FirstECN

My first week of active trading was fruitful, and I earned a 28% profit on my deposit. In principle, I can give the company a positive rating. I haven’t noticed Firstecn providing me with poor service, interfering, or changing the terms without warning. Although I agree that not much time has passed, I am still objective. There was important news during the week, and there was volatility in all markets, especially in forex, but at the same time, there were no malfunctions with the terminal at firstecn.com, and the spreads did not jump but remained stable.

I invested $1,150 in this damn “company.” And they can’t even withdraw it. So, I fought for almost a month. Importantly, I tried to withdraw the money to the virtual card I used to fund my account, but FirstECN security refused to allow the transaction. After that, I sent a bank statement proving that the card belonged to me. It was rejected. They allegedly needed the physical card. So, I have the physical card. It was rejected. They allegedly need to withdraw the money to the same place from where you deposited it. In the end, I contacted firstecn.com support, explaining that the administrators would not withdraw my money to the virtual card I used to transfer it to the broker and did not want to discuss other methods! The operator replied with something incomprehensible, like they had sent a request for “expedited processing.” In the end, it was also rejected. So, today they announced that the company is not withdrawing money to the card at all due to technical problems 😡

This platform offers fairly narrow spreads, reasonable commissions, and instant execution of both market and pending orders. All the necessary currencies are available, even exotic ones such as the Swedish krona and Chinese yuan, at firstecn.com. I should note that I only trade on Forex, it’s simple, currency pairs follow stable trends, you just need to roll back in the direction of the trend, then everything will be fine, of course, with stop losses. Moreover, I have never seen First ECN interfere in the trading process in any way. Everything is clear here. I mean the quotes are real, they are not manipulative, as I would immediately notice, because I conduct all technical analysis based on my own strategy in TradingView. The quotes there are exactly the same as here, on the firstecn.com platform.

After carefully selecting a broker, I decided to work with FIRSTECN, investing $5,000. What a nightmare! My funds quickly disappeared from my account, and customer support is still silent. I feel like a complete fool for trusting this company.

Even with a position of 0.01 lots on EURUSD, for some reason I end up in the red one way or another. And when I open a couple of lots, am I moving the market with that volume?! For example, this happened yesterday on FIRSTECN.com during the European session. However, there are no holidays in the EU right now. Moreover, other brokers—OANDA, FXCM, ICE—have large volumes, I checked. What’s more, all my transactions are duplicated by six other brokers, and everything is fine there! So is First ECN a scam?! Or am I missing something? Can someone with extensive experience share their opinion here? Or maybe the regulators will say something?!

The platform is terrible, there are no good tools, and it lags. There is basically no support. In short, I made a mistake by contacting them and lost $570

The platform is more of a trap for naive investors than a reliable trading tool. If you don’t want to lose your money, stay away from it.

There are no problems with trading. It’s been a month since I started actively trading on the FIRSTECN platform. Believe me, if I had found any major flaws or problems, I would have written about them. Of course, there are minor flaws, as there are with any brokerage firm, but if you look at the situation as a whole, the pros definitely outweigh the cons here, and by a long shot.

I compared their quotes with several other sources and found significant discrepancies. It seems that they are crooks and they distort the data to manipulate traders’ transactions. So I lost more than €3,800 on trades that should have been profitable!