Abstract:Based in Saint Vincent and the Grenadines, FirewoodFX is an unregulated forex broker that was established in 2014. FirewoodFX provides various financial products to trade via the MT4 platform, including Forex, Gold, Cryptos, Oil and more. Demo accounts are available and the minimum deposit requirement to open a live account is only $10.
Firewood FX Review Summary | |
Founded | 2014 |
Registered Country/Region | Saint Vincent and the Grenadines |
Regulation | Unregulated |
Market Instruments | Forex, Gold, Cryptos, Oil, etc. |
Demo Account | ✅ |
Leverage | Up to 1:3000 |
Spread | From 2 pips (Standard account) |
Trading Platform | MT4 |
Min Deposit | $10 |
Customer Support | Live chat, contact form |
Tel: +442036083558 | |
Email: support@firewoodfx.com | |
Address: Suite 305, Griffith Corporate Centre, Beachmont. St. Vincent and the Grenadines | |
Regional Restrictions | The United States, North Korea, Iraq, Iran, Saint Lucia and Saint Vincent and the Grenadines |
Based in Saint Vincent and the Grenadines, FirewoodFX is an unregulated forex broker that was established in 2014. FirewoodFX provides various financial products to trade via the MT4 platform, including Forex, Gold, Cryptos, Oil and more. Demo accounts are available and the minimum deposit requirement to open a live account is only $10.
Pros | Cons |
Various trading options | Unregulated |
Demo accounts | Regional restrictions |
Cent account offered | |
Multiple account types | |
Commission-freefor most accounts | |
Low minimum deposit | |
Multiple payment options | |
Live chat support |
No, FirewoodFX is not regulated by any reputable financial body. Please be aware of the risk!
Tradable Instruments | Supported |
Forex | ✔ |
Gold | ✔ |
Cryptos | ✔ |
Oil | ✔ |
Indices | ❌ |
Stocks | ❌ |
Bonds | ❌ |
Options | ❌ |
ETFs | ❌ |
FirewoodFX offers five accounts to choose from, including Cent, Micro,Standard, Premium and ECN accounts. Besides, it also sets up demo accounts for traders to practice trading with virtual credit. Islamic swap free accounts are available.
Account Type | Min Deposit | Max Trade Size | Min Trade Size |
Cent | $10 | 100 cent lot (100,000) | 0.01 cent lot (1,000) |
Micro | 200 micro lot (200,000) | 0.01 micro lot (100) | |
Standard | 30 lot (3,000,000) | 0.01 lot (1,000) | |
Premium | 50 lot (3,000,000) | ||
ECN | $200 |
FirewoodFX provides leverage up to 1:3000 for Cent account and up to 1:1000 for other accounts. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Account Type | Max Leverage |
Cent | 1:3000 |
Micro | 1:1000 |
Standard | |
Premium | |
ECN |
FirewoodFX offers different spreads for different accounts. The broker charged $7/lot for ECN account and commission-free on other accounts.
Account Type | Spread | Commission |
Cent | Floating from 1 pip | ❌ |
Micro | Fixing from 3 pips | ❌ |
Standard | Fixing from 2 pips | ❌ |
Premium | Floating from 0.3 pip | ❌ |
ECN | Floating from 0 pips | $7/lot |
Trading Platform | Supported | Available Devices | Suitable for |
MT4 | ✔ | Web, PC, Mac, mobile and tablet | Beginners |
MT5 | ❌ | / | Experienced traders |
Payment Options | Accepted Currencies | Min Deposit | Fees | Processing Time |
Bank Transfer | USD | $100 | Bank fees may apply | 24 hours |
QRIS | IDR | IDR 100,000 | ❌ | Few minutes |
Internet Banking (Indonesian Local Bank) | $10 | |||
Virtual Account (E-Wallet) | ||||
USD Tether TRC20/BEP20 | USTD | $1 | ||
USD Coin BEP20 | ||||
IDRX BEP20 | IDRX | |||
Credit Card | USD | $50 | $0.5+ 5% | Instant deposit |
Perfect Money | $1 | ❌ | ||
Fasapay | USD, IDR | |||
Thai QR Payment | THB | $10 | Few minutes |
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