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

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First Index Review – is firstindex.com scam or good forex broker?

Trading Accounts & Conditions

Account type Minimum deposit Min. trade size Max. leverage Spread
Standard $200 0.01 1:500 0.5 pips

First Index is an Australian forex and CFD brokerage that offers wide range of financial instruments for trade on the MetaTrader 4 platform. Apart from the Standard account type, its clients can also register for a Pro, as well as an Islamic (swap-free) account.

First Index Advantages

The best thing about First Index is that it is regulated by one of the most reputable financial agencies worldwide, and namely, the Australian Securities and Investments Commission (ASIC). The brokerage brand is owned by AGM Markets Pty Ltd., which holds an Australian Financial Services License. The company operates another forex brokerage brand, Alpha Trade, and we suspect it might be affiliated to Cypriot broker AGM Markets.

As a holder of ASIC license, First Index is required to meet strict financial standards, including capital adequacy, client account segregation and audit requirements. This gives huge assurance for potential clients of the broker, mainly for the safety of their funds.

First Index offers its services on the widely used MetaTrader 4 (MT4) platform, which is another advantage of this broker, as most traders know this platform and prefer it even over more recent pieces of trading software.

The reason for this is that MT4 has one of the best charting packages, offers great analytical tools and supports wide range of automated strategies, a.k.a. Expert Advisors.

Although this broker has not announced the cost of trading on its the website, we saw a spread of 0.5 – 0.6 pips when we tested its MT4 in demo mode. Such spreads are really tight, and also there were no commission fees on demo accounts. Of course, we cannot be sure whether the situation will be the same in live trading environment.

Nonetheless, you can always check out the real-time spreads on some of the best brokers on our dedicated page.

More than 350 instruments

Clients of First Index are offered a plethora of tradeable assets, which, of course, is another advantage of this broker. More specifically, First Index 46 currency pairs, CFDs on commodities, indices, cryptocurrencies, and a number of global equities.

Cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dash, Litecoin, Bitcoin Gold, Ethereum Classic, and Bitcoin Cash are traded against several fiat currencies – EUR, USD, and GBP.

Australia is one of the few top jurisdictions for forex brokers that has not introduced a restriction on leverage. That is why most Australian brokerages can afford to provide their clients with generous leverage ratios. First Index is no exception to that and its clients can use levels as high as 1:500.

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First Index Disadvantages

Spreads not announced on website

Unlike most decent brokers who publish their pricing and trading conditions on their websites, First Index has not announced the spreads (and, if applicable, commission fees) on its website. This is definitely a negative side of this broker.

MT4 provided by another company

When we downloaded the broker’s MT4, it turned out to be provided by another company – Panda Trading Applications Ltd. We don’t know whether and how the two companies are related, but either way, we consider it a disadvantage.

Conclusion

First Index is the second brand of AGM Markets Pty Ltd., an Australian company, duly regulated by the local financial watchdog, ASIC. Besides, the broker’s offering seems quite attractive: tight spreads, trading on the good old MT4 platform, high leverage levels available, etc.

The only things that bother us with regards to First Index is the fact that it has not announced its costs of trading on the website, and that the MT4 is provided by a third party.

Overall, potential clients of this broker should not have worries regarding First Index, at least when it comes to security and regulation. Those of you who have any doubts about this broker may check out our list of recommended Australian forex brokers:

Here are, once again, the strong and weak sides of First Index:

Pros Cons
ASIC license Spreads not announced
MT4 available Uses a third party MT4
Tight spreads
Generous leverage
Wide range of trading instruments

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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