FirewoodFX

The Company. Security of Funds

FirewoodFX is another forex broker that is offshore-regulated. It is controlled by Firewood Global Ltd. They are registered on St Vincent and The Grenadines as a further Caribbean offshore zone, attempting to boost its finances by turning into a financial services center that is regulated to a minimum as well as maximum secrecy, and no capital gains and corporate tax. The tiny island is a hot spot for brokers in the forex industry Some of them have negative reviews as being a total fraud.

In general offshore brokers that are regulated by the government should be avoided, regardless of their claims. Even when they claim to be licensed, but as previously mentioned, the rules and regulations are inflexible. Furthermore, they do not have to explicitly keep client funds in separate accounts or take part in compensation schemes for clients and, if they fail to pay their bills the clients of their clients would lose their funds. Some offshore brokers claim that they have their funds stored in separate accounts, however FirewoodFX isn’t among them.

It is important to note that there have been no complaints from customers of FirewoodFX at present.

Platforms for trading

FirewoodFX provides trading on the renowned MetaTrader 4 (MT4) platform and in all of its variants. It is most commonly utilized for margin trading. Users can create their own signals and strategies, and this feature is among the primary reasons behind its widespread popularity. The user interface itself offers trading operations, charts, and analysis of technical data in real-time. It comes with 50 indicators that can be modified to meet your specific needs.

The broker also offers the option to trade automatically using the TradeCopy platform as well as recently together with ZuluTrade.

Promotions

FirewoodFX provides a variety of bonuses. The first is a bonus for trading for micro and standard accounts. It’s available to every FirewoodFX standard lots that are closed within 30 days after the first deposit. Also, there is a cash-back deposit of 20% on deposits of $100 or more.

Payment methods

FirewoodFX accepts deposits made via transfer to banks, credit or debit cards as well as the world’s online payment platforms Neteller, Skrill, FasaPay, OKPay, Perfect Money, and Perfect. Clients are also able to make deposits via the online payment services that are offered by The Thailand Exchange and the Indonesia Exchange.

Conclusion

FirewoodFX operates as an off-shore forex broker. It is a low-cost deposit broker and provides average fixed spreads. The trading instruments it offers are rather limited to gold and silver, but it does have forex. It is important to note that the leverage offered is extremely high and carries a huge risk of loss in particular when considering the fact that FirewoodFX is an online broker that is not properly controlled.