FirstECN Review: An ECN Promise on a Licence That Is Not a Licence
FirstECN is operated by Nakito SA, registration HT00324015 in the Comoros, citing MISA licence BFX2024050. The Banque Centrale des Comores named MISA on 10 December 2025 as issuing offshore licences illegally and referred the matter to prosecutors. Despite trading on an ECN name, FirstECN publishes no spread, commission or minimum deposit figures. We score it 2.1 out of 10.
Quick facts
| Legal entity | Nakito SA |
|---|---|
| Regulator | MISA (Mwali, Comoros) |
| Licence number | BFX2024050 (MISA) |
| Headquarters | Bonovo Road, Fomboni, Comoros |
| Minimum deposit | $250 |
| Maximum leverage | 1:200 |
| Platforms | WebTrader | Mobile App |
| Instruments | Forex | Cryptocurrency | Metals | Stock | Commodities | Indices |
| Segregated funds | No regulator requires it and none is evidenced |
| Website | firstecn.comnot linked: see our verdict |
Why we rated it Scam
1. The name makes a specific claim the site never supports
ECN means something. An electronic communication network account routes your order into a pool of liquidity providers, and the broker earns a commission per lot rather than by widening the spread. It is a pricing model, and the whole point of choosing one is that you can see the cost.
FirstECN publishes no commission per lot, no raw spread figure, no minimum deposit and no liquidity provider names. It advertises leverage up to 1:200 and little else. A broker that puts ECN in its trading name and then declines to publish the two numbers that define an ECN account is asking to be taken on trust about the one thing it chose to be named after.
Source: firstecn.com public pages, checked 2 September 2026.
2. The licence is issued by a body the Comoros central bank calls illegal
FirstECN discloses Nakito SA, registration number HT00324015, at Bonovo Road, Fomboni, Comoros, holding MISA licence BFX2024050.
On 10 December 2025 the Banque Centrale des Comores published a communiqué, carried on the Comoros Ministry of Finance site, on the illegal exercise of offshore banking activities. It names the Mwali International Services Authority among structures issuing licences without authority, states that licensing banks and financial establishments falls exclusively within the central bank’s remit, and records a referral to the public prosecutors of Moroni, Mutsamudu and Mohéli. Article 9 of the Union Constitution and Organic Law 05-003/AU place financial regulation with the Union rather than with any single island, and an IMF assessment reached the same conclusion in 2010.
This is a harder finding than a weak offshore licence. A Seychelles or Vanuatu licence is thin protection. A MISA licence is issued by a body that the country it names has publicly disowned and reported to prosecutors. There is no supervisor, no compensation scheme, no leverage cap and no ombudsman.
3. A template rather than a company
FirstECN shares its Fomboni address, MISA licence format, Silver, Gold and Platinum account tiers, 1:200 leverage headline, payment logo set and near-identical restricted-jurisdiction wording with CapPlace, TradGrip, Axwel, BXB Markets and Airmarkets. We have not established common ownership and we will not imply it. The shared build is a fact readers should have.
4. What we could not find
We found no regulator warning naming FirstECN and no substantial public complaint record. The complaints pillar is scored neutrally rather than punitively, and nothing here says FirstECN has refused a withdrawal. The score comes from the regulatory position and from the gap between what the name promises and what the site discloses.
Who FirstECN will accept
It states it does not offer CFDs to residents of the United States, Canada, Russia, Iran, Iraq, North Korea or Myanmar. The United Kingdom and the European Union are absent, so a UK or EU resident can open an account with a firm that holds no authorisation in either place and has no supervisor anywhere.
Deposits and withdrawals
No withdrawal processing time, fee schedule or minimum deposit is published that we could find. Before funding any account, get the withdrawal time in writing, confirm whether accepting a bonus restricts withdrawal, and check the payment descriptor on your statement against the entity name on your agreement.
Questions traders ask
Is FirstECN a real ECN broker?
We cannot tell, and that is the problem. FirstECN publishes no commission per lot, no raw spread and no liquidity providers, which are the three things that would evidence an ECN model. The claim rests on the name alone.
Is FirstECN regulated?
No, not in any sense we recognise. Its MISA licence comes from a body the Banque Centrale des Comores named on 10 December 2025 as issuing offshore licences illegally, stating licensing is exclusively the central bank’s remit and recording a referral to prosecutors.
What happens to my money if FirstECN fails?
Nothing protects it. No compensation scheme, no segregation requirement, no named custodian and no supervisor with authority to intervene.
Sources
- firstecn.com corporate disclosure: Nakito SA, registration HT00324015, MISA licence BFX2024050, address, leverage and restricted jurisdictions. Checked 2 September 2026.
- Banque Centrale des Comores, communiqué on the illegal exercise of offshore banking activities, via the Comoros Ministry of Finance, 10 December 2025.
- Article 9 of the Union Constitution of the Comoros and Organic Law 05-003/AU; IMF assessment of island-level offshore financial institutions, 2010.
Answered in detail
Safer alternatives
Rated Trusted or Neutral against the same six pillars. These link to our own reviews, not to the brokers, and no broker can pay to appear here.