1. Broker Overview
iBanFirst, founded in 2016, is a financial services provider that specializes in cross-border payment solutions. The company is headquartered in Brussels, Belgium, with additional offices in major European cities including Paris, Munich, and Madrid. As a privately held entity, iBanFirst has rapidly established itself as a trusted partner for small and medium-sized businesses (SMEs) operating internationally.
The primary market for iBanFirst includes SMEs that require efficient and reliable payment solutions for their cross-border transactions. The company has processed over €2 billion in transactions monthly, serving more than 10,000 clients across 30 countries. Significant milestones in iBanFirst's development include its acquisition of UK-based FX provider Cornhill, which has enhanced its service offerings and market presence.
iBanFirst operates on a business model that focuses on providing payment solutions tailored for SMEs, facilitating currency accounts, international payments, and invoice financing. This model allows clients to hold, collect, and send funds in over 30 currencies, making it an attractive option for businesses engaged in global trade.
iBanFirst is regulated as a payment institution under the European PSD2 directive and holds a license from the National Bank of Belgium (registration number 0849.872.824). This license enables the company to operate across the European Economic Area (EEA), ensuring compliance with stringent regulatory standards.
The company's regulatory framework includes:
- Client Funds Segregation: iBanFirst maintains client funds in separate accounts, ensuring that these funds are insulated from the company's operational finances.
- KYC and AML Compliance: iBanFirst adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to provide identification and proof of business activities.
- Investor Compensation Scheme: iBanFirst does not participate in any investor compensation schemes, which is important for potential clients to consider when assessing the safety of their funds.
Despite its regulatory status, it is crucial for potential clients to be aware of the risks associated with using a broker that does not have a traditional banking license.
3. Trading Products and Services
iBanFirst offers a diverse range of trading products and services primarily focused on foreign exchange (Forex) and international payments. The platform supports trading in over 30 major currency pairs, catering to the needs of businesses involved in global commerce.
In addition to Forex trading, iBanFirst provides:
- CFD Products: This includes indices, commodities, and cryptocurrencies, allowing clients to diversify their trading portfolios.
- Specialized Products: iBanFirst offers unique hedging strategies to protect businesses against currency fluctuations, including forward contracts and dynamic forwards.
- Retail and Institutional Services: While primarily focused on SMEs, iBanFirst also caters to institutional clients with tailored solutions for larger transaction volumes.
The company regularly updates its product offerings, ensuring that clients have access to the latest market trends and trading opportunities.
iBanFirst utilizes a proprietary trading platform designed to facilitate seamless international payments and currency exchanges. The platform is user-friendly and allows clients to execute transactions in real-time.
Key features of the iBanFirst platform include:
- No MetaTrader Support: Unlike some brokers, iBanFirst does not support MetaTrader 4 or 5, focusing instead on its own platform.
- Web-Based Platform: Clients can access their accounts online without the need for downloads, making it convenient for users on the go.
- Mobile Application: iBanFirst offers an app for both iOS and Android devices, allowing users to manage their accounts and execute trades from anywhere.
- Execution Models: The platform operates on a market-making model, providing clients with competitive spreads and execution speeds.
- API Access: iBanFirst supports API integration, enabling businesses to automate their trading and payment processes.
The company's infrastructure is robust, with servers located in the United States, ensuring reliable performance and quick transaction processing.
5. Account Types and Trading Conditions
iBanFirst offers a variety of account types tailored to meet the diverse needs of its clients.
- Standard Account: This account type requires a minimum deposit, with spreads starting at 0.2 pips and a commission of approximately €7.50 per trade.
- Advanced Account Types: iBanFirst does not currently offer VIP or professional accounts but provides flexible options for businesses with varying transaction volumes.
- Special Accounts: The platform does not provide Islamic accounts but focuses on business accounts tailored for SMEs.
- Demo Account Policy: iBanFirst offers a demo account for clients to practice trading without financial risk.
- Leverage: Clients can access leverage ratios depending on the asset class, which helps in maximizing trading potential.
- Minimum Trade Size: The minimum trade size varies but is typically set at 0.01 lots for Forex pairs.
- Overnight Fees: iBanFirst applies overnight fees based on the specific currency pair and market conditions.
6. Fund Management
iBanFirst supports a range of deposit methods, making it easy for clients to fund their accounts.
- Deposit Methods: Options include bank transfers, credit cards, and electronic wallets.
- Minimum Deposit Requirements: The minimum deposit varies by account type but is generally accessible for SMEs.
- Deposit Processing Times: Typically, deposits are processed within 1-3 business days, depending on the method used.
- Deposit Fees: iBanFirst does not charge fees for deposits, making it cost-effective for clients.
- Withdrawal Methods and Limits: Clients can withdraw funds through bank transfers, with limits based on account type and transaction history.
- Withdrawal Processing Times: Withdrawals are generally processed within 2-5 business days, depending on the method.
- Withdrawal Fees Structure: Similar to deposits, iBanFirst does not impose withdrawal fees, ensuring that clients can access their funds without additional costs.
7. Customer Support and Educational Resources
iBanFirst provides robust customer support to assist clients with their inquiries and trading needs.
- Support Channels: Clients can reach out via phone, email, and online chat. The company also maintains an active presence on social media platforms.
- Service Hours: Support is available during business hours across various time zones.
- Multilingual Support: iBanFirst offers support in multiple languages, including English, French, German, Italian, and Spanish.
- Educational Resources: The company provides various educational materials, including webinars, tutorials, and eBooks, to help clients improve their trading skills.
- Market Analysis Services: Clients receive access to daily market analysis, news updates, and research reports to stay informed about market trends.
- Trading Tools: iBanFirst offers various tools, including calculators, economic calendars, and trading signals, to enhance the trading experience.
8. Regional Coverage and Restrictions
iBanFirst primarily serves the European Economic Area, with a strong focus on SMEs engaged in cross-border transactions.
- Main Service Markets: The company operates in over 30 countries, providing services tailored for businesses operating internationally.
- Regional Offices: iBanFirst has established offices in key European cities, including Brussels, Paris, and Munich, to offer localized support.
- Countries Not Accepted: iBanFirst does not accept clients from certain jurisdictions, particularly those subject to international sanctions.
- Special Restrictions: Specific limitations may apply based on the nature of the business or the origin of funds, ensuring compliance with regulatory standards.
In conclusion, iBanFirst stands out as a versatile financial services provider, offering a range of payment solutions tailored for SMEs. While it provides competitive services and a user-friendly platform, potential clients should consider the regulatory environment and the specific needs of their business when choosing iBanFirst as their broker.
FX1387424896
Tunisia
Everyone I dealt with at iBanFirst was courteous and helpful. But I particularly want to mention, and thank my advisor who sorted my particular problem with tolerance, empathy and understanding, kept me informed, and achieved my desired result extremely efficiently. Their great customer service deserves 5 stars.
Positive
2023-03-16