These trading platforms are offered in three languages which include English, Chinese and Indonesian. The trader can also view live market prices and monitor all account’s balances and equity in real-time. The program interface is very similar to the MetaTrader4 Client Terminal, so any trader can easily use this program in a short time. FirewoodFX is an online forex and CFD broker based out of the Caribbean in Saint Vincent and the Grenadines. Therefore, engaging with FirewoodFX carries inherent risks that every investor should be cognizant of before committing any funds to the platform. Having a nice and clean design, the broker’s website includes most information a trader would ever need, although some more details in the “About us” section would be appreciated to help build more credibility.
Broker Information
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. 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. Islamic accounts are also available, and there is the option of PAMM accounts as well, upon request. We use dedicated people and clever technology to safeguard our platform.
FirewoodFx Fees (typical spreads)
The maximum available leverage can be limited by local financial regulators or by international regulations, in such case, the displayed maximum leverage may not match the leverage you can actually trade with. There is no specific trading educational material or packages to be found, however, this is not an issue for the newer traders out there, as you can easily find training material online, paid courses as well as free. Traders can use these tools and resources to help manage their risk, and also get access to educational material and other resources. However, it’s important to note that trading always carries a risk and no strategy or tool can guarantee success. Traders should always understand the risks involved and invest only what they can afford to lose. As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
FirewoodFx Review – Is it a Scam or Legit Broker (
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Account Information
Deposits are being handled in the so-called instant processing manner, and for the withdrawals – you could be forced to wait 2-3 days, depending on your preferred withdrawal method. Also, FirewoodFX usually charges a small fee (around 1%) on the withdrawal requests. ForewoodFX offers global clients a 20% bonus on their first deposits at a minimum of $100 or more. If you deposit $ 500, you will be able to hold a losing position of up to $ 600. Regular clients can earn $10 credit for every standard lot, or 10 micro lots that are closed within 30 days from making your first deposit.
- FirewoodFX provides assistance in multiple languages, and you can contact their team through several means of communication, such as telephone, email, live chat, and so on.
- In general, FirewoodFX provides trading service in Forex and Gold & silver .
- As soon as the account is verified, the client can log in and start trading.
- Their software package is optimized for the use on Android, iOS and Windows Mobile devices.
You should not trade unless you fully understand the true extent of your exposure to the risk of loss. This involves https://traderoom.info/ the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.
With the development of social media and smartphones, the financial world was also forced to make adjustments. Nowadays, almost all brokerages offer a mobile version of their websites, and FirewoodFX is no exception. Their software package is optimized for the use on Android, iOS and Windows Mobile devices. By offering this option, FirewoodFX has enabled traders to invest at any time and from anywhere. Since FirewoodFX is a relatively new brokerage, they have been able to incorporate into their website only the most modern and the most sophisticated trading tools and features.
Luckily, we are here for you, and this in-depth FirewoodFX review will give you the most comprehensive overview of this brokerage. FirewoodFX is under the ownership of Firewood Global LTD, and this global financial enterprise was established in 2014. FirewoodFX is an STP brokerage (Straight Through Processing), and this company’s headquarters is located in the tax haven of St. Vincent and The Grenadines. The registered address is Suite 305, Griffith Corporate Centre, Kingstown.
Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders. To summarize our FirewoodFX review we need to answer the main question, which would be interesting for every customer – is FirewoodFX broker legit? Considering all the necessary details and features of the broker, first, we need to mention that the brokerage company does not have any license which increases the chances of being scammed. Furthermore, commissions for deposits and withdrawals are large and we do not think that the majority of users will “like” this feature.
FirewoodFx, an established name in the online brokerage industry, has steadily gained the attention of traders seeking a platform for their financial endeavors. As we embark on this comprehensive review, our aim is to provide you with an authentic, unbiased analysis of FirewoodFx’s services and capabilities. Join us on this exploration, where we leave no stone unturned in our quest to uncover the essence of FirewoodFx. All account types offer commission-free trading and fixed spreads, which explains why the spreads offered are wider than what has become standard with other brokers. However, all traders should consider their own trading style and calculate what makes the better deal for them; commission-free trading with wide spreads, or tight spreads with larger commissions.
The website is clearly set out, and a live chat support team is on hand 24/5 should you require assistance. As we already said earlier in our FirewoodFX review, this brokerage only offers fixed spreads. The starting spread for the Standard account is 2 pips, and all of this indicates that FirewoodFX stays within the industry standards when it comes to charging fees and offering spreads and leverages.
We verify and compare brokerage companies and warn our readers about suspicious projects or scam marketing campaigns. We are also a community of traders that support each other on our daily trading journey. FirewoodFX offers a handful of bonuses and promotional schemes including a Deposit Bonus which all clients can take advantage of. This bonus scheme gives 20% of your deposit, on top of what you fund your account with. For example, if you make a $100 deposit or more, you will be eligible for a 20% bonus. Bonuses must not, however, be understood as giving you true extra margin and equity, and the policy to withdraw them are rarely met, therefore very very few traders actually ever get to withdraw their profit.
To be honest, FirewoodFX does not provide anything outrageous or amazing when it comes to educational materials, but novice clients will have enough learning opportunities once they join this brokerage. For instance, text articles explaining what is Forex and why you should invest in these markets will give you the basic knowledge about the online trading world. Aside from those, FirewoodFX also offers a Glossary, Margin Calculator, and News section.
Demo accounts replicate real market conditions, providing a risk-free environment for learning and honing trading skills. FirewoodFX is a global online broker that has already been operating for several years, firewoodfx review attracting the attention of various traders around the world. As stated on the official website, the company strives to adopt innovations and create a favorable trading atmosphere for its clients.
