Honest Review of FirstECN

Would you like to get to know a broker that, let’s be honest, has some reason to call itself a regulated company providing Forex/CFD market services? Traders are offered a solid range of trading options, the best conditions for comfortable and profitable trading, and a terminal designed with customer preferences in mind. But should such generous promises be trusted, or is this just another pseudo-broker aiming to take as much money as possible from unsuspecting users? Can the claims of having a license be believed? In our FirstECN review, you will find answers to all these questions.

Key Features

• Company Name: Nakito SA
• Website: https://www.firstecn.com/
• Available Contacts: [email protected]; +442035144836 (UK), + +919403896799 (IN), +551151783871(BR), +815050506047 (JP)
• Foundation: 2024
• Services: Forex/CFD trading
• License: № BFX2024050 from MISA (Mwali International Services Authority)
• Initial Deposit: $250

From Sign-Up to Payout

The design of FirstECN’s official website lacks originality and is generally unremarkable. We couldn’t quite grasp the developers’ vision, as the pages are filled with enormous images, next to which only headings are visible, while the fine print of explanatory texts is difficult to read.

The content of the pages also raises some questions. For example:

• Why does the Instruments page only describe the available markets without mentioning specific assets? Was there really no more useful information than brief, trivial texts taken from the internet?
• Why does the Trading section include a calendar of local market holidays? Such information might be useful if the broker offered thousands of trading instruments, but is it really necessary when the asset list contains just a couple hundred tickers from major global exchanges?
• Why is the last event announcement dated March 9, 2025? Has nothing noteworthy happened since then, and is nothing interesting expected for investors and traders in the near future?
• Why has the company omitted essential tools such as a news feed, economic calendar, and analytical reviews? Does FirstECN believe that keeping clients in an information vacuum is the best approach?

Those who truly want to become clients of this company should prepare for a lengthy and tedious registration process. Across multiple screens, users must provide all their personal data, including their taxpayer identification number. Then comes the questionnaire, where each question appears on a separate screen. The broker wants to know everything about a potential client’s financial situation and trading experience. The next steps are verification and funding the account — though these can be skipped and completed later from the personal account.

We never quite understood why the broker requires some of this information. For instance, a taxpayer identification number is only needed when a company acts as a tax agent, which a firm registered in the Comoros Union does not do in other countries. The same applies to the questionnaire: the regulator FirstECN operates under does not require such extensive data collection or mandate the assignment of retail or professional trader statuses.

Clients are offered nearly a dozen payment options for transactions. However, attempting to make a deposit reveals that most options exist only for show, as user requests are not processed. In reality, only bank cards and cryptocurrency wallets are available.

Speaking of crypto wallets, we have another question: If the broker follows AML policies, wouldn’t anonymous blockchain transactions violate them? After all, sender identification is impossible, and the actual wallet number isn’t transmitted.

Our Trading Experience With FirstECN

Traders are offered a web terminal based on a TradingView price chart widget. Its main advantage is the wide range of tools (indicators and graphical objects) available for technical analysis.

The software developers proved to be quite competent and even surprised us with a few interesting solutions. For example:

• A full contract specification is always at hand for the trader. To view it, simply open the adjacent tab in the price chart window.
• One of the best tools — market interest — has been added to the overview. It displays the ratio of long and short positions.
• The panel for creating and sending orders is very well-designed, allowing for a comfortable experience when working with all order types.

Nevertheless, this terminal is not without serious drawbacks:

• No multi-chart mode. This complicates trade management for portfolio traders, scalpers, and those using trading systems that require the instant placement of multiple orders.
• No one-click trading. While the order panel, as we mentioned earlier, is quite convenient and technically allows for this feature, it is not implemented.
• Limited interface customization. Users cannot freely adjust the layout and positioning of workspaces to create a comfortable trading environment.
• No automation capabilities. The platform does not support algorithmic trading, custom module (trading bot) development, or integration with third-party solutions.

FirstECN unexpectedly surprised us with the disclosure of its trading conditions. However, not all of them are displayed on the website. In the account type list, a potential client will only find basic trading parameters:

• Maximum leverage — up to 1:200.
• Minimum trade size — 0.01 standard lot.
• StopOut level — 5%.

