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PFGBEST

  • #1
  • First Post: Mar 9, 2010 12:00pm Mar 9, 2010 12:00pm
Hello Everyone,

My name is J. Peter Slaga and I’m with PFGBest.

PFGBest is a USA based Futures and Forex FCM that is registered with the NFA. Services and products offered range from institutional through retail for Forex and Futures. We also offer precious metals through our subsidiary PFG Precious Metals.

I really think we have an excellent Forex platform with our MT4 ECN and I encourage you to open a demo account if you are looking for a broker.

I’m opening this thread to answer questions that you may have about our firm, and to provide information about PFGBest. I’m excited to be a part of this large trading community and look forward to fielding your questions and interacting with you all.

Feel free to post your questions or PM me, I’ll be glad to help!

Kind Regards,

J. Peter Slaga

PFGBEST

There is a risk of loss in trading.
  • #2
  • Mar 9, 2010 1:29pm Mar 9, 2010 1:29pm
Hi

what is the minimal deposit? 1k? How looks the safty of money? is pfgbest direct the same company? Does withdraw in GBP account cost something? what are the commissions?

Thanks
Statement is the reflection of your State of Minde.
  • #3
  • Mar 9, 2010 3:36pm Mar 9, 2010 3:36pm
Last info about their currenex platform was:

min. deposit USD 5.000

extremely expensive commission: $5 per 1 standard Lot (half turn)

Furthermore spreads and liquidity weren't impressive.
  • #4
  • Mar 9, 2010 4:00pm Mar 9, 2010 4:00pm
What deposit and account currency do you accept..especially on MT4.
  • #5
  • Mar 10, 2010 11:52am Mar 10, 2010 11:52am
Quoting Mr-Forex
Last info about their currenex platform was:

min. deposit USD 5.000

extremely expensive commission: $5 per 1 standard Lot (half turn)

Furthermore spreads and liquidity weren't impressive.
Mr-Forex,

Your statement would have been true 18 months ago. Our Currenex environment has been changed.

Currenex created this new environment that is now margin based instead of being credit based which was the old setup. We have been working very hard on the spreads over the last year and we now have 12 banks in our price stream. The spreads are at Prime. We have been pricing the trades at $35 per million USD or 3.50 per 100,000 per side.


I would agree that 18 months ago our spreads on the credit based Currenex were not very good, because we were not putting any effort into it because we did not want customers using the credit based system because there was no pre-trade risk and very poor risk management which allowed customers to go debit.

The system now has a much improved risk management system so we lowered our account minimum to $2,000 and lowered our minimum trade size down to 10,000. The system now has settings on it where once an account has used 100% of their margin they are set to liquidate only status (no new positions) and once their OTE has eroded 90% of their cash balance their account is auto liquidated.

Margin is 100:1

We feel very good about our Currenex spreads and liquidity and would put them up against anyone else in the industry.

Thanks for your post and best of luck trading.

there is a risk of loss in trading
  • #6
  • Mar 10, 2010 11:54am Mar 10, 2010 11:54am
Quoting flyer415
What deposit and account currency do you accept..especially on MT4.
On our MT4 ECN the minimum deposit is $1,000 USD. All trades are done in USD.

That said you can wire in:
Australian Dollar - AUD
Canadian Dollars - CAD
Euros - EUR
Japanese Yen - JPY
Mexican Peso - MXN
Pound Sterling - GBP
Swiss Franc - CHF

We can do a whole or partial conversion into USD.

Thanks for the post.

There is a risk of loss in trading.
  • #7
  • Mar 10, 2010 2:54pm Mar 10, 2010 2:54pm
Quoting PFGBEST
On our MT4 ECN the minimum deposit is $1,000 USD. All trades are done in USD.

That said you can wire in:
Australian Dollar - AUD
Canadian Dollars - CAD
Euros - EUR
Japanese Yen - JPY
Mexican Peso - MXN
Pound Sterling - GBP
Swiss Franc - CHF

We can do a whole or partial conversion into USD.

