First BTC FX Review (2023)

Is First BTC FX a 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, never monitored in terms of its safety and simply may operate the business in any way it wishes.

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 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 that is not associated with First BTC FX in any way.

First Global (UK) Limited is an international, full-service securities house that has been established in 1998. The company provides its services to mainly institutional clients throughout the United Kingdom, and Continental Europe.

A lot of companies, such as First BTC FX, purposely use the details of the well-regulated entities to mislead the 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:

Conclusion

We advise all investors and traders to avoid First BTC FX and other unregulated brokers. The lack of information about the broker’s regulation, 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).

You can also share your trading experience with First BTC FX by commenting on this review.

First BTC FX website is no longer active.