First Trade Review 2024

First Trade review
First Trade Fees Explained

• First Trade withdrawal fees varies on payment method
• First Trade does charge a fee for inactive accounts.
• First Trade does charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from First Trade are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

First Trade Costs To Check

Modern brokers like First Trade provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, First Trade may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall First Trade trading profitability.

How First Trade Fees Compare Against Other Brokers

First Trade Minimum Deposit

First Trade requires a minimum deposit of 5 GBP/USD/EUR when opening an First Trade trading account.

A minimum deposit is the minimum amount of money required by First Trade to open a new online brokerage account with them.

Don't be scared off by brokers like First Trade charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like First Trade, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

First Trade Withdrawal Fees

The fees for withdrawing funds from your First Trade account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your First Trade withdrawal request is important.

First Trade Withdrawal rules may vary across different brokers when it comes to transferring funds from your First Trade or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with First Trade may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the First Trade withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from First Trade. Researching and comparing First Trade withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing First Trade funds frequently or dealing with large sums of money. Awareness of these First Trade fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your First Trade funds.

For example, First Trade allows you to withdraw your funds to Skrill, Neteller.

First Trade Inactivity Fees

First Trade does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by First Trade terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all First Trade fees and services. It's recommended that you check the First Trade website before signing up. If you decide to close your First Trade account, it's important to do so with the First Trade broker customer support and obtain confirmation that no remaining First Trade fees are due.

Brokers like First Trade must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

First Trade Deposit Fees

First Trade do charge deposit fees.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

First Trade Commission Fees

First Trade does charge commission on CFD instruments.

Brokerage firms like First Trade may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the First Trade trading account level held by the trader.

First Trade may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing First Trade terms and conditions to understand the commission fees and any other charges that may apply is essential.

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Trading on First Trade web platforms and other applications

First Trade offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

First Trade also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See First Trade's platforms

Is the First Trade Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the First Trade trading platform to protect you on PC and mobile First Trade platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using First Trade web trading platforms.

First Trade Trading Platform Options

After logging into your First Trade account, you'll find a range of trading platform options available below.

• MetaTrader 4 (MT4)

Please be aware that First Trade does not currently support the MetaTrader 5 (MT5) trading platform. However, if you're looking for a broker that does offer MT5, you can check out our list of recommended brokers available through the provided link.

First Trade does not support the cTrader trading platform. However, if you're looking for a broker that does offer cTrader, you can explore other options available through the provided link.

Let's explore each of these trading platforms in detail and what options First Trade gives you.

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First Trade MetaTrader 4 (MT4)

First Trade MetaTrader 4 (MT4) In Detail

MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005. MT4 on First Trade offers traders comprehensive features and tools to enhance their trading performance. The First Trade MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the First Trade platform to their needs. One of the standout features of MT4 is its charting functionality, which allows First Trade traders to analyze price movements and make informed trading decisions. Additionally, advanced order management tools give First Trade traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies on the MT4 First Trade trading platform.

MetaTrader 4 (MT4) was created mainly for Forex trading, but it can also facilitate the trading of other financial instruments via CFDs and Spread Betting. You cannot trade real assets like stocks, shares, commodities, indices and ETF's on the First Trade MetaTrader 4 (MT4) trading platform. MT4 is a platform available with First Trade, that facilitates trading financial instruments in the form of CFD contracts or Spread bets. The First Trade MT4 platform does not provide access to physical assets such as stocks, commodities, or ETFs for trading. First Trade allows trading CFDs and Spread bets, which do not involve owning underlying assets but speculating on price movements, using high risk leverage. To gain more information about the MT4 Platform, click here.

You can start using the MetaTrader 4 platform with First Trade in multiple formats including through an online web platform, Through a downloadable application for Windows PCs and Apple Macintosh computers. First Trade MetaTrader 4 is compatible with the latest macOS. First Trade allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on First Trade

MetaTrader 4 (MT4) is a widely used trading platform in the world, offering a range of advanced tools and features. Recently, MT4 has been made available as a web-based application through a web browser, enabling traders to access the platform from anywhere.

