This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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FirewoodFX is a brokerage firm that’s owned by Firewood Global Ltd, a company registered in St Vincent and the Grenadines. It was founded by a group of professional Forex traders with extensive experience in the financial industry.
What are the advantages of trading with FirewoodFX?
- Deposit bonus of 200% available to cover negative balance
- Fixed spread from 1 pip and no commission
- EAs, robot trading, scalping, hedging and news trading allowed
- Fast execution and no requotes
- Leverage of up to 1000:1
- Islamic/swap free accounts available
- Mobile trading supported for iPhone, iPad and Android
|Forex, Precious Metals, Equity Indices, Energies|
Three different account types are offered by FirewoodFX
There are three different types of account offered by FirewoodFX, with two options of pricing format. The three accounts are as follows:
- Micro Account – Requires a minimum deposit of $10 and offers leverage of up to 1000:1. The minimum trade size is 0.01 lot and the maximum is 200 lots. The maximum open positions permitted is 200 positions and spreads are from 3 pips. There are no commission charges and there is an Islamic account
available. Hedging, scalping and Expert Advisors are allowed. The Stop and Limit levels are 2 pips, while the Stopout level is 20%.
- Standard Account – Requires a minimum deposit of $10 and offers leverage of up to 1000:1. The minimum trade size is 0.01 lot and the maximum is 30 lots. The maximum open positions allowed is 200 and spreads are from 2 pips. There are no commission charges and there is an Islamic account option. All other features are the same as the Micro account.
- Premium Account – Requires a minimum deposit of $100 and offers leverage up to 1000:1. The minimum trade size is 0.1 lot, while the maximum is 50 lots. A maximum of 200 open positions are allowed and spreads are from 1 pip. As with the other accounts there are no commission charges and hedging, scalping and Expert Advisors are allowed.
We should also mention, because it does appear as a note at the bottom of the accounts page, slippage may occur, even though spreads are fixed. But this is only likely to happen during low-liquidity periods such as major economic events and news releases. There is also a forex virtual trading account available that will be credited with $10,000 in virtual cash. This is a great way to experience some of what FirewoodFX has to offer, as well as practice your strategy.
FirewoodFX is currently running a trading reward bonus promotion
The more you trade and deposit the more bonus you’ll receive. You can earn $10 credit for each standard lot, or 10 micro lots that are closed within 30 days from making your first deposit. The credit bonus will be available to use as additional margin and equity. Certain terms and conditions apply to this bonus and you’d be advised to read them carefully before accepting this offer. There is also a 20% deposit bonus when you first open an account and make a deposit. Your deposit will have to be $100 or more. If you deposit $500 you’ll be able to hold a losing position up to $600. There are also rules relating to this promotions that’ll you’ll need to read and comply with.
The trading platform used by FirewoodFX is MetaTrader 4
MetaTrader 4, or MT4 as it is more commonly known, is the main trading platform offered by FirewoodFX. Why was it chosen? Possibly because it’s still the most popular and best trading platform around. It offers users the choice of 50 different indicators and a full charting package. It’s compatible with Microsoft Windows and uses the MQL4 proprietary scripting language. Thereby allowing traders to use their own Expert Advisors to automate the trading process. FirewoodFX appreciates the popularity of traders using mobile devices and there are mobile versions of the software available for those using devices running on iOS or Android systems. There’s also a MetaTrader 4 Web platform that features a history of trading operations, full set of trading orders, 9 timeframes and graphical objects. It’s also possible to manage multiple MT4 accounts using a single terminal with MT4 Multi Terminal. There are a number of managed account options including PAMM. ForexCopy and ZuluTrade. Social trading has become very popular and you don’t need to miss out with FirewoodFX.
FirewoodFX takes care of their clients with information and good customer support
With a minimum deposit requirement of just $5 it’s obvious that FirewoodFX is going to attract traders who are complete novices. There is a small amount of useful information available to help this type of customer out. There’s a Forex Glossary, market news, margin calculator as well as an explanation of what Forex is and why you might want to adopt this type of investment. But this isn’t necessarily a negative feature as there are a ton of places you can go to for your Forex education. If you need to get in touch with customer support you can do it by email, telephone or via the live chat option. Three choices we would prefer to see at every online brokerage firm. Before we finish our FirewoodFX review, let us just remind you that this broker is unregulated. At least as far as we can tell. Yes, it is registered in St Vincent and the Grenadines, but this offers very little protection. Particularly for those of you who are just starting out on your Forex trading journey.
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