FirewoodFX Review

Richard Montana | March 28, 2022

FirewoodFX is an unregulated forex broker located offshore that offers traders around the globe a very limited product range for trading online via the MetaTrader 4 platforms for desktop, web and mobile devices. The broker has a variety of account types and funding options but no educational resources or standalone trading tools to assist traders.

Pros / Cons
  • Easy to use MetaTrader 4 platform
  • Fixed spread accounts
  • Variety of account funding methods
  • Minimum $10 deposit
  • No US clients
  • No regulation
  • Very limited product range
  • No educational materials
  • No standalone trading tools
  • Limited account currency options


FirewoodFX is a forex broker based out of Saint Vincent and the Grenadines that offers online trading to clients all over the globe. They provide forex trading platforms for desktop, web and mobile devices running on iOS and Android. The brokers trading servers and infrastructure are hosted in the Equinix NY4 Datacenter which is a state-of-the-art financial hub popular amongst online brokerages.

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FirewoodFX is a brand owned by Firewood Global Ltd. A company registered in St Vincent and The Grenadines with registration number: 22160 IBC 2014. Unfortunately, they are an unregulated broker which is a red flag for us. Most professionals would only ever trade with a regulated broker as they can give investors more protection if something was to go wrong. You can see a list of our best trading brokers for regulated alternatives.

FirewoodFX accept clients from most countries although they do not accept clients from the United States of America.


FirewoodFX offer trading anywhere anytime with the popular MetaTrader platforms for desktop, web and mobile devices (iOS & Android).

MetaTrader 4 Desktop Platform

FirewoodFX MetaTrader 4 Desktop Platform

FirewoodFX MetaTrader 4 Desktop Platform

MetaTrader 4 offers some of the leading trading and analytical technologies, as well as additional services. It has everything most traders will need for Forex trading online. With 50+ built-in indicators and charting tools, multi-language interface, and ability to auto trade your strategies using MQL4 expert advisors (EAs). MetaTrader 4 also supports copy-trading signal service from MetaQuotes, the Russian company who developed the MetaTrader platform.

MetaTrader 4 Mobile Platform

FirewoodFX MetaTrader 4 Mobile Platform

FirewoodFX MetaTrader 4 Mobile Platform

Traders using the MetaTrader 4 mobile platform can enjoy the powerful functionality for trading Forex anytime and anywhere in the world. The entire selection of analytics and trading options are built into the MT4 mobile application. You will find all types of trading orders, 50+ technical analysis tools, convenient chat with other traders, audio and push notifications in your mobile device for continuous trading, wherever you are. The MT4 app is available to download from the relevant app stores.

MetaTrader 4 Web Platform

FirewoodFX MetaTrader 4 Web Platform

FirewoodFX MetaTrader 4 Web Platform

The MetaTrader 4 Web platform allows you to trade Forex from any browser and operating system (Windows, Mac, Linux) with no additional software downloads or installations required. All you need is Internet connection to access your broker account and start trading in just a couple of clicks. The MetaTrader 4 web platform features history of trading operations, graphical objects, full set of trading orders, 9 timeframes and more.

MetaTrader 4 Multi Terminal

FirewoodFX MetaTrader 4 Multi Terminal

FirewoodFX MetaTrader 4 Multi Terminal

The MT4 Multi Terminal enables users to manage multiple Metatrader 4 accounts using a single terminal. Professional Traders and Money Managers can open, manage and close orders in multiple accounts simultaneously, using various trade size allocation methods. Traders are also able to view live market prices and monitor all account balances and equity in real-time. The program interface is very similar to the MetaTrader 4 Client Terminal, so any trader who is already familiar with MT4 should easily be able to use the Multi Terminal program.


All of trading tools (apart from a very basic margin calculator) are included in the MetaTrader platforms. These tools are most likely to be sufficient enough for the average retail forex trader but professional traders may have found some additional standalone tools beneficial.


The broker has a Forex glossary that includes some of the most popular FX terminologies along with explanations of each. The website has a forex market news section with technical and fundamental analysis of the latest market happenings. There is also a very basic margin calculator and simple explanation of the forex market. We find the educational materials to be significantly lacking and would have preferred some tutorial videos and trading guides to help traders increase their knowledge of trading online.


FirewoodFX have a very limited range of trading instruments. There is a modest selection of forex currency pairs including minor, major and exotic currency crosses. In addition to this, they offer gold and silver CFDs. Most online brokerages offer hundreds of instruments covering a range of markets such as stocks, commodities, cryptos, etc.

