low
FirewoodFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
FirewoodFX accepts clients from all over the world, excluding USA and some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
| 30+ Currency Pairs | Based on major and minor world currencies. |
| 2 Crypto Pairs | Based on Bitcoin and Ethereum. |
| 3 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 2 Metal CFDs | Based on Gold and Silver. |
| 1 Energy CFD | Based on Crude Oil (WTI). |
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 1:3,000 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 and a few other countries.
The broker offers its users 5 account types to choose from:
– Cent account with floating spreads from 1 pip
– Micro account with fixed spreads from 3 pips
– Standard account with fixed spreads from 2 pips
– Premium account with floating spreads from 0.3 pips
– ECN account with floating spreads from 0 pips
With the exception of the ECN account, all account types offer commission-free trading, 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 a web-based version, a downloadable desktop version for Windows and Mac computers, and as a mobile app.
In addition, the broker offers algorithmic copy-trading, or auto-trading, via a web-based solution known as ForexCopy. As usual with copy trading, opportunities exist both for newer traders who want to make money by following others, and for experienced traders (called “Leaders”) who can earn additional income from sharing their trades with others.
Deposits and withdrawals can be made with all major credit and debit cards, international bank transfer (SWIFT), Perfect Money, Fasapay and crypto in the form of Tether (USDT). In addition, the broker also accepts regional money transfer services in countries like 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 based on email and live chat, with no phone numbers listed on the website. Unfortunately, no information about the support team's working hours is available, which makes us doubt that 24 hour support is available from this broker.
