In this article, we will review the Firewoodfx broker review, one of the forex brokers that currently often appears in advertising on major sites in search engines.
This broker is quite well known in the Asian region, especially in the Indonesian resident area, which offers fixed rates of $1 equivalent to IDR 10.000.
Offering leverage of up to 1:1000 and low spreads of 1 pip, Firewoodfx does not accept clients from the United States. Is this broker safe and legit? This article might help you make a conclusion.
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TenkoFX broker regulated by IFSC Belize
- 1 Company overview
- 2 Firewoodfx account types
- 3 Firewoodfx Trading platform
- 4 Firewoodfx minimum deposit
- 5 Is Firewoodfx regulated?
- 6 Payment system
- 7 Firewoodfx managed account
- 8 Firewoodfx promotion
- 9 Firewoodfx trader review
- 10 Firewoodfx award
- 11 Firewoodfx Advantage
- 12 Is Firewoodfx a safe broker?
- 13 Final thought
FirewoodFX broker founded in 2014 is directly focused on the Asian market. One of the strategies he uses to attract the attention of traders is to provide an Indonesian language option on his website, cooperate with local exchangers, and set a fixed exchange rate of IDR 10,000/USD for deposits and withdrawals.
FirewoodFX broker offers STP forex trading services with 4-digit price formats via the MetaTrader 4 platform. The trading server is located at Equinix NY4, a world-class financial facility located in the United States and can connect across leading Forex VPS. With this infrastructure, this forex broker intends to provide clients with the best forex trading experience.
Firewoodfx Company Profile
- Broker Name: FirewoodFX.
- Broker type: STP.
- Website: https://www.firewoodfx.com/ www.fwfxasia.com.
- Company name: Firewood Global Ltd.
- Head Office: St. Vincent and the Grenadines.
- Regulators: St. Vincent and the Grenadines (Reg Number: 22160 IBC 2014) as Firewood Global Ltd.
- Customer Service: telephone, email, and live chat.
- Website languages: English, Indonesian, Mandarin, and Filipino.
- Deposits and withdrawals: Sentraegold, Credit Card, Fasapay, Skrill, Neteller, Wire Transfer.
Firewoodfx account types
Firewoodfx offers 3 types of accounts with the following specifications:
- Account micro, minimum deposit $10, minimum lot size 0.01 (100), maximum trade 200 lot (2M), leverage maximum 1:1000, spread from 3 pips.
- Standard account, minimum deposit $10, minimum lot size 0.01 (1000), maximum 30 lot (3M), leverage maximum 1:1000, spread from 2 pips.
- Premium account, minimum deposit $100, minimum lot size 0.01 lot (10000), maximum 50 lot (5M), leverage maximum 1:1000, spread from 1 pip.
Firewoodfx allows traders to use robots, scalping and hedging are allowed, offering a 4-digit format for micro accounts and a 5-digit option on standard and premium accounts. Besides that, Firewoodfx also offers swap-free Islamic accounts for all account types.
Firewoodfx Trading platform
Firewoodfx is still using the Metatrader 4 platform, which is available for Metatrader4 for PC, MetaTrader 4 Web. MetaTrader 4 Mobile (iPhone and Android), and MetaTrader 4 MultiTerminal.
You can download the platform for PC directly, but for android, you must use a supported smartphone. To manage multiple accounts, trader users can use the Multi-terminal trading platform. For quick login access, use Metatrader web. Go to the download page.
Firewoodfx minimum deposit
Firewoodfx is a retail broker with a minimum deposit of only $10 on Micro and Standard accounts, micro accounts are suitable for novice traders who are just learning to trade on live accounts.
However, on premium accounts, Firewoodfx offers a minimum deposit of $100, with low spreads starting from 1 pip. Premium accounts are preferred by professional traders. Offering leverage of up to 1:1000 allows traders to open orders with low margin requirements but also increases risk.
Firewoodfx offers a 20% deposit bonus, with a maximum bonus of $100, this is only for clients whose first deposit is at least $100 and the account must be verified. Deposits less than $100 will not get the bonus. Bonus usage rules refer to the user’s agreement with the company, which the company may cancel the bonus anytime. Bonus only for a Micro account and a standard account. Premium account not eligible to get the bonus.
The 20% promotion bonus is only credit on the mt4 trading account, which is at the time of withdrawal. The bonus will be canceled if the closed trade volume is less than (bonus amount / 5) FirewoodFX lot for the Standard account. And (bonus amount / 0.5) FirewoodFX Micro lot for Micro accounts.
But if the number of lots exceeds the bonus, at the time of withdrawal, the bonus is transferred from credit to mt4 balance which can be withdrawn at any time.
Firewoodfx margin calculator
Firewoodfx also has a feature to calculate the amount of margin required to open a trade position, value per pip. Traders can take advantage of this basic tool to find out some detailed information for opening trade positions
Is Firewoodfx regulated?
Firewoodfx is a company based in St.Vincent and the Grenadines registered there, this is one of the most densely populated island countries in the Caribbean Sea region, FirewoodFX is actually not under the authority of a special financial regulator.
