cfgtrader.com Review
1.488 •
18 REVIEWS
Out of business
Updated: Apr 13, 2022
•
From www.cfgtrader.com
UPDATE (April 25, 2007): To Certain Former Customers of ForeFront Investments Corp. d/b/a CFG Trader ("CFG Trader"):
The Receiver has been contacted by some former customers of CFG Trader suggesting that their respective account balances on the books at the time of the transfer to I-Trade FX are less than they should be due to the forced liquidation mandated by the NFA. At this time, the Receiver is not in a position to make a determination as to the validity of such claims. Regardless of whether this type of claim is valid, your claim is only a claim against CFG Trader. If you have a claim for damages due to premature forced liquidation of positions it is not a claim that I-trade FX agreed to pay. I-Trade is only responsible for making sure that the amount of your account balance at CFG Trader AFTER the forced liquidation is made available to you immediately for trading or as a cash refund, all of which should have be done by the date of this update. If you feel that your account balance was less than it should have been as a result of the forced liquidation, you must (i) state your complaint/claim in writing, including but not limited to all relevant information such as dates, amounts, measure of damages, and documents to support, and (ii) send it to:
Bruce H. Matson, Esq.
LeClair Ryan, A Professional Corporation
Riverfront Plaza, East Tower
P.O. Box 2499
Richmond, Virginia 23218-2499
UPDATE (April 25, 2007): To Certain Former Customers of ForeFront Investments Corp. d/b/a CFG Trader ("CFG Trader"):
The Receiver has been contacted by some former customers of CFG Trader suggesting that their respective account balances on the books at the time of the transfer to I-Trade FX are less than they should be due to the forced liquidation mandated by the NFA. At this time, the Receiver is not in a position to make a determination as to the validity of such claims. Regardless of whether this type of claim is valid, your claim is only a claim against CFG Trader. If you have a claim for damages due to premature forced liquidation of positions it is not a claim that I-trade FX agreed to pay. I-Trade is only responsible for making sure that the amount of your account balance at CFG Trader AFTER the forced liquidation is made available to you immediately for trading or as a cash refund, all of which should have be done by the date of this update. If you feel that your account balance was less than it should have been as a result of the forced liquidation, you must (i) state your complaint/claim in writing, including but not limited to all relevant information such as dates, amounts, measure of damages, and documents to support, and (ii) send it to:
Bruce H. Matson, Esq.
LeClair Ryan, A Professional Corporation
Riverfront Plaza, East Tower
P.O. Box 2499
Richmond, Virginia 23218-2499
Out of business
1.488 •
18 REVIEWS
Recent User Reviews of cfgtrader.com
R
RonW
Central Utah,
Dec 5, 2007,
Guest
I got ripped off by CFG when I took their $5500 course in Las Vegas in 2004. I couldn't believe what they were peddling, but found out I couldn't get a refund after the START of the class. I had no choice but to give it a go. My mentor lived some 3,000 miles away and I was supposed to fly there for meetings. I then found out their was another mentor (far better than the first) and I asked if I could go with the new guy because he lived ONLY 5 MILES from my home. They agree, IF I WOULD PAY ANOTHER $5500!!! There are a few good guys with a lot of knowledge, but the company sucks.
P
pipsurfer
Florida,
Jun 20, 2007,
Guest
Had an account with CFG trader, opened the account on a ZERO pip offer (sounds almost to good to be true?).... I did two trade with them and was executed at 6pips on each. called the broker and asked why, he said that if i was given zero pips, everyone would scalp the market. I immediately got the withdrawl papers and sent them in on sunday nite... to only find in my mailbox monday morning that NFA had frozen all accounts... IT looks like this broker has gotten a Margin Call big time... After a month of waiting, the courts agreed to sell all the accounts to another company called I-Trade FX, and this company later refunded my money completely... I went back to my old broker and was glad to pay the extra pips for staying in business... What timing eh?
T
TI
Utah,
May 29, 2007,
Guest
CFG Trader was worse than evil. I am glad to see them go. I hope the rest of CFG goes out of business for good.
I
i-TradeFX.com
FL,
Apr 7, 2007,
Guest
To All CFG TRADERS,
UPDATE (April 06, 2007):
"The Receiver has signed an agreement to sell substantially all of the assets of Forefront Investments Corp., d/b/a CFG Trader to I-Trade FX, LLC. The United States District Court will hold a hearing at 10:00 a.m. on Tuesday, April 10, 2007 to consider approval of the sale. The hearing will be held before the Honorable Robert E. Payne in Lewis F. Powell, Jr. Courthouse at 1000 East Main Street in Richmond, Virginia. If approved, the Receiver will transfer all CFG Trader customer accounts (and certain related assets) to I-Trade FX, which will restore to all customers the value of their accounts at CFG Trader at the time that all positions were liquidated on March 21, 2007 pursuant to the order of the National Futures Association. If approved, the parties expect to close the transaction immediately after the hearing. Customers will receive further information directly from the Receiver and I-Trade FX after the hearing, including procedures for recovering their investment or establishing a new account with I-Trade FX."
