Is FirstECN a scam?

FirstECN sells itself on a specific execution model and publishes none of the numbers that model is defined by. Its licence is from a body the Comoros central bank says cannot issue one. We rate it Scam.

What ECN is supposed to mean

An ECN broker passes your order to a network of liquidity providers and earns a commission per lot rather than a marked-up spread. That is the entire proposition: raw spreads from the market, a fixed fee, no conflict between the broker's revenue and your trade.

Three numbers make that claim checkable. FirstECN publishes none of them:

• No commission per lot. The number an ECN broker charges instead of a marked-up spread is not disclosed.
• No raw spread figures. No table, not even a typical EUR/USD number.
• No liquidity providers named. The network the model depends on is never identified.

A broker calling itself ECN while publishing no commission, no raw spread and no liquidity providers has kept the marketing term and dropped everything that would let you verify it. The published minimum is $250 at leverage to 1:200.

The licence

Nakito SA, MISA licence BFX2024050, at Bonovo Road, Fomboni, Island of Mohéli, Comoros Union.

On 10 December 2025 the Banque Centrale des Comores published a communiqué naming MISA among structures issuing licences without authority, stating that licensing financial establishments sits exclusively with the central bank, and recording 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 individual island.

Seven brands in our review set share that Bonovo Road address, along with the same account tiers and payment logos. Common ownership has not been established and we do not assert it.

How to check this yourself

Ask FirstECN for its commission per lot, its typical EUR/USD raw spread, and the names of its liquidity providers. A genuine ECN broker answers all three in one email, because the answers are its product. Then read the Banque Centrale des Comores communiqué of 10 December 2025.

The full rating is in our FirstECN review.