Heard of Firstoptionfx.com trading platform? Is it a scam or legit broker? Read First OptionFX reviews to know about this forex broker.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is First OptionFX Reviews?
First OptionFX otherwise known as Firstoptionfx.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
First OptionFX Regulation
To begin with, First OptionFX operates without regulatory oversight not just in the United Kingdom and the UAE, but across all jurisdictions worldwide.
But the Financial Conduct Authority (FCA) of UK explicitly warns that Firstoptionfx.com is an unauthorized entity providing financial services without proper authorization.
It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
First OptionFX Minimum Deposit
The broker First OptionFX offers variety of trading account for clients like Lite, Extra and Premium.
First OptionFX specifies its minimum deposit $500 based on the account type. In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Furthermore, First OptionFX deposit requires payments through Bank transfers and cryptocurrencies, with a focus on USDT.
Another important thing, offshore brokers are commonly known for accepting cryptocurrencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
First OptionFX Platform
First OptionFX offers access to a fairly basic web-based trading platform. The broker’s web trader comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an illegitimate forex broker like this one because you stand the chance of losing your money.
First OptionFX Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Firstoptionfx.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
First OptionFX appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
Please share with us your experience in the comment section below. Thank you!