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FirewoodFX Review

Broker Information Security Popularity Payment Spec Instruments Score
Security E
Popularity C
Payment B
Spec A
Instrument C
E
C
B
A
C
score 53
FirewoodFX
  Regulation 0
  Security 63  
Segregated accounts
Established 6-10 years
  Instrument 73  
Forex
Gold
  Platform 44  
MetaTrader 4
  Payment 88  
Credit/debit card
Crypto
FasaPay
Perfect Money
UnionPay
Wire
  Features 100  
PAMM
Copy trading
Bonus
Affiliate
Automated trading
  Spec 100  
Islamic account
Hedging
Scalping
Leverage more than 1:500
Fixed Spread
Swap

💲 Min Deposit $10

Year Established 2014

💡 Min Position 0.01 lot

🌐 Website www.firewoodfx.com

Max Leverage 1:1000

💰 Bonuses

👨‍💻 PAMM

📁 Segregated accounts

Swap

🕋 Islamic account

Copy trading

FirewoodFX is a well-established broker since 2014. FirewoodFX has a headquarter in . FirewoodFX to provide their Forex/CFD trading services to over 4 million clients.

Founded in 2014, FirewoodFX is an online forex and CFD broker based out in Saint Vincent and the Grenadines, Caribbean. It is an offshore broker in this jurisdiction and not regulated by any government agency. As FirewoodFX does not hold any license, trading here does pose a risk, and if something unexpected should happen to the broker, there is no assurance that client money will be safe. FirewoodFX accepts clients from all over the world, excluding the United States of America as clients from that jurisdiction fall under strict rules when trading.

 


Account Information

Apart from the forex demo account, this broker offers Standard, Premium and Micro. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by FirewoodFX is up to 1: 1000. Meanwhile, you can open an account with a starting capital of $10.

There are three account types available at FirewoodFX:

  • Standard: Standard account requires a $10 minimum deposit with a minimum lot size of 0.01. Spreads are fixed. Clients have the option to use Expert Advisors, scalping, and hedging strategies as well as advanced tools such as trailing stop, pending orders, one-click trading, mobile trading, and automated trading.
  • Premium: There is a minimum deposit of $100 while the minimum stake size is 0.01 lots. Premium account offers multiple additional features to assist traders, including Expert Advisors, scalping, hedging, pending orders, trailing stop, one-click trading, mobile trading, and automated trading. The account is commission-free with fixed spreads.
  • Micro: There is a $10 minimum deposit requirement and the minimum lot size is 0.01. Spreads are fixed for the Micro account. Clients may enjoy features such as Expert Advisors, scalping and hedging capabilities, trailing stop, pending orders, one-click trading, mobile trading, as well as automated trading.
pin

Min Deposit

$10

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Max Leverage

1:1000

pin

Spread

Fixed

If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:



💲 Min Deposit $10

💡 Min Position 0.01 lot

🔢 Spread Fixed

📉 Scalping

🤖 Expert Advisors

💱 Hedging

Trailing stop

Pending orders

1️⃣ One-click trading

Automated trading

💸 Commission

Fees

On the Micro account spreads start at 3 pips, on the Standard it starts at 2 pips, and on 1 pip with the Premium account. Spreads for JPY pairs start at one pip or 0.01 and 0.0001 for all other pairs. Commissions are charged on CFDs trading will incur commission, but CFD trades on other markets have no commission. Instead, they do wrap a spread around the market price of a certain instrument.

Instruments Traded

Besides lots of currency pair, FirewoodFX also offers some instruments you would like to trade on, such as Forex and Gold & silver for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

Traders with FirewoodFX are provided with a narrow range of tradeable financial instruments:

  • 30 currency pairs
  • 2 metal spots; gold and silver
  • equity indices and energies

As for Standard account, FirewoodFX specifically provides it with the following instruments and leverage:


Forex

Forex
1:1000

Gold & silver

Gold & silver
1:100


💲 Min Deposit $100

💡 Min Position 0.1 lot

🔢 Spread Fixed

📉 Scalping

🤖 Expert Advisors

💱 Hedging

Trailing stop

Pending orders

1️⃣ One-click trading

Automated trading

💸 Commission

Fees

On the Micro account spreads start at 3 pips, on the Standard it starts at 2 pips, and on 1 pip with the Premium account. Spreads for JPY pairs start at one pip or 0.01 and 0.0001 for all other pairs. Commissions are charged on CFDs trading will incur commission, but CFD trades on other markets have no commission. Instead, they do wrap a spread around the market price of a certain instrument.

