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/10

FirewoodFX

Saint Vincent and the Grenadines|5-10 years|
Suspicious Regulatory License|MT4/5 full license|Global Business|High potential risk|

http://www.fwfxasia.com/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

FirewoodFX-Demo

United Kingdom
MT4
5

Influence

C

Influence index NO.1

Indonesia 3.52

MT4/5 Identification

MT4/5 Identification

Full License

5
Server Name
FirewoodFX-Demo MT4
Server Location United Kingdom

Influence

Influence

C

Influence index NO.1

Indonesia 3.52

Surpassed 41.96% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 2036083558
support@firewoodfx.com
http://www.fwfxasia.com/
Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-02-02
Ministry of Trade Blocks 1,222 Illegal Commodity Futures Trading Websites
FirewoodFX
Proton Markets
RCPro

Contact number

English

+44 2036083558

Broker Information

More

Company Name

Firewood Global Ltd

Company Abbreviation

FirewoodFX

Platform registered country and region

Saint Vincent and the Grenadines

Company website
Twitter
Facebook

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-19
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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FirewoodFX · Company Summary

FirewoodFX Review Summary
Founded 2014
Registered Country/Region Saint Vincent and the Grenadines
Regulation Unregulated
Market Instruments Forex, Gold, Crypto, Oil and more
Demo Account Available
Leverage 1:1000
EUR/ USD Spread From 2.0 pips (Std)
Trading Platforms MT4
Minimum Deposit $10
Customer Support Phone, email, online messaging

What is FirewoodFX?

FirewoodFX, established in 2014 and headquartered in Saint Vincent and the Grenadines, operates as an unregulated entity in the financial markets. FirewoodFX offers a wide array of market instruments. The platform extends the option for users to familiarize themselves with its services through a demo account.

FirewoodFX's homepage

If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.

Pros & Cons

Pros Cons
  • Demo Account Availability
  • Lack of Regulation
  • MT4 Trading Platform
  • Regional Restrictions
  • Multiple Account Options
  • Convenient Deposit and Withdrawal Methods

Pros:

- Demo Account Availability: FirewoodFX provides a demo account option, enabling traders to practice trading strategies and familiarize themselves with the platforms features without risking real funds.

- MT4 Trading Platform: Trading occurs through the widely acclaimed MetaTrader 4 (MT4) platform, known for its stability, versatility, and extensive range of trading tools, providing traders with a seamless trading experience.

- Multiple Account Options: FirewoodFX caters to traders of different experience levels by offering various types of trading accounts, each tailored to meet specific preferences and objectives.

- Convenient Deposit and Withdrawal Methods: The platform offers a variety of deposit and withdrawal methods, including bank transfers, e-wallets, cryptocurrencies, credit cards, and e-payment systems, providing clients with flexibility and convenience in managing their funds.

Cons:

- Lack of Regulation: One of the most significant drawbacks of FirewoodFX is its unregulated status, which exposes traders to increased risks due to the absence of oversight from governmental or financial authorities.

- Regional Restrictions: FirewoodFX does not accept clients from the United States of America, North Korea, Iraq, Iran, Saint Lucia and Saint Vincent and the Grenadines. These restrictions will stem from regulatory compliance issues or other factors specific to those regions.

Is FirewoodFX Safe or Scam?

FirewoodFX's current lack of valid regulation signifies a concerning absence of oversight from governmental or financial authorities, heightening the inherent risks associated with investing through their platform. Without regulatory supervision, there exists a substantial potential for malfeasance, where the operators of the platform hold no accountability for their actions.

This absence of oversight leaves investors vulnerable to various forms of misconduct, including misappropriation of funds and fraudulent practices. Essentially, the absence of regulation exposes investors to significant risks, as there are no safeguards in place to protect their investments.

Moreover, the lack of regulatory oversight means that FirewoodFX's operators have the autonomy to dissolve the platform abruptly, leaving investors with no recourse or means of recovering their investments.

Therefore, engaging with FirewoodFX carries inherent risks that every investor should be cognizant of before committing any funds to the platform.

Market Instruments

FirewoodFX offers forex, gold, crypto, oil and more.

- Forex (Foreign Exchange): This includes major currency pairs like EUR/USD, GBP/USD, USD/JPY, as well as minor and exotic currency pairs such as EUR/GBP, USD/TRY, and many others.