Thanks for the post.

There is a risk of loss in trading.
So, just to confirm I cannot have a CAD denominated account. I can wire CAD to you but you will convert to USD and my P/L will be in USD.

If so, that is too bad.
  • #8
  • Mar 11, 2010 9:48am Mar 11, 2010 9:48am
Quoting flyer415
So, just to confirm I cannot have a CAD denominated account. I can wire CAD to you but you will convert to USD and my P/L will be in USD.

If so, that is too bad.
At this point it would be converted into USD. you could always just be short a dollar/cad and hedge it.

the nice thing is with the margin involved with forex you do not need to have nor should you have your whole portfolio in forex.

Being able to have multiple denominations available is something I have pushed for and is being discussed but no timetable of action has been set.
  • #9
  • Mar 11, 2010 10:02am Mar 11, 2010 10:02am
Yes, I realize that I can play a hedge the whole time. As it is there are several brokers who do allow other currencies including CAD as the account currency including my current one.

One broker was even willing to create the artificial hedge daily for me in their backend so i would not have to concern myself with it. It seems like a simple enough process so I am not sure why most brokers do not offer accounts in other currencies.

As for deposit size, i currently only deposit 20% of my trading capital with my broker and the other 80% is kept in a liquid investment at my bank.
  • #10
  • Mar 11, 2010 7:35pm Mar 11, 2010 7:35pm
PFGBest, how long does it take to execute a trade?

And do you have slippage control on the platform?
  • #11
  • Mar 11, 2010 7:58pm Mar 11, 2010 7:58pm
I just checked the demo, and there appear to be only 3 to 4 banks quoting. The demo environment may not be representative of live (i hope for pfg's sake), but that would make the demo somewhat pointless. Actually, entirely pointless.

Also, this currenex version seems to lack the order-template functionality that other firms using cnx offer.
Attached Image (click to enlarge)
Click to Enlarge Name: pfg-cnx.png Size: 26 KB
  • #12
  • Mar 12, 2010 7:29am Mar 12, 2010 7:29am
Quoting PFGBest FX
Mr-Forex,

Your statement would have been true 18 months ago. Our Currenex environment has been changed.

Currenex created this new environment that is now margin based instead of being credit based which was the old setup. We have been working very hard on the spreads over the last year and we now have 12 banks in our price stream. The spreads are at Prime. We have been pricing the trades at $35 per million USD or 3.50 per 100,000 per side.


I would agree that 18 months ago our spreads on the credit based Currenex were not very good, because...
Look at shrike's post.

The same poor liquidity,quotes and spreads like in the past what i've experienced.

Commission is still to high.

Some Currenex broker with much better spreads and liquidity (London Capital Group) only charge $15 per M or $1.5 per 100,000 per side.
  • #13
  • Mar 12, 2010 12:15pm Mar 12, 2010 12:15pm
Quoting PipStar
PFGBest, how long does it take to execute a trade?

And do you have slippage control on the platform?
How fast can you click your mouse? Should be a one second click and execute.

we are set up for instant execution on the MT4 ECN not market execution. You will get filled or you will get a requote. With 9 banks on the Mt4 there should be plenty of liquidity.
  • #14
  • Mar 12, 2010 1:02pm Mar 12, 2010 1:02pm
Quoting PFGBest FX
You will get filled or you will get a requote. With 9 banks on the Mt4 there should be plenty of liquidity.
Requote? Please elaborate more. Any broker who requotes is a joke.
  • #15
  • Edited 2:34pm Mar 12, 2010 2:26pm | Edited 2:34pm
Quoting shrike
I just checked the demo, and there appear to be only 3 to 4 banks quoting. The demo environment may not be representative of live (i hope for pfg's sake), but that would make the demo somewhat pointless. Actually, entirely pointless.