Instruments Traded

Besides lots of currency pair, FirewoodFX also offers some instruments you would like to trade on, such as Forex and Gold & silver for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

Traders with FirewoodFX are provided with a narrow range of tradeable financial instruments:

  • 30 currency pairs
  • 2 metal spots; gold and silver
  • equity indices and energies

As for Premium account, FirewoodFX specifically provides it with the following instruments and leverage:


Forex

Forex
1:1000

Gold & silver

Gold & silver
1:100


💲 Min Deposit $10

💡 Min Position 0.01 lot

🔢 Spread Fixed

📉 Scalping

🤖 Expert Advisors

💱 Hedging

Trailing stop

Pending orders

1️⃣ One-click trading

Automated trading

💸 Commission

Fees

On the Micro account spreads start at 3 pips, on the Standard it starts at 2 pips, and on 1 pip with the Premium account. Spreads for JPY pairs start at one pip or 0.01 and 0.0001 for all other pairs. Commissions are charged on CFDs trading will incur commission, but CFD trades on other markets have no commission. Instead, they do wrap a spread around the market price of a certain instrument.

Instruments Traded

Besides lots of currency pair, FirewoodFX also offers some instruments you would like to trade on, such as Forex for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

Traders with FirewoodFX are provided with a narrow range of tradeable financial instruments:

  • 30 currency pairs
  • 2 metal spots; gold and silver
  • equity indices and energies

As for Micro account, FirewoodFX specifically provides it with the following instruments and leverage:


Forex

Forex
1:1000

Payment Methods

FirewoodFX offers several fast funding and withdrawal options, including bank wire transfer, Tether, credit cards, China Unionpay, Neteller, Skrill, ACB, Bangkok Bank, Bank BRI, Perfect Money, FasaPay, and OKPAY (only for withdrawals). Withdrawal times vary but generally take up to 24-hours after the request is confirmed for most of the payment methods. Bank wire transfers and credit cards take up to 48 hours to be processed. FirewoodFX charges no deposit or withdrawal fees. 

Traders can deposit funds via:

Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.

FasaPay : Known as an e-payment for retail forex traders, FasaPay does not require a huge amount of fee, giving it a competitive edge among any other e-payments in the forex brokerage industry. Instant process is also featured as one of its advantages.

FirewoodFX also provides payment with UnionPay, Tether (USDT), Stellar (XLM), Perfect Money, Crypto, Credit/debit cards and Binance Coin (BNB)



Trading Platforms

Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.

Hereby, FirewoodFX offers you MetaTrader 4.

  • MT4: FirewoodFX offers MetaTrader4 as the only trading platform. is a fully-featured trading software packed with interactive charting tools for advanced technical analysis on forex pairs. It is compatible with Microsoft Windows and uses the MQL4 proprietary scripting language, which allows traders to use their own Expert Advisors (EAs) to automate the trading process.

    metatrader 4

 

Unique Features

  • Multi-terminal Program: Professional Trader and Money Manager can open, manage, and close orders in multiple accounts simultaneously, using various trade size allocation methods.
  • Live Market Prices: monitor all accounts balance and equity in real-time.
  • FirewoodFX has mobile versions of the software that is available on iOS and Android systems.
  • There are a number of managed account options available that include PAMM, ForexCopy, and ZuluTrade.
  • Trading platforms are offered in three languages which include English, Chinese and Indonesian.

