FirewoodFX

FirewoodFX Review: Is FirewoodFX a Good Broker?

Broker overview and general information

FirewoodFX was founded in 2014 and is a registered brand under the name Firewood Global Ltd. in Saint Vincent and the Grenadines. The company is dedicated to providing Forex trading services to traders from over 230 countries around the world. Over the past 9 years, it has won 11 Forex industry awards and processed over $200 million in withdrawals. The broker’s main goal is to make Forex trading easily accessible and provide its clients with the best trading experience through a user-friendly platform. The broker stands out for its fixed 4-digit quotes and fixed spreads starting from 1 pip, which, combined with state-of-the-art STP execution, provide traders with high liquidity from global financial markets. It also offers a flexible minimum trade size of only 1,000 units, suitable for traders of all levels. The broker aims to balance the profits of its clients and the company to create mutual success.

Broker Licensing and Regulation

If you ask whether FirewoodFX broker is good or not, you should start by considering the license and regulation first. The broker has the following licenses:

• FINANCIAL SERVICES AUTHORITY St Vincent & The Grenadines (FSA) License No. 22160 under FIREWOOD GLOBAL LTD.

Trading products and services

Trading products

• Forex : Trade currencies with leverage up to 1:1000 with no commission. Currencies include major and exotic currencies with spreads as low as 0 pips.

• Gold / Silver: Precious metals that are popular among traders, including gold and silver, can be traded with spreads as low as 0.1 USD.

• Crypto: Trade cryptocurrencies BTC and ETH with floating spreads, but other currencies on the market have not yet been supported by trading data.

• Oil: The main energy of the asset market is oil.

• Indices : Trade major indices such as US30, SPX500, NAS100 

Trading Platform

1. MetaTrader 4 PC : The most popular PC trading platform among traders. With 50+ built-in indicators and charting tools to help traders trade conveniently and withMultilingual interface and the ability to automate your strategies using MQL4.

2. MetaTrader 4 Mobile: The same platform as #1 but supports both IOS and Android smartphones. Traders can trade comfortably on stable internet with many trading tools.

3. MetaTrader 4 Web: The MetaTrader 4 web platform has features that support a wide range of traders' trading needs, including trading history, graphical tools, a full set of trading orders, and up to 9 time frames.

4. MetaTrader 4 Multi Terminal: A platform to manage multiple Metatrader 4 accounts using a single terminal. Professional traders and money managers can open, manage and close trades on multiple accounts simultaneously using a variety of trade size allocation methods and a user-friendly interface.

FirewoodFX Review: Account Types 

There are 5 types of trading accounts and 2 price levels as follows:

Cent Account

• Minimum deposit: 10 USD

• Contract size per 1 lot: 100,000 USC

• Leverage : 1:1000

• Minimum trading order: 0.01 lot (1000)

• Starting Spread: Floating from 1 Pips

• Commission : None

Micro Account

• Minimum deposit: 10 USD

• Contract size per 1 lot: 10,000 USD

• Leverage : 1:1000

• Minimum trading order: 0.01 lot (100)

• Starting Spread: Fixed starting at 3 Pips

• Commission : None

Standard Account

• Minimum deposit: 10 USD

• Contract size per 1 lot: 100,000 USD

• Leverage : 1:1000

• Minimum trading order: 0.01 lot (1000)

• Starting Spread : Fixed starting at 2 Pips

• Commission : None

Premium Account

• Minimum deposit: 10 USD

• Contract size per 1 lot: 100,000 USD

• Leverage : 1:1000

• Minimum trading order: 0.01 lot (1000)

• Starting Spread: Floating from 0.3 Pips

• Commission : None

ECN Account

• Minimum deposit: 200 USD

• Contract size per 1 lot: 100,000 USD

• Leverage : 1:1000

• Minimum trading order: 0.01 lot (1000)

• Starting Spread : Floating from 0 Pips

• Commission : $7/lot

Deposit and Withdrawal Review

Deposit channels

Withdrawal channels

Promotions and bonuses

Bonus

• For the first deposit less than 100 USD, you can choose to receive a bonus of 20% or 50%.

• For deposits of $100 or more, customers can choose between a 20% deposit bonus, a 50% deposit bonus or an 88% deposit bonus.

• Bonuses are available on all account types.The minimum deposit to qualify for the bonus is $10.

Promotion to adjust the deposit and withdrawal rate IDR Rp 10000 / USD

• Make the most profit with the deposit and withdrawal promotion using Rupiah currency via Fasapay and local banks will use a special fixed rate of IDR 10,000 / USD.

Support and Customer Service

Contact channels

• Live Chat

• Email :[email protected]

• Supported languages: 4 languages (English, Bahasa Indonesia, Thai and Chinese)

Broker Review Overview Summary

FirewoodFX is a broker that has the advantage of a wide variety of accounts and fairly competitive trading costs. However, it lacks regulation from a reputable authority, resulting in a low level of reliability. Overall, this broker may not be suitable for those who want to be confident in the safety of their investments.

FirewoodFX FAQs

Q: Is FirewoodFX legal?

A:Although the broker is regulated under the license of the Financial Services Authority (FSA) of Saint Vincent and the Grenadines, this FSA license is classified as Tier D, which is not as strict or stringent as regulators from developed countries such as the UK's FCA (Financial Conduct Authority) or Australia's ASIC.

Therefore, even if a broker is considered legal and regulated in the country where it is registered, some traders may be unsure about the safety of their funds or operations. This factor should be carefully considered before making an investment decision.

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