According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 10$
- MetaTrader4
- Mobile
- Web Trading platform
- SVG FSA
- 2014
Our Evaluation of FirewoodFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FirewoodFX is a broker with higher-than-average risk and the TU Overall Score of 4.64 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FirewoodFX clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Brief Look at FirewoodFX
FirewoodFX is a brand name owned by Firewood Global Ltd. Firewood Global Ltd. is duly registered in St. Vincent and The Grenadines with reg. no. 22160 IBC 2014. FirewoodFX offers its services worldwide. FirewoodFX was initially launched by a team of experts in the sphere of Forex trading. FirewoodFX team has a vast experience in the financial field. Therefore they are skilled enough and eager to provide some premium trading experience for traders and investors globally. FirewoodFX offers an STP model of trades execution combined with 4-digits pricing and fixed spread to ensure the most friendly trading conditions.
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FirewoodFX Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. FirewoodFX Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MetaTrader 4, Mobile, web platform |
|---|---|
| 📊 Accounts: | Micro, Standard, Premium |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Bank Transfer, USD Tether, Credit Card, Unionpay, Neteller, Skrill, Vietnam Exchanger, FasaPay, PerfectMoney |
| 🚀 Minimum deposit: | 10 USD |
| ⚖️ Leverage: | 1:1000 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 lot |
| 💱 EUR/USD spread: | 0,1 pips |
| 🔧 Instruments: | Forex, Cryptocurrencies, Indicies, Commodities, Share CFDs, ETFs. |
| 💹 Margin Call / Stop Out: | Stop Out – 20% |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Mobile Platforms |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market execution, Instant execution |
| ⭐ Trading features: | No |
| 🎁 Contests and bonuses: | 20% Deposit Bonus |
FirewoodFX Key Parameters Evaluation
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Regulation and safety
FirewoodFX has a safety score of 4.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Negative balance protection
- Track record over 11 years
- Not tier-1 regulated
FirewoodFX Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 SVG FSA |
Financial Services Authority of St. Vincent and the Grenadines | St. Vincent and the Grenadines | No specific fund | Tier-3 |
FirewoodFX Security Factors
| Foundation date | 2014 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker FirewoodFX have been analyzed and rated as Medium with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No inactivity fee
- No withdrawal fee
- Above-average Forex trading fees
- Deposit fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of FirewoodFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, FirewoodFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
FirewoodFX Standard spreads
| FirewoodFX | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,1 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,3 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,2 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,4 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
FirewoodFX RAW/ECN spreads
| FirewoodFX | Pepperstone | OANDA | |
| Commission ($ per lot) | 5 | 3 | 3,5 |
| EUR/USD avg spread | 0,1 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,15 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with FirewoodFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
FirewoodFX Non-Trading Fees
| FirewoodFX | Pepperstone | OANDA | |
| Deposit fee, % | 0-5 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 10 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
FirewoodFX offers accounts with both floating and fixed spreads, a minimum trade size of 0.01 lots, and a Stop Out level of 20%. Upon request, any account can be converted into an Islamic (Swap-Free) account to accommodate Muslim traders.
Account types:
You can also open a demo account with FirewoodFX. It is intended for making trades in the trading simulator by using virtual funds.
Deposit and withdrawal
FirewoodFX received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
FirewoodFX offers limited payment options and accessibility, which may impact its competitiveness.
- Low minimum withdrawal requirement
- Bank card deposits and withdrawals
- No withdrawal fee
- USDT (Tether) supported
- Only major base currencies available
- PayPal not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
What are FirewoodFX deposit and withdrawal options?
FirewoodFX offers a limited selection of deposit and withdrawal methods, including Bank Card, Bank Wire, BTC, USDT. This limitation may restrict flexibility for users, making FirewoodFX less competitive for those seeking diverse payment options.
FirewoodFX Deposit and Withdrawal Methods vs Competitors
| FirewoodFX | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are FirewoodFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. FirewoodFX supports the following base account currencies:
What are FirewoodFX's minimum deposit and withdrawal amounts?
The minimum deposit on FirewoodFX is $10, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact FirewoodFX’s support team.
Markets and tradable assets
FirewoodFX offers a limited selection of trading assets compared to the market average. The platform supports 32 assets in total, including 30 Forex pairs.
- Crypto trading
- Indices trading
- Copy trading platform
- Small selection of currency pairs
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by FirewoodFX with its competitors, making it easier for you to find the perfect fit.
| FirewoodFX | Plus500 | Pepperstone | |
| Currency pairs | 30 | 60 | 90 |
| Total tradable assets | 32 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products FirewoodFX offers for beginner traders and investors who prefer not to engage in active trading.
| FirewoodFX | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | Yes | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Contacts
| Foundation date | 2014 |
|---|---|
| Registration address | Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines. |
| Regulation | SVG FSA |
| Official site | firewoodfx.com |
| Contacts |
+442036083558
|
Comparison of FirewoodFX with other Brokers
| FirewoodFX | Eightcap | XM Group | RoboForex | Pocket Option | IC Markets | |
| Trading platform |
MetaTrader4, MetaTrader Web, MetaTrader Mobile | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | MT4, cTrader, MT5, TradingView |
| Min deposit | $10 | $100 | $5 | $10 | $5 | $200 |
| Leverage |
From 1:1 to 1:1000 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 1 point | From 0 points | From 0.8 points | From 0 points | From 1.2 point | From 0 points |
| Level of margin call / stop out |
No / 20% | 80% / 50% | 100% / 50% | 60% / 40% | 30% / 50% | 100% / 50% |
| Order Execution | Instant Execution, Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | No |
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