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Peregrine Financial Group, Inc.

  • #1
  • First Post: Sep 30, 2007 10:38am Sep 30, 2007 10:38am
Hi All,

Any one got experience with this broker called PFG? It was highly recommended by the Woodies Club. I tried to surf their web page and here are some of the things I learn about them:

1) Their charge commission and have a lower pip spread
2) The software e.g. Best Direct Navigator required a monthly subscription.

But the problem woth this webpage is that they never list down their commission, their pip spread and the monthly subscription clearly and when I asked the person n charge, he simply gave a "ultra" brief answer to my question.

The reason why I want to find out more information of them is that I want to look for a broker that is reliable and have the lower pip spread (e.g. EUR/USD 2pips, GBP/USD 3pips and JPY/USD 2pips and etc).

I would appreciate if anyone could share their experience and knowledge on this broker here. www.pfgbest.com

Of course, don't mix up this PGF with PfgFx, they are different!

Regards
  • #2
  • Sep 30, 2007 11:54pm Sep 30, 2007 11:54pm
Quoting yyc196
Hi All,

Any one got experience with this broker called PFG? It was highly recommended by the Woodies Club. I tried to surf their web page and here are some of the things I learn about them:

1) Their charge commission and have a lower pip spread
2) The software e.g. Best Direct Navigator required a monthly subscription.

But the problem woth this webpage is that they never list down their commission, their pip spread and the monthly subscription clearly and when I asked the person n charge, he simply gave a "ultra" brief answer to my question.

The reason why I want to find out more information of them is that I want to look for a broker that is reliable and have the lower pip spread (e.g. EUR/USD 2pips, GBP/USD 3pips and JPY/USD 2pips and etc).

I would appreciate if anyone could share their experience and knowledge on this broker here. www.pfgbest.com

Of course, don't mix up this PGF with PfgFx, they are different!

Regards
yyc196, PFG is one of the firms we work with. The reason we work with them is because the institution that funds our traders has a relationship with PFG and it is really easy to set up a new trader there during their initiation period.

We use them for Currenex. Even though their commissions are a bit on the high end when compared to other Currenex brokers, they are a reliable firm and OK for the non-ultra-high-frequency business (for this kind of business we use other brokers). We don't use the Currenex platform (which is probably the worst piece of crap out there); just PFG's Currenex hub. We use either a separate front end (platform) for manual traders linked to a Currenex account or access their hub via API (for automated stuff).

PFG has a lot of platforms. All you have to do is pick up any popular trading magazine (like Stocks & Commodities, Futures, etc.) and you'll see a gazillions add for different platforms and services from PFG. Woodie's CCI Club likes PFG because they built in Woodie's indicators into one of their of platforms and this makes it easy for Woodie's followers to apply his system at PFG.
  • #3
  • Oct 1, 2007 12:48am Oct 1, 2007 12:48am
Quoting dominicanosrus
yyc196, PFG is one of the firms we work with. The reason we work with them is because the institution that funds our traders has a relationship with PFG and it is really easy to set up a new trader there during their initiation period.

We use them for Currenex. Even though their commissions are a bit on the high end when compared to other Currenex brokers, they are a reliable firm and OK for the non-ultra-high-frequency business (for this kind of business we use other brokers). We don't use the Currenex platform (which is probably the worst piece of crap out there); just PFG's Currenex hub. We use either a separate front end (platform) for manual traders linked to a Currenex account or access their hub via API (for automated stuff).

PFG has a lot of platforms. All you have to do is pick up any popular trading magazine (like Stocks & Commodities, Futures, etc.) and you'll see a gazillions add for different platforms and services from PFG. Woodie's CCI Club likes PFG because they built in Woodie's indicators into one of their of platforms and this makes it easy for Woodie's followers to apply his system at PFG.
Hi dominicanosrus

I have just downloaded the demo to have a try and I found a woodies set up with all indicators inside it so that once you click on it, all the necessary setting is up there ready for trading. Therefore, your statement on the platform itself is acceptable. Since they are so highly recommended by the woodies club, i presume they should be reliable (from what I see on the surface).

However, as I have played with many types of platform before especially MT4, the platform is not a big concern to me honestly (not tryig to be smart). Further to this, my trading style is scalping, I am very much concerns on the commission they charged and how they charged. And the monthly subscription of the software is also an issue for new starter like me (sad to say that). And how much is the opening deposit, margin and etc.