Also, this currenex version seems to lack the order-template functionality that other firms using cnx offer.
Hello Shrike, The demo environment never fully replicates the live environment.

The market depth is restricted to displaying 5 price levels. Currenex told us that if we added more it would greatly increase the data they would have to push to every customer and it negatively impact the performance. There are more levels the platform just does not show them.

The demo environment is not an exact replica of our live environment; Currenex adds demo price feeds to try and get as close as possible to our Live prices.

I have attached a screenshot of our LIVE prices from today at 2:00 pm CST.
http://www.pfgbestdirect.net/images/currenex.jpg

What order templates are you looking for? One of the nice things I like about working with PFGBEST is we are willing to listen to your requests and make our products better
  • #16
  • Mar 12, 2010 2:32pm Mar 12, 2010 2:32pm
Quoting Mr-Forex
Look at shrike's post.

The same poor liquidity,quotes and spreads like in the past what i've experienced.

Commission is still to high.

Some Currenex broker with much better spreads and liquidity (London Capital Group) only charge $15 per M or $1.5 per 100,000 per side.
Please see live quotes screenshot and post what you are comparing them with.
Also curious as to whose commissions are better in addition to LCG with whom according to your previous posts on all the forums you are enamored with.

London Capital Group has a 50,000 minimum to open. PFGBEST will take a $2,000 minimum. LCG has only has 50:1 margin. PFGBEST offers 100:1. LCG has no auto liquidation whereas PFGBEST has auto-liquidation (please see previous posts). Without auto-liquidation if something crazy in the markets happens hope you are on the correct side.
  • #17
  • Mar 12, 2010 3:10pm Mar 12, 2010 3:10pm
Quoting bugscoe
Requote? Please elaborate more. Any broker who requotes is a joke.
PFGBEST is set up as an ECN and uses market execution instead of instant execution. Since MT4 was originally setup as a dealing desk environment, a no fill will show as a requote. The platform shows it that way because the platform does not have the functionality to show as a rejected fill. So if 9 banks do not have the liquidity to fill you at that price or the market has moved then you will have the order rejected, which will show as a requote. In an instant execution environment used by dealing desks you will not necessarily receive a requote you will just get slippage.
  • #18
  • Mar 12, 2010 4:24pm Mar 12, 2010 4:24pm
Quoting PFGBest FX
PFGBEST is set up as an ECN and uses market execution instead of instant execution. Since MT4 was originally setup as a dealing desk environment, a no fill will show as a requote. The platform shows it that way because the platform does not have the functionality to show as a rejected fill. So if 9 banks do not have the liquidity to fill you at that price or the market has moved then you will have the order rejected, which will show as a requote....
Does this just apply in the MT4 environment?

Also, I don't understand the point of "market execution" if your market order can be rejected when the market has moved.
  • #19
  • Mar 12, 2010 8:11pm Mar 12, 2010 8:11pm
Quoting PFGBest FX
Please see live quotes screenshot and post what you are comparing them with.
Also curious as to whose commissions are better in addition to LCG with whom according to your previous posts on all the forums you are enamored with.

London Capital Group has a 50,000 minimum to open....
Spreads don't look that bad anymore but you'd shown also market depth from some majors.
But it's only a picture.
Without testing it under real and extreme volatile market conditions, it's nonsense because your Demo is much more different.

Min deposit was $20K and you can get a 100:1 margin acc i was told.

One of the most important factors is the commission.
As an scalper you have to look at every (sub)pip.
Therefore costs above $1.7 per 100.000 are totally unattractive.

The problem in the retail market is without having $100,000 you won't get better conditions - i've never seen a better broker for the "smaller" pockets than LCG.
  • #20
  • Mar 14, 2010 7:10pm Mar 14, 2010 7:10pm
requotes on mt4 are a dealing desk operation.

Any broker that requotes is going through a dealer..

Dropped the ball on that one.
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