  • Forex Currency Pairs
  • Gold & Silver


FirewoodFX Broker Account Types

FirewoodFX Broker Account Types

Firewood have a selection of different account types to cater to different trader needs. There are self-managed accounts for those who like to trade by themselves using their own manual or automated trading strategies. They also offer copy trading accounts and a PAMM service.

The broker has fixed spreads from 1 pip for major FX currency pairs and charges no commission. This does mean that spreads are marked up and likely to be higher than they would be at an ECN broker the majority of the time. Although the spreads are fixed, during low-liquidity period (Example: News releases, Major economic events, Asia Session, etc), slippage may occur. Having open positions and pending orders (Stop/Limit Orders,SL/TP) during scheduled economic events are discouraged by the broker.

Leverage of up to 1:1000 is available whilst the minimum trade size is 1000 (0.01) units for forex. FirewoodFX provides 3 account types with 2 options of pricing format:

Micro Account

  • 3 Pips fix spread on EURUSD and USDJPY
  • 4 Pips fix spread on GBPUSD and AUDUSD
  • 01 lot (100 units) min. trade size (1 cent per pip)
  • 200 lots (2000k units) maximum trade size
  • $10 Minimum deposit
  • Available in 4-digits pricing format

Standard Account

  • 2 Pips fix spread on EURUSD and USDJPY
  • 3 Pips fix spread on GBPUSD and AUDUSD
  • 01 lot (1000 units) minimum trade size
  • 30 lots (3000k units) maximum trade size
  • $10 Minimum deposit
  • Available in 4-digits and 5-digits pricing format

Premium Account

  • 1 Pips fix spread on EURUSD and USDJPY
  • 2 Pips fix spread on GBPUSD and AUDUSD
  • 1 lot (10000 units) minimum trade size
  • 50 lots (5000k units) maximum trade size
  • $100 Minimum deposit
  • Available in 4-digits and 5-digits pricing format

FirewoodFX state that they have no trade restrictions. They welcome expert advisors, news trading strategies, scalping and hedging.

PAMM Accounts

The FirewoodFX PAMM (percent allocation management module) accounts are a solution for professional fund managers and investors. PAMM is a service that allows traders to manage funds of many investors on a single trading account. The PAMM Manager can offer his trading portfolio in the FirewoodFX PAMM Service, while investors can choose and diversify various portfolios. Any profits are shared and fees processed automatically. It should be noted that there are no guarantees that a PAMM account will be profitable and you should have a clear understanding of the risks involved with trading online.

Forex Copy Technology

This is a useful tool for both Private Fund Managers and Investors. With the Forex Copy tool, the manager and investor can come to a mutual agreement with specific terms and conditions. Once the mutual agreement achieved, the Forex Copy will bridge the manager’s trades into investor’s account.

Demo Accounts

FirewoodFX have free forex demo trading accounts with $10,000 in virtual trading funds. These accounts can be a good way to familiarise yourself with the trading platforms and also to practice your trading strategies.


FirewoodFX provide customer support via online chat, telephone and email.


At FirewoodFX, making deposits is simple and straight forward and most methods are instantly processed. Requesting withdrawals is also simple, they process withdrawals up to 24-hours after the request is confirmed. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant. The broker states that they are constantly striving to offer even more deposit and withdrawal options and to make the process even easier.

FirewoodFX have a variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller, Skrill, Perfect Money, OKPAY, FasaPay and UnionPay. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.

Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FirewoodFX strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your FirewoodFX trading account.

Accounts can be opened in USD. It would be beneficial if there were different currency options as currency conversion fees do not apply when using an account in your own currency.

FirewoodFX Trading Account Funding

FirewoodFX Trading Account Funding


It only takes a few minutes to apply for a trading account with FirewoodFX and it is a completely online process. Simply fill in the form provided on the brokers website by providing your personal information and answering a few questions.

FirewoodFX Broker Application

FirewoodFX Broker Application


FirewoodFX is an unregulated offshore forex broker with a limited range of tradeable assets. They do offer the user friendly and powerful MetaTrader 4 platform that is flexible across multiple devices. There are a variety of account types including fixed spread accounts that may attract traders with certain trading strategies. They also have multiple account funding options. The educational resources are distinctly lacking as are additional trading tools to assist traders. However, the lack of regulation alone if the primary reason we would look for another online broker.

FirewoodFX Logo

Min $10 Deposit

FirewoodFX is an unregulated forex broker offering a very limited product range for trading online via the MT4 platforms for desktop, web & mobile. They have a variety of account types & funding options but no educational resources or standalone trading tools.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.