The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version. With MT4 web, traders can access advanced charting tools, online trading indicators, and a Dealing Desk-free trading environment.

Additionally, traders can enjoy Raw Pricing without any intervention from brokers. Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.

Trade First Trade MetaTrader 4 on iOS Devices

You can download the First Trade app or trade with First Trade through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program free of charge from Apple's App Store. First Trade customers have instant access to the financial market and can completely manage a Portfolio on the go.

Trade First Trade MetaTrader 4 on Android Devices

Millions of people worldwide use Android mobile devices and tablets, and First Trade offers its clients access to the MetaTrader 4 platform on these devices. With the First Trade MetaTrader 4 Android application, traders can monitor the financial markets and execute trades directly from their Android-based smartphones and tablets. This app provides access to a range of advanced trading features, allowing First Trade traders to stay on top of their trades and react quickly to changes in the market. With the First Trade MetaTrader 4 Android app, traders can securely manage their trades on the go, making it a convenient and efficient way to stay connected to the market.

Trade First Trade MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators available on First Trade are a powerful bundle of three major indicators designed to help traders make informed decisions. First Trade MT4 Trading Central indicators include:

• Analyst Perspectives - A valuable resource for traders seeking leadership insights and key levels.
• Adaptive Candlesticks - This indicator is capable of identifying chart patterns that highlight significant changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Similar to MACD, but with greater utility at shorter lengths, this indicator provides more timely signals.

Trading Centrals Alpha Generation Indicators can help First Trade traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing First Trade traders to potentially stay one step ahead.

First Trade MetaTrader 4 Advanced Trading Tools

The First Trade MetaTrader 4 trading platform has advanced tools that enhance the overall trading experience and give First Trade traders detailed market tools. With feature-rich trade execution and management programs, sophisticated notification alarms, messaging facilities, innovative market data, and more, First Trade provides traders with everything they need to succeed. The First Trade MT4 platform also includes a range of technical analysis tools, with 30 indicators built in, 2000 plus free indicators, and the availability of paid indicators, allowing First Trade traders to analyze the market at any level of complexity.

Trade First Trade MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal offers traders an intuitive and user-friendly dashboard to manage and monitor multiple trading accounts. This powerful tool allows traders to oversee over 128 accounts simultaneously, enabling them to place market and pending orders, view real-time market prices, and track all accounts and equity in real-time.

It's important to note that MultiTerminal only supports trading accounts on the same MetaTrader server and doesn't allow automated trading scripts such as Expert Advisors.

This tool is ideal for traders who manage several accounts simultaneously and require a more efficient and effective way to track and execute trades. You can have up to 10 demo accounts on MetaTrader 4 MultiTerminal.

First Trade MetaTrader 4 AutoChartist

Autochartist on the First Trade platform is a powerful tool designed to help traders find trading opportunities quickly and easily.

Available for First Trade MetaTrader 4 Autochartist can scan the market using an expert advisor script.

With Autochartist, First Trade traders can scan multiple markets and timeframes from a single graph, making it easy to keep track of all their preferred symbols without launching multiple graphs. Using Autochartist can save First Trade users time and makes the trading process more efficient.

The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. First Trade traders can navigate the platform and find the information they need to make informed trading decisions.

First Trade Autochartist is a valuable tool for traders who want to stay ahead of the curve and identify trading opportunities quickly and easily. With its powerful features and easy-to-use interface, Autochartist is an essential tool for First Trade traders of all experience levels.

First Trade Trading benefits

• First Trade Low min deposit

First Trade Trading Accounts Offered

Below we give an overview of the account types that First Trade offer. Whatever you are looking to trade, the varying First Trade account types will be able to provide you with what you need.

• First Trade Demo account
• First Trade Standard account

Can I try First Trade?

First Trade provides a demo account that enables individuals to explore trading before investing their funds. By creating a First Trade practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the First Trade demo account can help individuals to make informed decisions before investing their money.

Open a demo First Trade account to practice and trade.

