We present to you the FirstECN review, where we take a closer look at a broker that offers easy access to trading hundreds of financial assets. The company promises a fully personalized approach and assures that even a beginner will find it easy to navigate all the nuances of this platform. We will check whether its promises match reality.
- FirstECN General Information
- Registration and Client Portal Review
- FirstECN Trading Conditions
- Account Types Review
- Trading Platform
- FirstECN — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is FirstECN a Scam?
- Legal Information and License
- Firstecn.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
FirstECN General Information
| Website | https://www.firstecn.com/ |
| Phone Number | +442035144836 |
| support@firstecn.com | |
| Address | Bonovo Road, Fomboni, Comoros, KM |
| License | MISA |
| Minimum Deposit | $250 |
| Assets | CFDs |
| Leverage | Up to 1:200 |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The broker’s official website looks quite vibrant. However, that’s probably where the positives end. The first thing we noticed was the abundance of AI-generated people instead of real information about the project’s team. Another red flag is the overly simplistic menu — just three sections. Do full-fledged broker websites usually look this minimalistic?
We also found the language selection a bit puzzling: English, Japanese, Hindi, and Portuguese. We can only imagine how many different regulatory requirements would need to be met to legally serve traders from these regions.
That said, we must acknowledge at least one positive aspect — the footer contains all the necessary legal information about the project.
The registration process seems quite simple — you only need to enter your contact details, full name, and create a password. However, some clients might encounter issues during registration. Specifically, it turns out that FirstECN does not provide services to traders from all jurisdictions.
Despite this, the footer does not include a list of countries where services are allowed or restricted. This is something that should be improved to prevent traders from wasting their time.
Unfortunately, we were unable to register in the personal account due to jurisdictional restrictions, so we will continue the review without this step.
FirstECN Trading Conditions
The broker confidently promises traders some of the best conditions in the industry. We will thoroughly verify whether these claims hold up to reality.
Account Types Review
We’d like to start with a major downside. For some reason, the broker does not offer a demo account. This is generally frowned upon in the industry, as most traders prefer not to risk real money right away. Speaking of real money, here comes the second issue — there is no clear information about the minimum deposit required to start trading.
The problem is that deposit amounts are not mentioned in the account descriptions. In the FAQ section, you’ll find the answer to the question of how much you need to deposit to start trading. The required amount is $250.
FirstECN offers three account types: Silver, Gold, and Platinum. The broker specifies leverage, lot sizes, spread discounts, and stop-out levels for each. However, they also state: “The discount is indicative for the majority of the symbols and may vary for specific instruments due to rounding. Instruments with very low spread might not be discounted.” Yet, there is no provided list of instruments or exceptions, leaving traders in the dark.
Trading Platform
The broker offers a web trader and a mobile application. Judging by the lack of information about its provider, the platform appears to be proprietary. However, we were unable to test the application because it is only accessible after registration. It is not listed in any app stores, so independent verification is impossible.
The same issue applies to the web trader — there is no way to preview its interface or functionality before signing up. Traders are essentially forced to create an account and deposit funds before they even know what kind of platform they will be using. Reliable brokers at least provide detailed platform information, demo access, or true screenshots.
FirstECN — Deposit and Withdrawal of Funds
There is no separate policy for deposits and withdrawals, but relevant information can be found in the User Agreement.
The company allows deposits via bank transfer, SWIFT, e-wallet, debit/credit card, or any other electronic money transfer method. However, it reserves the right to charge a 3% plus $0.25 fee per deposit at its discretion — an unusually high amount, especially considering that withdrawal fees also apply. It’s quite strange that traders have to pay just to fund their accounts.
As for withdrawals, the broker claims that funds will be sent to the client’s account within 5-7 days. This is a rather long processing time given the listed payment methods. Additionally, payment system fees must be covered by the client, adding to the overall cost of transactions. The company may also request additional documents during the withdrawal process, which could further delay access to funds.