All Traders will be made whole from the short fall of client funds. Further, all CFG Traders clients will be able to continue using MetaTrader4 with there same username and pass codes with out having to fill out any additional paper work. Pending courts Approval On April 10, 2007. We are shooting to have all the client’s assets transferred over and ready for Trading as of April 15, 2007. In addition, for any clients that would like to access their fund they can do so as of April 15th with out any restriction.
I-TradeFX.com believes that we will be able to provide higher standard, more ethical dealing practices, and unparallel customer service.
We look forward to everyone trading with us!
Regards,
I-TradeFX.com
UPDATE (April 06, 2007):
"The Receiver has signed an agreement to sell substantially all of the assets of Forefront Investments Corp., d/b/a CFG Trader to I-Trade FX, LLC. The United States District Court will hold a hearing at 10:00 a.m. on Tuesday, April 10, 2007 to consider approval of the sale. The hearing will be held before the Honorable Robert E. Payne in Lewis F. Powell, Jr. Courthouse at 1000 East Main Street in Richmond, Virginia. If approved, the Receiver will transfer all CFG Trader customer accounts (and certain related assets) to I-Trade FX, which will restore to all customers the value of their accounts at CFG Trader at the time that all positions were liquidated on March 21, 2007 pursuant to the order of the National Futures Association. If approved, the parties expect to close the transaction immediately after the hearing. Customers will receive further information directly from the Receiver and I-Trade FX after the hearing, including procedures for recovering their investment or establishing a new account with I-Trade FX."
All Traders will be made whole from the short fall of client funds. Further, all CFG Traders clients will be able to continue using MetaTrader4 with there same username and pass codes with out having to fill out any additional paper work. Pending courts Approval On April 10, 2007. We are shooting to have all the client’s assets transferred over and ready for Trading as of April 15, 2007. In addition, for any clients that would like to access their fund they can do so as of April 15th with out any restriction.
I-TradeFX.com believes that we will be able to provide higher standard, more ethical dealing practices, and unparallel customer service.
We look forward to everyone trading with us!
Regards,
I-TradeFX.com
A
Anonymous
USA,
Apr 5, 2007,
Guest
CFG Traders had been shut down by CFTC and is currently in its receivership. Here is the link to the press release issued by CFTC concerning the matter: http://www.cftc.gov/opa/enf07/opa5311-07.htm
Here is another press release explaining the reason behind the shutdown: http://www.cftc.gov/opa/enf07/opa5310-07.htm
Here is another press release explaining the reason behind the shutdown: http://www.cftc.gov/opa/enf07/opa5310-07.htm
A
Anti
Hungary,
Mar 30, 2007,
Guest
It looks CFGTrader has gone... Check its website...
I was about to open an account with them (before finding this site). I sent to them all the needed papers. I was waiting for the ack e-mail when I got know that the company had gone... Amazing luck I didnt start the procedure 1 week earlier. In this case I would have sent money into a black hole...
I was about to open an account with them (before finding this site). I sent to them all the needed papers. I was waiting for the ack e-mail when I got know that the company had gone... Amazing luck I didnt start the procedure 1 week earlier. In this case I would have sent money into a black hole...
A
Anonymous
New Jersey,
Mar 29, 2007,
Guest
CFGTRADER HAS BEEN SHUT DOWN BY THE NFA !!!!
http://www.cfgtrader.com/MRA-ForefrontInvestmentsCorp.pdf
http://www.cfgtrader.com/MRA-ForefrontInvestmentsCorp.pdf
W
W.P.
Boston, MA,
Mar 28, 2007,
Guest
Looks like the NFA finally caught up with these guys. They had an injunction against them to liquidate all customer accounts by March 21, 2007. They have a link to the NFA's compliance order on their front webpage.
M
mike
usa,
Mar 26, 2007,
Guest
CFGTRADER.com has been closed down. Trading suspended by the NFA due to lack of minimum requirements of clients funds on hand.
R
RV
TN,
Mar 26, 2007,
Guest
I traded CFG trader for the last six months, until they closed as of late. Until that time I got excellent fills. I ocasionally trade the news, and often I have open positions on before the news. I never had a stop, limt entry or extit not filled at the price. If you try to jump in during the news, you would often get a requote, but that has been my experience everwhere. I have to give them 5 stars for honoring stops during the news. At other brokers I was often getting hammered by 35 to 40 pips past my stops (FXCM was the broker there). Since they currently have audit problems I may have more to say later.