FirewoodFX review and ratings

COMPANY INFORMATION

FirewoodFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

AVAILABILITY

FirewoodFX accepts clients from all over the world, excluding USA.

DISTINCTIVE FEATURES

• Simple registration and verification process.
• Fixed 1.0 pips spread at EURUSD and USDJPY (no commission charged).
• Own copy-trading service (Forexcopy) offered for the clients.

TRADING INSTRUMENTS

Forex broker offers the following underlying assets for trading.

COMPREHENSIVE REVIEW

FirewoodFX is an online forex & CFD broker based out of the Caribbean, more specifically in Saint Vincent and the Grenadines. As an offshore broker in this jurisdiction, traders should understand that it is not regulated by any government agency, which may put a trader at risk should anything unexpected happen with the broker.

Although we have not heard about any specific complaints regarding FirewoodFX, it should be mentioned that there are no security mechanisms in place for clients in the event of insolvency for example. This differs from brokers registered in places like the EU, UK, Australia, and Japan, where investor protection funds are set up to compensate clients in these cases.

However, no regulation also comes with certain benefits that aggressive traders can take advantage of, such as a high leverage of up to 1:1,000 and a minimum deposit of only USD 10. This means that it may be possible to generate high returns quickly for anyone who knows how to properly control risk.

Despite its registered business address being in the Caribbean, this broker has a strong local presence in South East Asia, with a large community of traders in Indonesia, judging from the website’s available traffic data, as well as its Facebook activity.

Having a nice and clean design, the broker’s website includes most information a trader would ever need, although some more details in the “About us” section would be appreciated to help build more credibility. The website is available in English, Indonesian, and Chinese, and the broker accepts clients from all countries with the usual exception of the United States.

The broker offers its users 4 account types to choose from:
– Micro account with spreads from 3 pips
– Standard account with spreads from 2 pips
– Premium account with spreads from 1 pip
– Islamic account with swap-free trading

All account types offer commission-free trading and fixed spreads, which explains why the spreads offered are wider than what has become standard with other brokers. However, all traders should consider their own trading style and calculate what makes the better deal for them; commission-free trading with wide spreads, or tight spreads with larger commissions.

FirewoodFX offers the standard MetaTrader 4 (MT4) platform as its only trading platform, although it is available in both the web-based version and the downloadable desktop version for Windows computers.

In addition, the broker offers algorithmic copy-trading, or auto-trading via a web-based platform known as Forexcopy, as well as a “social trading” experience via the ZuluTrade platform, which also lets traders automatically follow the trades made by other more experienced traders.

In terms of promotions and bonuses, FirewoodFX actually has a fairly good offering with this line-up:
– A 20% deposit bonus for anyone who makes an initial deposit of more than USD 100
– Regular trading contests with cash prizes for 1st to 5th place
– A reward program that rewards traders who trade more with bonuses up to USD 5,000.

Deposits and withdrawals can be made with all major credit and debit cards, as well as international bank transfer (SWIFT). In addition, the broker also accepts several regional money transfer services in Vietnam, Thailand, and Indonesia, making it easy for traders in this part of the world to join.

Unlike card payments, which will be charged a fee, deposits from these local payment services are processed free of charge by the broker. The same fee structure also applies to withdrawals from the trading account.

Lastly, FirewoodFX’s customer service is largely email-based, with only one UK phone number listed online for the company’s head office in Saint Vincent and the Grenadines. No information is known about customer support working hours.