First BTC FX Review: Beware of Scam

First BTC FX Review: Beware of Scam

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FirstBTCfx proclaims that their business is regulated in the UK but throughout our investigations, we were not able to verify this claim. And although their trading conditions and account types seem good and friendly to all traders, we would never recommend FirstBTCfx to any trader because of the misleading claims made on their website. We feel that the website is not transparent enough to gain our trust. First BTC FX is a Forex and CFDs broker offering up to 4 different types of trading accounts. These are named standard, classic, gold and premium. On their homepage, they tell us that First BTC FX is one of the most accessible ways to become richer. This statement is far fetched because even with good brokers around, many people are still not able to make money trading unless they use proper trading products whose profit claims have been verified. So definitely First BTC FX is not the most accessible way to become richer. It is a complete lie.

First BTC FX review

One thing we realize that despite this broker lagging behind in terms of regulatory status, they still offer some features which are commonly found on regulated brokers platform. This is not to mean that you can trade safely with this broker and avoid risks of losing your funds. It could only mean that the broker is employing a trick which will see them gaining a lot of traders while overshadowing the fact that they are not authorized by any financial regulator to offer any form of trading product on the internet.

First btc FX

One of the features of this broker is the popular MT4 trading platform. This platform is quite diverse and compatible with all types of automated trading solutions. The charting feature on this platform is extremely good and can allow any type of technical analysis trader to make informed decisions when entering and exiting the market. However, if you do not have any prior knowledge on trading, then the MT4 is still compatible with automated trading solutions that can really help you make money provided you choose a good product for doing so. The benefits of MT4 are diverse. You can’t go wrong with a regulated broker who offers MT4 software for trading.

The second advantage that we see with this broker is that they are offering a wide range of CFDs for trading. Apart from currency pairs, we saw that First BTC FX was offering  indices, commodities, shares, and cryptocurrencies. They are basically trying to attract traders who are enthusiasts of CFD trading on Bitcoin and other financial instruments.

We also think that First BTC FX is providing solid leverage of up to 1:200 for certain financial instruments and up to 1:30 for Crypto currencies. While this leverage is not high, our belief is that most trading styles will find these leverage quite appropriate. You should also know that leverage is a delicate matter and unless you have good experience trading with high leverage, you should not choose an account that has high leverage. It can make you a lot of money fast but at the same time you can get ruined by high leverage. That is why most traders are advised to choose moderate to low leverage at all times.

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Blacklisted by CONSOB

First BTC FX tells us that they are owned by a company called First Global (UK) Limited which is regulated by the FCA. We discovered that the firm was indeed regulated by the FCA but what we did not find in the FCA register was the domain where First BTC FX was registered at. This domain is not stated as one of the sites owned by the regulated firm. So definitely this broker is lying to us about their regulatory status and we need to be more careful about it. If they can lie about their regulatory status, what else could they be hiding from us that we do not know?

This is a popular tactic used by scammers. They make use of the FCA details of registered firms to lie to the public that they are registered with the FCA when that is not the case. In this sense, the financial regulator calls them clone companies. You should be aware of this tactic and do whatever it takes to avoid them. If you don’t you are more than likely to lose all your funds.

What is more, the Italian financial regulator also blacklisted First BTC FX. If indeed this broker was authorized by the FCA to provide its services to members of the EU, we are sure that the Italian financial regulator wouldn’t have blacklisted them and they would be legally providing their services to residents of Italy as well as those who are based in the entire EU. But as you can see, this is not the case.

It’s related to a shady operation called Game Capital Ads Limited

Game Capital Ads Limited owns a number of entities and one of them is called Pro BTC Trade. This broker together with a bunch of other trading names have already been blacklisted by the CONSOB. The website of First BTC FX is similar to those owned by this company and we believe that they are somehow owned and operated by the same dubious person. The design and also the images used are all the same. The account types and trading conditions are also the same, meaning that they were just copy pasting these sites and presenting them as separate entities when they are owned by the same person. This is a popular scam tactic which you should be aware of.

Game Capital Ads Limited is also associated with First BTC FX broker. In that sense, you should be extremely careful.

Our best advice for you

First BTC FX looks like a scam broker. Their minimum deposit requirement is pretty high as it is $500 while professional brokers require $100 or less. If you need good brokers, open this page and make sure First BTC FX is not in your cards.

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5 Replies to “First BTC FX Review: Beware of Scam”

  1. Certa persona che si chiama Manzin bloker di cryptocapitalfx mi ha fatto versare c 2.600 euro per saldare bonifico di mio conto soldi non sono mai arivati su mio conto ed mi ha blocato conto .Soldi di questa truffa mi ha fatto spedire a game capital ads. limited

  2. Ragazzi ho lo stesso problema una volta comunicato il prelievo nessuno mi risponde più né al telefono e tanto meno all’ e-mail

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