Profile of Peregrine Financial Group
Peregrine Financial Group (known as PFG) is a popular day trading brokerage. PFG is based in the US, but they will accept traders from other countries. PFG is a direct access brokerage, and offers access to exchanges in the US, but not the rest of the world. PFG allows trading of their markets via a single interface known as Best Direct or Best Direct Pro. PFG prefers personal contact between itself and its traders, and is therefore not very Internet oriented. Some things (trading or viewing statements) can be done via their trading software or their web site, but most tasks need to be done via the telephone or via email.
Opening an Account
An account with PFG can be opened completely via their web site, and only takes approximately 30 minutes to complete. There is no minimum initial equity deposit, but the equity deposit needs to cover PFG's margin requirements, which can be higher than some other day trading brokerages. This initial equity deposit can only be processed via a wire transfer or a US dollar check. Once an account is opened, there is a small delay for the initial deposit to clear, but afterwards trading should be able to commence.
Trading Fees
PFG does not disclose their commissions and fees via their web site, but their sales department discloses their standard commission as $12.50 plus exchange fees. PFG's market data fees are either free (for their Best Direct trading software) or are included with their trading software fee (for their Best Direct Pro trading software). If applicable (Best Direct Pro), their trading software fee is $49 per month, which is slightly higher than some other brokerages.
Trading Software
PFG provides trading software called either Best Direct or Best Direct Pro. Both versions are primarily programmed in C and C++, so they should be fast and stable, but they will only run on Windows systems. Best Direct and Best Direct Pro allow trading of all of the markets that PFG offers via a single interface, and also provide some account management features. The learning curve for Best Direct and Best Direct Pro can be quite steep, but trading can be started once a few basic tasks have been learned. Neither Best Direct nor Best Direct Pro provide an API (application programming interface), so they cannot be easily interfaced with other programs (such as charting or order entry software). E-Signal can be used with some of PFG's trading software, but this does not provide the same functionality or flexibility as a full API.
