Score
First Option FX
United Kingdom|2-5 years| https://www.firstoptionfx.com/
Website
Rating Index
Contact
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No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskAccount Information
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Website
firstoptionfx.com
Server Location
Singapore
Website Domain Name
firstoptionfx.com
Server IP
194.233.83.62
Company Summary
| Aspect | Information |
| Company Name | First Option FX |
| Registered Country/Area | United Kingdom |
| Founded Year | 2-5 years ago |
| Regulation | Unregulated |
| Market Instruments | Forex, Indices, Stocks, Metals, Cryptos |
| Account Types | LITE, Extra, VIP |
| Minimum Deposit | $500 |
| Maximum Leverage | Up to 500:1 |
| Spreads | Starting from 1.3 pips for VIP accounts |
| Trading Platforms | MetaTrader 5 (MT5) |
| Customer Support | email at operations@firstoptionfx.com, global@firstoptionfx.com, or support_vn@firstoptionfx.com. phone at +971 582507418 |
| Deposit & Withdrawal | N/A |
Overview of First Option FX
First Option FX, founded in the United Kingdom, offers a wide range of trading assets, including over 40 currency pairs, 15 indices, metals, and cryptocurrencies.
With competitive spreads, starting from 1.3 pips for VIP accounts, and high leverage up to 500:1, it provides traders with favorable trading conditions.
However, minimum deposit requirements are relatively high, starting from $2,000 for the LITE account. Additionally, the platform operates without regulation, potentially raising risks regarding trader protection and transparency.
Despite these drawbacks, its utilization of the MT5 platform offers advanced trading features, enhancing the trading experience for users.
Regulatory Status
First Option FX is not regulated by any authority.
Without regulation, there's a lack of oversight, potentially exposing traders to risks like fraud or unfair practices. Investors might face challenges in seeking recourse or protection in case of disputes. It's crucial for traders to conduct thorough research and exercise caution when dealing with unregulated entities like First Option FX.
Pros and Cons
| Pros | Cons |
| Competitive spreads (e.g., starting from 1.3 pips for VIP accounts) | Minimum deposit requirements are relatively high (e.g., $2,000 for LITE account) |
| Wide range of trading assets (40+ currency pairs, 15 indices, metals, cryptos) | Some users report withdrawal issues |
| Utilizes MT5 platform | Unregulated |
| Multiple account types | |
| High leverage up to 500:1 |
Pros:
Competitive Spreads: First Option FX offers competitive spreads across its account types, providing traders with favorable pricing. For instance, spreads start from as low as 1.3 pips for VIP accounts.
Wide Range of Trading Assets: With over 40 currency pairs, 15 indices, as well as options to trade metals and cryptocurrencies, First Option FX provides traders with a various selection of assets to trade.
Utilizes MT5 Platform: The use of the MetaTrader 5 (MT5) platform offers traders access to advanced charting tools, technical indicators, and automated trading capabilities. MT5 is renowned for its reliability and user-friendly interface, providing traders with a robust platform for executing trades and conducting in-depth market analysis.
Multiple Account Types: First Option FX offers multiple account types tailored to suit different trading preferences and experience levels. Whether traders are beginners or seasoned professionals, they can choose from various account options, each with its own set of features, benefits, and minimum deposit requirements.
High Leverage up to 500:1: The availability of high leverage, up to 500:1, allows traders to amplify their trading positions with relatively small amounts of capital.
Cons:
Relatively High Minimum Deposit Requirements: The minimum deposit requirements for First Option FX accounts are relatively high compared to some other brokers in the industry. For instance, the LITE account requires a minimum deposit of $2,000. This poses a barrier to entry for traders with limited initial capital.
Reported Withdrawal Issues: Some users have reported encountering difficulties with withdrawals on the platform. These issues include delays in processing withdrawals or difficulties in accessing funds. Such challenges can undermine trader confidence and satisfaction with the platform's services.
Unregulated: First Option FX operates without regulation from any financial authority. Without regulatory oversight, traders face higher risks of fraud or unfair practices, highlighting the importance of due diligence when choosing a broker.
