On-line since: About the company: FirewoodFX offers more than 30 currency pairs for trading – both popular and exotic - as well as gold and silver. Company. Security of funds FirewoodFX is another offshore regulated Forex broker. The brand belongs to Firewood Global Ltd., which is registered in St. Vincent and the Grenadines. This is a coastal zone of the Caribbean, a zone of financial services with loose regulation of brokers, maximum security and zero tax on profits and capital gains. The island is a popular place for Forex brokers; some of them have a bad record. Generally, offshore brokers should be avoided, regardless of their requirements, and even if they say that they are regulated, as we have already said, the rules and requirements are minimal. Even worse, these brokers are not required to keep customers' money on separate accounts and participate in customer compensation schemes. This means that if they go bankrupt, their customers will lose money. Trading terms FirewoodFX offers three trading account types: Micro, Standard and Premium. The broker also gives the opportunity to open two types of demo accounts. PAMM account and automated trading through ZuluTrade and TradeCopy are also available with the broker. As for spreads, they are fixed and vary according to the account. So, they begin with 3 pips on Micro, from 2 pips on Standard, and from 1 pip on Premium. The maximum leverage level available in the company makes up 1:1,000. We should warn traders that it looks like a scam because the broker was registered in offshore locations. If you want to trade with the leverage of 1:1,000, we advise you to invest in another broker, which you can find in our ranking. Trading platforms FirewoodFX offers to trade through the popular MetaTrader 4 platform (MT4). It is mainly used for margin trading. Users can create their own strategies and signals, which is one of the main reasons for the platform popularity. The platform itself provides trading operations, charts and technical analysis in real-time mode. It includes 50 basic indicators, which can be additionally customized. The broker also provides the opportunity for automated trading through two platforms: TradeCopy and ZuluTrade. Special offers FirewoodFX offers several types of bonuses. One of them is a trading bonus for Standard and Micro accounts. It is available for every standard lot of FirewoodFX closed during 30 days after the first deposit. There is also a 20% bonus on deposits from $100. Support services The company offers live chat, one phone number and emails for different regions: China, Philippines, Indonesia, and a single e-mail for traders from all over the world. Payment options FirewoodFX accepts deposits through bank wire, credit and debit cards, and global electronic payment systems such as Neteller, Skrill, FasaPay, OKPay, Perfect Money. Customers can also deposit funds through electronic payment services on the exchanges of Thailand and Indonesia. Advantages:
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FirewoodFX is not a recommended broker. I started to trade with them, and I felt disappointed because the system is so confusing for me. Software used frequently experiences connection issues and trading pages filled with spam and other junk. The trading process takes a long time to be done and it's really hard trading with this kind of broker. I lost my account with a deposit that I have deposited, and all of my profits are also canceled. Customer support ignored me. They don't provide complete information about trading rules and leave the user if an error occurs.
I have been enjoyed trading with Firewood FX broker so far. Their MT4 has a lot of advanced tools, indicators, news notifications and signals. So I can deal with the best pricing, fast execution, and first-class service. Besides I think fixed spreads are the best option for my scalping EA and the EA has been working perfectly. I have earned $353 profits and I have found their payment system is excellent via Neteller or local representative within a day. SoI Marked Firewood FX 10 on 10.
Firewood FX does not offer a lot of trading instruments. The choices are very limited which I hope they could improve. Their platform works well, although it gets a technical issues from time to time. Generally, I am earning but the broker can still improve on a lot of things.
I'm so disappointed with FirewoodFX. Their trading system is only making me lose my money. The platform is sucks, and it's not working properly and always delays in executing my order. I decided to take my rest balance from my trading account, and I've sent a withdrawal request, but it's been 3 weeks since they didn't process my withdrawal. I've called them but no one response me, and they also ignore my emails. Never trade with them if you don't want to have the same experience as mine.
I am with Firewood FX since 2020. Trading through ZuluTrade is always smooth , no troubles with the reqoute and charts, orders are instantly executed. I am making profit around $700 every month. I withdrew more than 10 times every time I get money within same day without any bother. The most significant fact for me is that they have technical support department. Their technical support team works 24/7, I can get answers to any questions. I recommended Firewood FX since broker.
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