FirewoodFX Review

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Company Overview

FirewoodFX is an online forex brokerage firm which was founded by a team of professional forex traders in 2014. Owned by Firewood Global Ltd, FirewoodFX offers a fixed spread from 1 pip, which provides the most modern method of STP execution. It caters to traders of all levels and has a fixed minimum trade size of 1000 units. FirewoodFX aims to provide the best online trading experience to its clientele.

Trading Platform

When it comes to trading platforms, FirewoodFX has opted for the popular MetaTrader 4, which is widely regarded as one of the most reliable online trading platforms available in the market today. It is well-equipped for all CFD and forex transactions.

MetaTrader 4 has a multilingual interface that enables traders to use the automated mirror trade strategy, which makes it more convenient for new users. Furthermore, MetaTrader 4 provides its users with real-time charts and reports and an in-depth analysis of the online trading scene, which enables traders to make well-informed decisions.

Another reason for the popularity of MetaTrader 4 is its applications for smartphones. MetaTrader 4 has created apps for Windows Phone, iOS and Android devices, which enables traders to view real-time charts and data on the go and make fast transactions.

FirewoodFX offers its clients two types of accounts: standard and premium. The standard account requires a minimum deposit of 10 USD and a minimum trade size of 0.01 lot (1000). The limitation on the maximum trade size is 5 lots (500k), and maximum leverage is 1:1000. As there is no commission and swap is optional, this makes the Standard FirewoodFX account the go-to choice for beginners and new traders.

However, for the more experienced traders, FirewoodFX has the premium account which, like the standard account, requires a minimum trade size of 0.01 lot (1000). It differs from the standard account in its limitations in trade size as it offers a maximum trade size of 50 lots (5M). Spreads are offered from 1 pip, and a minimum deposit of 100 USD is required to set up a premium account.

Features

  • No requotes policy
  • Islamic (interest-free) accounts available
  • Fixed spread from 1 pip on premium accounts
  • No commission
  • Fast execution
  • Maximum leverage of 1:1000
  • Scalping and hedging permitted
  • 20% deposit bonus to cover negative balance
  • Reliability
  • Expert advisors just a click away

Customer Support

FirewoodFX values its customers and has, thus, set up a live chat feature on its website, which enables traders to communicate with professional traders. This helps FirewoodFX’s clients clear up any queries that they may have about online forex trading. Firewood FX also encourages its users to email their complaints and questions to the brokerage firm so that they may be answered and users have no troubles going forward. Another option for customers to register their complaint is via phone. Its website is in English, Indonesian and Chinese so as to cater to its international market.

Conclusion

FirewoodFX was founded by professional forex brokers, which is evident from the way its business model is set up. However, only having customer support in three languages is an error it should soon rectify if it hopes to continue growing its clientele.

Office website: https://firewoodfx.com/

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