FirewoodFX offers to trade over 30 currency pairs - both popular and exotic, as well as gold and silver.
Company. Fund security
FirewoodFX is another offshore regulated Forex broker. This brand is owned by Firewood Global Ltd., which is registered in Saint Vincent and the Grenadines - another coastal Caribbean area, is a financial services area with low broker regulation, maximum secrecy and zero income and capital gains tax. This island is a popular destination for Forex brokers, some of which have a bad reputation.
Generally, offshore brokers should be avoided regardless of their requirements, and even if they say they are regulated, as we said, the rules and requirements are quite minimal. Even worse, these brokers are not required to keep clients' money in segregated accounts and participate in client compensation schemes, which means that if they go bankrupt, their clients will lose their money.
FirewoodFX offers three types of trading accounts: micro, standard and premium. The broker also provides the opportunity to open a demo account, two types. A PAMM account and automated trading via ZuluTrade and TradeCopy are also available.
As for the spreads, they are fixed and differ depending on the account. So, on Micro they start from 3 pips, on Standard - from 2 pips and on Premium - from 1 pip.
The maximum leverage available in the company reaches 1: 1000. We need to warn traders that this looks more like a scam. Since the broker is registered in an offshore zone. If you want to trade with 1: 1000 leverage, we advise you to invest money in another broker, which you can find in our rating.
FirewoodFX offers trading on the popular MetaTrader 4 (MT4) platform. It is mainly used for margin trading. Allows users to program their own strategies and signals, and this feature is one of the main reasons for its popularity. The user terminal itself provides real-time trading operations, charts and technical analysis. It includes 50 basic indicators that can be further customized.
The broker also provides automatic trading through two platforms: TradeCopy and ZuluTrade.
FirewoodFX issues several types of bonuses. The first is the trading bonus for standard and micro accounts. It is available for every FirewoodFX standard lot closed within 30 days of the first deposit. There is also a 20% deposit bonus for deposits over $ 100.
The company has live chat, one phone number and email addresses for different regions: China, Philippines, Indonesia, and a single mail for traders from all over the world.
Ways of payment
FirewoodFX accepts deposits via bank transfers, credit / debit cards, global electronic payment systems Neteller, Skrill, FasaPay, OKPay, Perfect Money. Customers can also deposit funds through electronic payment services on the Thailand exchange and the exchange in Indonesia.
low minimum deposit; several trading platforms; demo account.
not regulated; a small selection of trading instruments; the site is not Russified; dangerously high leverage.
FIREWOODFX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker FIREWOODFX makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker.
In order to leave a review about the broker, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.
Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. FIREWOODFX received a score of 1 of 5 on our resource.