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PFG FX Review

  • #1
  • First Post: Jan 6, 2007 1:11am Jan 6, 2007 1:11am
Hello,

Are there any traders here using using PFG-FX as their broker http://www.pfgfx.com/. Im currently looking for a good MT4 broker that would be good for news trading, if you could share you your expierence with them it would really be appricitated.

Thanks,
Mikhail
  • #2
  • Jan 8, 2007 9:32am Jan 8, 2007 9:32am
I was going to ask the same question. I have traded on the demo account for some time, but was thinking about openng a real account. Demo account works great.
  • #3
  • Jan 8, 2007 10:10am Jan 8, 2007 10:10am
I wouldn't even take a glance at the advertisement that says "Minimal Risks, Minimum deposit only 10$"

They must be joking...

That's only my personal opinon though...
  • #4
  • Jan 14, 2007 1:41am Jan 14, 2007 1:41am
I will open an account next week, i will open mini account , 10,000 lot size. Will see how they fair, Ill post here if they are good or bad to me.

Mikhail

Quoting confused
I was going to ask the same question. I have traded on the demo account for some time, but was thinking about openng a real account. Demo account works great.
  • #5
  • Jan 14, 2007 1:46am Jan 14, 2007 1:46am
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...

-Mikhail


Quoting Dexis
I wouldn't even take a glance at the advertisement that says "Minimal Risks, Minimum deposit only 10$"

They must be joking...

That's only my personal opinon though...
  • #6
  • Jan 14, 2007 3:18am Jan 14, 2007 3:18am
Hi,

My boy have 2 accounts, $50 (future education fund) and $10 (to buy PS3). In 3 weeks he has managed to move to Mini accounts > $200.

PFG let you trade using 0.01 lot (10cents) but the margin use is $5 for this trade. Which leaves you with only $5 which equals to 50pips loss maximum.

Its quiet fun tho watching him trade live with minimal risk. The feeling is different when trading with a demo (according to my 14yr old son). I agree.

OR
Change Your Thinking. Change Your Life - JD
  • #7
  • Jan 14, 2007 3:33pm Jan 14, 2007 3:33pm
There's an advertisement of pfgfx on forexfactory. May be someone of PFGfx crew can join this discussion?
  • #8
  • Jan 14, 2007 3:41pm Jan 14, 2007 3:41pm
I guess they are not member of NFA. I didn't find information about this. Why? That's the first question to ask.
  • #9
  • Jan 14, 2007 6:12pm Jan 14, 2007 6:12pm
Quoting Dr.
I guess they are not member of NFA. I didn't find information about this. Why? That's the first question to ask.
You Are right, I didnt find anything in their website about being a NFA member. will give them a call later today to investigate.

This is what makes this broker most attractive for me, they have the fallowing rules regarding order execution stated in their website:

Order fulfillment when the market opens with a break off or if a break off occurs during the day.

If the market opens with a break off or if a break off occurs during the day (this normally happens after weekend or holidays, upon release of important macroeconomic data, economic and political news as well as in case of force majeure events), orders are fulfilled as follows:

  1. Take Profit (T/P) orders are fulfilled at states prices;
  2. Stop Loss (S/L) orders are fulfilled at states prices;
  3. Buy Limit & Sell Limit orders are fulfilled at states prices;
  4. Buy Stop & Sell Stop orders are fulfilled at the first prices in the market.

If they are member of the NFA and they hold true to those rules they have stated above then they could just be the broker I am looking for.

-Mikhail

  • #10
  • Jan 14, 2007 6:15pm Jan 14, 2007 6:15pm
So you and your son have already traded with PFG? so how is their service? specially regarding order execution?

Thanks,
Mikhail

Quoting OrangeRoshan
Hi,

My boy have 2 accounts, $50 (future education fund) and $10 (to buy PS3). In 3 weeks he has managed to move to Mini accounts > $200.

PFG let you trade using 0.01 lot (10cents) but the margin use is $5 for this trade. Which leaves you with only $5 which equals to 50pips loss maximum.

Its quiet fun tho watching him trade live with minimal risk. The feeling is different when trading with a demo (according to my 14yr old son). I agree.

