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First Group Review

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First Group Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this First Group Review.

First Group Review

First Group is a MT4 forex broker that does not specify different trading conditions on its website, so we assumed that it offers a single account.

First Group Advantages

Seemingly competitive spreads

According to the information on its website, First Group offers variable spreads starting from 0.6 pips on EUR/USD, which sounds really good. On top of that, the broker claims that it does not charge commission fees. Unfortunately, we could not check out this information, as First Group does not provide free demo accounts. We usually test the broker’s demo platforms, because spreads on paper and platform don’t match in a lot of cases.

Relatively nice leverage levels

The leverage levels provided by First Group are fairly standard, as the maximum ratios offered amount to 1:200. This should suffice most traders’ needs and is not a dangerously high ratio. If, for example, you use leverage of 1:1000, a slight move of the market against you will result in serious loss.

MetaTrader4 available

First Group offers trading via the most popular forex trading platform. It is easy to use and very light on the hardware. Besides, it is equipped with many advanced features, such as top-notch charting, numerous Expert Advisers, technical analysis indicators, and more

First Group Disadvantages

Offshore company

The main and potentially disqualifying flaw of First Group is the fact they are licensed offshore, in Belize. Although a license from the Belize’s International Financial Services Commission (IFSC) is better than none, offshore “regulation” still carries a significant risk for your investment.

No demo accounts, MT4 provided by another company

When you click on the “Open demo account” icon on First Group’s website, nothing happens. So, we downloaded the broker’s MT4 in order to test in in demo regime, but it turned out is provided by another broker, MTrading (which is also licensed in Belize). In order to use that demo MT4, one has to register with Mtrading. We don’t know whether and how the two companies are related, but either way, we consider it a disadvantage. All decent forex brokers provide free demo accounts in order to prove the transparency of their services.

High minimum deposit required

First Group requires $1000 as a minimum investment, which is a high initial investment. Industry leaders such as HYCM and easyMarkets require a mere $100 as a start.

Methods of payment not mentioned

Information on the ways one can deposit and (potentially) withdraw funds to/from First Group is not provided on the broker’s website. Most brokers accept Bank Transfers and Credit/Debit Card payments, as well as e-wallets Skrill and Neteller.

First Group claims to be a No-Dealing-Desk (NDD) brokerage that offers commission-free trading on MT4 with competitive spreads. However, it seems that its platform is provided by another broker, MTrading and it remains unclear whether First Group is its introducing broker or is related in another way to that company. This raises a red flag, but our main concern with this broker is the fact that it is registered offshore and that it provides little information about itself. This is much more important than the spreads or anything else they have to offer.

Although regulation in Belize is better than in most offshore destinations, as it involves a capital adequacy requirement, as well as such for segregation of client accounts, it is still not recommended. the Belize’s International Financial Services Commission (IFSC) places little focus on compliance checking and supervision, so clients of brokers licensed by it are hardly protected if something goes wrong.

By comparison, UK’s Financial Conduct Authority (FCA) imposes a lot of rules upon licensed brokers, including transaction reporting, and membership of the Financial Services Compensation Scheme (FSCS). So, if your FCA-regulated broker goes bankrupt, you could claim compensation equal to your account value (up to £50,000).

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

First Group Review Conclusion

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