Broker Review

Unauthorised firm details

Name: Firstecn.com

Website: firstecn.com

FirstECN advertises itself as a regulated broker offering Forex and CFD trading under a MISA license. It promises advanced tools, competitive conditions and a “customer-first” terminal. However:
* The company is registered in the Comoros Union — an offshore jurisdiction whose “MISA” licenses are not recognised by reputable financial regulators.
* Traders report that most payment methods displayed on the site are non-functional, leaving only cards and crypto wallets (which are harder to trace).
* The trading terminal is a custom web tool with no automation, no one-click trading and limited layout control, rather than a recognised platform such as MetaTrader.
* StopOut levels are set at 5%, exposing small-deposit clients to rapid losses.
This means you have no protection if anything goes wrong. The Central Bank of the Comoros itself does not recognise MISA’s licensing activity as a legitimate regulatory framework.

What This Means For You
If you deal with this firm, you will not have access to any credible investor compensation scheme, recognised regulator or legal recourse.
Even though FirstECN claims to be licensed, the license is offshore and widely used by high-risk or fraudulent projects.
For traders looking for real security, only brokers regulated by top-tier authorities (FCA UK, ASIC Australia, BaFin Germany, IIROC Canada, etc.) provide genuine oversight and protection.