Offers many options to traders, experienced brokers
Can't talk online 'live' from Asia (US business hours only), spotty customer service and accounting dept
Company is improving and has its advocates.
PFG Best FX, Options & Futures Broker REVIEW - What are traders saying?
A company that gives you lots of options, perhaps?
PFG Best offers a hugely - some would say confusingly - diverse suite of trading technologies, products and services.
In fact they offer just about every platform in Forexland.
MetaTrader, NinjaTrader, Currenex, ProTrader, eSignal and many more are all offered. The different platforms have different levels of liquidity providers and different minimum account sizes which are summarized on 'platform tables' on their website.
You need a broker just to find your way around!
However, if you do sign up to a full service broker assisted account then they, of course, will guide you through the maze and there is also good research material, tools and educational material available for traders who choose self-directed accounts or managed accounts.
The company claims an emphasis on low barrier-to-entry opportunities - which means you can start trading with as little as $500.
Their 20+ electronic platforms have resulted from partnering with 'some of the finest preferred software providers.' Which gives customers use of 'specialized tools for analyzing and trading all markets.' No automated software either - such as Leo Trader Pro.
The spread of broker-managed investments, multiple products to execute and manage trades across asset classes, and direct online trading is a wide one, so naturally PFG Best focus their marketing on one aspect: customer support.
'The BEST thing about our technology is our people' they say. People who will 'help find solutions to trading needs from some of the brightest and BEST people in the industry.'
Sounds good... and the testimonials published on their website support the person-to-person focus.
'She spent a lot of time on the phone with me today, walking me through a complicated procedure. She's patient, thorough, and very knowledgeable. I just wanted to compliment you on having such an excellent customer-service person.'
So what do other traders say?
With PFG Best it gets good, bad and downright ugly.
'I have traded with PFG and i found them good broker, low spread, quality customer service, no dealing desk and good in news.'
'Fast execution. Honest broker, feels like your money relatively safe with them.'
But there are reservations, for example over differences between the software packages
'Trade Navigator has lots of bells and whistles and when you open it makes you think you have something really special, STOP before you buy! In my opinion, Trade Navigator and the data packages are not worth the cost or the frustration. Go with NinjaTrader.'
And a great big internet storm over customer service:
'At some point you will have a bad fill or a poor execution of a more complex order. That is when I realized that PFG Best is OK at best. One can do much better.'
'From my standpoint PFG customer service is not perfect but it is better than most any broker I've dealt with and I have dealt with most of them.'
Yet still, some genuine users say customer support is good.
PFG BEST also have a reputation for high commission rates.
And there are also quibbles with the accounting department: 'Probably not the worst but accounting department not helpful to say the least.'
However the storm seems to have reached its peak (during which company employees became involved to defend PFG) and considered opinion has settled.
This opinion is: that it depends on the broker you get and the options you choose.
'The basic MetaTrader account which I have used and recommend for new traders seems to have enough liquidity to offer good-to-very good fills,' says one trader.
Concerns over 'spotty' customer service have receded.
'Today I would give them a ‘B+’ for customer care and an ‘A’ for listening to their customers and striving to improve.'
'Striving to improve' is an impressive recommendation, as is this genuine trader's opinion of their 'excellent' broker at PFG Best
PFG gets 4 stars (average 3.3) from Reviewpips.com which also breaks down reviews by trader profile (casual, intermediate, expert) and usage length.
So, better than average and improving, but still plenty of room for improvement. Discover more about PFG Best here.
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