FirewoodFX-Overview of Minimum Deposit, Spreads & Leverage

General Information & Regulation

FirewoodFX is a global online forex broker founded by a group of forex trading professionals. FirewoodFX is currently not subject to any effective regulation.

Market Instruments

Investors can trade popular mainstream currency pairs, non-major currency pairs, and other CFD products with FirewoodFX.

Minimum Deposit

To meet different investors' investment needs and trading experience, FirewoodFX offers three different types of accounts: Micro (minimum deposit of $10), Standard (minimum deposit of $10), and Premium (minimum deposit of $100).

FirewoodFX Leverage

In terms of trading leverage, FirewoodFX offers super high leverage level, reaching up to 1:1000. Unregulated brokers usually offer high leverage to attract new traders. However, since leverage can amplify both profits as well as losses, it is important that forex traders learn how to manage leverage and employ risk management strategies to mitigate forex losses.

Spreads & Commissions

The spread for the Micro Account is 3 pips for EURUSD, 4 pips for GBPUSD, and 3 pips for USDJPY. Standard Accounts have a spread of 2 pips on EURUSD, 3 pips on GBPUSD, and 2 pips on USDJPY. The spreads on Premium Accounts start at 1 pip, and no commission is charged. For Premium accounts, the spread is 2 pips for EURUSD, 3 pips for GBPUSD, and 2 pips for USDJPY.

Trading Platforms

FirewoodFX offers traders the MT4, MT4 PC, MT4 Mobile, MT4 Android, MT4 Web, and MT4 Multi-Terminal to meet a wide range of user needs.

Deposit & Withdrawal

FirewoodFX welcomes a variety of convenient deposit and withdrawal methods, mainly wire transfer (minimum deposit and withdrawal of $100), USD Tether (minimum deposit and withdrawal of $100), and USD Tether (minimum deposit and withdrawal of $100). Traders who deposit via VISA & MASTERCARD need to pay 5% + $0.50 for the payment provider, while those who deposit via Skrill pay 5% + $0.50 for the payment provider. The system fee is 3.9% for deposits via Skrill, 4.4% + $0.29 for deposits via NETELLER, and 2.6% for deposits via China UnionPay. Traders need to pay 0.5% for USDT withdrawals, $10 for VISA/MASTERCARD withdrawals, and 0.5% for withdrawals via FasaPay.