Spread and swap values are not provided. The broker only mentions discounts on standard rates: for Silver accounts, no discounts apply; for Gold, spreads are reduced by 50%; for Platinum, spreads decrease by 60%, and swaps by 75%.

However, these are not the only trading conditions published by the company. A much more detailed overview is available in the contract specification document, which covers all tradable instruments. This document is in PDF format and can be downloaded via the Legal Documents page.

In addition to the parameters already mentioned, traders will find in this document:

• Minimum and maximum trade sizes for each asset.
• Swaps for long and short positions.
• Trading hours.
• Margin requirements.

The last point caught our attention the most. The document presents margin requirements in two variations: for retail and professional traders. These values effectively determine the maximum leverage available. A recalculation shows that retail traders are offered leverage up to 1:30, while professional traders can access 1:200. However, nowhere on the FirstECN website are investor/trader statuses mentioned, nor are the criteria for their classification explained. Judging by the website’s content, all clients receive the same conditions, including leverage up to 1:200.

Let’s briefly discuss another parameter that beginner traders often overlook: the StopOut level. This value determines at what margin level (as a percentage of the used margin in a leveraged trade) open positions will be forcefully liquidated. At FirstECN, the StopOut level is set at 5%.

Here’s an example for clarity. A trader with a $100 deposit can open a position of 0.2 standard lots (the exact volume varies by asset; let’s assume USD/JPY for this example). A 1-pip price movement would result in approximately $2 profit or loss. If the price moves against the trade by just 50 pips, the trader loses their entire margin. However, liquidation happens earlier — when the remaining balance falls to 5% of the margin (just $5), the StopOut triggers, and the position is forcefully closed.

Effectively, the trader is left with just 5% of their starting capital, while 95% becomes the broker’s profit. Since beginners tend to take excessive risks by opening trades with their full deposit and failing to use Stop Loss orders, they can easily lose 95% of their capital in a single trade. The broker, of course, welcomes this outcome. This is why FirstECN has set the StopOut level so low.

The Reality Check

In the footer of its web pages and in its Terms & Conditions, FirstECN states that it is operated by Nakito SA, a company registered in Comoros Union, Mwali (Moheli), and conducts brokerage activities under license No. BFX2024050, issued by the Mwali International Services Authority (MISA).

As we can see, verification confirms all this information. However, the issue of trust in the license remains open. The fact is that the official financial regulator in Comoros Union is the Central Bank of the Comoros. It considers the organizations operating on the autonomous islands of Mwali (MISA) and Anjouan (Anjouan Offshore Finance Authority) to be fake and their licensing activities illegal. There are solid reasons for this: the regulatory requirements imposed on brokerage/dealer firms by these entities are extremely lax, with almost no restrictions.

Most reputable financial regulators around the world do not recognize MISA licenses, especially given that many scammers hold these permits, and their fraudulent activities have been confirmed.

Thus, FirstECN is formally licensed and operates legally. However, we believe that neither the license itself nor the company deserves trust.

How Long Has FirstECN Been in the Game?

Official documents state that Nakito SA started operations in 2024 and obtained its license on March 20. However, we are more interested in when the broker actually appeared online.

Whois data shows that the domain firstecn.com was registered in July 2024, and based on the date of the last significant update, the broker likely launched about a month later. In reality, this means 8–9 months of activity. For a regulated company, this is far too short to build a reputation, while for a scam operation, it’s an exceptionally long time.

Extra Fraud Indicators

Strangely enough, after 8–9 months of operation, there are almost no FirstECN reviews online. However, the company has been mentioned quite frequently on social media and industry-related platforms.

Opinions on the broker are divided. Some claim that it is a reliable platform simply because it holds an active license. Others, such as WikiFX, highlight numerous red flags, including the use of an unrecognized regulator, and give the company extremely low ratings.

Is FirstECN the Right Fit?

Based on our FirstECN review, we cannot definitively confirm or deny that it is a fraudulent scheme designed to scam inexperienced traders looking to make quick profits. While the company does operate under an active license, its business practices raise serious concerns. We cannot recommend our readers to work with this broker and advise considering firms with solid, unquestionable reputations instead.

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