OR
  • #11
  • Jan 20, 2007 6:40pm Jan 20, 2007 6:40pm
I sent them an email asking about slippage. They replied "we don't have any slippage", so you don't have to worry about it. Not sure if that's true, but that's what they told me.
  • #12
  • Edited 7:49pm Jan 20, 2007 7:36pm | Edited 7:49pm
Quoting mccullek
I sent them an email asking about slippage. They replied "we don't have any slippage", so you don't have to worry about it. Not sure if that's true, but that's what they told me.
As far as how they have handled my baby account they are telling the truth. At least over the last 4 days. I signed up for one of their micro accounts just for the heck of it last week. Although I don't news trade I could not resist trying out their promise. I tested during USD - Core CPI and GBP - Retail Sales. Both times I placed market orders on cable that were filled with the 4 pip spread in tact. Their platform also was not sluggish like most others right after news. It traded exactly like a demo. This might only apply to the micro accounts as an advertising ploy. I don't know. NFP would be the ultimate test.

I would have to do a lot more research before I put any significant money into a PFG account. I found it unusual to see my deposit money $110.00 US converted into 2,922.11 RU on the charge card statement. Once they did their processing the platform showed $110.00. I still have to find out where they are located at for sure. I thought London. By located I mean where my money is kept. They are certainly the easiest broker to open an account with I have ever seen. The account was opened a few minutes after I filled in the 11 line form. I was trading a few hours later when the funding came through. Once again an account larger than a baby size may very well be different. For now I'll keep IBFX as my main MetaTrader broker. I know where my money is. I think.

Does anyone know about the IFSC? Is this the same as the British Virgin Islands' IFSC that PFG is regulated by?
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  • #13
  • Jan 20, 2007 7:42pm Jan 20, 2007 7:42pm
RU is roubles, so that means the money must be held in Russia? Not sure I like that idea at all.
  • #14
  • Jan 21, 2007 11:58am Jan 21, 2007 11:58am
i am using their demo and have been looking into opening a live account.
i like a payment with a credit card.
am looking for a broker with no interest rates and be able to deposit with a plastic.
tnx for input
He who can does-He who cannot teaches George Bernard Shaw
  • #15
  • Jan 23, 2007 5:05am Jan 23, 2007 5:05am
Quoting mikhaildgreat
Hello,

Are there any traders here using using PFG-FX as their broker http://www.pfgfx.com/. Im currently looking for a good MT4 broker that would be good for news trading, if you could share you your expierence with them it would really be appricitated.

Thanks,
Mikhail
Try www.northfinance.com they use MT4, and at least they doesnt sound so scarry. Many ppl in forex factory have account in NF... never heard anything really bad abt them...

P.S. Only my thouhts...
  • #16
  • Jan 23, 2007 5:31am Jan 23, 2007 5:31am
Pfgfx is also an offshore company, like northfinance, only pfgfx is registered in British virgin islands. It's on their website.
Take care,Sulz.
  • #17
  • Jan 24, 2007 1:57am Jan 24, 2007 1:57am
Quoting sulz
Pfgfx is also an offshore company, like northfinance, only pfgfx is registered in British virgin islands. It's on their website.
So what???
As far as I remember NF on the market since 2001. And I have never ever hear of pfg... or what ever their name is. Only if they have a more or less marketing budget that does not make any difference for who they are...

Anyways I had NOT test them, and dont want to do that. But what i know for sure, is that NEW brokerage can NOT be better then broker who have 000's of clients and present on market for 5 full years...

That'll be funny if anybody in ForexFactory has account there... LOL
  • #18
  • Feb 5, 2007 2:22am Feb 5, 2007 2:22am
i've been using this pfgfx for 3 weeks now... everything running smooth. Deposit and withdrawal very fast.. Support very helpful. Wide choice of funding inclusive of e-gold should attract more to open account.

Now i'm applying for Introducing Broker program.
  • #19
  • Feb 5, 2007 4:00am Feb 5, 2007 4:00am
I do plan to open a mini account trading micro lots and choosing between PFGFX and IBFX. They both accept credit card though IBFX charges a "convenient fee" while PFGFX don't have any processing fee. PFGFX also have two sites:

http://www.pfgfxlite.com/
http://www.pfgfx.com/

The only "red light" I'm seeing at PFGFX is not being a member of NFA...
  • #20
  • Feb 5, 2007 4:32am Feb 5, 2007 4:32am
Quoting extrarm
i've been using this pfgfx for 3 weeks now... everything running smooth. Deposit and withdrawal very fast.. Support very helpful. Wide choice of funding inclusive of e-gold should attract more to open account.

Now i'm applying for Introducing Broker program.
Your first post and within 3 weeks of opening your account, you have already WITHDRAWN money !!!!!!!!!!!! :surprised
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