I had sent them an email, but the reply is as follow:

"7 dollars and 0-1 wide" And believe me this reply is just too brief for me.

Can someone explain that further???

Regards
  • #4
  • Oct 1, 2007 4:21am Oct 1, 2007 4:21am
Quoting yyc196
Hi dominicanosrus

I have just downloaded the demo to have a try and I found a woodies set up with all indicators inside it so that once you click on it, all the necessary setting is up there ready for trading. Therefore, your statement on the platform itself is acceptable. Since they are so highly recommended by the woodies club, i presume they should be reliable (from what I see on the surface).

However, as I have played with many types of platform before especially MT4, the platform is not a big concern to me honestly (not tryig to be smart). Further to this, my trading style is scalping, I am very much concerns on the commission they charged and how they charged. And the monthly subscription of the software is also an issue for new starter like me (sad to say that). And how much is the opening deposit, margin and etc.

I had sent them an email, but the reply is as follow:

"7 dollars and 0-1 wide" And believe me this reply is just too brief for me.

Can someone explain that further???

Regards
Yup; that is a pretty brief response. I've never use that platform, as we always tap into their Currenex hub. the 7 dollars and 0-1 wide may mean $35 per million US traded per side (how Currenex commissions are quoted) or $70 per million US traded round turn and a spread of 0 to 1 on EURUSD. The spread on EUR/USD does vary on Currenex and does flicker at 2 pips every once in a while and during inactive times - so I don't know why they told you only 0 to 1 pips wide. Call them and speak to Chu Galloway and tell him that Dan asked you to speak to him. He gets in after 10 AM EST and works late. Good luck.
  • #5
  • Dec 8, 2007 11:34pm Dec 8, 2007 11:34pm
Hi,

This is the far most unpofessional broker I ever come accross.

I had an account with PFG a few months ago and has been facing many problem. I apply for a ECN trading with them and their services are crap, not only that they charge commission, they also have a 8 pips spread during normal time (not during or around report / news release period). I spoke to the broker in charge "Hayley" (a well known "know nothing" broker) and highlighted to her many issues pretaining to the platform PFG is having, but nothing was done.

I was very upset and finally requested for a close of my account and asked them to transfer the funds to other broker around 14 Nov 2008. To further confirm my account is clear, I have double check the pending order and the active order to see if I left anything behind e.g. OCO status and etc. Guess what they did? They opened a postion 3 days later and keep quiet. They even told me that the account department is closing my account and asked me to wait. It has been two weeks I have waited and yet my account still not close. Hayley just sit on it and did not follow up the outstanding issue. Finally I find something fishy and complain to Hayley's manager and found out that the opened position had lost 174pips!!!!!!!!!!

Of course they deny it and asked me close the position myself before they are willing to close the account and refund my money. The latest email from PFG informed me that the account has been closed but then I had incur a heavy loss of 174pips. Is that the practise of forex trading in US?

I told my trading friends that due to this incident I need a few month to release my stress. PFG, you are the most sucks broker I ever come across.

You can choose to believe my story here or not, I wish you all good luck if you trade with PFG.
  • #6
  • Dec 9, 2007 12:12am Dec 9, 2007 12:12am
Quoting yyc196
Hi,

This is the far most unpofessional broker I ever come accross.

I had an account with PFG a few months ago and has been facing many problem. I apply for a ECN trading with them and their services are crap, not only that they charge commission, they also have a 8 pips spread during normal time (not during or around report / news release period). I spoke to the broker in charge "Hayley" (a well known "know nothing" broker) and highlighted to her many issues pretaining to the platform PFG is having, but nothing was done.

I was very upset and finally requested for a close of my account and asked them to transfer the funds to other broker around 14 Nov 2008. To further confirm my account is clear, I have double check the pending order and the active order to see if I left anything behind e.g. OCO status and etc. Guess what they did? They opened a postion 3 days later and keep quiet. They even told me that the account department is closing my account and asked me to wait. It has been two weeks I have waited and yet my account still not close. Hayley just sit on it and did not follow up the outstanding issue. Finally I find something fishy and complain to Hayley's manager and found out that the opened position had lost 174pips!!!!!!!!!!

Of course they deny it and asked me close the position myself before they are willing to close the account and refund my money. The latest email from PFG informed me that the account has been closed but then I had incur a heavy loss of 174pips. Is that the practise of forex trading in US?