 

Research and Education

FirewoodFX does not yet offer much in terms of educational resources or tools, but it does provide:

  • Forex market with updates on daily news and a margin calculator.
  • The option of a demo account with a minimum deposit of $ 10 to open an account.
  • Forex Glossary, as well as an explanation of what Forex is and why you might want to trade with forex.

 

Bonuses and Promotions

ForewoodFX offers global clients a 20% bonus on their first deposits at a minimum of $100 or more. If you deposit $ 500, you will be able to hold a losing position of up to $ 600. Regular clients can earn $10 credit for every standard lot, or 10 micro lots that are closed within 30 days from making your first deposit. This credit bonus will also be available to use as additional margin and equity, but terms and conditions apply to this bonus as well. The company also offers trading competitions from time to time.

Customer Support

Do you have any question or find any trouble related to FirewoodFX? If you do, you should reach FirewoodFX's support to get the information that you need. Here is the detail of the broker's customer support:

FirewoodFX customer support is available via phone, live chat, email, or a return call option from the website. Not only a global representative, FirewoodFX has regional and local support in Philippines, Indonesia, and China.

Website Languages

English
Indonesian
Chinese

Office Support

Email Support

Call Support

Chat Support



FAQ About FirewoodFX

A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if FirewoodFX is a good broker for you or not by reviewing the criteria. In general, FirewoodFX provides trading service in Forex and Gold & silver . As for the payment methods, you can choose between Wire transfer, Credit/debit cards, UnionPay, Perfect Money, FasaPay, Tether (USDT), Stellar (XLM), Binance Coin (BNB) and Crypto. The customer support is available via Email, Web form and Live chat.


The starting capital in FirewoodFX is $10.


FirewoodFX is regulated by None. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.


FirewoodFX is a brokerage company offering trading services for clients since 2014 with offices in .



FirewoodFX News
Silvana Lee
Following trends of trading innovations, FirewoodFX even up their playing grounds by launching brand new PAMM service (Percentage Allocation Management Module).
Kyla Yocelyn
FirewoodFX was crowned by the international currency specialist's role model award, Forex Report, as the Best Broker in Southern Asia in 2015.
Aisha Amajida
Greece debt drama has prompted more forex brokers to apply precautionary measures. After Alpari, EXNESS, FXTM, FXCM, and Liteforex, now FirewoodFX and MFX also announced their respective decision.
Kyla Yocelyn
FirewoodFX was recognized as the Best New STP Broker in 2014 in Southeast Asia by a leading financial magazine, Global Banking, and Finance Review.
FirewoodFX Articles
Diva Nadia
In FirewoodFX, the deposit and withdrawal process is very easy and available through various popular payments. Here's the complete tutorial to help you get started.
Sheena Mon
Don't miss the opportunity to receive a $50 FirewoodFX welcome bonus, exclusively for new users who open an account through the FirewoodFX Mobile App.
Sheena Mon
By following successful traders through FirewoodFX Forexcopy, you can trade instantly without the need to formulate complex strategies by yourself.
Daniel Rose Harvey
Get a $50 no deposit bonus from FirewoodFX and start trading forex and CFDs for free. No need to deposit any money after opening an account.
Sheena Mon
Don't miss out, quickly claim the $88 deposit bonus from FirewoodFX. This offer is valid for new users as well.
Anya Mei
FirewoodFX micro account can be a good opportunity to start trading with less risk. This account offers minimum lot of 0.01 and only requires $10 as the starting deposit.
Testimonials
Nigeria
E Edgar Garrett
Oct 20 2023
 
I am not sure if they use market execution or... More
Germany
I Irving Barnes
Oct 20 2023
 
This is officialy one of the best low spread broker... More
United States
M Michael Gray
Oct 19 2023
 
Execution is consistently excellent, and the flexible spread is clearly... More
Pakistan
T Tony Ferguson
Oct 16 2023
 
They provide instant execution, and even when I trade using... More
Malaysia
A Arthur Fletcher
Oct 11 2023
 
I'm delighted to share my review of FirewoodFX and its... More
Germany
M Manuel Love
Oct 9 2023
 
FirewoodFX is kind of a big deal in my country... More
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