FirstECN Review: Is It a Legit or Scam Forex Broker?
FirstECN occupies a rather versatile position on the brokerage market, claiming it is suitable for any type of trader whether being beginner or highly experienced. Its offer is wide-reaching, with over 100 types of forex, various cryptocurrencies, precious metals, among others – promised to provide a smooth trading experience. The interface is simple yet rich with the capabilities needed by advanced trading, which makes this quite a great product for traders that require a full trading environment. This review covers the basic aspects of FirstECN and will be useful in determining whether or not this product suits your requirements.
9.2/10
250$
Variable
MISA
FirstECN Forex Trading Legit or Scam?
FirstECN is regulated by the MWALI International Services Authority, known as MISA. This somehow gives the operation a touch of legitimacy. The authoritative body ensures this broker complies with laid-down finance and security frameworks. Besides, FirstECN upholds data protection as much by showing respect to it, especially through robust encryption and privacy policies that give confidence to the user. Although all these make FirstECN look like a platform worth investing in, it would be prudent for prospective investors to observe the latest reviews and updates on the regulations. Anyhow, no one can ever be too careful when entering investments with a broker.
FirstECN caters to all levels of traders through three distinct account types:
- Silver Account: Ideal for beginners, providing basic trading facilities.
- Gold Account: Offers enhanced features like 50% spread discounts, suitable for experienced traders.
- Platinum Account: Designed for elite traders, offering significant advantages such as 75% spread discounts and personalized services.
Account Types
FirstECN offers a variety of account types to cater to different trading needs:
- Silver Account: The silver account is for the novice market speculator, with a leverage up to 1:200 and minimum lot size is of 0.01. Spread discount is not available in this account.
- Gold account: This is an account for advanced traders that offers up to 1:200 leverage. It also earns a 50% spread discount from the Silver account.
- Platinum account This is the sophisticated option, which allows leverage of up to 1:200 and also has 75% spread discount compared to the Silver account.
These account types allow traders to choose an option that best aligns with their trading style and objectives.
How to Open an Account in FirstECN?
Opening an account with FirstECN is straightforward:
- Go to the website of FirstECN and click on ‘Open Account’.
- Fill in personal details with the use of name, e-mail, contact number
- Select password and communication preferences
- Accept the terms and conditions, privacy policy, and risk disclosure statement
- Account activation happens through a link that will be sent to email. Complete all identity verification as done
- To start trading deposit minimum amount required.
Login in FirstECN
Accessing your FirstECN account is simple:
- Go to the FirstECN login page.
- Enter your registered email and password.
- Click ‘Sign in’ to access your account.
- If you forget your password, use the ‘Forgot password’ option to reset it.
FirstECN offers the highest leverage of 1:200. It means there is more control over bigger positions in terms of significantly smaller amounts of capital which boosts potential profits. It is to be remembered that with higher leverage there comes greater risk. The platform ensures that no client trades using levers without full awareness of risks associated with it, thus cautious and aware while making any kind of decision.
FirstECN caters to all levels of traders through three distinct account types:
- Silver Account: Ideal for beginners, providing basic trading facilities.
- Gold Account: Offers enhanced features like 50% spread discounts, suitable for experienced traders.
- Platinum Account: Designed for elite traders, offering significant advantages such as 75% spread discounts and personalized services.
Having competitive spreads that may as low as 0.1 pips, especially for major forex pairs, FirstECN is a good option for traders who want to cut trading costs. Spreads offered by this account are low or with zero commissions depending on the type of account to be used. The lack of heavy commissions brings the cost of trading at its most optimal and a great reason to choose FirstECN.
FirstECN deals with trading terms that attract different strategies, either short-term or long-term. That means that the flexibility of variable spreads by this broker requires a trader to adjust his or her strategy according to prevailing market conditions. This also implies that leverage up to 1:200 can maximize returns for a trader, although this increases the potential risk. These trading conditions can help traders who apply different approaches, ranging from scalping to swing trading.
Deposit & Withdrawal
Other services offered by FirstECN are credit/debit cards, bank transfers, and e-wallets. This website’s deposit functions are free with no added charges where one can add extra money to his trading capital. Withdrawing accounts usually take around three working days, and they are pretty secure and transparent. Such actions instill confidence in the reliability of the website for financial transactions.
Customer Support
FirstECN offers customer support through live chats, emails, and phone calls. Support can be reached at support@FirstECN.com or via +815050506222. The support team will assist in solving every problem or question about the platform. Thus, with consistent support, traders will have not only a solid but also a smooth experience.
- Pros
- Registered by MWALI International Services Authority (MISA) for authenticity
- Spreads are rather competitive, with a minimum of 0.1 pips, on the major pairs of currencies.
- There are trading platforms available: web, mobile and integration with TradingView.
- Different types of accounts can support any stages of the trader (Silver, Gold, Platinum).
- The customer has the opportunity to receive the free demo account for the training and education purposes without any risk of losing money.
- All deposits and withdrawals are clear without deposit fees.
- A very good mobile trading app for a trader who wishes to trade while on the move.
- Customer service: available 24/5, live chat email, and phone.
- Cons
- Information on the year of foundation or detailed company history of the broker is lacking.
- Regulated by MISA, which isn’t as good as Tier-1 regulators
- This broker seems to have a pretty high minimum deposit of $250 compared to some competitors.
- There aren’t good educational offerings for a beginner.
- There’s no information available about bonus programs or promotions.
- FAQ`s
Is FirstECN a regulated broker?
Yes, FirstECN has respect to financial standards from the MWALI International Services Authority, MISA
What is the minimum deposit I can make to start trading on FirstECN?
One should have at least $250 to open an account for trading purposes on FirstECN.
Which type of accounts are available at FirstECN?
Three different types are there: Silver, Gold, and Platinum; they are specifically meant for different levels of trading experience with extra privileges.
What kind of leverage options are available on FirstECN?
Maximum leverage: up to 1:200. Maximal level may add both possible profit and loss.
Does FirstECN charge commissions on trades?
FirstECN offers low to zero-commission trading accounts to the individual trader.
Which trading platforms does FirstECN support?
FirstECN has a web trading platform, a mobile application, and TradingView integration for deeper analytics.
How can I contact the support of FirstECN?
Contact customer support via live chat, e-mail to support@FirstECN.com, or by calling +815050506222.
How long does it take to make a withdrawal with FirstECN?
Withdrawals normally are processed in three working days: extremely prompt to withdraw your money.
Does FirstECN have a demo account?
Yes, FirstECN gives a demo account to clients so they can train and get used to the terms before investing real money.