FirewoodFX Review 2020
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.
FirewoodFX Review 2020, 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
In this detailed FirewoodFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FirewoodFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FirewoodFX.
FirewoodFX Review: Summary
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.
Founded in 2014 by a group of forex trader professionals, the brokers goal is to provide the best forex trading experience to traders. They have won a few awards including The Best STP Broker 2019 (European CEO Awards 2019), Best Forex Trading Platform Asia 2019 (International Business Magazine), Best STP Broker 2018 (European CEO Awards 2018), Best STP Broker in South East Asia 2017 (Global Banking and Finance), Fastest Growing New STP Broker Asia 2016 (Global Banking and Finance), Best New STP Broker South East Asia 2014 (Global Banking and Finance).
FirewoodFX Review: Regulation
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 Review: Countries
FirewoodFX accept clients from most countries although they do not accept clients from the United States of America. Some FirewoodFX broker features and products mentioned within this FirewoodFX review may not be available to traders from specific countries due to legal restrictions.
FirewoodFX Review: Trading Platforms
FirewoodFX offer trading anywhere anytime with the popular MetaTrader platforms for desktop, web and mobile devices (iOS & Android).
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
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
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
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.
FirewoodFX Review: Trading Tools
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.
FirewoodFX Review: Education
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 Review: Trading Instruments
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 Review: Trading Accounts & Fees
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:
- 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
- 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
- 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.
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.
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.
As broker fees can vary and change, there may be additional fees that are not listed in this FirewoodFX review. It is imperative to ensure that you check and understand all of the latest information before you open a FirewoodFX broker account for online trading.
FirewoodFX Review: Customer Service
FirewoodFX provide customer support via online chat, telephone and email.
FirewoodFX Review: Deposit & Withdrawal
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 Review: Account Opening
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 Review: Conclusion
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.
There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose, it is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss.