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FirstECN review
By
2 mins read
Overview
Our 5-step process of verification and evaluation – How do we obtain information?
General inspection – 30%
Trading experience – 30%
Technical audit – 20%
Collective experience from collaborations with the broker – 10%
Interviews with real traders – 10%
See the entire process here.
Pros
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Extensive Range of Tradable Assets: FirstECN offers 300+ CFD instruments across forex, stocks, indices, commodities (including precious metals), and cryptocurrencies. -
High Leverage & Spreads: The broker offers leverage of up to 1:200 for all account tiers.
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Low Spreads: FirstECN generally offers low spreads starting from 1.2 pips to 1.9 pips depending on the trading account type.
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Proprietary Trading Platform and Mobile App: The broker offers a proprietary WebTrader with advanced TradingView-powered charts and a mobile trading app, providing access to your trades across all devices.
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Swap and Spread Discounts: FirstECN offers swap and spread discounts on higher trading account tiers.
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24/5 Multilingual Support: 24/5 customer support available via email, live chat, and multiple regional phone lines for UK, India, Brazil, and Japan.
Cons
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Offshore Regulation: The company is regulated by MISA, which is an offshore regulator. Thus, it lacks the strict oversight and regulatory framework of EU regulators. -
No MetaTrader Platforms: The broker does not offer MetaTrader 4 or 5 unlike most brokers.
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No Swap-Free/Islamic Account: FirstECN offers swap discounts on different account tiers, but lacks a swap-free Islamic account.
General details
Introduction
FirstECN is a brokerage owned and operated by Nakito SA. The company is registered and licensed in the Union of Comoros, and offers a well-rounded set of features expected from any good CFD broker. At a glance, FirstECN offers access to 300+ tradable assets, multiple account types, customer service in multiple languages, a proprietary trading platform, and much more.
The broker offers commission-free trading with a leverage of up to 1:200 and generally low spreads. Learn more about this CFD broker in this detailed review.
Supported Countries
Due to local and international regulations, almost no CFD broker is available in every single country. Therefore, checking if a brokerage accepts clients from your country is an important part of the research.
FirstECN accepts clients from most countries with the company’s core focus on India, Japan, and Brazil. According to their website, the broker restricts clients from the following countries:
- United States
- Canada
- Iran
- Iraq
- Myanmar (Burma)
- North Korea
It is important to note that the list of restricted countries can change over time. One simple way to check the availability of a broker is by heading directly to their signup page. If a trader doesn’t face any issues filling the signup form, it means the broker accepts clients from the country. Otherwise, one cannot complete the signup process.
Average Customer Rating
Customer rating is usually a dependable indicator of quality of service. To share their thoughts about a broker, we allow sharing feedback on our customer reviews section. We also share the ratings a company has at the time of writing a review quoted from Trustpilot. At the time of writing this article, FirstECN has a solid 4.5-star rating based on 28 customer reviews.
Trading Platforms
FirstECN offers a TradingView powered trading platform and does not offer MetaTrader 4 or 5 like most companies. The difference in trading platforms can be great for new traders who are just getting started or exploring new trading platforms.
FirstECN Custom Platform
FirstECN offers a custom browser-based application that does not require installation. The platform offers TradingView-powered charting tools, one-click order executions, customizable interface, multiple order types, and integrated earnings calendar.
The company’s platform is built for speed and simplicity, designed for traders who prefer straightforward offerings.
FirstECN Mobile App
For those who want to stay on top of their trades straight from their mobile devices, the company has a mobile trading app for Android and iOS platforms. The app is available on Google Play Store and Apple App Store.
Customer Service
A knowledgeable customer service helps with solving problems and a bad customer service makes them worse. Oftentimes, the unavailability of support when required is a major concern for most traders. That’s not the case with FirstECN as support is available 24/5. The support is available via live chat, calls, and email.
Besides support in English, the company offers support in Japanese, Portuguese, and Hindi. Support in regional languages is a great feature as the target market comprises mostly non-English speakers.
The company offers three dedicated lines:
- United Kingdom: +442035144836
- Brazil: +551151783871
- India: +919403896799
Live chat is available directly on the website. Lastly, you can reach the support at [email protected].
Leverage, Spread, and Other Fees
FirstECN offers a high leverage of 1:200. It may not seem a lot when compared to other offshore regulated brokers as some offer leverage above 1:1000, 1:2000, and 1:3000. On the other hand, the leverage is higher than EU and US regulated brokers that offer 1:30 and 1:50 respectively. At 1:200, the leverage is somewhere in the middle.
The spreads are not clearly stated on the website. According to our estimates, spreads are somewhere between 1.2 to 1.9 pips depending on the account type. But a good thing with the brokerage is that there are no additional commissions charged. The swap fees are however applicable on all accounts.
Deposit and Withdrawal Methods
Deposits and withdrawals are oftentimes the main complaints from most traders about a brokerage. Either the processing is too slow or the payment methods are too limited. If neither is the case, usually brokers charge internal fees upon withdrawals and deposits.
FirstECN does not give traders any of these troubles. The company offers 11 payment methods which are as follows:
- Visa
- Mastercard
- Maestro
- ApplePay
- GPay
- Neteller
- Skrill
- Wire Transfer
- AstroPay
- Kuady
- PayPal
It is important to note that the payment platform may charge a fee. But the broker does not charge for withdrawals and deposits.
Company Details and Regulation
FirstECN works under the name of Nakito SA. Nakito SA is registered (with registration number HT00324015) and licensed (with license number BFX2024050) in the Union of Comoros. The MISA regulation is not a major regulator with strict oversight. However, the company does require KYC and AML compliance from all traders.
Conclusion
FirstECN has many features that make it a great option worth exploring. The company’s straightforward offerings in terms of tradable instruments, account tiers, trading fees, trading platform, and customer service make it an option worth exploring.
It is also important to note that FirstECN lacks an Islamic swap-free account and does not offer MetaTrader options. We suggest weighing the pros and cons, and then decide if FirstECN is a broker you should trade with or not. A risk-free way to test the company is simply by creating a demo account. You can test the platform, check the charting features, layouts, and then make the decision if you would want to commit your funds or not.
+442035144836
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Accounts
Trading Accounts
The company offers multiple tiered trading platforms named Silver, Gold, and Platinum, with the main differences being swap fees, spreads, and priority support.
Silver Account
The Silver Account is great for beginners who are just starting out. It offers standard spreads, leverage up to 1:200, standard customer service, 5% stop-out level, and minimum trade size of 0.01 lots. This account does not offer any swap discounts.
Gold Account
The Gold Account is a mid tier trading account that comes with priority customer service, lower spreads (40% less compared to Silver Account), and 50% swap fee discount. All the other details are the same as the Silver Account.
Platinum Account
The Platinum Account is the highest tier trading account from FirstECN that gets traders priority customer service, lower spreads (60% less compared to Silver), and 75% swap fee discount. All the other other offerings are the same as the base Silver Account.
Find the comparison of all 3 accounts below:
| Feature | Silver | Gold | Platinum |
| Swap Discount | None | 40 percent of Silver | 60 percent of Silver |
| Leverage | Up to 1:200 | Up to 1:200 | Up to 1:200 |
| Min lot size | 0.01 | 0.01 | 0.01 |
| Spread Discount | None | 50 percent of Silver | 75 percent of Silver |
| Stop out level | 5 percent | 5 percent | 5 percent |
Despite offering swap discounts, the broker does not offer a swap-free Islamic account.
Demo Account
Besides these 3 live trading accounts, there is also a risk-free option of a demo account. Traders can give the company a try to see if it is for them or not.
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Forex.com (US) Best Trading PlatformsStart trading74-76% of retail investor accounts lose money when trading CFDs with this provider.
FirstECN compared with alternative brokers
To see the full broker review click “See review”, to see the complete table and compare more brokers visit our comparison page.
- Overall verdict
- Trading
- Minimum deposit
- Maximum leverage
- Fees
- Withdrawal fee
- Deposit fee
- Safety
- Top-tier regulators
- Investor protection
-
4.1/ 5
-
4.1/ 5
- $250
- 1:200
-
4.1/ 5
- $0
- $0
-
3.9/ 5
- No
-
No
-
See review
-
4.9/ 5
-
4.8/ 5
- $10
- 1:2000
-
4.8/ 5
- $0
- $0
-
5/ 5
- FCA, CYSEC
-
No
-
See review
-
4.7/ 5
-
4.8/ 5
- $5
- 1:1000
-
4.7/ 5
- $0
- $0
-
5/ 5
- CySEC, FSCA, DFSA
-
Yes
-
See review
-
Specialized trading accounts
-
24/7 instant money withdrawal
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Proprietary platform
-
Mobile trading
-
4.7/ 5
-
4.8/ 5
- €100
- 1:600
-
4.8/ 5
- $0
- $0
-
4.5/ 5
- CySEC
-
Yes
-
See review
-
4.9/ 5
-
4.9/ 5
- $10
- 1:2000
-
4.8/ 5
- 1%
- $0
-
4.8/ 5
- No
-
Yes
-
See review
