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.
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.
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.
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.
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.
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.
FirewoodFX 1/10 (votes 2184)