Market Instruments
First Option FX offers a various selection of trading assets, providing access to various markets for traders to explore.
Forex enthusiasts can engage in trading over 40 major, minor, and exotic currency pairs, offering ample opportunities for speculation and investment in the global currency market.
For those interested in broader market movements, the platform offers trading on Indices, encompassing 15 of the most renowned indices as CFDs, allowing traders to speculate on the performance of entire stock markets.
Stocks trading is available, offering access to a wide array of highly covered and prestigious asset classes.
Moreover, traders can diversify their portfolios by trading Metals such as Gold and Silver.
The platform also facilitates trading in cryptocurrencies through CFDs, including popular options like Bitcoin, Ethereum, and Ripple, among others.
Additionally, traders can explore opportunities in Energies, with options to trade Brent Crude Oil, WTI, Natural Gas, and Coal, allowing them to participate in the dynamic energy market.
Account Types
First Option FX offers three distinct account types for different trading preferences and experience levels.
The LITE account type is suitable for traders who prefer a straightforward approach to trading. With a minimum deposit of $2,000, this account offers competitive spreads starting from 1.8 pips. Traders can access the MetaTrader 5 (MT5) platform, a popular choice known for its user-friendly interface and advanced trading tools. The absence of commissions and the option for swaps make it appealing to those seeking a cost-effective trading solution. With leverage up to 500, the LITE account provides ample opportunities for traders to capitalize on market movements while managing risk effectively.
The Extra account type is designed for traders looking for flexibility and affordability. With a lower minimum deposit requirement of $500, this account offers spreads starting from 2 pips, making it suitable for traders with smaller capital. Like the LITE account, traders can utilize the MT5 platform and benefit from zero commissions and swap options. The leverage of up to 500 allows traders to amplify their trading positions, potentially enhancing profitability.
The VIP account type is tailored for experienced traders and high-volume investors seeking premium features and personalized services. With a higher minimum deposit of $10,000, this account offers the tightest spreads starting from 1.3 pips. Traders can enjoy the same MT5 platform with the added advantage of commission-based trading, priced at $1 per lot. The absence of swaps can be advantageous for those seeking to avoid overnight fees. With leverage up to 500, the VIP account provides experienced traders with the tools they need to execute sophisticated trading strategies effectively.
| Account Type | LITE | Extra | VIP |
| Minimum Deposit | $2,000 | $500 | $10,000 |
| Spread from | 1.8 | 2 | 1.3 |
| Platform | MT5 | MT5 | MT5 |
| Commission | 0 | 0 | $1/lot |
| Swap | Yes | Yes | No |
| Leverage | 500 | 500 | 500 |
How to Open an Account？
To open an account with First Option FX, follow these four concrete steps:
Registration: Visit the First Option FX website and navigate to the “Sign up” section. Fill out the registration form with your personal information, including your name, email address, and contact details. Provide any necessary identification documents as per the platform's requirements.
Account Type Selection: Choose the account type that best suits your trading preferences and financial goals. Consider factors such as minimum deposit, spreads, and available features. Options typically include LITE, Extra, and VIP accounts.
Verification: Complete the verification process by submitting the required documents, such as proof of identity and residence. This step is essential for regulatory compliance and ensures the security of your account.
Funding: Once your account is verified, proceed to fund your account using one of the available payment methods, such as bank transfer, credit/debit card, or electronic payment systems. Ensure that you meet the minimum deposit requirement specified for your chosen account type.
Leverage
First Option FX offers a maximum leverage of up to 500, allowing traders to amplify their positions in the market. With this level of leverage, traders can potentially increase their buying power and exposure to various financial instruments, maximizing potential profits.
Spreads & Commissions
First Option FX offers different spreads and commission structures across its account types.
The LITE account type features spreads starting from 1.8 pips, with no commission charged per lot traded. This account is suitable for traders seeking a cost-effective option with a relatively higher minimum deposit requirement of $2,000. The absence of commissions may appeal to those who prefer to avoid additional trading costs.
