FirewoodFX-Overview of Minimum Deposit, Spreads & Leverage

WikiFX | 2024-12-27 18:09

abstrak：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 and Cons

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

Is FirewoodFX Legit?

No, FirewoodFX is not regulated by any reputable financial body. Please be aware of the risk!

What Can I Trade on FirewoodFX?

Tradable Instruments	Supported
Forex	✔
Gold	✔
Cryptos	✔
Oil	✔
Indices	❌
Stocks	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type

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	50 lot (3,000,000)

Leverage

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

Spread and Commission

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

Trading Platform	Supported	Available Devices	Suitable for
MT4	✔	Web, PC, Mac, mobile and tablet	Beginners
MT5	❌	/	Experienced traders

Deposit and Withdrawal

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)		$10
USD Tether TRC20/BEP20	USTD	$1
USD Coin BEP20	USTD
IDRX BEP20	IDRX
Credit Card	USD	$50	$0.5+ 5%	Instant deposit
Perfect Money	USD	$1	❌
Fasapay	USD, IDR	$1
Thai QR Payment	THB	$10		Few minutes