FirewoodFX is a well-established broker since 2014. FirewoodFX has a headquarter in Saint Vincent and Grenadines. It is are generally well-suited for FirewoodFX to provide their Forex/CFD trading services to global 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.

 


Company Information

Website
www.firewoodfx.com

Established
2014

Country
Saint Vincent and Grenadines

Features

Bonus offers

PAMM accounts

Segregated accounts

Affiliate program

Islamic accounts available

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.

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


pin

Minimum Deposit

$10

pin

Maximum Leverage

1:1000

pin

Spread

Fixed


Minimum Deposit $10

Minimum Position 0.01 lot

Spread Fixed

Scalping

Expert Advisors

Hedging

Trailing stop

Pending orders

One-click trading

Mobile trading

Automated trading

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


Minimum Deposit $100

Minimum Position 0.1 lot

Spread Fixed

Scalping

Expert Advisors

Hedging

Trailing stop

Pending orders

One-click trading

Mobile trading

Automated trading

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


Minimum Deposit $10

Minimum Position 0.01 lot

Spread Fixed

Scalping

Expert Advisors

Hedging

Trailing stop

Pending orders

One-click trading

Mobile trading

Automated trading

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:

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.

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.

FirewoodFX also provides payment with Credit/debit cards, Perfect Money, Tether (USDT) and UnionPay




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

Chinese
English
Indonesian

Office
Support

Email
Support

Call
Support

Chat
Support




FAQ About FirewoodFX


Is FirewoodFX a good broker?

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 Credit/debit cards, FasaPay, Perfect Money, Tether (USDT), UnionPay and Wire transfer. The customer support is available via Email, Live chat and Web form.


What is the minimum deposit for FirewoodFX?

The starting capital in FirewoodFX is $10.


Is FirewoodFX regulated?

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.


Is FirewoodFX legit?

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


Give Your Review and Rate This Broker


These aspects are optional but will determine your review's reliablity


9 Reviews

Renee
This review is not supported by evidence

Aug 14 2020

I don't know much about top-tier brokers, but as far as newbies are concerned, FirewoodFX does provide a hard-to-resist trading conditions with its fixed spread, fixed rate, low deposit, and high leverage.

FahzaMwfx
This review is not supported by evidence

Aug 14 2020

Withdrawal or deposit anytime. It is a 24-hour service, reliable even during weekends.

Sandra Kim
This review is not supported by evidence

Aug 14 2020

The spread is really 1 pip in normal condition. A competitive offer especially for scalpers. But I'm not quite sure about the license.

Riley McDowell
This review is not supported by evidence

Aug 14 2020

It's quite considerable. The bonus offers are interesting enough. And they accommodate beginners' needs quite well.

Marlon67
This review is not supported by evidence

Aug 14 2020

Good STP broker with fixed spread only from 1 pip.

No restrictions for trading condition and the slippage does not always result in loss...

Raymond Sheeran
This review is not supported by evidence

Aug 14 2020

I found this broker while rummaging through fx forums. Their 1 pip fixed spread campaign attracted me to try their service. As a scalper, I found my match in Firewood. They do not make my trades difficult. Everything goes according to my plan.

Also, the execution is speedy. My withdrawals never run into any problems.

I think I'll commit to stay here and will try out some new features should they offer them in the coming future.

Keep doing the good job!!

Mohammed
This review is not supported by evidence

Aug 14 2020

What a fraud. Their customer service is extremely bad. My e-mail is never responded

St Lucas
This review is not supported by evidence

Aug 14 2020

It's a nice broker for beginners like me. The specifications really support beginners, whether it's fixed spread, free swap, or fixed rate. The response from customer service is satisfying too. I never have a bad experience withdrawing my funds in this broker. All processed instantly.

Jack Trades
This review is not supported by evidence

Aug 14 2020

Fix rate and instant deposit and withdrawal in this broker are very attractive. The trading execution is also instant and I can still ge rebate despite the scalping strategy that I apply. What a wonderful experience I have here