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I've never seen a locked down mag as you describe. Are you sure you were looking in the right settings? The mag setting menu is eather complex and has an inner and outer portal as well. Sorta silly. I'd double check.
That said, does your friend pay a monthly fee? Maybe that will give us an idea as well. Why don't you just email his reseller and ask what server he offers?
Mag devices can only use stalker servers, so it very likely could be ipguys as a lot of other servers suffer from buffering.
The best way is to have your friend tell you how many channels he has. Ipguys has 1151 approx, while voodoo (another popular service) has over 3000. Id your friend has around 1100, thays considered small for iptv and is most definately ipguys
Only service I've found so far with Greek channels is voodoo. No Cypriot channels though, only Greece
150 euro every 6 months no thanks. If it's English TV you want with hd sports and 3 o'clock kickoffs plus timeshift. along with vod movies and UK TV shows. .. @iptvmag on Twitter is great. Using it last year now. Best mag service I've tried to date.
The supplier OP is describing is called IPTV Prime. I have used them in the past and can say they are very reliable, never had downtime or issues with lagging streams. They are on the most expensive provider I have ever come across though.
PS. I have been using a free trial on NTV.MX, and although it is by far one of the most expensive options I have seen, it does not offer nearly as much. Especially their VOD (no TV shows etc). I would stay with them if they had Sky Box Office and a few more sports channels.