FIRST INDEX Review is Firstindex.com a Scam or Legit Broker

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First Index Review – 5 things you should know about firstindex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

First Index is an Australian Forex and CFD broker, offering over 45 currency pairs and a wide variety of CDFs on indices, metals, commodities, stocks and even crypto coins on the MetaTrder4 platform and a choice of three account types.

We find a lot of exotic currencies among the forex pairs, including Indian Rupee, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Honk Kong Dollar, Danish Krone and Turkish Lira.

CFDs are offered on precious metals like silver, gold, platinum and palladium, energy and agricultural commodities like oil, natural gas, copper, orange juice, soybean, corn, wheat, sugar, cotton, coffee and cocoa, over 20 indices, some 173 stocks and crypto coins, including Verge, Stellar, Siacoin, QTUM, IOTA, NEO, Lisk, USD Tether, Cardano, Monero, Peercoin, Bitcoin Gold, Bitcoin Cash, Ripple, Litecoin, Dash, Ethereum Classic, Ethereum and Bitcoin.

Over all there are 56 crypto CFDs in the list and over 350 assets as a whole.

First Index trading conditions

As tested with a demo account the benchmark EURUSD spread fluctuated about 0,5 pips -0,6 pips, which is pretty tight, having in mind that the broker does not take a commission on the trade.

Maximum leverage allowed at First Index is as high as 1:500 and is basically as good as it can get, easily fitting even the most aggressive trading style.

We should note that after the European Securities and Markets Authority (ESMA) caped the maximum leverage on all forex transactions to 1:30 in the beginning of August. Australia remained one of the few regulatory hubs, where higher leverage is still allowed. Have in mind that the maximum leverage in the US is caped at 1:50, while in Japan the limit is set at 1:25.

You can open a Standard Account at First Index with just 200 USD.

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First Index trading platforms

At First Index you can choose between a web based platform and the classical MetaTrader4 – a trading solution preferred by almost 80% of all active traders. The platform features intuitive and user friendly interface, great charting tools, more than 50 in-build market indicators and an option to run automated trading sessions with the help of specially designed, customizable trading robots or Expert Advisors, which can be easily modified on a proprietary scripting language – the MQL4.

First Index regulation & safety of funds

First Index is owned and operated by AGM Markets Pty Ltd – an Australian based company, holder of an Australian Financial Services License (AFSL) number: 422662, issued by the Australian Securities and Investments Commission (ASIC).

ASIC, along with the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and the National Futures Association in the US is one of the most reputable financial watchdogs in the world, providing strict and yet balanced regulatory regime, that guarantees both security to investors and operational flexibility to traders.

ASIC requires all overseen brokers to maintain a minimum operational capital of at least 1 000 000 AUD, as well as to keep all clients money in a segregated, protected form creditors, trust account.

First Index deposit/withdrawal methods and fees

First Index accepts a variety of payment methods, including major credit cards like VISA and MasterCard, e-wallets like Neteller, Skrill and Poli Payment Bank and wire transfer.

As we already mentioned the minimum deposit requirement to open a Standard Account with the broker is 200 USD, which is in line with what most other brokers ask for to start trading with them.

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