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FirstFXClub Review - is it scam or safe?

FirstFXClub Review - is firstfxclub.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FirstFXClub
FirstFXClub 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  $250 1:200 1.6 pips
Classic  $2 500 1:200 N/A
Gold   $50 000 1:200 N/A
VIP $20 000 1:200 N/A

 

FirstFXClub is a forex and CFD broker that allegedly offers 4 different trading accounts, and access to the popular MetaTrader 4 platform. While this may sound tempting, note that this is one of the numerous brokerage brands of shady unregulated company Game Capital Ads Limited.

 

Read our detailed and unbiased review on FirstFXClub and decide for yourselves whether investing with it is safe.

 

 

FirstFXClub Advantages

 

MT4 available

As we already mentioned, this broker supports the ever-popular MT4 platform, which is undoubtedly a plus in any forex dealer’s offering. This piece of trading software is easy to use, reliable and versatile enough to suit the needs of traders of all preferences and skill levels. It is equipped with top-notch charting, has many built-in technical analysis indicators and is highly praised for the Expert Advisors used for automated trading

 

 

>> Check out a list of MT4 brokers and select a better one <<

 

 

Solid leverage, wide range of tradeable assets

FirstFXClub also provides high leverage levels of up to 1:200 - is a solid ratio, which is not dangerously high. Keep in mind that while higher leverage might help you score good profit with a relatively small deposit, it also comes with a potential risk of losing your funds much faster, should the market move against you.

 

Another possible benefit for those who decide to trade with this broker (although we advise against doing so) is that it offers trading in many forex pairs and wide selection of CFDs, including cryptocurrencies.

 

 

FirstFXClub Disadvantages

 

Not regulated, despite the claims

FirstFXClub proclaims on their website that they are offering the most accessible way to become richer. Considering the risks involved in trading, this is definitely a far-fetched statement, to say the least. Moreover, the broker claims to be authorized by the UK’s Financial Conduct Authority (FCA).

 

 

Click to zoom-in.

 

In fact, FirstFXClub’s website features two companies: First Complete Ltd. and Game Capital Ads Limited. First Complete Ltd. is indeed authorized by the FCA, but it actually provides mortgage and insurance solutions, and is not a broker-dealer in derivatives like forex and CFDs. Besides, FirstFXClub is not present in the list of brand names of the firm in the FCA’s register.

 

Simply put, FirstFXClub illegally uses the name and the Registration number of a FCA-authorized company with which it is not associated. This is a popular scam tactic commonly referred to as a “clone firm”.

 

Operated by a shady company, blacklisted by CONSOB

As regards Game Capital Ads Limited, a company allegedly operating out of the UK. It is not regulated in the UK, nor anywhere else. Having investigated the details and background of this firm, we discovered that it also operates ProCapitalFX, GameBtcFx, CryptoClubFX, SmartProFX, 360SmartFX, and probably more. Actually, most of those websites have one and the same design, trading conditions, platform and even images. It seems that the people behind them only change the brand and domain names and multiply their scam scheme.

 

We also found out that Italy’s financial regulator CONSOB has recently blacklisted FirstFXClub, as well as the other brands operated by Game Capital Ads Limited and even ordered the firm to cease offering its services to local investors without an authorization.

 

So, we can safely conclude that FirstFXClub is not authorized to provide investment services and advice on any other regulated market, and is most likely an investment scam.

 

MT4 provided by a shady company

As is the case with the other brands of Game Capital Ads Limited we reviewed, FirstFXClub’s MT4 is actually provided by a third party - West Media Group. This is an offshore company operating Platinums Trade, which was also blacklisted by Italy’s regulator CONSOB. The reason why they received a warning should be obvious. 

 

Relatively high initial deposit

In order to open an account with FirstFXClub, one has to invest at least $250, which is quite high considering that most brokers are now accepting $100 or even less as minimum investment. And with this minimum, traders still can’t access basic features like chat support, tradeable assets like CFDs on indices, auto chartist, signals and more until they upgrade to a trading account that requires a minimum investment of $20,000.

 

 

Click to view full size.

 

 

Conclusion

 

Although FirstFXClub claims to be licensed by the UK’s FCA, we found out that it is just a clone firm. This forex and CFD broker is not entitled to operate on regulated markets such as the European Union, but has obviously violated that restriction. Italy’s CONSOB has blacklisted it, along with a number of brokerage brands operated by the company behind FirstFXClub - Game Capital Ads Limited.

 

Having a lot of different brands and domains is also a common practice among con-artists, and we suspect that this firm is engaged in fraudulent practices. So, you’d better stay away from FirstFXClub and all the other brands associated with Game Capital Ads Limited.

 

Below, you can find a list of reliable brokers that are indeed authorized to operate in the UK (and Europe).

 

 

>> Forex brokers licensed by UK’s FCA <<

 

 

Here is a summary of our review on FirstFXClub:

 

Pros Cons
Supports the MT4 Not licensed, despite the claims
Wide range of CFDs, solid leverage Operated by a shady firm, blacklisted by CONSOB
  MT4 provided by a third party
  Relatively high initial deposit

 

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Traders` reviews for FirstFXClub

Spread

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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