Verification
The company requires full verification. Traders must not only submit identification documents but also verify their payment methods — down to the point of taking a photo of their credit card. Notably, there is no mention of covering the first 12 digits for security purposes.
Additionally, the list of required documents remains vague. FirstECN reserves the right to request any documents at its discretion to verify a trader’s identity.
Additional Options
FirstECN does not offer any additional services that are commonly available with other brokers. For instance, there are no options for copy trading. Additionally, the broker does not provide educational resources, such as tutorials, webinars, or trading courses, that are often essential for beginners looking to improve their trading skills. Furthermore, there is no access to market analysis tools.
It’s unclear whether FirstECN is simply a young broker that has yet to develop additional services, or if they genuinely lack any extra value compared to other brokers.
Is FirstECN a Scam?
Finally, we come to the most important part — determining whether you can trust this project and whether your savings will be safe if you choose to invest them in this platform.
Legal Information and License
So, in the footer, it states that the managing company behind FirstECN is Nakito SA, which is registered in the Comoros Islands and has received a license from MISA for brokerage services. Overall, this information is true — the regulator’s website indeed lists this company, and the website for Nakito SA is also correctly shown as firstecn.com. However, here’s the problem. Did you know that obtaining a license from this regulator is actually very easy? All you need to do is pay a fee and renew it annually. Additionally, the central bank of Comoros clarifies that this is not a government regulator. The list of companies they license is often filled with various scams.
Firstecn.com Domain Info
In fact, this broker hasn’t been operating for long. They received their license in March 2024, so it will expire soon. Be cautious and check whether they have renewed it. Meanwhile, the website was created in July of 2024, which means the broker hasn’t even been around for a year yet. Overall, this isn’t a very impressive track record, and as of now, it doesn’t inspire much confidence in terms of longevity.
Contacts Review
Additionally, FirstECN offers four phone numbers for customer support, including numbers for India, Brazil, Japan, and the UK. However, they do not have an office, as the Comoros islands generally use virtual addresses for registration purposes.
More Details
FirstECN operates on a market maker model, which means that the broker acts as the counterparty to its clients’ trades. This model can create a conflict of interest, as the broker profits from the losses of its clients. In this type of setup, there is an incentive for the broker to manipulate prices or even influence trade outcomes in their favor. This leads to issues like slippage, wide spreads, and poor execution of trades. Clients may also face difficulties in getting their trades filled at favorable prices, especially during volatile market conditions.
Pros and Cons
- FirstECN offers several deposit and withdrawal options.
- The broker is licensed by MISA.
- There is no demo account available for traders.
- The broker charges a 3% fee per deposit.
- MISA is known for allowing less reputable companies to obtain licenses.
- The broker is relatively new.
- No additional services.
Based on our thorough review, we advise caution when considering FirstECN. The broker operates under a license from Comoros, which is known for granting licenses to questionable firms with minimal regulatory oversight. Furthermore, the broker has a short track record. Given these factors, it's best to avoid this platform to protect your funds.
Frequently Asked Questions (FAQ)
It offers access to various financial instruments, including forex trading and CFDs, through its proprietary trading platform.
According to their trading conditions, the minimum deposit required to start trading is $250. However, the amount may vary depending on the account type chosen.
It operates with a license from the Comoros, but it’s important to note that this jurisdiction has minimal regulatory oversight and it is risky for investors.
This is just a boiler room.
Do you think it’s worth trusting your money to firstecn.com? The broker claims to be regulated by MISA, with satisfied clients and large trading volumes. However, the problem is that these are just words with no real evidence to back them up. There is minimal proof that the company is popular, and there are very few genuine reviews about them. They are not listed on top aggregators. Perhaps this is because they haven’t been around for long, but if that’s the case, why choose them? The market is full of well-established brokers. Trusting such firms under these conditions is absurd. How can a company that’s been operating for less than a year and is regulated by an unclear authority be considered reliable? There are already many exposés about MISA. This is pure fraud, and trading here is dangerous and illegal.