First BTC FX Review

Is First BTC FX Scam or Legit Broker?

First BTC FX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is First BTC FX?

First BTC FX is a Forex, CFD, and cryptocurrency broker. According to the website, the company has been providing premium-quality commodities and Forex trading services since 2013. It is not safe to trade with a Forex broker First BTC FX. It claims to be owned and operated by First Global (UK) Limited and located in the UK. 

• On its website, the broker provides regulatory information about the licenses it holds, the license from the Financial Conduct Authority, and the Cyprus Securities and Exchange Commission. However, it turned out First BTC FX is just a clone of the regulated financial institution. It has been using the name and license numbers of the FCA-regulated (Check out FCA-regulated company Fortrade Limited) First Global (UK) Limited which is not associated with First BTC FX in any way.
• First Global (UK) Limited is an international, full-service securities house that was established in 1998. The company provides services to mainly institutional clients throughout the United Kingdom and Continental Europe.
• Many companies, such as First BTC FX, purposely use the details of well-regulated entities to mislead potential clients. Such companies are called “clone firms” and should be avoided at all costs.
• In addition, First BTC FX has been blacklisted by the FCA:

First BTC FX Review Conclusion

We advise all investors and traders to avoid First BTC FX and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, Alpari and FXTM (Learn about FXTM minimum deposit).

First BTC FX Update

Recently the First BTC FX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.