Pro Finance" was stolen from well known in Russia brokerage company "Pro Finance Service, Inc." working on market since 1995. (www.profinance.com and www.profinance.ru). Next, they registered misspelling domains of ALL Russian well-known barnds, such as KROUFR.RU, ALPARI-IDC.RU, METAQUOTES.RU, LITEFOREX.ORG, etc.
Yes, it appears they were trying to ride tailcoats of name recognition of other companies in terms of the domain registrations. So we can say some misleading practice in that, but those actions in terms of reputability versus being a "scam" or "fake" and taking money (theft and fraud) is a different case.

To some extent it appears there can be overlap in parts of names of companies. There apparently is a "PFG Forex" (https://www.pfgforex.com/ )that operates out of Chicago as well. Or "Pro Financial Services Group Inc." at http://www.pfsgi.com in the US as well and other variations on this theme. Can we say whoever had the "Pro Financial" name first is the real company and all others are merely scam artists? Did Pro Financial Services in Russia steal the name from the American company or vice versa? - or perhaps there are only so many ways to try to assert you have a professional finance business and there is a natural gravitation towards naming your company such?

The bottom line for me was I found out about PFG FX from advertising here on Forex Forum. IF the company is that dishonest and simply a scam shouldn't we insist FF remove their advertising? Yet, there are people who claim they've used this company and were able to take money back out ... so I think terms such as scam and fake (can you say how you know the name Matthew Sant is "fake"? what is your source on this?) is overdramatized in this case. If people were being outright ripped off I would think FF would refuse to let them advertise.

There seem to be complaints of various stripes against most of the brokers out there. Perhaps it is more accurate to say there are more problems or potential bad business practices with PFG FX than the other brokers. Still, there are not too many choices of opening a micro account out there, let alone a micro with as low as a $10 initial deposit to get your feet wet trading real money rather than just a demo account with $5000 - 10,000 play money (an amount beyond most for a real starting deposit in trading forex).
  • #48
  • Mar 23, 2007 8:42pm Mar 23, 2007 8:42pm
Quoting mdietrich
If people were being outright ripped off I would think FF would refuse to let them advertise.
you are absolutely right, we would not allow a scammer to advertise on this site. as far as i know PFGFX is a reputable dealer (reputable in a retail-forex relative sense). i cant speak for all of their actions because i havent traded with them, but i have heard some good things about them from traders on this forum. the claims being made here about any scam are unsubstantiated and overblown, i believe. some of them were deleted because they were posted by a user with very few posts (see rule 3) and for all we know this is a competitor of theirs.
Relax and be happy.
  • #49
  • Mar 27, 2007 12:03pm Mar 27, 2007 12:03pm
Quoting merlin
you are absolutely right, we would not allow a scammer to advertise on this site. as far as i know PFGFX is a reputable dealer (reputable in a retail-forex relative sense). i cant speak for all of their actions because i havent traded with them, but i have heard some good things about them from traders on this forum. the claims being made here about any scam are unsubstantiated and overblown,
Thank you for jumping in on that.

Quote
i believe. some of them were deleted because they were posted by a user with very few posts (see rule 3) and for all we know this is a competitor of theirs.

I didn't notice what all was deleted, but I did have one deleted simply defending a person's ability to communicate in English -and I felt an unfair and personal comment - but the post I replied to is still intact. So didn't quite understand why it was deleted.
  • #50
  • Jun 8, 2007 11:32pm Jun 8, 2007 11:32pm
Hi folkks,
A warning is in order here. Check McAfee Site Advisor. Site originates in RUSSIA! Six e-mails tested contained a virus. Very spammy also. This is an accident waiting to happen.
Bodford
  • #51
  • Jun 20, 2007 12:03pm Jun 20, 2007 12:03pm
i've real acc with them. just a few month and didn't make any withdraw yet

but i plan to withdraw in just a few month(depended on my trade) and we will know scam or not.
  • #52
  • Feb 7, 2008 8:51am Feb 7, 2008 8:51am
I emailed this broker about slippage and requotes. Here is the answer I got back from them.
Thank you for your interest in Pro Finance Group Inc. service.Unfortunately this is impossible on our real accounts (no requotes, no slippage for Stop-orders).you can register demo-accounts.Should you have any questions please contact us via e-mail
[email protected] .

