FirewoodFX

Editor's Score
Pros
  • • Fast and efficient trading terminal
  • • Low minimum requirements
  • • Bonuses and promotions
Cons
  • • A limited list of trading instruments
  • • No VIP accounts
Min Deposit
$10
Max Leverage
1:100
Mini Account
Bonus
Over $100
Platforms
  • MT4
Withdrawal Options
  • Skrill
  • Neteller
  • Fasa Pay
  • Perfect Money
  • Credit cards
  • Wire transfer

Review

Introduction

Since FirewoodFX is a relatively new name in the Forex trading sky, many investors are still not quite familiar with this particular broker house. Luckily, we are here for you, and this in-depth FirewoodFX review will give you the most comprehensive overview of this brokerage. FirewoodFX is under the ownership of Firewood Global LTD, and this global financial enterprise was established in 2014. FirewoodFX is an STP brokerage (Straight Through Processing), and this company’s headquarters is located in the tax haven of St. Vincent and The Grenadines. The registered address is Suite 305, Griffith Corporate Centre, Kingstown. Read on to discover if FirewoodFX is a broker you can trust, or you should keep your hard-earned cash as far away from them as possible.

Trading Conditions

Due to the fact that the Forex market is saturated with all sorts of broker houses, it is essential for them to offer an attractive and a pleasant trading environment if they want to sign new clients and investors. FirewoodFX is trying hard to offer favorable trading conditions to clients from all across the globe. For instance, this brokerage only offers fixed spreads, and the leverage that they provide can go up to 1:1000. Minimum lot size is 0.01, and they do not charge commissions. To summarize all that, FirewoodFX is somewhere in the middle when it comes to the modern-day Forex market, and this brokerage will probably satisfy your trading needs and preferences, but at the same time, you should not expect any kind of extravagant or top-shelf services.

Products

Novice traders who sign up FirewoodFX will have the opportunity to use a Demo account and to try out all the features of the trading terminal. For those investors who feel confident about their trading abilities, FirewoodFX has prepared two types of accounts – Standard and Premium. When it comes to the Standard account, clients have a starting spread of 2 pips, with a maximum of five lots. The Premium account will give more favorable trading conditions, but the minimum deposit requirement for opening this type of account is $100. FirewoodFX provides investors with 38 currency pairs, and there is also an Islamic type of trading accounts which complies with the Sharia-law.

Regulation

As we all know, St. Vincent and The Grenadines belongs to a relatively small circle of Caribbean countries which offer various versions of financial services. However, a lot of people have fears and concerns in regards to those so-called tax haven, and it can be said that some of those fears have a legitimate background. Off-shore companies are notorious for their scam operations and malicious intent, but this does not seem to be the case with FirewoodFX. As we could see during our examination of their activities in preparation of this FirewoodFX review, this particular STP broker behaves in a trustworthy and reliable manner. The brokerage is licensed and regulated by the FSA (Financial Services Authority) and it is registered in St. Vincent and The Grenadines under the number 22160 BC 2014.

Platforms

Since FirewoodFX is a relatively new brokerage, they have been able to incorporate into their website only the most modern and the most sophisticated trading tools and features. In other words, they picked only the best stuff, and a clear example of this policy is their choice in regards to the trading software. FirewoodFX uses MetaTrader4, a platform which is used across the Forex trading world, and this trading terminal has been on the scene ever since 2005 when it was developed and introduced by MetaQuotes Corp. MetaTrader4 uses its proprietary MQL4 scripting language, and FirewoodFX has also enabled SSL encryption on their website. As we all know, MetaTrader4 comes equipped with a powerful arsenal of charts, tools, and more than 50 helpful trading indicators. Real-time analysis and Expert Advisors are highly appreciated by modern-day traders, and these features can significantly improve your portfolio and make your profits more lucrative.

Mobile Trading

With the development of social media and smartphones, the financial world was also forced to make adjustments. Nowadays, almost all brokerages offer a mobile version of their websites, and FirewoodFX is no exception. Their software package is optimized for the use on Android, iOS and Windows Mobile devices. By offering this option, FirewoodFX has enabled traders to invest at any time and from anywhere.

Pricing

As we already said earlier in our FirewoodFX review, this brokerage only offers fixed spreads. With no commissions, their minimum lot size is 0.01 pips. The starting spread for the Standard account is 2 pips, and all of this indicates that FirewoodFX stays within the industry standards when it comes to charging fees and offering spreads and leverages.

Deposits & Withdrawals

Even though you should always be slightly cautious when depositing funds with offshore companies, FirewoodFX is a company that promises stability and protection of your funds by keeping them in segregated accounts of their top-notch partner banks. When it comes to deposits and withdrawals, they can be made through several money-transfer services, such as credit cards, wire transfer, Neteller, Skrill, Perfect Money, etc. Deposits are being handled in the so-called instant processing manner, and for the withdrawals – you could be forced to wait 2-3 days, depending on your preferred withdrawal method. Also, FirewoodFX usually charges a small fee (around 1%) on the withdrawal requests.

Customer Support

The importance of having an exemplary customer support service is not something that is unknown to people behind FirewoodFX. For this reason, their support teams are available at any time, 24 hours a day, and their representatives are very polite and quite helpful. FirewoodFX provides assistance in multiple languages, and you can contact their team through several means of communication, such as telephone, email, live chat, and so on. Additionally, there is a web-based contact form with a call-back option.

Research & Education

To be honest, FirewoodFX does not provide anything outrageous or amazing when it comes to educational materials, but novice clients will have enough learning opportunities once they join this brokerage. For instance, text articles explaining what is Forex and why you should invest in these markets will give you the basic knowledge about the online trading world. Aside from those, FirewoodFX also offers a Glossary, Margin Calculator, and News section.

Noteworthy Points

Promotions and competitions are certainly important elements that we need to mention in this FirewoodFX review, simply because we all love free stuff, don’t we? FirewoodFX will give you a 20% bonus on your first deposit, which has to be over $100. Also, there is a trading bonus available with FirewoodFX, and many traders are exploiting the benefits of these incentives and promotional activities.

Conclusion

Our FirewoodFx review has taken into consideration all there is to know about this particular trading company. It is up to you now to decide if your money will be wisely invested through FirewoodFX. According to most sources, this brokerage offers a reliable and professional service, and recently they introduced social trading via ZuluTrade and TradeCopy, which shows their desire to innovate and improve their services and products

Comparison

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