The platform is owned by Nakito SA, which is based in the Union of Comoros. This brokerage firm positions itself as a “gateway” to the world of successful CFD trading. It should be noted that the activity of the broker is regulated only in the offshore jurisdiction by the MISA body. Obviously, this raises doubts about the reliability of the project. Why is there no license from serious regulators? Is it safe to trade here? You will learn more about FirstECN in this review.
How to Trade
Clients of the brokerage company can trade CFDs on stocks, cryptocurrencies, and other assets. Customers have access to WebTrader. The platform provides the following features:
- Leverage 1:200.
- Minimum lot 0.01 pips.
- Starting deposit of $250.
There is very little information about spreads and commissions. This raises suspicions about the unreliability of the service.
The broker does not offer any additional unique features. In addition to English, there are Portuguese, Japanese, and Hindi options on the site.
FirstECN Vital Info
The company’s operating history and start date are not disclosed on its official website. Meanwhile, the organization was included in the registry of the Union of Comoros in March 2024. As for the domain, it appeared in July of the same year. Thus, the platform’s lifespan is just over a year. This is a short period of operation in the financial sector.
The firm boasts a MISA license. Is this information true? Yes, we found this license under the number BFX2024050, which belongs to the legal entity Nakito SA. Moreover, this company owns the FirstECN brand and the website we are exploring in this review. However, the regulator MISA does not provide traders with any protection.
This was my worst trading experience ever! FirstECN got me into high leverage trading. At first I thought it was an opportunity to make a quick buck, but it turned out to be a trap. As a result, I lost my entire investment - 1,740 dollars! This broker deliberately misleads people by providing incorrect information and exposing newbies to huge risks. Avoid this project!
I opened an account on Firstecn to earn money for a vacation trip. I invested a thousand dollars. My trading was going weird: orders were being executed with a delay and the price on the chart did not match the market price. I sent a withdrawal request, but they started delaying the process. In the end, 310 dollars were returned, and the rest of the money was “frozen”
Trading with FirstECN is like throwing your money away. I deposited 2,500 USD, started actively trading and they froze my account with no explanation! I've tried to contact them, but to no avail.Tech support ignores my questions, but my money is kept in a blocked account 😡 I have a huge disappointment!!!!
They scammed me out of €4.5K and I realized I had fallen for an offshore broker, although at first everything was standard and I had no reason to even think about fraudulent activities. I deposited money for trading on firstecn.com, but did not earn profit and after a couple of months I decided to withdraw it, but it turned out that it was not easy to withdraw it! The transaction went through but I still don't see the money in my bank account even though it's been over 3 weeks. Moreover, I don't even know where to write about it, as the connection with technical support is only by email, but there is no answer, and the phone is not answered, the regulator Firstecn is offshore, I will write, but I don't think there will be a result.
I really like the lack of commissions for deposit and bank transfers with this broker - it's really beneficial and convenient. However, there is one significant disappointment: there are no electronic payment systems for deposit and withdrawal of funds here. Nowadays, the variety of deposit and withdrawal methods plays an important role, especially for those who are used to the convenience and flexibility of electronic payments. I hope that in the future the company will expand this list to meet the needs of more customers…
They show great results on a demo account, and then all of your funds are BURNED up on a live account. I opened a real account with 250 dollars, and what did I get? The platform slows down, transactions are unstable and the support team is silent. Everything is done on firstecn.com in such a way that traders LOSE their deposit as soon as possible. You should NOT come here at all!!
Manipulation of the broker's prices caused me to lose $330. I kept seeing their prices differ from the real ones on other platforms. It's very strange when your orders close at the worst prices, isn't it?? Don't trust these guys, they will steal every dollar you have!
I have always been cautious about financial matters, but when I saw Firstecn's services, they seemed appealing. I decided to try working with them, but unfortunately my experience was far from what I expected. In the end, they scammed me out of $5,608 and I was left with empty pockets
I was opening a deal on FIRSTECN terminal, but they suddenly closed it and debited $3,256 from my account. No one can really answer the question: why did this happen? How is this even possible? Without explanation or warning? Scammers!!! Be careful if you don't want to lose all your money here
If you don't want to lose money, then stay away from this fraudulent broker. I decided to try trading with FIRSTECN and I can say that it was a huge failure. Spreads there are simply robbery, commissions for each transaction are quite high, and the terminal is absolutely basic, suitable only for opening and closing positions. It has no additional features that could facilitate trading. All this makes stable earnings on the FIRSTECN platform almost impossible. And most importantly, it seems that withdrawing money from here is also impossible. I applied for withdrawal three days ago, but no action from their side. No one is responding to my inquiries on firstecn.com, they have neither the time to process the withdrawal nor a clear explanation as to why there is a delay. I have €617 left in my account from a deposit of €1350, but something tells me I won't see that money again. Fraud? FIRSTECN is very much like that. That's why you'd better not even enter here, and don't even think about trading anymore.
I started working here without having any experience in trading. I just wanted to practice my skills and see what I could really accomplish on my own. I didn't succeed at firstecn.com right away. I even had the urge to stop trying because I discussed it with the managers and support team, and they honestly told me that I was picking bad trades. They suggested that I try following a ready-made strategy. Although a small commission is charged for this, there are more guarantees that you can make money on your investment with Firstecn. It turns out I did the right thing when I agreed to switch to this system. Before starting, my manager and I calculated the minimum deposit, calculated how quickly and with the help of what tools we would be able to achieve results. Firstecn employees promised to double my investment in one quarter, provided I made a deposit of $1,700. Actually, I was provided with such profit for a period of 3 months. In the end it even turned out to be a bit more, and I determined for myself that I would spend part of this money to pay taxes. Since they warned me that I would have to seriously plan everything out with my budget. I withdrew the profit from Firstecn to a cryptocurrency wallet. The exchange rate there is more favorable and you can even store funds in crypto dollars. This currency, in my opinion, is more reliable than the regular US dollar.
The broker hides trading conditions, and the terminal is just a horror… It is a basic web trader with almost no features necessary for normal work. As an experienced trader, I recommend only going to trusted brokers. This is a fraudulent platform that intentionally fails to disclose important information and steals money from customers. Trading here is neither profitable nor safe…
They claimed my account was suspicious and blocked my trading access. I lost the ability to close winning positions and lost over $430. There is no concrete explanation, only formal replies. This is a complete nightmare, I got the impression that FirstECN works only to take your money!!
The main thing is to get the money out and everything else is secondary. I have already withdrawn a total of over $2,700 on Firstecn , even though the initial deposit was only $800. As you can see, the broker fulfills its obligations and allows you to make money! For me, trading is still an additional source of income for now, but I hope it will eventually become my main source of income. I'll see what happens next, but for now I'm glad I found a reliable broker to work with.
I did not like the broker. The terminal works slowly, and the support service is not very responsive. Moreover, the spread is too high, it will be problematic for you to get to a good plus with minimal funds. I will note that although the interface of FIRSTECN looks new and fresh, it would be better if they would remove the glitches that are on the site.