We are looking at FirstECN — a broker that positions itself as a “universal” gateway into the world of CFD trading. It is registered in an offshore jurisdiction, regulated by the questionable MISA authority, and offers 1:200 leverage, a sleek web platform, and vague trading conditions. All of this sounds appealing, but in reality raises many concerns. Why is there no information about the founders? Why is there no license from any serious regulator? How long has the company been in operation? And most importantly — is this just another typical scam hiding behind a polished facade? We’ll find out in this review.
Table of Contents
Highlights
| 🏛️ Country | Comoros |
| ⚠️ Regulation | MISA |
| 🖥️ Website | https://www.firstecn.com/en/ |
| 🎲 Demo Account | Yes |
| ⏳ Start Time | 2024 |
| 💲 Minimum Deposit | $250 |
| ⚖️ Minimum and Maximum Leverage | 1:200 |
| ⚙️ Trading Platform | WebTrader |
| support@firstecn.com | |
| 📞 Phone | +442035144836 |
First Impression of Firstecn.com
At first glance, the official website looks stylish and professional: a white and blue color scheme, large fonts, 3D illustrations, and cheerful people holding phones and laptops. However, these are the same clichés we’ve seen time and again from similarly suspicious brokers.
Navigation is standard: a homepage with main sections, trading conditions, account types, platform overview, legal information, and support. The FirstECN site is available in several languages — English, Hindi, Portuguese, and Japanese. The last one is particularly odd. Japan strictly regulates its market and prohibits CFD trading with 1:200 leverage — the maximum allowed for retail clients is 1:10. So why include Japanese? Either they’re trying to bypass restrictions, or they’re just throwing everything in to look more legitimate.
On the legal side — yes, the site lists a legal entity: Nakito SA, registered in the Comoros Islands. A license number from MISA is provided — BFX2024050. There are also links to the terms and conditions, privacy policy, and risk disclaimer. But that’s where it ends. No founding date, no history of FirstECN, not even the names of its founders or directors. Reputable brokers like IC Markets, Pepperstone, or FXPro openly publish scanned licenses, names of executives, detailed explanations of order execution models, liquidity sources, and counterparties.
The site’s images and illustrations also raise questions. Almost all the photos are stock images: smiling people with iPhones, Bitcoin balloons, charts clearly drawn in Photoshop. None of it is connected to actual trading.
FirstECN did try to create a visually appealing website. And we can even say there are some positive aspects. But the shortcomings far outweigh them.
Partnership and Bonuses
Bonuses are mentioned only in the user agreement. FirstECN reserves the right to offer bonuses or “other promotional campaigns”, but provides no specific terms. There are no details on bonus amounts, no rules for withdrawal conditions, and no trading volume requirements.
There is also nothing about a partnership program. Not a word, not a link, not even a “Become an Agent” button. Yet every serious forex broker has at least a basic CPA program or referral link.
Account Opening on Firstecn.com
Registering a personal account on the FirstECN website appears simple, just like with most brokers. No verification is required at the initial stage. There are only five fields: first name, last name, email, phone number, and password. Then, there are three checkboxes — one of which is mandatory. You must confirm that you are over 18 years old and agree to the terms and conditions, privacy policy, and risk disclaimer. The other two checkboxes are optional, for consenting to marketing and phone calls.
An attempt to register a FirstECN account failed. After entering all the information and clicking “Proceed”, an error appeared: “FirstECN is not available in your location or to residents of your country”.
We tried phone numbers from various countries — including those listed on the site’s support page: the UK, Brazil, India, and Japan. The result was always the same — registration was denied. Yet the website openly displays local phone numbers for these countries, as if the company serves clients worldwide. In reality, it is unclear who they serve — or whether they operate at all.
FirstECN does not provide a list of supported countries. There is no hint of geo-restrictions. And this already looks deceptive: on one hand, they tell you “call us from the UK or Brazil”, but on the other — they won’t even let you register with those countries’ numbers and IP addresses.
Verification
The website outlines a standard KYC — “Know Your Customer” — procedure. All the usual claims: FirstECN requires identity and address verification to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) laws.
To complete verification, you must submit two documents: a form of ID (passport or driver’s license) and a document confirming your address — such as a utility bill or bank statement issued within the last three months.
- Standard verification procedure.
- No information on how long it will take to verify documents.
Trading Software
You can only learn about the platform from the description on the official website. FirstECN emphasizes that its WebTrader “works on all devices”, “compatible with any OS”, “requires no download”, “supports one-click trading”, and “based on TradingView charting technology”.
The company is also misleading when it comes to mobile support. Yes, traders can access the platform via smartphones, but only through a mobile browser — not a dedicated mobile app. This makes trading more cumbersome, as browser-based platforms run slower and less efficiently on mobile devices.
As for FirstECN’s promises of “dozens of instruments”, “real-time data”, and “market information” — these are basic features found in any standard terminal. However, there is no mention of where the quotes come from, who the liquidity providers are, or how order execution is structured — whether through ECN, STP, or a dealing desk model.
| Features | FirstECN | Oanda | World Investors S.à r.l. |
|---|---|---|---|
| Demo Account | ✔️ | ✔️ | ❌ |
| Mobile App | ✔️ | ✔️ | ❌ |
| Own Development | ❌ | ✔️ | ❌ |
How Can I Trade With FirstECN?
This is a CFD broker, so only CFD instruments are available for trading. The company offers forex, commodities, cryptocurrencies, stocks, and indices. Additionally, the official website contains a separate document titled “Contract Specifications”, which lists all available assets and their parameters: margin call, stop out levels, swaps, lot size, and more.
