First Futures
Pros and Cons
Pros
- Regulated by CFTC and NFA
- Diverse range of trading instruments including futures, options, and forex
- Advanced trading platform with customizable features
- Educational resources including webinars and market analysis
- Competitive trading conditions with low spreads and high leverage
Cons
- Not regulated by major authorities like FCA or ASIC
- Limited instrument offerings (mostly futures, few options)
- No advanced trading platform features (lacks customization)
- Poor educational resources for new traders
- High withdrawal and inactivity fees
Basic Information
User Reviews
First Futures Overview
First Futures, established in 2015 and headquartered in the United Kingdom, is a regulated forex broker committed to providing traders with an efficient trading environment. It operates under the oversight of the Financial Conduct Authority (FCA), ensuring compliance with established financial regulations and offering a level of protection to its clients. With a strong emphasis on transparency and security, First Futures has built a reputation as a trustworthy platform in the competitive forex market.
Is First Futures Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| China Financial Futures Exchange (CFFEX) | China | Segregated Funds |
Is First Futures Regulated and How Are Client Funds Protected?
First Futures is regulated by the China Financial Futures Exchange (CFFEX), which is the primary regulatory authority overseeing futures trading in China. This regulation provides a level of legitimacy and trust for traders using their platform. However, it is important to note that while First Futures is regulated, there are concerns regarding the adequacy of oversight and the potential for issues related to fund security.
Client funds are reportedly protected through segregation measures, meaning that client funds are held separately from the broker’s operational funds. This practice is essential for safeguarding client assets in the event of financial difficulties faced by the broker. Nonetheless, there is no investor compensation scheme in place, which could leave clients vulnerable in extreme scenarios. Complaints about withdrawal difficulties and customer service have also been reported, indicating that while First Futures is regulated, traders should approach with caution and be aware of the potential risks involved.
Trading Products and Services
What trading instruments does First Futures offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD | Many |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | 50+ |
| Stocks | Apple, Tesla, BP | Many |
| Cryptocurrencies | BTC, ETH, XRP | Varies |
First Futures provides a diverse array of trading tools, catering to a broad spectrum of traders, from beginners to seasoned professionals. With access to key asset categories like Forex, commodities, indices, stocks, and cryptocurrencies, traders can effectively diversify their portfolios and implement flexible trading strategies. The inclusion of Forex products allows users to engage in global currency markets, while commodities offer opportunities to invest in essential physical goods. Moreover, the availability of indices and stocks equips traders with options to speculate on market movements and individual company performances, enhancing their overall trading experience. This multi-faceted approach ensures that First Futures meets the varying needs of traders, supporting their strategies in dynamic market environments.
Account Types and Trading Conditions
What Account Types and Fees Does First Futures Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly platform | Ideal for smaller capital and new traders |
| Professional Account | Experienced and high-volume traders | Higher leverage, access to advanced tools | Requires proof of trading experience and volume |
| Corporate Account | Businesses and corporate clients | Custom solutions, multi-user access | Requires corporate documentation and verification |
| Islamic Account | Traders requiring Sharia-compliant services | Swap-free trading, no overnight interest | Must provide a declaration of need |
| Demo Account | New traders and those wanting to practice | Access to practice trading without real funds | Available for all users, no time limit |
Account Opening Process
To open an account with First Futures, prospective traders must follow several steps. First, they need to submit their personal information, including name, address, and contact details. Next, employment and financial information are required to assess the applicant’s trading experience and financial standing.
Identity verification is a crucial step in the process, where traders must provide a government-issued ID and proof of address, such as a utility bill or bank statement. This ensures compliance with regulatory standards and adds a layer of security to the trading environment.
Additionally, First Futures offers account flexibility, allowing traders to upgrade from a retail to a professional account as their trading experience and volume increase, ensuring that they have access to the most suitable trading conditions as they progress.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for GBP pairs |
| CFDs (Stocks) | 0.1% | $10 per lot | Varies by stock and market conditions |
| CFDs (Indices) | 0.5% | $5 per lot | Includes major global indices |
| Cryptos (BTC/USD) | 1.0% | $0.1 | Variable depending on market volatility |
Other Fees
In addition to trading fees, First Futures has various other costs that traders should be aware of:
– Deposit/Withdrawal Fees: Generally, deposits are free, but withdrawals may incur fees depending on the method used.