Best regards,
Pro Finance Group Inc.
www.pfgfx.net

Quoting styxgroup
i've real acc with them. just a few month and didn't make any withdraw yet

but i plan to withdraw in just a few month(depended on my trade) and we will know scam or not.
  • #53
  • Feb 7, 2008 9:49am Feb 7, 2008 9:49am
Old thread, but something I didn't see anyone else had brought up...

Quote
Thats for their micro account. maximum deposit $200 minimum $10. I guess that is there so you can test their services not really for investment purposes...
According to a previous msg they move your account to a mini account after $200. A person should be trading micro lots well past $200. Heck, my $1k play account at oanda isn't even ready to trade mini lots yet. That rule is geared towards taking your money via asymmetrical risk. If they don't let you trade micro lots on a mini account, you should probably move on.

There are plenty of well-funded NFA-regulated brokers out there. Someone in another thread pointed out this link:
http://www.nfa.futures.org/

You can check up on a particular broker and any complaints against it, even see it's liquidity statements.
  • #54
  • Feb 22, 2008 10:13am Feb 22, 2008 10:13am
I happen to live down the street from PFG in Northbrook and am going over there to see if they actually exist. I have done this with other brokers in the chicago area and have been surprised by what I found. If anyone has recent comments,experience(good or bad) or questions please offer them now so I can be well armed. I await your reply. I am planning on opening micro-acct.
I should never have switched from scotch to martinis
  • #55
  • Feb 22, 2008 11:57am Feb 22, 2008 11:57am
Quoting fxj
I happen to live down the street from PFG in Northbrook and am going over there to see if they actually exist. I have done this with other brokers in the chicago area and have been surprised by what I found. If anyone has recent comments,experience(good or bad) or questions please offer them now so I can be well armed. I await your reply. I am planning on opening micro-acct.
I have not read this thread for a while. I'll be interested in what you find. While your there ask about their NFA status and/or the UK equivalent.
  • #56
  • Mar 24, 2008 4:31pm Mar 24, 2008 4:31pm
Any word on checking this place out yet?
  • #57
  • Mar 25, 2008 1:15pm Mar 25, 2008 1:15pm
Quoting confused
Any word on checking this place out yet?
Was unable to speak to anyone on two occassions but it exists and is not a mail drop. I will be back. Also I have noticed in using their demo on numerous occasions they have ignored my TP by up to 3 pips but have never missed a SL. Food for thought but it hasn't mattered yet because I'm only scalping for 12 pips on 5min., just have to wait longer if I took the right trade.
I should never have switched from scotch to martinis
  • #58
  • Mar 25, 2008 1:55pm Mar 25, 2008 1:55pm
Quoting fxj
Was unable to speak to anyone on two occassions but it exists and is not a mail drop. I will be back. Also I have noticed in using their demo on numerous occasions they have ignored my TP by up to 3 pips but have never missed a SL. Food for thought but it hasn't mattered yet because I'm only scalping for 12 pips on 5min., just have to wait longer if I took the right trade.
whats funny i had a broker ignore my t/p but the price went in my fav by over 30 pips from my orignal t/p witch was 50 pip t/p now i was looking at 80 pip t/p this was during a news release and then all of a sudden my trade disappear from the open position window when i look they close my trade at the original t/p so i didn't benefit from them not hornoring my t/p.
If I Go Broke Trying Then I Will die happy.
  • #59
  • Mar 25, 2008 10:10pm Mar 25, 2008 10:10pm
Quoting Moe
whats funny i had a broker ignore my t/p but the price went in my fav by over 30 pips from my orignal t/p witch was 50 pip t/p now i was looking at 80 pip t/p this was during a news release and then all of a sudden my trade disappear from the open position window when i look they close my trade at the original t/p so i didn't benefit from them not hornoring my t/p.
They were waiting for price to reverse and get you in the red. So when their plan didnt work out and they saw that you would make even more profits, they close you at initial T/P. Don't be fooled.
  • #60
  • Mar 25, 2008 11:51pm Mar 25, 2008 11:51pm
Quoting PipStar
They were waiting for price to reverse and get you in the red. So when their plan didnt work out and they saw that you would make even more profits, they close you at initial T/P. Don't be fooled.
oh i knew what they was doing. once i saw that i close my account, never had that problem again, b.t.w. that was over 4 years ago. thats when brokers was realy ripping there clients off.
If I Go Broke Trying Then I Will die happy.
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