Firsttrade Review: Traders Raise Ponzi-Style Scam Concerns, Withdrawal Denials & More Issues

Have you lost all your capital while trading via Firsttrade? Does the US-based forex broker disallow you from withdrawing funds? Do you have to pay massive fees when transferring funds? Does your trade get affected because of frequent malfunction in the trading app? These have been haunting many traders at Firsttrade. Consequently, many of them have raised complaints online. In this Firsttrade review, we have shared such complaints. Keep reading to know about them.

Top Trading Complaints Against Firsttrade

Fund Loss Due to Ponzi Scam

Traders allege that Firsttrade victimized them by running a Ponzi scam. They even claim that the broker gives them valueless tokens after scamming them. One trader even took legal assistance to recover stuck funds. Here is a painful recount of the incident.

The ‘Malfunctioning Firsttrade App’ Allegation

The Firsttrade app does not work properly, shows wrong indicators, and affects trading activities. Many traders run the risk of losing trades because of a malfunctioned app. The screenshot below showcases this problem. Have a look.

High Fund Transfer Fees

It is also one of the most significant issues faced by traders at Firsttrade. While the broker onboards traders by claiming no transaction fee; however, they apply only to just buying and selling. As traders wish to transfer funds from their trading account to others, the broker imposes heavy charges. The screenshot below explains the problem in greater detail.

The Usual Fund Withdrawal Denial Issue

The constant hassles surrounding fund withdrawals question the broker‘s intent and integrity as a financial services provider. If traders’ allegations are true, Firsttrade should carefully review its operations and allow seamless withdrawals upon a legitimate request. Here are some withdrawal-related complaints.

The Review of Firsttrade by WikiFX - Score & Regulation Status

The WikiFX team read several comments made against Firsttrade while also checking how the broker stands on the regulatory supervision front. Upon investigation, it is found that the broker does not have a valid license from a competent financial authority for forex business. This itself is a massive reason why traders face scam-like issues at Firsttrade. The score for the broker thus remains pretty low - 1.57 out of 10.

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