First Forex has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Note: First Forex promotes its foreign exchange trading services via the website wwwfifx.com and falsely claim that their services are under the regulation of Australia (Regulation No. 290600). The business is not a registered Australian company and it does not hold a current Australian Financial... This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.fifx.com.
First Forex had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Responsive team|Segregated accounts|No hidden fees|Easy withdrawals
Cons: Desktop app not available on Linux|Research section could be deeper
First Forex changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Fast deposits|High security standards
Cons: Desktop app not available on Linux
First Forex offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Stable platform|Segregated accounts|Portfolio tracking tools|Copy trading available
Cons: No dark mode on mobile
The platform itself is okay, but the customer service at First Forex is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Detailed reporting|Personal attention|Copy trading available|Wide product range
Cons: Help articles are sometimes vague
I had a dispute with First Forex and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Quick verification|Excellent charting
Cons: Help articles are sometimes vague
I joined First Forex after a friend recommended them and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Personal attention|Copy trading available|API access|Dedicated account manager
Cons: No integrated tax optimization
Opened my account with First Forex after a family member had a good experience and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Segregated accounts|Fast execution
Cons: Wish they had more educational resources|Alert system is basic
The mobile app from First Forex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Fast deposits|Full transparency|Responsive team
Cons: Would like more payment methods|Desktop app not available on Linux
I lost a significant amount because First Forex did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Smooth onboarding|API access|Excellent charting
Cons: No crypto staking