Overview of FIRST CAPITAL
First Capital, founded in 1990, is a reputable company based in China. The firm is regulated by the CFFEX and offers a range of market instruments including futures and options. They provide different account types including Standard and Mini, with a minimum deposit of ¥5,000 and maximum leverage of 1:200. First Capital provides a web-based platform alongside a mobile trading platform for its customers and also offers a demo account for practice.
Customer support is provided via phone at 400-181-8811. Multiple mediums have been facilitated for deposit and withdrawal which include bank transfers, online payments, and third-party payment methods. The company is committed to ensuring their customers are well educated about the market's functionality, thus providing resources like an Introduction to Futures, the rules of exchange transactions, and pertinent law and regulations.
Pros and Cons
Pros:
Regulated by CFFEX: This ensures the legitimacy of First Capital and confirms that they are held to the standards set forth by the regulatory body. This can provide traders with a sense of security knowing that they are dealing with a regulated firm.
Offers Futures and Options: Futures and options are complex instruments that offer traders the chance to strategize and potentially profit from different market movements.
Different account types are available: This offers flexibility to traders as they can choose the account type that best suits their trading style and financial capacity.
Provides online and mobile trading platforms: This allows traders to trade from anywhere at any time, providing them with convenience and ease.
Customer support available via phone call: Having a customer support line readily available can be helpful, especially for new traders or in times when immediate assistance is needed.
Educational resources provide for better understanding: This is particularly beneficial for new traders. Having these resources can equip traders with necessary knowledge and help them make informed decisions.
Cons:
A minimal deposit of ¥5,000 is required: This relatively high minimum deposit might be unaffordable for some especially those who are new in trading and are not willing to put up a large amount of capital initially.
Leverage of 1:200: While this leverage can potentially lead to higher profits, it also presents a high risk as losses could be substantial.
Limited to bank transfers, online payments, and third-party payment methods for deposit and withdrawal: Having more varied methods such as credit/debit card payments or e-wallet options could provide traders with more convenience. Limited options might not appeal to all traders.
Regulatory Status
First Capital is a regulated company, holding a futures license numbered 0313, under the jurisdiction of China. The oversight for its operations is delivered by the China Financial Futures Exchange, assuring adherence to China's provisions for ethical futures trading.
Market Instruments
First Capital mainly divides its products into two categories: futures products and options products.
Futures products include commodity futures such as crude oil, natural gas, iron ore, copper, aluminum, zinc, nickel, cotton, soybeans, corn, wheat; stock index futures, including CSI 300 futures, SSE50 index futures, Hang Seng index futures; and financial futures, like Renminbi exchange rate futures and Shanghai gold futures.
Options products include stock options such as CSI 300 index options, SSE50 index options, Hang Seng index options, and commodity options including options for crude oil, natural gas, iron ore, copper, aluminum, zinc, nickel, cotton, soybeans, corn, wheat etc. The futures products and options offered by First Capital primarily focus on the domestic market, while also providing a limited amount of foreign futures trading.
Account Types
First Capital offers two main account types for its clients: Standard and Mini. Each type satisfied different experience levels and risk appetites.
Standard Account:
The Standard Account is ideal for experienced traders seeking flexibility and control. It boasts lower minimum deposit requirements, starting at ¥5,000, and allows access to the full range of financial instruments offered by First Capital. This includes diverse futures contracts like commodities, stock indices, and bonds, along with a variety of options. With the Standard Account, you can leverage your positions up to 1:200, amplifying your potential returns but also increasing the associated risks. This account type is recommended for seasoned traders comfortable managing larger positions and potential losses.
Mini Account:
Designed for beginners and risk-averse investors, the Mini Account provides a more cautious entry point into the world of futures and options trading. It requires a lower minimum deposit of ¥1,000, making it accessible to those with limited capital. Additionally, the Mini Account comes with a reduced maximum leverage of 1:50, mitigating potential losses while still allowing you to experience the thrill of leveraged trading. This account type is perfect for those new to derivatives or seeking to test their trading strategies with a smaller financial commitment.
How to Open an Account？
To open an account on the website of First Capital, follow these steps:
Visit the First Capital website at https://fcfco.cfmmc.com/. Click on the “Open a futures Account” button.
Enter your personal details such as your name, ID number, phone number, and email address. Also set up a password for your account.
Upload a clear picture of yourself for identity verification.
Complete the basic information form with accurate details regarding your financial situation, investment expertise, and risk tolerance level.
Select your investor suitability type from the options 'conservative', 'moderate', and 'aggressive' to allow First Capital to tailor their products and services to your needs.
Determine which exchanges you want to trade on.
Before submitting your application, read and approve the terms and conditions set out in the First Capital account opening agreement.
Pass the video verification by presenting your ID to the camera and answering some queries.
Install a digital certificate on your computer. It's required to encrypt your communications with First Capital.
Electronically sign the account opening agreement, completing the account creation phase.
Finally, First Capital might ask you to take a short online survey to get to know your investment targets and preferences.
