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The WikiFX Score of this broker is reduced because of too many complaints!

First Option FX

United Kingdom|2-5 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://www.firstoptionfx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
FirstOptionFX-Demo MT5
Server Location United Kingdom

Contact

+971 582507418
support_vn@firstoptionfx.com
https://www.firstoptionfx.com/
20-22 Wenlock Road , London , N1 7GU , England
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+971 582507418

Broker Information

More

Company Name

First Option FX

Company Abbreviation

First Option FX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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    First Option FX · Company Summary

    General Information & Regulation

    General Information & Regulation

    First Option FX is allegedly a forex broker registered in China that claims to provide its clients with various tradable financial instruments with leverage up to 1:500 and variable spreads from 1.3 pips on the industry-standard MetaTrader5 trading platform, as well as a choice of three different live account types. Here is the home page of this brokers official site:

    General Information & Regulation

    As for regulation, First Option FX says it is regulated with ASIC license No. 000123/456. However, it has been verified that the broker does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.08/10. Please be aware of the risk.

    General Information & Regulation

    Market Instruments

    First Option FX advertises that it offers access to a wide range of trading instruments in financial markets, including forex, indices, stocks, metals, cryptocurrencies and energies.

    Market Instruments

    Account Types

    Apart from demo accounts, First Option FX claims to offer three types of live trading accounts, namely LITE, Extra and Premium (VIP). The minimum initial deposit amount is $500 for the Extra account, while the other two account types (LITE, Premium (VIP)) have much higher minimum initial capital requirements of $2,000 and $10,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

    Account Types

    Leverage

    A leverage ratio of up to 1:500 is offered by First Option FX, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

    Spreads & Commissions

    First Option FX claims that different account types can enjoy quite different spreads. Specifically, the spread on the LITE account starts from 1.8 pips, the Extra account has spread from 2 pips, while only the Premium (VIP) account holders can enjoy the tightest spread from 1.3 pips. As for commissions, there is no commission on the LITE and Extra accounts, while the Premium (VIP) account will be charged a commission of $1 per lot.

    Trading Platform Available

    The platform available for trading at First Option FX is the worlds leading MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

    Trading Platform Available

    Deposit & Withdrawal

    The minimum initial deposit requirement at First Option FX is said to be as high as $500. However, the broker says nothing about the acceptable deposit and withdrawal methods.

    Customer Support

    First Option FX‘s customer support can be reached MON - FRI, 9 AM - 5 PM by telephone: +1234567890, email: support@firstoptionfx.com or send messages online to get in touch. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.

    Risk Warning

    Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    User Reviews

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    3

    Comments

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    Thy Ngọc
    6-12months
    This FirstOption (https://firstoptionfx.com/) is a scam, I joined and lost money. When playing trial, try to withdraw money, but when you enter real capital, play really profitable, do not allow withdrawal. Will use tricks such as 1:1 advice, bonus codes, ... to trick investors. You should not join this platform.
    2023-07-06 09:39
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    0
    0
    柠檬28651
    more than one year
    It is impossible to be satisfied with the services of First Option FX. I had some problems browsing their website before, so I decided to ask the online customer service. As a result, the customer service staff said that some information is only open to users. And all I'm asking for is some information about trading conditions!
    2023-03-22 12:23
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    0
    0
    jamesnarande007
    more than one year
    It's strange, I didn't find any user reviews about First Option FX on the Internet. Could it be that it has not had many customers since it was established recently? I dare not deal with this kind of company.
    2022-12-20 11:45
    Reply
    0
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