Why You Must Read the FirstCapital1 Review Before Investing

Please read our FirstCapital1 Review to learn the truth about this anonymous trading scam. The FirstCapital1 broker is definitely not as legit as presented on the website.

Far from it, there is evidence of fraud online about this financial swindler and we plan to use it in our review. If you want to trade safe, then FirstCapital1 is definitely not the right choice for you so let us explain why.

Is FirstCapital1 Legit?

The FirstCapital1 website was created on November 7, 2022, which means it has been active for about half a year. The text on the website alleges that FirstCapital1, an online brokerage, is based in Switzerland.

However, upon checking the register of the Swiss regulator FINMA, all we found was a warning issued against the broker. Therefore, FirstCapital1 cannot possibly be regulated.

If you trade with unregulated brokers, there’s a great chance you will get scammed. Thus, avoid anonymous financial swindlers such as FirstCapital1 and Finorax.

Instead, find a reliable provider with a trading license, preferably issued by top-tier regulatory authorities such as the aforementioned FINMA, or the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), etc.

Warning Against the FirstCapital1 Scam

Speaking of FINMA, the Swiss regulator issued an official warning against FirstCapital1. The warning states that this entity is not “entered in commercial register”.

So FirstCapital1 is not a legit Swiss brokerage. Rather, it is an anonymous trading scam with no license just like we said in the previous section. Please heed this regulatory warning and forget about trading with FirstCapital1!

FirstCapital1 Reviews and Comments

What do traders think about FirstCapital1? Although there are multiple positive reviews, we lean toward the negative ones as we believe that the former is fake.

The positive reviews are suspicious. For instance, on Sitejabber, all the positive reviews were written on the same day – March 23. On Reviews.io, the positive reviews started appearing in December/January, just a month since FirstCapital1 started operating.

How is it possible that traders achieved satisfactory results and profits in just one month?! That’s why we trust the complaints, which are there to expose the FirstCapital1 trading scam.

They are scams! I lost close to 40,000CAD in the window of about 2 months using the Firstcapital1 platform. They make it look like you’re making money and ask for more investments. They will unplug your account from whatever trading engine as soon as you request to cash out some money. You will lose all you capital and the profit all together…

– Sitejabber user, March 31, 2023.

Where Does the Broker Operate? – Countries of Service

After doing some research, we managed to learn where FirstCapita1 tried to find clients, i.e. in which domains was this broker active. Here is the list of countries:

• Canada;
• United States;
• Netherlands.

Several Canadian traders have fallen victim to this scam. The Netherlands is similar to Switzerland in terms of regulations, meaning FirstCapital1 is not authorized to operate in that country. 

As for the US, it’s the most heavily regulated domain in the world and certainly not a place for anonymous scam brokers like FirstCapital1 and Simplii Cryptos.

FirstCapital1’s Range of Products

According to the FirstCapital1 trading platform, the following trading instruments are available:

• Forex currency pairs – EUR/USD, GBP/CHF…
• Indices – S&P500, NASDAQ100, FTSE100…
• Commodities – gold, coffee, crude oil…
• Stocks – Apple, Eni, Coca-Cola…
• Crypto – BTC, ETH, XPR…
• ETFs – QQQ, IBB…
• Cannabis – ARNA, ABBV…

FirstCapital1’s Trading Platform

FirstCapital1’s trading platform is a browser-based terminal. We got to see it but we could not actually trade on it since FirstCapital1 does not support a demo account.

Nevertheless, the platform is pretty basic, i.e. features some elementary charts and graphs but that’s about it. There are no advanced trading tools and options such as automated trading or live market reports.

If you want those tools, you better find a proper broker that offers MT4, MT5, or cTrader as trading platforms and make sure the provider is licensed!

Investment Levels

FirstCapital1 offers five different investment levels with various perks:

• Self-managed account – 250 $;
• Standard – 10,000 $;
• Gold – 25,000 $;
• Diamond – 100,000 $;
• VIP – 250,000 $.

Only the leverage for the self-managed account was disclosed – 1:5. That’s pretty low for FX currency pairs and commodities trading. If you want higher leverage, you would have to invest 10,000 $, which is too much to risk with such an unreliable broker.

On the trading platform, we saw that the spread for the EUR/USD benchmark pair was 1 pip, which is decent. However, we do not know whether FirstCapital1 charges any commissions per trading lot.

Is Withdrawing Profits Possible?

The minimum deposit is 250 $ but FirstCapital1 did not disclose any deposit or withdrawal fees. The available payment methods include the following:

• Credit/debit cards;
• Wire transfers;
• E-wallets.

FirstCapital1 alleges that clients’ funds will be “held with an authorized credit institution or bank situated in Hong Kong or the United States.” If this were a real Swiss broker, why not store the funds in Switzerland, a country famous for its supreme banks?

Scammed by FirstCapital1 Broker? – Let Us Hear Your Story

If you are a victim of the FirstCapital1 scam, please let us know. We are willing to help you get your money back. For starters, you should book a free consultation with our team and share your experience with them.

Depending on the method you used to deposit funds, there are ways of requesting a refund. For example, wire transfers can be reversed via recall but you must act quickly.

Here you can book a free consultation and find out what to do for a start.