FirewoodFX Review: Is FirewoodFX A Good Broker For You?

FirewoodFX Review: Is FirewoodFX A Good Broker For You?

FirewoodFX supports trading in forex, metals (like gold and silver), energies (such as crude oil and natural gas), and indices (including Dow Jones 30, Nasdaq 100, DAX 30, and Nikkei 225). 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. First, we should start talking about trading fees that are present on the FirewoodFX website. For Standard and Micro accounts spreads start from 2 and 3 pips respectively.

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  1. 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.
  2. This website is using a security service to protect itself from online attacks.
  3. Real-time analysis and Expert Advisors are highly appreciated by modern-day traders, and these features can significantly improve your portfolio and make your profits more lucrative.
  4. We have over 20 years of experience when it comes to trading online so we know what to look for.
  5. Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market.
  6. As we already said earlier in our FirewoodFX review, this brokerage only offers fixed spreads.

Furthermore, we should also note that a client’s funds could be ill-protected because we could not come across a feature of negative balance protection on the website. As for AML policy which is one of the cornerstones of Forex brokers, there is no information about that as well. All things considered, this broker does do what it says on the tin, so to speak, and their transparency cannot be denied.

Account Information

FirewoodFX ensures platform accessibility for traders using Windows, Mac, Linux, Android, iOS, and web browsers. Online trading involves significant risk, and you may lose all of your invested capital. 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. We should also have a look at non-trading fees such as commissions on withdrawals and deposits.

FirewoodFx Fees (typical spreads)

MT4 offers global market access, trade execution, advanced analysis tools, indicator options, and automated trading via expert advisors (EAs). FirewoodFX provides four different account types, Cent account, Micro account, Standard account, Premium account and also Islamic, Swap-Free, and Risk-Free Demo account options. The minimum deposit amount required to register a FirewoodFX Professional live trading account is $10 USD. The company offers clients trading through the MetaTrader4 platform on over 30 forex currency pairs, gold, and silver, equity indices, and energies. 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.

Surpassed 41.96% brokers

The broker’s commitment to trader education underlines its dedication to empowering clients with the knowledge required for successful trading. Nevertheless, it’s important to recognize that while FirewoodFX offers robust features, there are alternative brokers with more extensive track records that may warrant consideration. Novice traders who sign up FirewoodFX will have the opportunity to use a Demo account and to try out all the features of the trading terminal.

Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market. There are a number of managed account options available that include PAMM, ForexCopy, and ZuluTrade.

The company underscores its commitment to empowering traders by offering a robust trading platform and a suite of innovative tools. These resources are designed to enhance the trading experience, providing traders with the necessary tools and technology to navigate the financial markets effectively. FirewoodFX, founded in 2014 as an offshore forex broker, operates outside the purview of regulatory oversight. This unregulated status exposes traders to significant risks and challenges. Firstly, there’s no assurance that FirewoodFX segregates client funds from its own, potentially leading to issues in cases of insolvency or legal troubles. The brokerage provides traders with MetaTrader 4 (MT4), a widely acclaimed trading platform accessible on Windows, Mac, Linux, Android, iOS, and web browsers.

Founded in 2014, FirewoodFX is an online forex and CFD broker based out in Saint Vincent and the Grenadines, Caribbean. It is an offshore broker in this jurisdiction and not regulated by any government agency. As FirewoodFX does not hold any license, trading here does pose a risk, and if something unexpected should happen to the broker, there is no assurance that client money will be safe. FirewoodFX accepts clients from all over the world, excluding the United States of America as clients from that jurisdiction fall under strict rules when trading. As we all know, St. Vincent and The Grenadines belongs to a relatively small circle of Caribbean countries which offer various versions of financial services.

All withdrawal processing times are shown on the website, with all aside from wire transfer and card withdrawals (which are within 48 hours), are processed within 24 working hours. Of course, the time is taken for you to actually receive your funds firewoodfx review may vary depending on your banking provider or third party processors. As with the deposit methods, all withdrawal methods available are set out on the website with their applicable costs, which are the same, if not similar to the deposit fees.

Read on to discover if FirewoodFX is a broker you can trust, or you should keep your hard-earned cash as far away from them as possible. It offers users the choice of over 50 different built-in indicators and a full charting package, a multi-language interface, and the ability to auto-trade your strategy using MQL4. FirewoodFX offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.

Promotions and competitions are certainly important elements that we need to mention in this FirewoodFX review, simply because we all love free stuff, don’t we? FirewoodFX will give you a 20% bonus on your first deposit, which has to be over $100. Also, there is a trading bonus available with FirewoodFX, and many traders are exploiting the benefits of these incentives and promotional activities. 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. Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

When we talk about withdrawals on FirewoodFX, you need to consider that frequently banks need to verify your transactions, meaning that the transfer could take roughly up to 7 working days. What we do not like about deposits and withdrawals on FirewoodFX is the fact that it takes commissions, which is pretty annoying on deposits especially. The minimum trade size requirements are set out on the website and vary according to account type. This also can help prospective clients decide which account is more suitable, depending on the type of trading you like to conduct, complying with the capital you wish to deposit. FirewoodFX is a well-established broker since2014.FirewoodFX hasa headquarter in.FirewoodFX to provide their Forex/CFD trading services to global clients. Since FirewoodFX is a relatively new name in the Forex trading sky, many investors are still not quite familiar with this particular broker house.

In addition, price chart is also usually provided with some analytical toolsto help you analyze the price movement, so you can increase your profitability by placing well-plannedtrades. 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. Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates. The MetaTrader4 Web platform features a history of trading operations, a full set of trading orders, 9 timeframes, and graphical objects. Professional Trader and Money Managers can open, manage, and close orders in multiple accounts simultaneously, using various trade size allocation methods with the Multi-terminal program.

The website is available in other languages as well but the support is not provided. We think that the absence of other popular languages is disadvantageous for the broker’s reputation. Even so, each tradable hair has a different starting spread, so for each pair, it varies, as well as depending on the account option you go for. All starting spreads are displayed on the website too which is useful to refer to.

According to research recently done, FirewoodFX is an established forex broker company in St Vincent and the Grenadines. Discover how Crypto Fund Trader revolutionizes prop trading with its unique platform. Dive into our comprehensive review of CFT’s trading challenges, capital access up to $200,000 in virtual funds… At the moment users can only get information in the English language.

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