Note: FirstFX Globals official site - http://www.firstfx.bz/en/Default.aspx is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant 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.
General Information
What is FirstFX Global？
FirstFX Global, a trading platform that claims to offer a range of trading instruments across different asset classes, has been operating for approximately 5-10 years. However, there are concerns regarding the legitimacy of this platform. It is registered in Belize, but it has been verified as illegal and listed on WikiFX's Absconded list. The licenses it has claimed are suspected to be clone licenses, and all of its licenses have expired.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
FirstFX Global Alternative Brokers
There are many alternative brokers to FirstFX Global depending on the specific needs and preferences of the trader. Some popular options include:
Grand Capital – A multi-asset trading platform that provides traders with access to various financial markets, innovative trading technologies, and an extensive range of investment options.
TD Direct Investing – A well-established and trusted broker in Canada offering a range of investment products and in-depth research.
FXTM - A well-regarded broker with a range of financial instruments and flexible account types, including Islamic accounts.
Is FirstFX Global Safe or Scam？
FirstFX Global has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Absconded list. The FSC (No. IFSC/60/274/TS/14) and NFA (No. 0472644) licenses claimed by this broker are both suspected to be clones. Besides, the official website of FirstFX Global is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
If you are considering investing with FirstFX Global, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected.
Market Instruments
FirstFX Global is a trading platform that provides a range of trading instruments across various asset classes. Some of the trading instruments available on the platform include:
Forex: FirstFX Global allows you to trade major currency pairs, such as EUR/USD, GBP/USD, USD/JPY, etc. You can speculate on the price movements of different currency pairs and potentially profit from the fluctuations in exchange rates.
Precious Metals: The platform also offers trading opportunities in precious metals like gold, silver, platinum, and palladium. Traders can take advantage of these instruments to capitalize on the price volatility and hedge against currency risks.
Equity Indices: FirstFX Global provides access to popular equity indices like the S&P 500, Dow Jones Industrial Average, NASDAQ, FTSE 100, etc. You can speculate on the performance of these indices without actually owning the underlying stocks.
Energies: Trading energy commodities is another option available on FirstFX Global. This includes popular energy products like crude oil, natural gas, and heating oil. Traders can profit from price movements in these commodities, which are influenced by factors like supply and demand dynamics, geopolitical events, and weather conditions.
Accounts
When it comes to opening an account at FirstFX Global, you have two options: a real money live account or a demo account.
- To open a standard account, you would need to make a minimum deposit of $100.
- The quickest way to open an account is by completing the application online.
- Initially, you will receive a temporary account, the details of which will be sent via email within one to two days upon completing the application.
- Once your application is complete and the money is processed, a permanent account number will be allocated to you.
- Alternatively, you can choose to open a demo account.
- The demo account provides a risk-free environment for beginners or experienced traders to practice and familiarize themselves with the platform and its features.
Leverage
At FirstFX Global, clients are offered the opportunity to trade using leverage, with a maximum leverage of 1:500. Leverage is a powerful tool that allows traders to control a much larger position in the market compared to the capital they have in their account.
With a leverage ratio, traders can amplify their potential profits, as even a small price movement can result in significant gains. For instance, by using a leverage ratio of 1:500, a trader can control a position 500 times larger than their initial investment. This means that for every $1 in the trader's account, they can potentially control $500 in the market.
While leverage can increase the potential for profits, it is important to note that it also amplifies the risks associated with trading. Higher leverage also means higher risk, as potential losses are magnified in the same way as potential gains. Traders must exercise caution and have a solid risk management strategy in place when utilizing leverage.
Spreads & Commissions
FirstFX Global offers spreads that start at 1.8 pips on major currency pairs typically include pairs like EUR/USD, GBP/USD, USD/JPY, and USD/CHF. Spreads for spot gold are as low as 0.4 pips and for spot silver as low as 0.3 pips. The slightly wider spreads on these pairs reflect the higher liquidity and trading volume associated with major currencies.
Besides, due to the unavailable website, there is no access to find out the commission ofFirstFX Global.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
FirstFX Global provides its clients with the popular and widely-used MetaTrader 4 (MT4) trading platform. MT4 is a trusted and versatile platform that caters to the needs of both beginner and experienced traders.
MT4 offers a user-friendly interface, making it easy for traders to navigate and execute their trades efficiently. The platform provides an extensive range of tools and features that enable traders to conduct technical analysis, utilize various charting tools, and apply custom indicators to enhance their trading strategies.
One of the key advantages of MT4 is its capability to support automated trading through the use of Expert Advisors (EAs). Traders can design or choose from a wide range of EAs to automate their trading processes and execute trades based on predetermined criteria. This feature enables traders to take advantage of market opportunities even when they are away from their trading desk.
See the trading platform comparison table below:
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: 400-035-9021
4000359021
Email: asiasupport@firstfxgroup.com
QQ : 800098115
Conclusion
In conclusion, FirstFX Global raises significant concerns regarding its legitimacy and regulation. Despite claiming to be registered in Belize and holding licenses from Belize FSC and NFA, there are suspicions that these licenses may be cloned, and all licenses have reportedly expired. The fact that FirstFX Global is listed on WikiFX's Absconded list and its official website is inaccessible further adds to the doubts surrounding the platform. These factors suggest a high level of risk associated with investing or trading with FirstFX Global.
Frequently Asked Questions (FAQs)
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