The Extra account type offers spreads starting from 2 pips, similar to the LITE account, and does not charge commissions per lot traded. With a lower minimum deposit requirement of $500, this account is suitable for traders with smaller capital who prioritize affordability and flexibility.
The VIP account type boasts the tightest spreads starting from 1.3 pips, making it ideal for experienced traders and high-volume investors. However, unlike the LITE and Extra accounts, the VIP account charges a commission of $1 per lot traded. With a higher minimum deposit requirement of $10,000, this account serves traders who prioritize trading conditions and are willing to pay a commission for enhanced features and services.
Trading Platform
First Option FX utilizes the MetaTrader 5 (MT5) trading platform, known for its robust features and functionality.
MT5 offers a user-friendly interface with advanced charting tools, technical indicators, and analytical resources, providing traders with the tools they need to conduct thorough market analysis and execute trades efficiently. The platform supports various order types and execution modes, allowing traders to implement various trading strategies. Additionally, MT5 is available on multiple devices, including desktop, web, and mobile applications, ensuring accessibility for traders on the go.
Deposit & Withdrawal
First Option FX imposes varying minimum deposit requirements across its account types. The LITE account necessitates a minimum deposit of $2,000, appealing to traders with a moderate starting capital who seek access to basic trading features.
The Extra account offers a lower entry threshold with a minimum deposit of $500, making it accessible to traders with smaller initial investments. This account may attract beginners or those looking to explore trading with limited funds.
Conversely, the VIP account requires a substantial minimum deposit of $10,000, targeting experienced traders or high-net-worth individuals who prioritize premium features and services.
Customer Support
First Option FX offers comprehensive customer support services to assist traders with their inquiries and risks. Traders can reach out to the support team via email at operations@firstoptionfx.com, global@firstoptionfx.com, or support_vn@firstoptionfx.com.
Additionally, for public inquiries, traders can call +971 582507418 during business hours, Monday to Friday, from 9 AM to 5 PM.
Exposure
First Option FX has faced exposure risking customer complaints regarding withdrawal issues and allegations of scam activities.
Traders have reported difficulties withdrawing funds, with some accounts being forcibly closed, leading to financial losses. The platform has encountered complaints related to account authentication, resulting in hindrances to withdrawal processes.
Despite efforts to resolve such issues, risks persist among users, reflecting negatively on the platform's reputation and user experience. These exposure instances underscore the importance of robust customer support and transparent policies in fostering trust and confidence among traders.
Conclusion
In conclusion, First Option FX offers a wide range of trading assets and competitive spreads, providing traders with opportunities to capitalize on market movements.
The utilization of the MT5 platform enhances the trading experience, offering advanced features and analysis tools.
However, the platform's unregulated status raises risks about trader protection and transparency. Additionally, relatively high minimum deposit requirements and reported withdrawal issues will deter some traders.
FAQs
Question: What trading assets are available on First Option FX？
Answer: First Option FX offers a variety of assets including forex, indices, stocks, metals, and cryptocurrencies.
Question: What is the minimum deposit required to open an account？
Answer: Minimum deposits vary depending on the account type, starting from $500 for the Extra account.
Question: Is First Option FX regulated？
Answer: No, First Option FX operates without regulation from any financial authority.
Question: What trading platform does First Option FX use？
Answer: First Option FX utilizes the MetaTrader 5 (MT5) platform, known for its advanced features and user-friendly interface.
Question: Are there any commissions charged on trades？
Answer: The LITE and Extra accounts have no commissions, while the VIP account charges $1 per lot traded.
Keywords
- 2-5 years
- Suspicious Regulatory License
- Suspicious Scope of Business
- High potential risk
Review 15
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Review 15
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Nđt
Vietnam
I deposited a sum of $500 with automatic transfer and a small amount of gold orders. The expert called and told me to enter the command XAGUSD to remove it. But it went against the trend and I was told to add another 0.1. When the bonus is not enough, if I don't deposit it, it will liquidate. Please boycott this floor, you will burn customers' money!!!
Exposure
06-14
FX8873846120
Vietnam
Fraudulent platform does not allow withdrawals
Exposure
05-31
HDQuyen
Vietnam
This is the situation of my new account and when these guys burned my account in just 15 days.