– Inactivity Fees: Accounts that remain inactive for an extended period may be subject to inactivity fees.
– Platform Usage Fees: No fees are typically charged for using the platform, but certain premium features may have associated costs.
– Overnight Interest (Swap Rates): Positions held overnight may incur swap rates, which vary based on market conditions and account type.
– Currency Conversion Fees: Applicable for accounts trading in currencies other than the base currency, charged at the current exchange rate plus a small margin.
Trading Platforms and Apps
What Trading Platforms and Apps Does First Futures Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| Web Version | Browsers (Chrome, Firefox, Safari) | Encryption, symbol lookup, one-click trading, push notifications, economic calendar | Demo accounts |
| Mobile App | iOS, Android | Biometric login, real-time alerts, multiple order types, market search tools | API interfaces |
Each platform offered by First Futures caters to different trading needs. MT4/MT5 is ideal for advanced traders seeking comprehensive tools and automation capabilities. The web version provides accessibility and essential features for quick trading decisions. The mobile app is designed for ease of use, enabling traders to manage their accounts on the go effectively.
First Futures emphasizes mobile trading, ensuring secure logins through biometric and two-factor authentication. The platforms support fast order execution and real-time alerts, allowing traders to respond promptly to market changes. Efficient market search tools enhance user experience, making it simple to find and trade specific instruments.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (e.g., GrabPay, FasaPay, POLi) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. For first-time large withdrawals (typically over 2,000 USD), identity documents (passport) and address proof (utility bill) are required, with additional scrutiny for suspicious transactions.
Regional payment methods vary: Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. Note that US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Local advantages include zero-fee transfers offered by partner banks in Japan.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds, log in to your account, navigate to the withdrawal section, and select your preferred payment method. Ensure that the withdrawal method matches the original deposit method. Complete any identity verification required, and submit your request. Funds will be processed according to the specified times for each method.
Customer Support
First Futures Customer Support Overview
Support Channels
First Futures offers multiple support channels to ensure customers receive prompt and effective help. These channels include:
- Email: Customers can reach out via email for detailed inquiries and support requests.
- Live Chat: The live chat feature allows customers to get immediate responses from support representatives during business hours.
- Telephone: Direct phone support is available for urgent matters, providing a quick contact method for immediate assistance.
- Social Media: First Futures maintains active social media profiles where customers can also seek help and stay updated on services.
Service Availability
First Futures provides customer support 24/5, ensuring assistance is available on weekdays. The support team is also equipped to handle inquiries in multiple languages, including English and Mandarin, catering to a diverse clientele.
Additional Resources
To further assist customers, First Futures offers a variety of educational resources:
- Video Tutorials: Informative videos explaining trading strategies and platform usage.
- Webinars: Regular webinars hosted by experts covering market analysis and trading techniques.
- Market Analysis: Up-to-date market reports that help customers make informed trading decisions.
- Trading Signals: Expert-generated trading signals to guide customers in their trading activities.
First Futures is committed to providing excellent customer service and support, ensuring clients can reach out for help whenever needed.
Frequently Asked Questions
First Futures implements stringent security protocols, including segregated accounts for client funds, robust encryption technology, and regular audits to ensure compliance with financial regulations. Our clients’ funds are held in reputable banks to ensure maximum security and accessibility.
First Futures is committed to maintaining compliance with all relevant regulatory standards. We adhere to the guidelines set forth by regulatory bodies and continuously monitor our practices to ensure we meet or exceed compliance requirements. Our compliance team conducts regular training and reviews to keep our operations aligned with industry regulations.
First Futures offers competitive trading conditions, including tight spreads, high leverage options, and a variety of trading instruments. Our platform is designed to cater to both novice and experienced traders, providing access to a wide range of markets with flexible account types tailored to individual trading styles.
The First Futures trading platform is designed with user experience in mind, featuring an intuitive interface that simplifies navigation for new traders. We provide comprehensive educational resources, including tutorials and webinars, to help users familiarize themselves with the platform and improve their trading skills.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.