At FirstECN, we care about providing you with comfortable CFD trading experience. Below, you will find answers to the most asked questions that may arise during your trading journey.
FirstECN is the brand name owned by the company Nakito SA. Nakito SA is duly registered in Comoros Union with a registration number HT00324015, regulated by MISA (MWALI International Services Authority) with a brokerage license number BFX2024050 and registered office address at Bonovo Road, Fomboni, Comoros, KM. The Company provide access to a CFD trading platform that offers access to a wide range of underlying instruments such us CFDs on forex, indices, commodities, shares, and cryptocurrencies with competitive spreads and advanced trading tools.
CFD (Contracts for Difference) trading involves speculating on the price movements of financial assets without owning the underlying asset. When you trade CFDs, you enter a contract with a broker to exchange the difference in the asset’s price from the time you open the position to the time you close it. CFDs also provide the opportunity to use leverage, meaning you can control a larger position with a smaller initial investment. However, it’s important to manage the risks associated with leverage and market volatility.
In CFD trading, you don’t own the underlying asset; instead, you trade CFDs based on price movements. This allows you to trade on margin and go long or short (buy or sell), unlike traditional trading where you must buy and own the asset.
Benefits: Leverage allows you to control larger positions with a smaller initial investment. You have the opportunity to trade a wide range of markets and potentially profit from both rising and falling markets.
Risks: While leverage may enhance potential profits, it also means that losses can also significantly exceed. It’s important to understand the mechanics and manage your risk effectively.
To start trading CFDs on FirstECN, create an account, complete the verification process, fund your account, and then access our trading platform to begin trading.
FirstECN offers a WebTrader and a Mobile app, allowing you to trade CFDs on any device, including PCs, tablets, and smartphones. Our platform is compatible with all major operating systems, and the mobile app is free to download.
For the WebTrader, register or log in to the platform through your browser. There is no need to download or install anything, providing you with quick access to the trading platform from any device with an internet connection. To use the mobile app, download it from your preferred marketplace and sign in with your account details.
The system requirements for FirstECN trading platform are moderate and suitable for most modern devices and computers. You can trade CFDs without needing high-end hardware.
FirstECN offers three account types: Silver, Gold and Platinum each one has different features and tools.
You can find more details and compare the features on our ACCOUNTS page.
Yes, we have a mobile app that includes all the features of the WebTrader version of the FirstECN platform. This allows you to trade on the go with the same functionality as you would on a desktop.
Yes, FirstECN offers a demo account where you can practice trading with virtual funds. This is a way to familiarize yourself with the platform and test your strategies, as the demo account supports all the features of a platform and has similar market conditions.
The ‘Register’ or ‘Start Trading’ button on the website will lead you to the registration page. After the registration is complete, you can set up your account, add funds, and start trading.
KYC, or Know Your Customer, is the process used to identify and verify the identity of our clients. This process helps ensure compliance with AML (Anti-Money Laundering) and CFT (Countering the Financing of Terrorism) laws.
You will need to provide a valid government-issued ID (such as a passport or driver’s license) and proof of address (such as a utility bill or bank statement) that is no older than three months.
No, the Company does not allow trading without verifying client’s identity. By having every trader registered and verified, we aim to comply with the applicable legal anti-money laundering framework.
You can update your personal information by contacting our customer support via email, or you can change it yourself in the personal account information section of the platform.
If you forget your password, contact us via email or support chat. You will then receive an email from FirstECN Support Team with instructions to reset your password.
FirstECN offers a wide range of markets for CFD trading, including forex, crypto, indices, commodities, and stocks. Each market has its own set of characteristics and trading hours, providing flexibility and a broad spectrum of options.
Leverage in CFD trading allows traders to trade a larger position with a smaller initial investment. For example, a leverage ratio of 1:10 means you can open a position worth $10,000 with $1,000 of your funds. Depending on the instrument traded the leverage level may vary. By using leverage, your profit or losses can become drastic.
Margin requirements refer to the amount of funds a trader needs to deposit to open and maintain a leveraged position. There are two types of margin: initial margin (the amount required to open a position) and maintenance margin (the amount required to keep the position open). If your account balance falls below the maintenance margin, you may receive a margin call.
Profits and losses in CFD trading are calculated based on the difference between the opening and closing prices of the trade, multiplied by the number of CFD units, minus any applicable fees and costs.
A stop-loss order is a risk management tool that automatically closes a position when the price reaches a specified level. This may help to limit potential losses. To use a stop-loss order, you can set the stop-loss level when you open your trade or add it to an existing trade through the platform.
The trading hours for CFD markets vary depending on the underlying asset and the market. Generally, forex markets are open 24 hours a day during weekdays, while stock and commodity markets have specific opening and closing times. You can find detailed trading hours for each market in the symbol info page in the Webtrader.
Yes, you can hold CFD positions overnight. However, keep in mind that holding positions overnight may incur overnight charges, also known as swap or rollover fees.
FirstECN offers a variety of deposit methods to suit your preferences, including bank transfers & credit/debit cards. You can choose the method that is most convenient for you when adding funds to your account.
FirstECN does not charge deposit fees. However, possible fees may be imposed by banks, wallets, payment systems, or other entities outside of FirstECN, and these fees are the responsibility of the Client.
To make a deposit, log in to your FirstECN account, navigate to the ‘Deposit’ section, select your preferred payment method, and enter the amount you wish to deposit. Follow the on-screen instructions to complete the transaction. Your funds will be available in your trading account shortly after the deposit is processed.
FirstECN supports various withdrawal methods, including bank transfers and credit/debit cards. Choose the method that best suits your needs when withdrawing funds from your account.
The processing time for withdrawals varies depending on the bank and the method chosen. Typically, funds take up to 3 business days to reach your account.
FirstECN does not charge withdrawal fees. However, similar to deposits, external entities such as banks, wallets, and payment systems may impose their own fees, which are the responsibility of the Client.
The minimum amount required to start CFD trading on the FirstECN platform has to be equal to 250 USD. For withdrawals, there are no minimum cash-out amounts, but to comply with specific requirements for wire transfers only, the minimum withdrawal amount must be 50 USD.
You can contact FirstECN via email, telephone hotline, or live chat. Our Support Team is ready to assist you with any inquiries or issues you may have. All links and contacts can be found on our CONTACT US page.
Our customer support is available 24 hours a day, 5 days a week (24/5) to ensure you receive timely assistance when you need it.
Yes, FirstECN is operated by Nakito SA a company that is regulated by MISA (MWALI International Services Authority).
All our legal documents, including Terms and Conditions, AML Policy, Risk Disclosure, Privacy Policy, and Cookies Policy, can be found on our LEGAL PAGE.
Whether you’re in need of assistance, or have a different question, we are just a click away. Feel free to contact us.
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