Exposure
05-03
HDQuyen
Vietnam
Send a caller to ask for support to withdraw money during the day, request to place an order to buy 2 lots with code Cotton and Sell 2 lots to burn the account then withdraw the bonus
Exposure
05-03
ngocanhtran
Vietnam
Unable to withdraw funds, forcing customers to burn TK
Exposure
05-02
trịnh thị hoan
Vietnam
The firstoption floor scams take money from investors. All information. I will continue to apply. Many people have been scammed by this floor.
Exposure
2023-08-17
trịnh thị hoan
Vietnam
The trick of the firstoption is to not authenticate the account so that the customer can't withdraw money. Then they burn the customer's account to eat the commission. As I know they burned 60 million, they got about 40 million. Now how to catch them everyone? I'll report it to the police
Exposure
2023-08-15
trịnh thị hoan
Vietnam
I got it to create a account according to cccd, which is Trinh Thi Hoan, but when it's done, it changes my account name to Trinh Thi Hoan so it can't be authenticated. Then it burned my account. When I self-GD and after it was burned. profit transaction 511& but it won't let me withdraw because it couldn't verify my account. Then it played cards to buy bonus code to burn my account. It held the handle so I had to bear it. My mistake was not verifying the deposit and withdrawal. I have already entered the money.So I was cheated.I hope that Admin will claim justice for me
Exposure
2023-08-10
trịnh thị hoan
Vietnam
Firstoption floor tricked me into buying a bonus code to burn my account. When I asked, I said I didn't know. Called the hotline, they also said to look and lost.
Exposure
2023-08-04
trịnh thị hoan
Vietnam
Firstoption floor deliberately did not verify my account so that I could not withdraw money. When I saw it took too long to ask them, they played cards and told me to buy a reward code. I refused because I did not have money to recharge. No reward. They told me to accept it and recharge later. Because my account is not authenticated, I can't argue with them. At around 2:30, he called and told me to come in and buy these 2 bonus codes. bought 40cp MTFR and 2.5 xptusd.f) when I pressed buy, I checked my account right away. I just fell back and my account was burned. I called Quan and he told me to buy those 2 codes. , then it said nothing can burn the account so it can check it and then disappear. Hope admin help me get my account back.
Exposure
2023-08-03
trịnh thị hoan
Vietnam
It didn't verify my account so I couldn't withdraw, when I asked a lot of it, it said to buy a bonus code, after buying it, it burned up. When I called it, it said it never happened. told me to buy a weak account so it burned. It sounded spicy to me. I have all the information from the time I created the account and recharged it. Now it's blocked and changed Zalo so I think I lost 60 million. Hope admin consider the complaint Please help me. I sincerely thank a.
Exposure
2023-08-03
Thy Ngọc
Vietnam
When you first start to invest in trial capital, withdraw $ 50, you can withdraw (as shown in Figure 1). Then enter real capital, play a profitable transaction, if you want to withdraw capital (as shown in Figure 1), wait forever to accepted. Then The Floor called to offer support to buy 2 bonus codes, withdraw money after MTFR (40 shares) and XPTUSD (2 shares). After following the instructions, my account immediately burned ( as shown in picture 2). Add a picture of my account before burned. (as shown in picture 3)
Exposure
2023-07-06
Brian Lewis
United Kingdom
Hidden fees are a real issue. It's frustrating to find unexpected charges after making a trade. Clearer communication about costs would be much appreciated. Customer service is slow and not very helpful. It takes too long to get a response, and when I do, the answers are often not useful. This is a significant drawback.
Neutral
06-28
柠檬28651
New Zealand
It is impossible to be satisfied with the services of First Option FX. I had some problems browsing their website before, so I decided to ask the online customer service. As a result, the customer service staff said that some information is only open to users. And all I'm asking for is some information about trading conditions!
Positive
2023-03-22
jamesnarande007
Singapore
It's strange, I didn't find any user reviews about First Option FX on the Internet. Could it be that it has not had many customers since it was established recently? I dare not deal with this kind of company.
Positive
2022-12-20