PFG Best

I am or was a customer of PFG best.  However, this week, they have been shut down by the CFTC/NFA due to large scale fraud committed by individual (s) within the company.  I have quite a large amount of money within the company which I am unable to withdraw.  I do not know if I will see any of my money again.

I have opened a new demo account with Optimus and may fund a small amount to enable me to trade 2 positions in the future, but I will not allocate all my trading fund into the account as I did with PFG.  I feel very depressed at the moment and if this is what we should expect within this industry, I may stop altogether. 

This is a very tough lesson to learn.

However, I remain hopeful that I will see some of my money returned.

I also have a spread betting account in the UK with I G Index which is quite a large firm and they are covered by the FSA. So I am insured if this should happen over here.  I will probably trade CL on the spread bet platform, while using a futures data feed for my analytics.  This would mean paying $50 P/Month to a data provider like Kinetic.  The downside is that I would be paying 4 tick spread, but if I am going for 40 ticks each day, then this is a reasonable charge and there is no commission to pay.

I hope things work out for me and that I can continue trading as I have found something that I am good at and do not have the hassle of working for someone else.

I hope things work out for all other PFG clients caught up in this mess.

I really think the CFTC and the NFA really need to think long and hard and bring in legislations to protect clients of Futures brokers and also to maintain credibility and confidence in this industry.