Our FirewoodFX Review
FirewoodFX is an online forex brokerage company. They are providing service since 2014. It offers 30+ forex currencies, Silver, and Gold for trading to the global market.
FirewoodFX is a well-known broker for its transparent forex services. It offers to trade on the MetaTrader 4 trading platforms.
FirewoodFX Trust and Regulation
The brand Firewood Global Ltd is the owner and operator of the FirewoodFX broker. It is an offshore regulated firm, the main office is located at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent, and the Grenadines. The registration number is 22160 IBC 2014.
Account types
Not only broker company overview Is important. A good account structure is really important for traders. User friendly account features and options help traders to earn maximum profit and hassle-free trading.
The FirewoodFX offers three types of accounts that offers two types of pricing format. They offer micro, standard, and Premium account. Simply the 3 accounts are for 3 level traders, beginner, intermediate and professional.
Micro Account
The account is suitable for beginner and intermediate traders. A client can open this account with a $10 deposit and takes leverage up to 1000:1.
The minimum trade size is 0.01 lots and up to 200 lots. The spreads start from 3 pips and a client open maximum positions are 200.
The account offers swap free trading for Muslim traders and 100% charge & commission free trading for all clients.
Beginner loves to choose this account for Expert Advisors, Hedging, and scalping are permitted.
The offering stop out level is 20% and Stop & Limit Levels are 2 Pips only.
Standard Account
The account is perfect for knowledgeable or experienced traders. This account also offers to start trading with a minimum of $10 deposit. You can take the leverage a maximum 1000:1.
The trade sizes start from 0.01 lot to up to 30 lots. The spreads start from 2 pips and a client can open a maximum of 200 positions. And it brings the Micro account features and specialty.
Premium Account
Of course, this accounts for professional and advanced level traders, who have their own strategy.
It starts with at least a $100 deposit and the leverage is up to 1000:1.
The trade sizes start from 0.01 lot to up to 50 lots. The spreads are lower than the other account, 1 pip only.
The Premium account provides the Micro and Standard account features. You can trade in this account without paying any fees and commission.
PAMM account Service
It means percentage allocation management module. FirewoodFX offers this account to provides special benefits for investors and fund managers. It allows to trades from a single account. This account procced fees and profits automatically.
* Demo account available with Free $10 000 virtual funds (free).
Trading platform
FirewoodFX offers only Meta Trader 4 (MT4) trading platform. Without any doubt, it’s one of the top trading platforms. The platform developed In MQL4 languages.
In the financial trading service, most brokers offer the MT4 or the newer version MT5 platform. MT4 provides simple and easy trading features. It is available from the web (anywhere, any browser), Mobile (iPhone / iPad & Android).
MT4 offers a multilingual interface, more than 50 built-in indicators and charting tools, copy trading features (Met quotes).
MetaTrader 4 for Web
The web platform is easy for all traders. It offers download or install free trading and never require any plugin or software on your devices. The web trader platform offers 9 Different timeframes, clear graphical objects, trading history, and full trading order types.
MetaTrader 4 for Mobile
It is a good option for smartphone users. You can simply trade with one click execution. The MT4 is completely free for mobile devices, that available in both app stores (IOS & Android). It offers push and audio notification, convenient chat, a customizable trading chart with a graphical interface.
Deposit and withdrawal
FirewoodFX offers all international common funding methods. Although they don’t accept plenty of options, these are enough for you. The acceptable payment options are USD Tether, Credit Card, UnionPay, Thailand Exchanger, Indonesia Exchanger, Vietnam Exchanger, Neteller, Bank Transfer, Skrill, FasaPay, Perfect Money, and OKPay.
Also, they offer over 15 local exchangers. The deposit fees are free excluding skrill 3.9%, Credit Card $0.5 + 5%, and China UnionPay 2.6%, The minimum withdrawal is $1 to $100, depends on the gateway.
Usually, the transaction time is instant to 48 hours.
Bonus and promotions
FirewoodFX offers a lot of bonuses without any welcome or no deposit bonus. On their website, it has a promotion menu, you can see a list of running promotions.
FirewoodFX’s popular and standard bonus is a “20% deposit bonus”. You can take this bonus once with a minimum $100 deposit to the Micro and standard account.
Also, they offer trading contests are regularly to select the best expert trader and provides amazing prizes.
The special offer is a fixed rate IDR deposit and withdrawal offer and Fix Rate CNY CNY 5.5 / USD Deposit and Withdrawal.
Education and research
The broker provides a little bit guide. They have a forex glossary, specific definition within 3-5 sentences.
They provide regular forex news, a free margin calculator, and 2 articles about forex and why forex.
The forex market news section covers all the latest market buzz, fundamental and technical analysis.
Also, they provide the 3 latest news on their site footer (bottom).
Client support
The broker provides clients support in 4 different languages, English, Chinees, Philippines, and Indonesian. The support center is available 24/5. The support options are Email: support@firewoodfx.com, Phone: +44 203 608 3558, and live chat assistance.
FirewoodFX Advantages
- Lower minimum deposit $10.
- Lowest Spread starts from 1 pip.
- Commission and charge free services.
- Negative balance covers by 20% Credit bonus.
- Copy trading services and swap free trading account.
- FirewoodFX’s trading server is located at Equinix NY4.
- EA’s (Expert Advisor), Scalping, Hedging, Robot Trading, and News Trading are permitted in all accounts.