Aside from the MT4 trading platform, FirewoodFX also offers a lightweight app called FirewoodFX Mobile. Is it worth trying?
In this modern era, there is practically a mobile version of everything. This is why many brokerage firms have been launching their own mobile platforms. It is to ensure that prospective clients can easily find their service through their personal device and enjoy a seamless trading experience on the go.
One of those brokers is FirewoodFX. If you aren't familiar with them, FirewoodFX is an online broker that offers access to various financial markets including forex, metals, indices, and energies. The broker offers the popular MetaTrader 4 trading platform as well as a proprietary mobile app called FirewoodFX Mobile. Over the years, the broker has served no less than 4 million users worldwide, further proving its quality and reliability.
In this post, we will cover the FirewoodFX trading app specifications and key features, and interface. We will also take a look at the user reviews and discuss the pros and cons of this app.
Introduction to FirewoodFX Mobile
FirewoodFX app aims to bring forex trading closer to traders, making it more accessible than ever. It is completely free and can be downloaded from Google Play Store. At the time of writing, the app has been downloaded over 10k times and has a rating of 3.8/5.0.
The first thing that you should do after downloading the app is log in to your FirewoodFX account using your email and password. If you are a new user, simply create a new account and follow the procedure. You can then open live or demo trading accounts and manage them directly from the app.
The app itself is very light and has a very user-friendly interface. The dominant colors are identical to FirewoodFX logo which is mainly white and bright orange. Aside from that, there is also a dark mode and biometric login options that you can enable for higher convenience.
FirewoodFX Mobile App Features
FirewoodFX Mobile offers a number of features and benefits that every trader should know, such as:
Direct Connection to MT4
To start trading in FirewoodFX Mobile, you must first connect your account to the MT4 trading platform.
After that, open the FirewoodFX app and tap the "Trade" button on the account of your selection. This will take you straight to the MT4 mobile trading app. If you don't have it on your phone yet, the button will redirect you to the download page.
The next and final step is to log in to your MT4 account. If you forgot your account number or password, you can check the email you received when you first opened the account in FirewoodFX. Once it's connected, you can immediately enter the market and open positions whenever you like.
Easy Deposit and Withdrawal
The app allows you to manage your balance easily, whether it's making a deposit or withdrawal. Simply select one of your FirewoodFX trading accounts from the app's homepage and select the deposit/withdrawal option.
There are several payment systems that you can choose such as:
- Wire Bank Transfer
- Credit/Debit Cards
- Internet Banking
Some of these methods can process transactions instantly, which means the funds will reflect on your account in a matter of minutes. You can also open the merchant's app using the same device to complete the payment, so it's definitely easier and faster. This can be incredibly useful when you see a market opportunity but your balance is low.
In addition, the app also displays your transaction history that contains all of your finance activities including deposits and withdrawals. This way, you can keep tabs on your money flows and make plans for future moves.
Apply for Bonus
There is even a dedicated page for deposit bonuses that you can access on the side menu. This is where you can see the available bonus programs that are currently active and claim the bonus directly from the app. If you click on the program, you'll be able to see the full terms and conditions as well as the claim button to enjoy the benefit.
Manage Multiple Accounts
To gain higher profits, some traders like to open several positions at the same time using different accounts. In FirewoodFX Mobile, you can easily create new accounts and use them right after.
There are several account types in FirewoodFX that you can choose from. The Cent, Micro, and Standard accounts are great for beginners as they allow you to trade with small budgets and low fees. Meanwhile, the Standard, Premium, and ECN accounts are considered more suitable for professionals due to their advanced trading features.
Alternatively, you can also open a Demo account to trade in a risk-free environment. This option is highly recommended for newbies to practice their trading skills and try out different features on the platform.
Lastly, the app also allows you to verify your account and complete your profile. There are three types of verification that you can do, namely:
- Proof of ID – Passport issued by the local government
- Proof of Address – Latest utility bill or bank statement that confirms your residential address
- Self Photograph – A selfie of you holding your passport and a piece of paper with "FirewoodFX" and today's date written or it
Completing verification on the app offers higher practicality because it eliminates the need to use two devices when you can manage with one. To submit the documents, just use your phone camera directly from the app. No need to scan it separately and upload the file on the website.
What are the Pros and Cons?
Based on this review, it's pretty clear that FirewoodFX Mobile is a great choice for all types of traders. However, compared to other mobile trading apps, this app still has a lot to improve especially regarding its trading features.
The biggest strength of this app is its fast performance and ease of use. We can see that the interface is clean and the homepage is not too crowded with a bunch of unnecessary features and information that might confuse new users. On top of that, the app is very light, so it works smoothly on any device and it doesn't require a huge space.
The app also has some excellent account management features that any trader can benefit from. You can easily fund your account, make withdrawals, switch between accounts, and more. Thus, you can manage multiple accounts on a single device with a single profile or email. The account types are also quite diverse, making it suitable for various trading styles.
Unfortunately, FirewoodFX broker app also comes with certain limitations. To begin with, you need to download a separate app to make trades. This can be a bit confusing at first and that reduces the app's practicality as an all-in-one trading platform. You also need to constantly update both apps.
Based on the user reviews, some people complained that the verification process took too long. This can prevent you from participating in some programs and limit your activities according to the broker's policy.
Last but not least, the app doesn't offer a live chat feature to contact customer service and only supports two languages: English and Bahasa Indonesia.
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.