Company Presentation
FirewoodFX was founded in 2014 and was created to provide simple trading solutions in forex. The company bases its trading conditions on clients that discern client's profit on the business. The broker competes heavily through its competitive trading service and includes a user-friendly platform for beginning and emerging traders.
Objective and Vision
Forex opens to everyone without concealing the same and leads: reasonable pricing, simple platforms, and strong services in regard to customer service. Its endeavor is to be known as the top reliable global enterprise largely due to its simpleness in trading.
Global Coverage
The company's main base is in Asia and the Middle East, but clients could be from nearly all parts of the world. Multi-lingual support is given to customers while localized services are also provided in order to reach as wide an audience as possible.
Advantages and Disadvantages
Strengths Against Weaknesses
Strengths
- Leverage up to 1:3000
- Comprehensive platform selection, including MT4
- Competitive pricing with transparent fee structures
- Swap-free Islamic Accounts Available
- 24/5 multilingual customer support
Weaknesses
- No Compensation Fund or Civil Liability Insurance
- Does not offer access to cryptocurrencies, individual stocks, or ETFs
- Some withdrawal methods incur fees
Extent on Security and Regulations
Licensing
For now, FirewoodFX is an offshore broker that is not regulated by any of the top-notch financial authorities.
Insurances for Funds Understanding and Segregation
Client fund-centric business since FirewoodFX highly describes safekeeping in a segregated account. Nevertheless, there are not any offerings surpassing the standard fees for financial protection by the company.
Tradable Definitions
Forex Pairs
There are more than 30 currency pairs to trade at FirewoodFX, including major, minor, and exotic pairs all priced using fixed spreads and leverage to measure.
Commodities
Such as trade gold and silver, popular commodities and allow a diversification possibility.
Indices
Provide few opportunities in world indices from major stock exchanges for CFDs.
Account Categories
Cent
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:3000 |
| Stop-out level | 20 |
Micro
| Minimum deposit | 0 |
|---|---|
| Commission | 3.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Stop-out level | 20 |
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 2.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Stop-out level | 20 |
Premium
| Minimum deposit | 0 |
|---|---|
| Commission | 0.3 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Stop-out level | 20 |
ECN
| Minimum deposit | 0 |
|---|---|
| Commission | 0.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Stop-out level | 20 |
Fees and Charges
Spreads and Commissions
Fixed-spending with a starting point of 2.0 pips is provided by FirewoodFX in two distinctive accounts, 1.0 pips for Premium Account, both with no charges falling under the trading category of fees.
Swap Rates
Swap-free Islamic accounts are provided upon request, with no charges incurable.
Inactivity Fees
FirewoodFX does not charge for inactivity and may sometimes be a better choice for occasional traders.
Types of Trading Platforms
| Available tools | Forex, Indices, Metals, Energy, CFDs, Cryptocurrency |
|---|---|
| Cryptocurrencies | BTC, ETH |
| CFD | Forex: 17 Metals: 2 Indices: 3 Cryptocurrency: 2 Energy: 1 |
Meta4
FirewoodFX offers a chart with advanced charting tool, automated trading solution, and many technical indicators.
Mobile Trading App
Mobile trading application of MT4 that can be downloaded by the user through the Play Store and used as they move around; all trades are recorded and well managed.
WebTrader
Trade at FirewoodFX’s WebTrader platform with no downloads as you make investment decisions right from your browser.
Help for the Users
Sign Up Procedures
For FirewoodFX, registering online completes the account by submitting to the institution's preferred account type and giving relevant authentication documents.
Verification Requirements
Verification, in this case, in the form of an internationally recognized proof of identity, like a passport or government-issued ID plus a proof of address like a utility bill or a bank statement, complies with the standard industry practice.
Deposit and Withdrawal
Payment Methods
Don't worry-this broker has several payment methods such as transfers from banks, through credit or debit cards, and e-wallets like Skrill and Neteller.
Processing Times
An immediate deposit is handled and a withdrawal might take 1–3 business days depending on how the payment was made.
Associated Charges
Instead, most deposits and withdrawals are usually free. Detailed information on the charges imposed on those transactions is provided on the broker's website.
FAQ
Is the broker regulated?
'I guess FirewoodFX goes offshore up to now and so, has no regulation from top financial authorities.
What trading platforms are available?
Actually, FirewoodFX already has MetaTrader 4, mobile trading, and Web trading.
How much is the minimum deposit to open an account?
With only $10, traders from all different levels should be looking into FirewoodFX.
What are the company's account types?
On this platform, traders can choose from these accounts: Standard, Premium, Micro, and even Demo, to suit each trading need.
What charges are related to fees and commissions?
Trading fixed spread from 1.0 pips on its Premium Account is shielded with no commission on trades.
What happens to the extent of leverage allowed?
Leverage will start from 1:1000 depending on the account and the trading instrument.
Can somebody make use of demo accounts?
The site subtly states one can use demo accounts to practice perusal without financial risk on virtual funds.
How does one reach the customer service?
Customer service has live chat, email, and phone-call options for during-business hours, and languages are managed.