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FirstBTCfx Review - is it scam or safe?

FirstBTCfx Review - is firstbtcfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FirstBTCfx
FirstBTCfx is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard  $500 1:200 1.6 pips
Classic  $2 500 1:200 N/A
Gold  $20 000 1:200 N/A
Premium  $50 000 1:200 N/A

 

FirstBTCfx claims to be based and regulated in the UK, but uur thorough investigation on the matter revealed that this is not true. That is why we would not recommend this forex and CFD broker, although its trading conditions and account types seem good.

 

Read on to get all the details regarding FirstBTCfx before you invest any money.

 

 

FirstBTCfx Advantages

 

Supports the MT4

Like the majority of forex brokers worldwide FirstBTCfx supports the MetaTrader 4 (MT4), which is an attractive part of its offer. The MT4

 

 

>> Choose a better MT4 broker <<

 

 

Wide range of CFDs, solid leverage

FirstBTCfx’s offer is also very broad in terms of tradeable assets. It includes a number of currency pairs, and broad range of CFDs – on indices, commodities, shares, and cryptocurrencies. If you are keen on trading Bitcoin and other digital assets, however, you’d better select a broker from the below list.

 

 

 

>> Trade Bitcoin with a regulated forex broker <<

 

 

We also like the fact that FirstBTCfx offers leverage up to 1:200 for forex trades and up to 1:30 for trading in cryptocurrency CFDs. Such levels are not extremely high, and yet will suit most trading styles. As most of you probably know, leverage is a delicate matter. The downside of using high leverage is that it brings along substantial risk, and if you are not experienced in trading, you could lose your investments in a matter of seconds.

 

 

FirstBTCfx Disadvantages

 

A clone firm. Blacklisted by CONSOB

FirstBTCfx’s claims to be owned and operated by First Global (UK) Limited, a company authorized by the UK’s Financial Conduct Authority (FCA). This firm is indeed regulated by the FCA, but FirstFXClub is not present in the list of brand names of the firm in the FCA’s register and we believe that actually the broker is not associated in any way with this company.

 

 

Click to zoom-in.

 

Simply put, FirstBTCfx illegally uses the name and the Registration number of a FCA-authorized company with which it is not related in any way. This is a popular scam tactic commonly referred to as a “clone firm”. In fact, the FCA has warned the public that there are clone firms of First Global (UK) Limited.

 

 

 

 

Click to zoom-in.

 

What makes us certain that FirstBTCfx is a clone firm is the fact that the Italian financial watchdog has blacklisted this broker. Had FirstBTCfx really been regulated by the FCA, it would be authorized to provide its services in Italy and throughout the EU.

 

Related to shady company Game Capital Ads Limited

A couple of days ago we reviewed ProBtcTrade – one of the numerous brands of Game Capital Ads Limited. This broker and a bunch of other trading names of this company are also blacklisted by CONSOB. When we went through the page of FirstBTCfx, we noticed that the websites of the two brands are very much alike. They have the same design, and even use the same images. See for yourself:

 

 

 

The account types and the trading conditions of FirstBTCfx and ProBtcTrade are almost the same too. Actually, this is the case with most of the brands operated by Game Capital Ads Limited. Game Capital Ads Limited. That is why we believe that FirstBTCfx is actually also associated with this company, although the firm’s name is not present on the broker’s website.

 

 

High initial investment required

In order to open an account with FirstBTCfx, one has to deposit at least $500. This is a lot of money, especially having in mind that the broker is not actually regulated. Besides, a number of licensed and reputable brokers accept deposits as low as $100 or even less as minimum investment. 

 

Limited offering on Standard accounts

Furthermore, the $500 invested with FirstBTCfx provide traders with very few possibilities. Standard account holders can’t access basic features like auto chartist, signals, chat support, and more until they upgrade to a trading account that requires a minimum investment of $20,000.

 

 

 

Conclusion

 

As we already noted, FirstBTCfx appears like a clone firm. Furthermore, this unregulated broker has a fresh warning form the Italian CONSOB, and we believe that it is associated with Game Capital Ads Limited. The latter firm runs what seems like a multiplied scam - a number of almost identical forex brokerage brands, most of which are also blacklisted by the Italian regulator.

 

Considering the above, you’d better not deal with FirstBTCfx, nor any of with Game Capital Ads Limited’s brands. There are plenty of better forex trading options, for example those provided by duly licensed companies.

 

 

>> Forex brokers that are indeed regulated by the FCA <<

 

 

Here is a summary of our review on FirstBTCfx:

 

Pros Cons
MT4 available A clone firm, blacklisted by CONSOB
Wide range of CFDs, solid leverage Associated with Game Capital Ads Limited
  High initial investment
  Limited offering on Standard accounts

 

Latest news about FirstBTCfx
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Traders` reviews for FirstBTCfx

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