First Binary Trade is a broker's website suspected of fraud. The domain www.firstbinarytrade.com was registered on April 21, 2024. The website claims to provide investors with trading services for financial derivatives such as forex, indices, precious metals, energy, commodities, and cryptocurrencies, and it does not offer services to jurisdictions where local laws or regulations may be violated.
Company Background and Regulatory Status
According to public information from www.firstbinarytrade.com, First Binary Trade is registered in Australia with an ABN number of 2018AD947, and its company headquarters are located in Manchester, UK. Additionally, the company claims to be regulated and authorized by the Bahamas Securities Commission (registration number SIA-F188), the South African Financial Sector Conduct Authority (FSP number: 50506), and the Mauritius Financial Services Commission (license number GB20025832).
After verification, there is no company with the ABN number 2018AD947 in the Australian Business Register (ABR) website. Likewise, the UK Companies House has no record of a business registered under the name First Binary Trade.
Further investigation reveals that the regulatory information claimed by First Binary Trade actually belongs to other legitimate brokers—RaiseFX (50506) and INFINOX (SIA-F188, GB20025832). Hence, First Binary Trade neither has a legitimate business entity nor is it under any financial regulation, making it a typical scam platform.
Trading Products
First Binary Trade claims to offer a variety of financial product trading services, including forex, indices, precious metals, energy, commodities, and cryptocurrencies.
- Forex: Deals with the exchange of currencies in the world's largest financial market. Traders profit by predicting currency rate fluctuations.
- Indices: Represent the overall performance of a group of stocks, such as the S&P 500 or the Dow Jones Index. Traders use indices to gauge the general health of specific markets.
- Precious Metals: Includes precious metals like gold and silver, often considered safe-haven assets, especially attractive during market volatility.
- Energy: Trading in energy products like crude oil and natural gas. Energy prices are highly influenced by supply, demand, and geopolitical factors.
- Commodities: Besides precious metals and energy, this also includes agricultural products like coffee and soybeans. The commodities market is based on physical assets.
- Cryptocurrencies: Digital currencies like Bitcoin and Ethereum based on blockchain technology, known for their high volatility, attracting both speculators and long-term investors.
Account Opening Process
The account opening steps for First Binary Trade are as follows:
- Visit www.firstbinarytrade.com and click "START LIVE TRADING" or the "SIGNUP" button at the top right corner of the webpage to access the account application page.
- Fill out the account application form with your name, email address, phone number, and set a login password. Once the form is submitted, the account is successfully created.
- After logging in, users must complete the KYC verification process before they can start trading.
Trading Account Information
First Binary Trade does not disclose any detailed information about trading accounts on its website, such as spreads, leverage, contract sizes, or other basic trading parameters. The platform also does not specify account types, trading commissions, minimum and maximum trade sizes, maximum positions, or margin level for stop-loss, making it difficult to assess the fairness and reasonableness of its trading conditions.
Trading Platform and Deposits/Withdrawals
First Binary Trade claims to offer the MT4 and MT5 trading platforms on its website, but a query on MT4 and MT5 trading platforms shows no information about this broker. Additionally, deposit and withdrawal methods and related fees are not clearly disclosed on the website.
Conclusion
Traderknows reminds investors that First Binary Trade (www.firstbinarytrade.com) lacks a legitimate company entity and is not regulated, making it a high-risk scam platform. Investors should choose regulated platforms with transparent information and secure funds to avoid potential investment losses.
