Bank First
Basic Information
Pros and Cons
Pros
- No minimum deposit requirement
- Diverse services including banking and loans
- Available on popular trading platforms MT4 and MT5
- Offers financial planning services
- Accessible customer support
Cons
- Lacks valid forex regulation
- Concerns about customer service quality
- Withdrawal process issues reported
- Limited multi-language support
- Moderate reputation with frequent complaints
Is Bank First Safe and Legit?
Bank First, registered in Australia since 2018, operates under the jurisdiction of Victoria Teachers Limited. With 5-10 years of experience, it offers services including banking, loans, insurance, and financial planning, utilizing platforms like MT4 and MT5, with no minimum deposit requirement. However, it lacks a valid forex regulation, raising potential risks for users.
Despite its operational status, Bank First’s regulatory oversight is concerning due to its exceeded status, suggesting a higher level of risk compared to fully regulated brokers. Therefore, it may not be considered a safe choice for investors.
In the market, Bank First has received mixed reviews, with some users highlighting issues related to customer service quality and withdrawal processes. Transparency concerns and a lack of multi-language support have also been noted, leading to a moderate reputation with a frequency of complaints regarding its services and user experience.
Is Bank First a Regulated Broker?
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
Bank First does not hold client funds in independently regulated bank accounts, nor does it have a valid forex regulation. This absence of proper segregation raises concerns about the safety of client funds, as they may not be protected from the broker’s own liabilities.
Bank First Leverage
Bank First does not provide specific information on leverage for its accounts. As the broker lacks valid forex regulation, it is unclear whether its leverage practices comply with local regulatory requirements, and client classification may affect leverage availability.
Bank First Withdrawal Review
How to Contact Bank First?
Bank First has received mixed reviews, particularly concerning withdrawal issues. Users have reported delays and complications in receiving their funds, often citing slow response times from customer service. Many complaints originate from credible sources such as online forums and review platforms, with a notable portion focusing on the withdrawal process. While there are no significant public complaints or regulatory penalties reported, the presence of repetitive issues may raise concerns about the broker’s operational integrity. This situation, coupled with the absence of valid forex regulation, indicates potential risks for investors considering Bank First.
Frequently Asked Questions
A1: Bank First is registered in Australia and operates under the jurisdiction of Victoria Teachers Limited. However, it lacks valid forex regulation, which raises concerns about its safety and compliance, making it less reliable compared to fully regulated brokers.
A2: Bank First does not hold any regulated licenses. It operates under the jurisdiction of Victoria Teachers Limited but lacks valid forex regulation, indicating a higher level of risk for users.
A3: Bank First does not hold client funds in independently regulated bank accounts, nor does it have a valid forex regulation. This absence of proper fund segregation raises concerns about the safety of client funds.
A4: Yes, Bank First has received mixed reviews regarding withdrawal issues, with users reporting delays and complications in receiving their funds, often highlighting slow customer service response times.
A5: Traders can contact Bank First via phone at 1300 654 822, through email at info@bankfirst.com.au, or via online chat. They also maintain a presence on social media platforms like Facebook and LinkedIn.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.