- Gold (XAU/USD): Trading in gold allows investors to speculate on the price movements of this precious metal against the US dollar.

- Crypto: FirewoodFX likely offers trading in various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and others. Investors can trade cryptocurrency pairs against major fiat currencies like USD or EUR.

- Oil (Crude Oil): This typically involves trading contracts for difference (CFDs) on the price of crude oil, allowing traders to speculate on its price movements without owning the physical commodity.

Account Types

FirewoodFX offers various types of trading accounts tailored to meet the needs of different types of traders.

- Cent Account: This account is suitable for beginners or those who want to trade with smaller amounts of capital. With a minimum deposit of USD 10 (or equivalent in USC), traders can start trading with micro-lot sizes, allowing for precise risk management and lower exposure to the market.

- Micro Account: Similar to the Cent Account, the Micro Account is designed for traders who prefer smaller trade sizes. It also requires a minimum deposit of USD 10 and offers micro-lot trading, but the base currency is USD instead of USC.

- Standard Account: The Standard Account is suitable for intermediate traders who are comfortable with standard lot sizes and require more flexibility in their trading. It requires a minimum deposit of USD 10 and offers standard lot trading.

- Premium Account: The Premium Account is designed for more experienced traders who may require additional features or benefits. It also requires a minimum deposit of USD 10 and offers standard lot trading like the Standard Account.

- ECN Account: The ECN (Electronic Communication Network) Account is tailored for advanced traders who require direct access to liquidity providers and prefer tighter spreads and faster execution. It requires a higher minimum deposit of USD 200 but offers the same standard lot trading as the Premium Account.

Account Type Minimum Deposit Base Currency Contract Size per 1 lot Value 1 lot per pip/point Minimum Trade Size Maximum Open Position
Cent USD 10 (or equivalent in USC) USC (1 USD = 100 USC) USC 100,000 USC 10 per pip / USC 1 per point 0.01 lot (1000) 200 positions
Micro USD 10 USD USD 10,000 USD 1 per pip / USD 0.1 per point
Standard USD 100,000 USD 10 per pip / USD 1 per point
Premium
ECN USD 200

Furthermore, FirewoodFX offers demo accounts for traders who want to practice trading strategies and familiarize themselves with the platform's features without risking real funds. Demo accounts replicate real market conditions, providing a risk-free environment for learning and honing trading skills.

Account Comparison

How to Open an Account?

To open an account with FirewoodFX, please follow these steps:

Step
1 Provide your full name
2 Enter your email address
3 Choose a password and confirm it
4 Select your country (Indonesia in this case)
5 Provide your mobile phone number
6 Choose the type of account you want to open:
- Premium Account
- Cent Account
- Micro Account
- Standard 5-Digit Account
- Standard 4-Digit Account
- ECN Account
7 Read and agree to FirewoodFXs Customer Agreement
8 Complete the registration process
fill in required info

Leverage

FirewoodFX offers a maximum leverage of 1:1000, which means traders can control positions up to 1000 times the amount of their initial investment. Leverage allows traders to amplify their potential returns by using borrowed capital, enabling them to enter larger positions with a relatively smaller amount of capital. This can be advantageous for traders looking to maximize their profit potential with limited funds. However, it's important to note that leverage magnifies both profits and losses, making it a double-edged sword.

Spreads & Commissions

FirewoodFX offers competitive spreads across its range of account types. The spreads are variable and start from as low as 1 pip for certain account types. Variable spreads mean they fluctuate according to market conditions, providing traders with the opportunity to benefit from tighter spreads during times of high market liquidity. Additionally, FirewoodFX doesn't charge any commissions for standard trading accounts, making it attractive for traders who prefer not to pay additional fees per trade.

However, for the Micro account, FirewoodFX imposes a commission of $7 per lot traded. While this commission might seem nominal, it's essential for traders to factor it into their overall trading costs, especially if they engage in high-volume trading. The commission structure ensures that traders using the Micro account are aware of the costs associated with their trades upfront, allowing for better transparency and informed decision-making.

