Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
FirewoodFX Pros & Cons
- Access to multiple markets such as currency pairs, metals, cryptocurrencies, oil, and indices.
- Low minimum deposit from $1 on the Cent account or $10 on the standard account.
- Leverage is up to 1:3000.
- MetaTrader 4 trading platform with support for algorithmic trading systems.
- Low spreads from 1 pip and no commission on all accounts.
- Availability of Swap Free accounts.
- Copy trading support via the ForexCopy platform.
- Lack of strong Tier-1 regulation.
- Only MT4 is available, with no MT5 or alternative trading platforms.
- Customer support quality may be inconsistent.
FirewoodFX is a trading brand owned by three companies registered in Saint Vincent and the Grenadines under No. 22160 IBC 2014. It holds license T2023361 from MISA (Mwali International Services Authority) and license No. MB/25/0134 from the FSA (Labuan Financial Services Authority). FirewoodFX uses an STP execution model combined with five-digit quotes and floating spreads to provide competitive trading conditions. Its services are available in more than 230 countries. Through the MetaTrader 4 trading platform, clients gain access to Forex and various CFD asset classes.
TU Expert Verdict
FirewoodFX carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.
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FirewoodFX User Reviews
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria7 /10The trading and non-trading commissions of FirewoodFX have been analyzed and rated as having Medium fees, with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No withdrawal fee
- 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 OANDA FOREX.com EUR/USD min, pips 0.1 0.1 0.7 EUR/USD max, pips 0.3 0.5 1.2 GPB/USD min, pips 0.2 0.1 0.9 GPB/USD max, pips 0.4 0.5 1.4 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 OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 5 3.5 5 EUR/USD avg spread 0.1 0.15 0.2 GBP/USD avg spread 0.15 0.2 0.4 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 OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0-5 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 10 0-15 0 Inactivity fee ($, per month) 0 0 15 -
Is FirewoodFX Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria4.7 /10FirewoodFX 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 12 years
- Not tier-1 regulated
FirewoodFX Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level 
SVG FSA Full Name Financial Services Authority of St. Vincent and the Grenadines Country of regulation St. Vincent and the Grenadines Investor Protection Fund No specific fund Regulation Level Tier-3 FirewoodFX Security Factors Foundation date 2014 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.5.7 /10FirewoodFX offers the following account options: Demo, Standard, ECN/Raw spread, Cent, Micro, Swap Free.
FirewoodFX covers the core account types, making it convenient for traders with different preferences and strategies.
- Forex account with Micro lots
- Cent account for beginners
- Swap Free (Islamic) account
- No VIP account option
FirewoodFX account types vs top competitors FirewoodFX Plus500 OANDA Standard YesYesYesECN/Raw spread YesNoYesDemo YesYesYesCent YesNoNoMicro YesNoYesSwap Free YesNoYesVIP NoNoNoManaged NoNoNoFirewoodFX accounts trading conditions
FirewoodFX provides accounts with floating spreads, a minimum trade size of 0.01 lots, and a Stop Out level of 20%. Each account can be converted into an Islamic Swap Free account upon request by a Muslim trader.
Account types:
Account Type Description Cent An account with a contract size of 100,000 USC. The minimum deposit is $1. Leverage is up to 3000. Spreads are variable from 1 pip. No commission per lot Pro An account with a standard lot size of $100,000. Leverage is up to 3000. Spreads are floating from 1 pip. The minimum deposit is $10. No commission per lot Islamic (Swap Free) A special account type with no swaps or interest charges. Instead, a fixed fee applies for holding positions overnight. The account complies with Sharia law Demo A practice account designed for learning and testing trading strategies in a risk-free environment using virtual funds -
Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology5 /10FirewoodFX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
FirewoodFX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bank wire transfers available
- USDT (Tether) supported
- Bitcoin (BTC) accepted
- Low minimum withdrawal requirement
- Deposit fee applies
- PayPal not supported
- Only major base currencies available
What are FirewoodFX deposit and withdrawal options?
FirewoodFX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, BTC, USDT.
FirewoodFX Deposit and Withdrawal Methods vs Competitors FirewoodFX Plus500 OANDA Bank Wire YesYesYesBank card YesYesYesPayPal NoYesYesWise NoNoNoBTC YesNoYesWhat are FirewoodFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. FirewoodFX supports the following base account currencies: USD, IDR, THB.
