What Account Types and Fees Does Bank First Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly platform |
Ideal for small-capital practice |
| Professional Account |
Experienced traders |
Higher leverage, advanced trading tools |
Requires trading volume qualifications |
| Corporate Account |
Businesses and corporate clients |
Customized services, dedicated account manager |
Requires corporate documentation |
| Islamic Account |
Traders seeking Sharia-compliant options |
Swap-free trading, no overnight fees |
Available upon request |
| Demo Account |
New traders and those testing strategies |
Access to virtual funds, practice trading |
Suitable for practice without financial risk |
Account Opening Process
To open an account with Bank First, applicants must complete several steps. Initially, users will submit personal information, including their name, contact details, and date of birth. Following this, employment and financial information should be provided to assess suitability for various account types. Identity verification is crucial, necessitating a government-issued ID and proof of address, such as a utility bill. Once the application is submitted, it will be reviewed by Bank First’s compliance team. Importantly, there is flexibility in the account structure, allowing users to upgrade from a retail to a professional account as their trading experience and volume increase over time.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive rates for minor pairs |
| CFDs (Stocks) |
0.1% |
$0.02/lot |
Variety of global stocks available |
| CFDs (Commodities) |
0.3% |
$0.01/lot |
Includes oil and gold |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market volatility |
Other Fees
Bank First imposes several additional fees that traders should be aware of. Deposit and withdrawal fees may apply, depending on the method used. Inactivity fees can be charged if an account remains dormant for an extended period, while platform usage fees may apply for advanced trading tools. Overnight interest, or swap rates, are applicable for positions held overnight, and currency conversion fees may be charged for transactions in different currencies.
