FirewoodFX is a trusted broker that has served more than 4 million clients worldwide. Follow this guide to open a new trading account and enjoy all the benefits from this broker.
Currency trading used to be an exclusive form of investment for banks, multinational companies, and governments. Today, it is accessible to anyone through user-friendly platforms. Opening a trading account is considered pretty easy and straightforward, but the process may differ from one broker to another.
In this guide, we'll be focusing on opening an account in a well-established broker called FirewoodFX.
Founded in 2014, the broker offers diverse trading services to satisfy various types of traders. Aside from currency pairs, you can also trade other instruments such as metal spots, equity indices, and energies. More importantly, this broker is specialized in offering fixed spreads.
How to Register a New FirewoodFX Account?
FirewoodFX open account is quite a simple process and available on almost any device. The guide below uses the mobile app version, but the steps are generally the same regardless of your device.
- Open the mobile app or head over to the broker's official website.
- To start the FirewoodFX signup process, tap the "Create New Account" button.
- Provide some information about yourself in the respective boxes. This includes entering your full name (must match your ID), email address (highly suggested NOT to use Yahoo), phone number in the international format, and country of residence.
- Swipe right or left to select the account type of your choice. FirewoodFX broker has provided additional information on each account, so make sure to read the conditions first.
- Agree to the terms and conditions, and click "Register".
- You will be asked to enter a four-digit code sent to your email by FirewoodFX. Check your inbox or the spam folder if necessary.
- Copy the code, paste it on the app, and hit the "Submit" button.
- Congratulations, you have successfully completed the FirewoodFX registration. Your account credentials will be shown on the screen.
- Once you click "OK", you'll be taken to your private Client Area. This is where you can make trades and manage your account.
- You can apply for an 88% deposit bonus when it's time to fund your account. If you want to open more accounts, simply tap the (+) icon at the bottom right.
- Select the account type and click "+ Create Account".
- Your new account will appear on your homepage and be ready to use.
An Insight into FirewoodFX Account Types
When opening a new account, one of the most crucial things to consider is the account type you choose. Why does this matter? They can vary in terms of trading fees, asset availability, etc. So before you make your decision, please weigh your needs and find the most suitable choice for you.
There are five FirewoodFX account types to choose from, each comes with two pricing formats (4-digits and 5-digits). Here is the complete list:
| Account Type | Cent Account | Micro Account | Standard Account | Premium Account | ECN Account |
| 💰Minimum Deposit | 1 USD | 1 USD | 1 USD | 100 USD | 200 USD |
| 🔢Spreads | Floating from 0.3 pips | Fixed from 3 pips | Fixed from 2 pips | Fixed from 1 pip | Floating from 0 pips |
| 💸Commission | - | - | - | - | 7 USD/lot |
| 📊Maximum Trade Size | 100 lots | 200 lots | 30 lots | 50 lots | 50 lots |
If you want to trade in real markets but are still not ready to spend big money, you can start with a Cent or Micro account.
Meanwhile, if you are confident with your skills, the Standard, Premium, or ECN account might give you a lot of advantages. These accounts let you open large positions with competitive fees. In addition, a swap-free Islamic account option is also available.
FirewoodFX is a trusted global brokerage firm that has been around since 2014 and served over 4 million clients. It offers more than 30 forex pairs, metals, equity indices, and energies on various platforms including MT4. The broker also aims to provide the best trading conditions by offering spreads starting from 0 pips along with low minimum deposit of only 10 USD.
5 Comments
Dec 23 2023
Every time I stumble upon an account opening guide or beginners guide, 99% of the time the author would advise new traders to start with a demo account before entering real markets. Some even believes that experienced traders can also benefit from demo trading. Not to mention that these days, Demo accounts are advertised everywhere on the internet by most brokers even though the service is completely free. My question, is it really that significant to a trader's success? If so, then why do some people make profits easily in demo but not in live accounts?
Dec 26 2023
I'll give you my two cents on the benefits that you can get from trading on a demo account, hope this helps.
Right off the bat, I think we can divide the advantages of demo account in two categories:
Let's start with the first one. Every successful trader must have gone through a series of ups and downs before they could get consistent profits. Practice is very important here, along with theoretical understanding which you can get from getting educational lessons, webinars, etc.
Demo accounts are able to provide a risk-free environment for you to test your skills and see how much you've improved. Building a strategy, practicing them, making mistakes, and learning from them without having to spend a penny can be quite impactful in your journey. It helps you grow and respond to certain situations in the appropriate manner.
Secondly, there are loads of trading platforms out there and finding "the one" is not necessarily simple. Demo accounts allow you to get a free trial of the platform along with its complete features. This can help you narrow down the options by judging how the platform works, or whether it has all the tools you need for trading. After all, you don't want to lose money just because you are not used to the platform.
To be successful though, you'll need to trade in real markets eventually. You need to take some risks and experience the pain of losing so that you can control your emotions better the next time. This takes more time to practice but at least you've covered the basics in demo trading.
Dec 28 2023
I must say, demo accounts are great, but they also have limitations and downsides that may or may not impact the trader's performance in real markets. This is why it's still very possible to get losses even though you already practiced a lot in demo.
Most of the time it has to do with the psychology of trading. In demo account, you trade with virtual money, so there is no real risk. While it's great for practicing, it also gives you a false hope that you can never lose and that there's always another time. So you trade with a free mind without worrying about getting losses.
On the other hand, the situation in a real account is entirely different because it uses real money. This is where emotions usually start to get involved and makes everything more complicated. Getting your first loss in real markets is never easy. It can hit you quite hard in the face, and suddenly you realize that this is not a game.
That being said, the key of using demo accounts properly is to treat them like real accounts. You need to set realistic goals and build disciplined habits that can help you later on. This way, you won't need a long time to adjust in a real account and you'll get considerable profits in no time.
Dec 24 2023
I like how easy it is to open an account in FirewoodFX. Most brokers would require you to answer a lot of lengthy questions on top of personal information, so I'm glad that we don't have to do that in this broker. The account types are also pretty impressive. I'm particularly interested in the Micro Account because of the low minimum deposit and low spreads. However, I still don't understand the 4 digit and 5 digit options though. Can anyone explain what it means? Which one is more suitable for beginners?
Dec 27 2023
Totally agree with you. Account opening can be a lengthy process at times, but this is not the case with FirewoodFX. Anyway, regarding your question, the answer is actually very simple. The numbers basically represent the pricing quote after a comma. So for example, if you use the 4-digit account, then the price for EUR/USD will be shown as 1.1280, 1.1290, etc. Meanwhile, if you use the 5-digit account, then the price will be shown as 1.12850, 1.12950, etc.
Generally speaking, the 5-digit pricing system provides a more accurate pricing because the value is more detailed. Here's an example. Let's say you are trading EUR/USD and the price moves from 1.1280 to 1.1290. Using the 4-digit account, this means that you'll get 10 pips profit. However, this may not be the case if you use a 5-digit account.
While the 4-digit platform shows 1.1290, the 5-digit platform may display the numbers at 1.1291, 1.1292, etc. So if it turns out that the price moves from 1.12802 to 1.12905, then your profit would be 10.3 pips.
It is worth noting that the difference in profit/loss may not be much, so big traders usually don't really mind. Instead, this can be significant to small traders or scalpers especially after it accumulated over time.