Regulatory information about Firewoodfx registered at St. Vincent and the Grenadines (Reg Number: 22160 IBC 2014) as Firewood Global Ltd.
However, Firewood Global Ltd is licensed as an independent company from the government of the British Commonwealth of Nations and has a clear address.
Firewoodfx supports several payment methods that make it easy for traders to choose one of their payment methods. The following are the methods supported by the Firewoodfx payment system:
- Wire transfer.
- USDT ( USD Tether as ERC-20 token)
- Credit card.
- China Union pay.
- Local exchanger for Indonesian traders.
Choosing one of the above payment systems has an effect on different minimum deposits. The minimum wire transfer and USDT is $100, the Credit card minimum is $50, the China Union pay is a minimum of $10, and otherwise only $1.
Firewoodfx managed account
Firewoodfx in one of its services to traders also becomes a bridge between traders and investor traders through PAMM and Copy trading.
These two services have the same function is to bridge between traders and investors. investor traders find PAMM traders and Copy trades with a profit-sharing mechanism regulated by Firewoodfx.
Firewoodfx PAMM offers a solution for professional traders and investors, where professional traders they allows to offer profit sharing to investor traders.
At the time of writing the Firewoodfx PAMM, there has not been a single fund manager registered to become a pro trader in this service.
Firewoodfx offers Copy-trading services, where investor traders can choose one of the copy trading leaders whose good trading performance.
At the time of writing, there are many copy trading leaders with varying performances and ages. Traders can follow one of the copy trading leaders which according to the assessment is good.
In its promotion, Firewoodfx once held a trading competition in 2019 with tempting prizes. However, it seems that the competition will not continue in the following year.
Another interesting promotion is the Trading reward bonus promotion of up to $5000. This promotion also has special rules, where the higher the deposit and the higher the trading volume, the higher the bonus will be earning.
Firewoodfx also offers a 20% deposit bonus with a minimum deposit of $100 for a trading account for the first time, provided that the account is verified.
Especially for clients from Indonesia, they get a fixed rate promotion of $1 equal to IDR 10,000 for deposits and withdrawals. This gives an account deposit advantage that is lower than the market rate which is around $1 equals IDR 14,000. So if you deposit $100 it only takes IDR 1000000 at a fixed rate of $1 equals IDR 10,000.
Firewoodfx trader review
Firewoodfx is basically a global broker looking to reach mainly the Asian region. This broker is quite popular in Indonesia especially. But it also reaches Malaysia, Vietnam, the Philippines, and others.
Traders’ reviews give a pretty good impression and there is satisfaction with low spreads, and fast market orders without delays, perfect for scalping.
But indeed not all traders believe in Firewoodfx because St Vincent and Grenades are not good regulations. However, many traders try to deposit below $100 just to gain experience trading with low fixed spreads.
Firewoodfx forex peace army
Firewoodfx broker in the list of Forexpeacearmy broker review, which is a very popular site among traders. There are many traders who provide reviews related to certain brokers about their experience.
At Forexpeacearmy, Firewoodfx has rated 4 stars on 3,696 out of 10 reviews. Some of them provide satisfaction reviews with low spreads. However, there are also those who complain about the leverage offered up to 1:1000 but when registering it is only 1:200.
FirewoodFX has had a string of brilliant achievements from various international agencies. The awards they received include Best STP Broker in South East Asia 2017 (Global Banking And Finance). Broker of the Year Asia 2016 (Le Fonti Awards).
Get award in Fastest Growing New STP Broker Asia 2016 (Global Banking And Finance). Best Broker, Southern Asia 2015 (Forex Report). and Best New STP Broker South East Asia 2014 (Global Banking And Finance).
Easy Registration Requirements
FirewoodFX provides simple trading facilities Simple registration requirements; You don’t need to upload any documents unless you want to claim a promotional bonus.
Various Strategies Allowed
By allowing various trading styles, both hedging, scalping, and the use of trading robots, making FirewoodFX is suitable for those who are just starting their trading career in the forex world.
Is Firewoodfx a safe broker?
Referring to the experience of traders, Firewoodfx is a safe broker, where the withdrawal process often takes less than a day.
However, what makes some traders doubt the status of Firewoodfx is that this broker is an offshore broker that does not receive strong regulations such as from the FCA.
However, there is a risk in an unregulated broker, therefore it is advisable to invest only with money that is ready if it is lost.
For clients who are looking for a simple forex broker without complicated requirements, FirewoodFX can be an option. FirewoodFX is a forex broker that does not offer too much of a bombastic offer, but there have never been any significant complaints about its services.
FirewoodFX is licensed as a financial provider company but is unregulated by special regulators. Its track record of more than 5 years proves that this orange-dominated broker has been able to meet market needs.
Forex trading is a risky trade, this review about Firewoodfx broker is just information that may be useful for some traders who want to get to know Firewoodfx.
This broker may in your view is less familiar, because this includes a new broker. But it has earned a place in the hearts of its customers. An attractive partnership program is the allure of this broker.
Note: this article is for informational purposes only and does not constitute investment advice. Each investor is responsible for their own investment.
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