Leverage
First Capita offers two account types, Standard and Mini. The Standard Account has a maximum leverage of 1:200, while the Mini Account h,,,,as a maximum leverage of 1:50.
Leverage is a tool that allows traders to control a larger position with a smaller amount of capital. For example, if you have a $1,000 account and use a leverage of 1:200, you can control a position worth $200,000.
Spreads & Commissions
From May 25, 2023, First Capita is set to implement its new fee standards. This fee structure includes a Transaction Commission, collected from both sides, in which commodity futures transaction fees are set at 2.5 times the exchange fee, and this rate is consistent for financial futures and financial options.
Next, a Delivery Commission will be collected from both sides where the financial futures transaction fee is set at 2 times the exchange fee, the same rate applied to commodity futures.
Lastly, an Exercise of Rights and Performance Commission is in place for financial options with transaction fees at 2.5 times the exchange fee. Please note this outlined fee structure is subject to change.
Trading Platform
First Capital offers two platforms for trading: a web-based platform and an app.
The “Boyi Cloud Trading Edition” is their desktop trading platform compatible with both Windows and Mac operating systems. This platform provides comprehensive market quotes and insights, a variety of trading functionalities, and robust analytical tools. These tools allow users to view real-time market data, interpret market trends, and employ numerous trading strategies – including limit orders, market orders, stop-loss orders, stop-profit orders, and conditional orders – in line with individual trading strategies. The platform also provides K-line charts, indicator charts, and technical analysis for in-depth market analysis.
On the other hand, the “Boyi APP” is a mobile trading platform for both iOS and Android systems. This platform provides a simple user interface, intuitive operation, and a variety of features. The Boyi APP supplies real-time market data and market trend analysis. Similar to the web-based platform, the app also supports various trading functions and provides analysis tools like K-line charts, indicator charts, and technical analysis. This enables users to engage in effective trading and analysis directly from their mobile devices.
Deposit & Withdrawal
First Capital offers a variety of payment methods, including bank transfer, online banking, and third-party payment. Bank transfer is the most common payment method, and it is free of charge. Online banking is also a popular option, and it is typically free of charge for transactions made within the same bank. Third-party payment is a convenient option, but it may incur fees charged by the third-party payment platform.
First Capital does not charge any opening account fees. And the trading fees are based on the trading instrument, contract size, and trading volume. For standard accounts, the trading fees are fixed plus floating. The fixed fee is ¥5 per contract, and the floating fee is calculated based on the trading instrument and contract size. As for mini accounts, the trading fees are fixed at ¥5 per contract.
Customer Support
First Capital has a customer support system intended to provide necessary assistance and resolve queries or issues. You can reach their customer service by calling the following phone number, 400-181-8811. The team is committed to providing effective support and ensuring customer satisfaction.
Educational Resources
First Capital provides a wide array of educational resources to its customers to enhance their understanding and active participation. These resources range from an introduction to Futures, the rules of exchange transactions, and pertinent law and regulations. Additionally, training materials are made available to foster learning and skill development. There are also dedicated sections for the prevention of Illegal Fundraising, Anti-Money Laundering, and the promotion of the constitution. These resources act as a comprehensive guide for customers engaging in futures trading.
Conclusion
First Capital, a China-based firm founded in 1990, presents a plethora of advantages such as being regulated by CFFEX, offering various financial instruments, diverse account types, comprehensive trading platforms, accessible customer support, and valuable educational resources. While these factors contribute to a supportive trading environment, there are also some caveats to consider. The minimum deposit of ¥5,000 might appear significant to some, particularly novices. The leverage of 1:200, though advantageous for potential profits, could also signify significant losses.
Lastly, the limited methods for deposit and withdrawal might seem less convenient compared to other firms that accept various payment methods like credit/debit card or e-wallet options. Despite these challenges, First Capital's dedication to offering valuable platforms and resources.
FAQs
Q: Who regulates First Capital？
A: The China Financial Futures Exchange (CFFEX) is the regulatory body overseeing First Capital.
Q: What types of trading instruments does First Capital offer？
A: First Capital provides financial instruments in the form of futures and options for trading purposes.
Q: Can I open different types of accounts with First Capital？
A: Yes, First Capital offers its users the flexibility to open either a Standard or Mini account based on their preference.
Q: What platforms are available for trading on First Capital？
A: First Capital facilitates trading through its web-based platform and mobile trading application.
Q: Does First Capital provide any learning resources？
A: Yes, First Capital indeed provides educational materials including introductions to Futures, the rules of exchange transactions, and pertinent law and regulations to help customers with better understanding.
Q: What's the minimum deposit to start trading with First Capital？
A: To begin trading with First Capital, a minimum deposit of ¥5,000 is required.
Q: How many methods does First Capital provide for deposit and withdrawal？
A: First Capital supports deposit & withdrawal via bank transfers, online payments, and third-party payment methods.
Q: What's the customer support contact number for First Capital？
A: Customer support of First Capital can be reached at the contact number: 400-181-8811.
2024-01-26 18:55
2023-12-28 19:01
