Comprehensive Review of FirstECN

Before us is FirstECN — a broker boasting loud promises of “intuitive trading” and leverage of up to 1:200. However, can you trust a company whose license is issued in the Comoros Islands, a well-known haven for dubious firms? Is this an honest broker or yet another scam disguised as a reliable partner? In this review, we will uncover what lies behind the flowery words and questionable promises.

Highlights

Key Trading Features

FirstECN offers three types of accounts: Silver, Gold, and Platinum. They differ in just two aspects — swaps and spreads. The better the plan, the more favorable these conditions. Another clear distinction is the minimum deposit amount, but it isn’t disclosed. Yes, the broker hides how much clients need to deposit to activate a specific plan.

In the “FAQ” section, it’s stated that the minimum deposit amount is $250, which is likely for the Silver plan. This figure is notable because most fraudulent companies tend to set this exact amount as a starting point. We don’t know why $250 is so common, but experience shows this trend.

The leverage offered clearly hints at the absence of a license from a reputable regulator for FirstECN. Financial authorities typically prohibit brokers from offering leverage higher than 1:30–1:50, yet here it’s 1:200. If a company provides such leverage, it’s undoubtedly not complying with regulations established by oversight agencies. Additionally, such high leverage poses significant risks for traders.

In summary, the trading conditions appear entirely typical for yet another offshore forex broker. The same conditions can often be seen with fraudulent companies, and that’s a bad sign.

Overview of Available Trading Instruments

The FirstECN website claims that you can trade almost anything you can think of: currencies, cryptocurrencies, indices, stocks, and even commodities. All of this is through CFD contracts. If you’re unfamiliar with CFDs, here’s a simple explanation. CFD (Contracts for Difference) is a tool that allows you to trade price differences without actually buying the asset. In simple terms, you don’t own the stock or gold but instead bet on whether its price will rise or fall.

You can lose more than you invest, especially with high leverage. Your trades are conducted within the broker’s platform. This means that with a questionable broker like FirstECN, your losses become their profits. There’s no transparency or guarantee that your money is genuinely being used in trading.

Trading Platform Analysis

FirstECN offers its clients a so-called “WebTrader” platform, accessible via browser and mobile applications. Most reputable brokers use time-tested solutions like MetaTrader or cTrader. However, here, it’s an unknown product with no independent reviews available.

As for functionality, FirstECN claims the platform is “convenient” and “accessible”. These typical phrases provide absolutely no information about its actual capabilities. Where are the details about indicators, charts, and analytical tools? The same goes for the mobile version. Yes, they offer an app. Yet again, not a word about its features. It seems that mobile trading boils down to randomly pressing the “Buy” or “Sell” button.

Additional Services

The broker offers nothing unique or useful when it comes to additional features. Copy-trading, educational courses, analytical resources — where is all of that? FirstECN doesn’t stand out among brokers at all. How does the company even plan to compete with its counterparts?

Fee Structure

Information about commissions and spreads on the FirstECN website is scarce, which in itself raises suspicions. You won’t find any specific numbers or examples. This means traders essentially operate “blind”, unaware of how much they’ll pay for each trade. Such hidden terms are a classic sign of an unscrupulous broker, preying on the fact that beginners often don’t read the fine print or question where their profits are going.

Deposits and withdrawals are advertised as commission-free. However, this is just the company’s claim. There’s no way to know what reality will be.

Legitimacy of FirstECN

Verifying a broker’s legitimacy and deciding whether it can be trusted is simple. The firm boasts a legal entity named Nakito SA, registered in the Comoros Islands and licensed by MISA. At first glance, this might seem positive — official registration plus a license — but that’s not the case.

Trusting FirstECN registered in the Comoros Islands with an MISA license is like handing your money to someone who promises to return it but won’t even show you their ID.

The Comoros Islands are an offshore zone. Yes, it sounds appealing, but in reality, it means businesses there can operate with virtually no oversight. Regulators like MISA will issue a license to anyone who pays for it. Vetting? Regulation? No, that doesn’t exist here. These licenses are just pieces of paper that give FirstECN the appearance of legitimacy but offer no real protection for traders.

Now imagine you have an issue with withdrawing funds or want to file a complaint against the broker. Who would you turn to? MISA? It’s not a serious regulator that could help you recover your money. They’re not even obligated to ensure the company operates fairly. This isn’t the FCA in the UK or CySEC in Cyprus, which genuinely monitors their licensees and protects client interests.

In the end, registration in the Comoros Islands and a license from MISA is like a red flag for traders. It signals that FirstECN is likely only interested in one thing — taking your money and leaving you with nothing.

Company History

Even the broker’s track record is brief. It has been in operation for less than a year, so when they talk about experience and reputation, they’re blatantly lying. The legal entity Nakito SA was registered in 2024. The domain of the official website, firstecn.com, was also created in 2024. This is a very short operational history.

Conclusion

FirstECN is a textbook example of an offshore broker with a dubious license, a lack of transparent conditions, and a minimal operational history. Trusting such a broker means putting your money at risk, so it’s better to avoid such platforms for trading.

Weighing the Pros and Cons

Common Questions