Updated on January 30, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding First BTC FX due to the issues we've identified.
Is First BTC FX Scam or Legit Broker? ▲
First BTC FX emerges as an untrustworthy Forex broker, primarily due to its lack of any form of legitimate licensing from globally recognized Forex regulatory authorities. This glaring omission marks the brokerage as potentially fraudulent, unregulated, and hence, a risky entity to engage with for trading activities. The absence of a regulatory license means that First BTC FX has not undergone the rigorous checks required for compliance prior to its establishment. It is not subject to ongoing monitoring to ensure the safety of client funds and may, therefore, operate its business without adherence to any established standards of practice.
Registered in: No Registration
Type of License: No License
Is First BTC FX safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
First BTC FX positions itself as a broker dealing in Forex, CFDs, and cryptocurrency trading, claiming to have delivered top-tier commodities and Forex trading services since 2013. However, the safety of trading with First BTC FX is highly questionable. The firm alleges to be owned and operated by First Global (UK) Limited, situated within the UK. Despite presenting regulatory credentials on its website, including purported licenses from the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission, it has been revealed that First BTC FX merely mimics the regulated financial entity. It has exploited the identity and license numbers of FCA-regulated First Global (UK) Limited, which has no association with First BTC FX.
First Global (UK) Limited, established in 1998, is an international securities house offering services primarily to institutional clients across the UK and Continental Europe. The practice of clone firms like First BTC FX, which deceptively use the details of regulated entities to mislead potential clients, is a significant red flag and such entities should be avoided at all costs. Additionally, First BTC FX has been officially blacklisted by the FCA, further underscoring the advisability of steering clear from this broker.
The First BTC FX website has recently become inactive, rendering it unreachable and indicating that the broker has ceased its trading offerings and is not currently accepting new account openings. Despite this, potential traders are urged to remain vigilant and cautious, especially if approached with trading proposals from this broker.
Given the comprehensive evaluation of First BTC FX's operations, the recommendation is unequivocal: investors and traders should steer clear of First BTC FX and similar unregulated brokers. The lack of transparency regarding the broker’s regulatory status, trading conditions, and absence of contact information are significant indicators of potential investment scams. It is imperative for traders to seek out and engage with brokers that are well-regulated, such as those in the UK or Australia.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
First BTC FX Review 2024
It’s all a scam stay away from them, I was scammed by those crooks but luckily getting my money back was possible with the help of Mr Curtis Howard kindly contact him through his email address: curtishoward270@gmail.com if you are having issues withdrawing your money from your investment broker.