All Info About Accounts
The site states there are three account types: Silver, Gold, and Platinum. All offer the same leverage of up to 1:200 and a minimum lot size of 0.01. The differences lie only in the discounts on swaps and spreads. Silver is the basic account with no discounts. Gold offers a 40% discount on swaps and 50% on spreads compared to Silver. Platinum offers 60% off swaps and 75% off spreads compared to Silver. However, here’s the issue: the actual spread values are not listed anywhere. So, it’s unclear what those percentages are based on. The website provides no table with specific spreads per instrument — neither average, floating, nor fixed.
The same goes for commissions. The broker says nothing about trading fees. The minimum deposit is $250 — which is higher than most top-tier brokers. For comparison, RoboForex or Exness allow you to start from $10.
What’s most frustrating about FirstECN is the complete lack of information on the deposit thresholds required to upgrade to Gold or Platinum. This detail is missing from the account section, the FAQ, and even the terminal (had we been able to access it). So, a trader deposits $250 and ends up in Silver — and then what? Do you wait for a manager to decide when to “promote” you? Or are they just waiting for you to deposit more?
There’s no cent account, and no Islamic account either. Another odd thing: the broker calls itself FirstECN, yet there is no indication of actual ECN order execution. On the contrary, this looks like a typical dealing desk operation — one that profits when clients lose money. There’s clearly nothing ECN about this broker.
- There’s a demo account.
- Spreads and commissions are not specified.
- High initial deposit.
- No cent tariff and Islamic account.
Market Analysis and Education With Firstecn.com
On the homepage, the company has placed a ticker displaying live quotes. Additionally, the broker offers a holiday calendar and an FAQ section. However, that’s all — there is no advanced analytics, no comprehensive educational courses, and not even basic widgets like an economic calendar or a forex calculator.
Deposit, Withdrawal, and Fees
FirstECN states that deposits and withdrawals are processed via bank transfers and credit cards. The minimum withdrawal amount is $50, but again — there is no information on how the process works, how long it takes, what limits or requirements exist. Everything boils down to the vague phrase “usually within 3 business days”. Fees are not mentioned at all.
| Features | FirstECN | Zinzenova | MediaHomeLife |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ✔️ | ✔️ |
| Electronic Payments | ❌ | ✔️ | ❌ |
| Crypto Transfers | ✔️ | ❌ | ✔️ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ❌ | ❌ | ❌ |
How Can I Contact It?
The broker lists phone numbers in four countries: the United Kingdom, India, Brazil, and Japan. However, the company has no offices in any of these jurisdictions. This raises questions — why list these numbers then?
There is a contact form on the website and an email address: support@firstecn.com. A live chat is also available on the site. However, here’s what’s odd — there are no messaging apps like Telegram or WhatsApp, and no social media accounts such as Facebook or X. Absolutely nothing. Any legitimate broker, especially one claiming to operate internationally, always offers communication channels on popular platforms. Here, it’s just the bare minimum.
- A basic set of contacts: mail, phone, and online chat.
- No messengers or social media accounts.
Is FirstECN Dangerous?
It cannot yet be definitively called a scam. For now. However, we need to verify the company’s legal data and licensing, which may reveal the platform’s major red flags.
How Long Does The Broker Work?
The operational age of FirstECN can be checked via its domain registration date. The company registered the domain on July 2, 2024 — less than a year ago. This is a crucial point: reputable brokers have been in the market for at least several years, often decades. Moreover, the domain is registered for just one year — until July 2, 2025. Established firms typically register domains for five years or more.
How Is FirstECN Regulated?
The legal entity Nakito SA is indeed registered in the Comoros Islands and holds a license from MISA — this is true. We verified it in the official registry.
However, brokers registered in the Comoros and operating under an MISA license are not subject to strict oversight and do not comply with international regulatory standards. This type of license requires neither audits, nor financial reporting, nor client fund insurance. To obtain it, all that’s needed is a fee and a basic set of documents — there is no real assessment of the business model or financial stability. As a result, the trader is left completely unprotected. If the company suddenly disappears with clients’ funds, there is no authority to revoke the license — the local regulator effectively does not intervene in disputes between clients and firms.
Moreover, the MISA license is not recognized by any reputable jurisdiction. Respected brokers are regulated by authorities such as the FCA (UK), CySEC (Cyprus), or ASIC (Australia). In essence, the MISA license is just a facade — it serves not to protect the client, but to give the illusion of legitimacy. That is why FirstECN does not have real, reliable regulation.
| Features | FirstECN | TradingAICoin | Geetle |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ✔️ | ❌ | ❌ |
Why are there so few reviews of FirstECN on the Internet?
Is FirstECN Legit?
How Risky Is It?
Kevin Berry Why did they include “ECN” in their name? To make the company sound more respectable? There is no ECN here — no STP, no DMA. This is a standard dealing desk that profits when traders lose. If clients start making more money than they lose, the platform operates at a loss. It’s highly unlikely they built this business to hand out money instead of making it. That’s why FirstECN is not a broker you should trust.
FirstECN rating
2 reviews about FirstECN
Just an average offshore company. I can\’t say anything good about them, but not anything too awful either. There are risks, but also some positives. In the end, make your own conclusions. Proceed with caution this is an offshore operation.
I traded with FirstECN, and the only thing I can say is – it’s a terrible broker! I honestly wouldn’t recommend opening an account here to anyone, because you’ll suffer rather than trade profitably. It’s a scam platform designed to take money from traders. I encountered numerous issues: a poorly functioning terminal, high fees and spreads, unstable connections. Support did respond, but the quality of their replies was poor as well.