Account Type Spreads Commission
Cent Floating from 1 Pip None
Micro Fix from 3 Pips
Standard Fix from 2 Pips
Premium Floating from 0.3 Pip
ECN Floating from 0 Pip $7/lot

Trading Platforms

FirewoodFX provides its clients with the popular MetaTrader 4 (MT4) trading platform, renowned for its user-friendly interface and comprehensive features. With MT4, FirewoodFX users gain access to a powerful trading environment equipped with advanced charting tools, technical indicators, and analytical resources, empowering traders to make informed decisions.

The platform offers a seamless trading experience across various devices, including desktops, laptops, smartphones, and tablets, allowing traders to access their accounts and execute trades anytime, anywhere. MT4's compatibility with different operating systems ensures flexibility for traders who prefer trading on their preferred devices.

MT4

Deposits & Withdrawals

FirewoodFX offers a variety of convenient deposit and withdrawal methods to cater to the diverse needs of its clients. Clients can fund their accounts via bank transfer, QRIS, internet banking, virtual accounts (e-wallets), BIDR BEP20, BUSD BEP20, USD Tether TRC20/BEP20, credit card, Perfect Money, and Fasapay.

For Deposits:

For deposits, clients can choose from options such as bank transfer, QRIS, internet banking, virtual accounts, and various cryptocurrencies like BIDR BEP20, BUSD BEP20, and USD Tether TRC20/BEP20. For different ways, minimum amount and fees vary. For example, through Internet Banking, $10 of minimum amount is required. More details can be learned by clicking: https://www.firewoodfx.com/trading/deposit.

For Withdrawals:

Withdrawals from FirewoodFX accounts are also straightforward, with options including bank transfer, internet banking, and cryptocurrency withdrawals like BIDR BEP20, BUSD BEP20, and USD Tether TRC20/BEP20. Withdrawals are typically processed within 24 to 48 hours, depending on the chosen method. Similarly, for different ways, minimum amount and fees vary. For example, through Internet Banking, IDR 50,000 of minimum amount is required. More details can be learned by clicking: https://www.firewoodfx.com/trading/deposit.

Deposits & Withdrawals

Customer Service

Customers can visit their office or get in touch with customer service line using the information provided below:

Telephone: +442036083558

Email: support@firewoodfx.com

Address: Suite 305, Griffith Corporate Centre, Beachmont. St. Vincent and the Grenadines

FirewoodFX offers online messaging as part of their trading platform. This allows traders to communicate with customer support or other traders directly through the platform. Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders.

Contact form

Conclusion

In conclusion, FirewoodFX offers a range of products and services, catering to traders seeking diversification in their investment portfolios. However, it operates without regulatory oversight, which poses inherent risks for traders. While the platform provides competitive leverage and a user-friendly MT4 trading platform, the absence of regulation raises concerns about the safety and reliability of the service.

Frequently Asked Questions (FAQs)

Q 1: Is FirewoodFX regulated by any financial authority?
A 1: No. It has been verified that this broker currently has no valid regulation.
Q 2: How can I contact the customer support team at FirewoodFX?
A 2: You can contact via telephone: +442036083558, mail: support@firewoodfx.com and online messaging.
Q 3: Does FirewoodFX offer demo accounts?
A 3: Yes.
Q 4: What platform does FirewoodFX offer?
A 4: It offers MT4.
Q 5: What is the minimum deposit for FirewoodFX?
A 5: The minimum initial deposit to open an account is $10.
Q 6: At FirewoodFX, are there any regional restrictions for traders?
A 6: Yes. FirewoodFX does not accept clients from the United States of America, North Korea, Iraq, Iran, Saint Lucia and Saint Vincent and the Grenadines.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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小如改名叫昀泽r
more than one year
FirewoodFX’s customer support was friendly and had amazing knowledge on the product and was very fluent in carrying over all necessary information.
2023-03-01 10:14
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0
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FX1167949839
more than one year
It has been a whole month of trading here and I have to admit that I have enjoyed trading with this broker. The broker's pricing is fair and I have not seen any hidden commissions. The MT4 has always been a great trading platform.
2022-12-13 15:33
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0
0
重新戒烟
more than one year
Ultra-low minimum deposit requirements are just amazing, yes, very friendly, making me feel confident to get started. Having been using demo accounts for two days, everything goes well. I cannot wait to try a real one.
2022-12-09 11:10
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