I told my trading friends that due to this incident I need a few month to release my stress. PFG, you are the most sucks broker I ever come across.

You can choose to believe my story here or not, I wish you all good luck if you trade with PFG.
I'm sorry to hear that yyc.

Where you trading on their Currenex platform or another retail platform?

What do you mean by "I apply for ECN trading with them?" Do you mean, Currenex?

What pair had an 8 pip spread and at what time of the day?

Why didn't you speak to Chu like I suggested?

On the institutional side we have no problem with them. I guess every broker has problems and horror stories.

Best of luck to you.
  • #7
  • Dec 9, 2007 3:30am Dec 9, 2007 3:30am
Quoting dominicanosrus
I'm sorry to hear that yyc.


Best of luck to you.

Where you trading on their Currenex platform or another retail platform?
I asked for Best Platinum.

What do you mean by "I apply for ECN trading with them?" Do you mean, Currenex?
My trade is commission based.

What pair had an 8 pip spread and at what time of the day?
It was Loonie, 3am to 4am est time, this is shock of my life!

Why didn't you speak to Chu like I suggested?
I tried to speak to Chu, but she/he is always not in, so i ended up speaking to Hayley who simply know nothing. Whenever I asked her questions, she need to refer to other department and there after no reply or know good reply from her.

On the institutional side we have no problem with them. I guess every broker has problems and horror stories.

I am writing this to warn others and share informations, however if anyone is trading with them I wish them all the best in their trading!!!

Thanks for your concern, Dominicanosrus.
  • #8
  • Apr 1, 2008 11:32am Apr 1, 2008 11:32am
I am starting to have a bad feeling about them, specifically their "sales" tactics to get new users.

Awhile back it was posted on this forum that PFG BEST was getting MT4 platform with direct ECN feed. Please contact broker XXXX at this email and phone number.

I called broker XXXX and he told me that the MT4 would be ready in a few days (this was about a month ago). I then opened an account and deposited money. I am sure broker XXXX got a nice bonus or commission based on this.

Here we are a month later and broker XXX wont even return my phone calls anymore. No updates on MT4, just the usual "let me check" or "any day now"

Can someone please call them to check on this? Also, see how they answer the phone. Usually its something like "Yeah?" or "Hello?". Doesnt seem very proffesional to me.
  • #9
  • Apr 1, 2008 6:07pm Apr 1, 2008 6:07pm
They only get paid on the volume traded, not just bringing in cash.

Quoting FrankTheTank
I am starting to have a bad feeling about them, specifically their "sales" tactics to get new users.

Awhile back it was posted on this forum that PFG BEST was getting MT4 platform with direct ECN feed. Please contact broker XXXX at this email and phone number.

I called broker XXXX and he told me that the MT4 would be ready in a few days (this was about a month ago). I then opened an account and deposited money. I am sure broker XXXX got a nice bonus or commission based on this.

Here we are a month later and broker XXX wont even return my phone calls anymore. No updates on MT4, just the usual "let me check" or "any day now"

Can someone please call them to check on this? Also, see how they answer the phone. Usually its something like "Yeah?" or "Hello?". Doesnt seem very proffesional to me.
  • #10
  • Apr 2, 2008 7:46am Apr 2, 2008 7:46am
Quoting FrankTheTank
I am starting to have a bad feeling about them, specifically their "sales" tactics to get new users.

Awhile back it was posted on this forum that PFG BEST was getting MT4 platform with direct ECN feed. Please contact broker XXXX at this email and phone number.

I called broker XXXX and he told me that the MT4 would be ready in a few days (this was about a month ago). I then opened an account and deposited money. I am sure broker XXXX got a nice bonus or commission based on this.

Here we are a month later and broker XXX wont even return my phone calls anymore. No updates on MT4, just the usual "let me check" or "any day now"

Can someone please call them to check on this? Also, see how they answer the phone. Usually its something like "Yeah?" or "Hello?". Doesnt seem very proffesional to me.

Hi Frank,

Another one caught onto this broker? I felt sorry for you also. I don't like to condemn people but the things is PFG is really unprofessional when dealing with trade issue especially issue on Forex. Try to get the upper management for a good talk and close your account with them if you don't feel comfortable. You cannot trade with a broker if you don't have confident with them.

Sometimes I don't understand how come they keep doing stupid things that annoyed customers unnecessarily.

