FirstFX Global Forex Broker Review
FirstFX Global provides foreign exchange services for customers all around the world. It is authorised and regulated by the Belize International Financial Services Commission and its license number is IFSC/60/274/TS/14. The license that has been issued by this regulatory body permits it to offer financial products and services around the world. It is not, however, permitted to accept US clients. The main products offers for trading include foreign exchange contracts, derivative products such as oil and gold, CFD trading and binary options. FirstFX Global is a worldwide organization with offices in London, Buenos Aires, Madrid, Kuala Lumpur, Tokyo, Frankfurt, Amsterdam and many other important cities.
|Forex, Precious Metals, Equity Indices, Energies|
What does FirstFX offer in the way of tradeable instruments?
FirstFX Global is a very professional financial services provider that offers a number of different tradeable instruments. In the way of foreign currencies it offers trading in the most popular currency pairs including EUR/USD, AUD/USD, and USD/JPY. The lowest margin is $2 USD and leverage can go up to 500:1. In respect of precious metals it offers trading on both sides for spot gold and spot silver. Spreads for spot gold are as low as 0.4 and for spot silver as low as 0.3. There are also some special gold products as a result of the first ever collaboration with Swiss Argor Heraeus of the Gold Coin. It’s possible to place orders in a number of different ways. There’s a free hotline for clients residing in China which allows clients to place orders using the landline number, All calls are handled by the operator directly. Online transactions are placed after downloading the trading platform from the website. And all that’s required is to enter your details log on and then start trading. This is the most efficient way of placing orders as you can buy and sell within a few seconds. Using MT4 mobile its also possible to trade using a mobile device. Simply download the MT4 mobile app and you’ll be able to browse quotes, view account information, read news and charts and process your transactions using an iOS or Android device.
FirstFX Global offers two alternatives when it comes to a trading account
There are two options available when it comes to opening an account at FirstFX Global. Either a real money live account or a demo account. The minimum deposit amount for a standard account is $100 USD. The quickest way to open an account is by completing the application online. It starts off as a temporary account, the details for which are sent via email within one to two days once the application has been completed. A permanent account number will be allocated when the application has been completed and the money is processed. The second option is to open a demo account that will be credited with $100,000 virtual cash. This is a great way to experience FirstFX Global services and also to try out your trading strategy without risking any of your own money. Making payments is easy and can be done via the online platform or by telegraphic transfer. There are various terms and conditions that need to be complied with and these are detailed in the FirstFX website.
The trading conditions offered by First FX Global are more than reasonable
With one standard account type the trading conditions are the same for all clients. The contract unit per 1 lot is 100,000 of the base currency and the minimum volume per contract is 0.05 lots. It’s permitted to have a maximum of 20 open contracts at any one time and the initial margin is USD500/lot. There is zero commission for online trading and any interest charged overnight will be based on inter-bank lending interest rates. The margin for locking positions is USD100/lot. The trading platform offered is MT4 and Expert Advisors are supported. Spreads start at 1.8 for major currency pairs and leverage of up to 200:1 is available.
FirstFX Global has gone with MetaTrader 4 for its trading platform
There’s no surprise that FirstFX has decided to offer MetaTrader 4 as its trading platform. It is still the most popular software for both brokers and traders and favored above any others. The main features of MT4 that have made it so popular include:
- Top quality execution
- Quotes streamed 24 hours a day
- Diverse chart analysis allowing traders to click on charts to open orders
- Efficient order functionality with alerts and automatic calculations
- Detailed account information displays
- Available for both desktop and mobile
Customer education and support offered by FirstFX Global
There is a small amount of educational material offered by FirstFX Global. From the very basics, including an explanation of the Forex language, how forex trading works and placing orders. Fundamental and technical analysis are also very clearly explained. The customer support options for those who might need to ask questions or resolve a problem are via online chat, email, telephone and online contact form. The online chat box appears on every page you visit, and we actually found it a little annoying as it always seemed to get in the way of what we were reading.