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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria4.3 /10FirewoodFX 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
- Copy trading platform
- Indices trading
- Bonds not available
- 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 OANDA Currency pairs 30 60 68 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 32 2800 129 Stocks NoYesYesCommodity futures YesYesYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesYesYesStock indices YesYesYesOptions NoYesNoInvestment 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 OANDA Bonds NoNoYesETFs YesYesNoCopy trading YesNoYesPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at FirewoodFX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We successfully registered an account with FirewoodFX in 6 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at FirewoodFX is $10. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Low minimum deposit requirement
- Fully online account opening process
- Quick KYC verification (1 business day or less)
- Account setup process may feel less convenient for beginners
FirewoodFX account opening FirewoodFX Plus500 OANDA Online Registration YesYesYesMinimum deposit $10 $100 $0 Mandatory KYC YesYesYesRegistration time (min) 6 10 KYC time (days) 1 3 3 Is FirewoodFX available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
Opening an account with FirewoodFX is completed remotely on its official website. Follow these steps to register an account and start trading:
Enter basic personal details in the registration form, including your name, phone number, and email.
Create a secure password.
Confirm your email address.
In your user account, select the account type and leverage level.
Features of FirewoodFX user account allow traders to:
- Create a new trading account.
- Switch between account types such as real, demo, and wallet.
- View account information including balance, equity, leverage, and bonuses.
- Connect and manage copy trading.
- Deposit funds and withdraw money.
- Transfer funds between the wallet and trading account.
- Manage the wallet, including balance and ID tracking.
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Customer Support
Score:We evaluated Customer Support at FirewoodFX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria3 /10The broker’s customer support shows noticeable weaknesses in responsiveness or communication quality. Delays in replies are common, and resolution may require repeated contact.
In TU testing, response speed was below expectations, and assistance was limited in depth. Traders who rely heavily on support may experience inconvenience.
InformationThe support service operates 24/5. Remote assistance is provided through multiple channels available to both registered clients and non-registered traders.
- 24/5 support availability
- Online chat on the website
- No support on Saturday and Sunday
- No support via messengers
For contacting the broker, you can use:
- Chat on the official website.
- Phone number.
- Email.
- Contact form in the contacts section.
- Instagram.
Contacts Foundation date 2014 Registration address Euro House, Richmond Hill Road, P.O. Box 2897, Kingstown, St. Vincent and the Grenadines Regulation SVG FSA, MISA, FSA (Labuan) Licence number:
22160 IBC 2014, T2023361, № MB/25/0134Official site https://firewoodfx.com/ Contacts support@firewoodfx.com +442036083558
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FAQs
How do reviews assess FirewoodFX’s regulation and overall safety level?
FirewoodFX has a safety score of 4.7/10, which corresponds to a low security level in the reviewed methodology. It is regulated by the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), a Tier-3 regulator, and offers negative balance protection and KYC verification, but it is not Tier-1 regulated and has no specific investor compensation fund mentioned.
What commissions and trading fees are highlighted in reviews of FirewoodFX?
The review rates FirewoodFX’s overall fee level as medium, with a fees score of 7/10 and notes low forex trading fees, tight EUR/USD spreads, and no inactivity or percentage-based withdrawal fees. Standard account EUR/USD spreads are typically 0.1–0.3 pips, while ECN accounts have average EUR/USD spreads around 0.1 pips plus a $5 commission per lot; deposit fees of 0–5% may apply depending on the method.
What account types does FirewoodFX provide and how do they differ?
FirewoodFX offers Demo, Cent, Pro (standard), ECN/Raw spread, Micro, and Swap Free (Islamic) accounts, with no VIP or managed account options mentioned. Cent accounts start from a $1 minimum deposit with variable spreads from 1 pip, Pro accounts from $10 with floating spreads from 1 pip, and Islamic accounts replace swaps with a fixed overnight fee while complying with Sharia principles.
What deposit and withdrawal options and limits are mentioned for FirewoodFX?
The broker supports deposits and withdrawals via bank cards, bank wire transfers, BTC, and USDT, and accepts USD, IDR, and THB as base account currencies, while PayPal and Wise are not supported. The minimum deposit is $10 and the minimum withdrawal is $1, with deposit fees ranging from 0–5% and no percentage-based withdrawal fee specified, though a $10 withdrawal fee is listed in the non-trading fees table.
What do reviews say about FirewoodFX customer support responsiveness?
The review describes FirewoodFX’s customer support as having noticeable weaknesses, with delays in replies and limited depth of assistance during testing. Support is available 24/5 via website chat, phone, email, contact form, and Instagram, but there is no support on weekends and no support via messengers.
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