Your capital is at risk

First Trade withdrawal and funding methods

It's essential to remember that the payment methods provided by First Trade vary based on the First Trade entity and the First Trade client's country of residence. To view the First Trade payment options available, you can log into your First Trade member's area.

First Trade offers various funding payment methods listed in your First Trade dashboard if available in your region. To learn more about the First Trade funding and withdrawal options available in your area, you can explore the First Trade website.

First Trade provides several payment methods for funding your First Trade account. You may utilize any of these deposit options if they are available in your region. First Trade ensures that users have multiple payment methods to choose from, making it more convenient for verified First Trade account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the First Trade user's location. learn more about First Trade funding and withdrawal methods.

First Trade Payment Methods

Some First Trade payment methods are local and are available only to specific regions. First Trade account holders should check which payment methods are provided in your region.

• First Trade accepts Skrill
• First Trade accepts Neteller

How can I start trading with First Trade?

To open a trading account with First Trade, individuals can sign up on the First Trade website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for First Trade account validation and making a deposit. Once completed, First Trade users can download the trading platform of their choice.

It's important to note that First Trade requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps First Trade maintain a trustworthy financial environment for its 10,000 users. Detailed information on the First Trade trading platforms is available on their website.

Your capital is at risk

Performing trades with First Trade

When using First Trade, the minimum trade size is typically $0 units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. First Trade have a max trade of varies.

First Trade, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like First Trade can be useful for traders starting or with limited capital.

Like other brokers, First Trade margin requirements can differ depending on the traded instrument.

CFD Trading on First Trade

We will show you an example of the basics of using First Trade leverage.

CFD trading on First Trade allows traders to speculate on the price movements of various financial instruments against the broker First Trade, without actually owning real assets. With CFDs, First Trade traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

First Trade provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, First Trade leverage profits and losses are magnified when trading. For instance, using CFDs, you use the First Trade trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, First Trade leverage magnifies both profits and losses in trading.

Trading CFD trades on the First Trade platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced First Trade traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Your capital is at risk

Education Resources at First Trade

To trade effectively with First Trade, it's important to have a good understanding of the First Trade trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with First Trade and externally.

First Trade . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with First Trade. Familiarizing yourself with the First Trade trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using First Trade. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with First Trade involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like First Trade, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with First Trade. Explore the First Trade platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with First Trade, before live trading.

Customer Support at First Trade

As part of our First Trade review, we review customer service options, response times and problem resolution effectiveness on the First Trade trading platform. The First Trade trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

First Trade Available Support Types

Based on our experience, we have given First Trade a D grade for customer support. We encountered some slow response times or First Trade queries that were left unanswered.

Compared to other brokers, First Trade offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at First Trade

First Trade does not offer LiveChat Support.

Email Support at First Trade

We tested the email support of First Trade by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any First Trade response.

The First Trade team did resolve and answer our queries, but the email support from First Trade was overall average compared to other brokers we have tested.

Phone Support at First Trade

We contacted First Trade via phone and received quick assistance within 10 minutes of our call.

The First Trade phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by First Trade and found that they could assist us in various languages.

While we found the First Trade phone support satisfactory, there is room for improvement in response time.

See how First Trade Support Compares Against Other Brokers

What you will need to open an account with First Trade

As First Trade is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA).

As a new client of First Trade, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with First Trade in your region. During the First Trade account opening process, you will be asked to provide First Trade with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with First Trade have the following documents available.

• First Trade require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for First Trade compliance. This must be dated within the last six months.
• If you plan to fund your First Trade account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the First Trade platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under First Trade Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring First Trade's platform.

However, remember that you won't be able to make trades on First Trade until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the First Trade KYC compliance process as soon as possible to avoid any delays in accessing the First Trade platform's features.

It is important to note that First Trade may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the First Trade platform and features immediately. However, you must pass the verification process to start live trading with First Trade, which can take up to a few business days.

To start the process of opening an account with First Trade you can visit the First Trade trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.firstrade.com on April 20, 2024.

First Trade review written by Andrew Blumer and Mark Hansen