firsttradeltd.com is a CFD broker with a domain registered on March 3, 2024, primarily offering financial derivative trading services including forex, precious metals, crude oil, indices, and cryptocurrencies to retail and institutional clients. This broker does not provide services to jurisdictions that might violate local laws or regulations.
Corporate Registration Information and Regulatory Status:
Public information on the official website of firsttradeltd.com indicates that this broker is "a US subsidiary of Japan's FirstTrade, headquartered in Tulsa, Oklahoma, providing retail and commercial banking services to the Midwest and Southwest United States. It is one of the top 50 financial services companies in the US and the largest financial services company in Oklahoma." However, the bottom of the website shows its headquarters as being in New York, USA. The broker also claims to be regulated by multiple entities, including the National Futures Association and the Financial Crimes Enforcement Network (part of the US Treasury Department), with NFA ID 0559712 and MSB number 31000257135387.
Verification shows that the NFA website indicates the company with NFA ID 0559712 is VARNA TRADE, but it is registered as a non-member and not authorized or regulated by the NFA. The FinCEN website also shows the company with MSB number 31000257135387 is VARNA TRADE. Therefore, this broker is essentially a scam site with no corporate entity and no regulatory oversight.
Additionally, the website design and content of firsttradeltd.com are identical to those of other scam broker websites such as FUNDING, SMTT Markets Pty Ltd, AMDE Forex, Madexu Trade MT5, DML Markets, and SXHJAS.
Account Opening Process:
To open an account with firsttradeltd.com, visit the broker's official website, click "Register" on the homepage or top right corner of the page. Complete the registration page by providing personal information such as name and email address, and set a login password. The broker will then send a verification code to the provided email, which should be entered into the application form before submission. After submitting the application, the account will be successfully registered, and the user can log in and proceed with identity verification before depositing and trading.
Trading Account Information:
The official website of firsttradeltd.com only provides information on spreads, trading leverage, margin call/stop-out levels, and contract size. However, it does not disclose details about account types, trading commissions, minimum/maximum trade sizes, maximum positions/orders, or minimum price precision.
- Spreads: Floating spreads
- Trading Leverage: 1:100—1:500
- Margin Call/Stop-Out Levels: 100%/50%
- Contract Size: 1 lot = 100,000 currency units
Trading Platform:
firsttradeltd.com claims to provide users with the ST5 trading platform.
Deposits and Withdrawals:
The website of firsttradeltd.com does not clearly disclose the supported deposit and withdrawal methods, fees, or minimum withdrawal amounts.
Summary:
Traderknows reminds investors that firsttradeltd.com is a suspected fraudulent broker with unclear registration and regulatory information and false advertising. The only way to contact them is through email, making their contact method very limited. The website design and content are the same as other fraudulent broker websites like FUNDING, SMTT Markets Pty Ltd, AMDE Forex, Madexu Trade MT5, DML Markets, and SXHJAS. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