I am sorry that I couldn't give a better advice to you. All the best. shek
  • #11
  • Apr 2, 2008 10:04am Apr 2, 2008 10:04am
Sorry, I haven't been able to contribute to this thread sooner, but I was dealing with non-forex related business for past two weeks.

I am anxiously awaiting the release of the MT4 as well. Most of the customer service issues are not in the Chicago office, but in Iowa.

I just spoke to Chu, and if anyone has any questions about the MT4 platform you can contact Chu on his cell phone. He just told me that if anyone wants the number to give it to whomever requests it.

So if anyone needs it, please PM me, b/c if I post it here, I believe the post will be removed.

If an admin says it's ok to post here, I will most certainly do so.
  • #12
  • Apr 3, 2008 5:31am Apr 3, 2008 5:31am
Where in Iowa, GG?
I didn't know they had offices there.

Yeah I have a demo of the MT4 through Chu and it's good. GBPJPY is tighter on MT4 than Currenex because they are aggregating feeds on the MT4 so price updates are very high frequency. For scalpers it's insane. We are all foolish to not be creating scalper EA's right now. If anyone knows of a good one let me know and I'll run it ASAP. My demo feed is their live feed so it will show nearly accurate results despite slippage.
It really is that easy.
  • #13
  • Apr 3, 2008 6:42am Apr 3, 2008 6:42am
Just hate these MT4 waiting periods! They are so common!
  • #14
  • Apr 22, 2008 10:40am Apr 22, 2008 10:40am
Its been many long weeks since I was told their MT4 would be ready "any day now" or "tomorrow at the latest".

Again, I think this was a ploy to get new accounts opened up. They have now had my money for over a month without paying me any interest.
  • #15
  • Apr 23, 2008 4:34am Apr 23, 2008 4:34am
Quoting FrankTheTank
Its been many long weeks since I was told their MT4 would be ready "any day now" or "tomorrow at the latest".

Again, I think this was a ploy to get new accounts opened up. They have now had my money for over a month without paying me any interest.
I don't know if it's a kind of deja-vu, but it reminds me FXCM Metatrader
Maibe it's only a glitch in the Matrix
  • #16
  • Apr 23, 2008 8:04am Apr 23, 2008 8:04am
I met with Chu and Ric from PFG in person on Monday and there are stability issues with the platform which is why it has not been released yet.

As for a marketing "ploy", if this what you feel take your money out and go somewhere else. I was told that you were instructed by Chu prior to sending your money that the live release was not available, but you sent funds anyhow in anticipation of the release date. Therefore, you are at fault for jumping the gun just as PFG is at fault for not having the live version ready for release.

Quoting FrankTheTank
Its been many long weeks since I was told their MT4 would be ready "any day now" or "tomorrow at the latest".

Again, I think this was a ploy to get new accounts opened up. They have now had my money for over a month without paying me any interest.
  • #17
  • Apr 23, 2008 9:34am Apr 23, 2008 9:34am
PFG is so brutal, they are not even worth talking about. It's a good thing their magazine is doing well because their brokerage is garbage right now. So I agree with masterjedi... take the money and run
  • #18
  • Apr 23, 2008 12:16pm Apr 23, 2008 12:16pm
Quoting fxmasterjedi
I met with Chu and Ric from PFG in person on Monday and there are stability issues with the platform which is why it has not been released yet.

As for a marketing "ploy", if this what you feel take your money out and go somewhere else. I was told that you were instructed by Chu prior to sending your money that the live release was not available, but you sent funds anyhow in anticipation of the release date. Therefore, you are at fault for jumping the gun just as PFG is at fault for not having the live version ready for release.

How would Chu know who I am? Why would he give out information about my account to a stranger? What the heck is going on here?
  • #19
  • Apr 23, 2008 2:42pm Apr 23, 2008 2:42pm
Quoting FrankTheTank
How would Chu know who I am? Why would he give out information about my account to a stranger? What the heck is going on here?
Seems Privacy is overrated.
  • #20
  • Apr 23, 2008 2:48pm Apr 23, 2008 2:48pm
Quoting fxmasterjedi
I met with Chu and Ric from PFG in person on Monday and there are stability issues with the platform which is why it has not been released yet.

As for a marketing "ploy", if this what you feel take your money out and go somewhere else. I was told that you were instructed by Chu prior to sending your money that the live release was not available, but you sent funds anyhow in anticipation of the release date. Therefore, you are at fault for jumping the gun just as PFG is at fault for not having the live version ready for release.
The force is strong with this one...
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