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FirewoodFX Review – is it scam or safe?

FirewoodFX Review - Is it scam or safe forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz FirewoodFX
FirewoodFX is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $10 0.01 lot  1:1000 From 3 pips
Standard $10 0.01 lot 1:1000 From 2 pips
Premium $100 0.1 lot 1:1000 From 1 pip
 
 
FirewoodFX offers three types of trading accounts: micro, standard and premium. The broker also gives the option to open a demo account, two types, actually – premium and standard and a swap-free Islamic account. There are also Percentage Allocation Management Module (PAMM) accounts and automatic trading via ZuluTrade and TradeCopy.
 
FirewoodFX offers trading in over 30 forex pairs – both major and some exotic, as well as in gold and silver. 
 

The Company. Security of Funds

 
FirewoodFX is yet another offshore-regulated forex broker. It is a brand owned by Firewood Global Ltd. It is registered in St Vincent and The Grenadines – yet another Caribbean offshore zone, trying to replenish its coffers by becoming a financial services center with minimum regulation, maximum secrecy and zero corporate and capital gains tax. It seems the tiny island is a popular destination for forex brokers, some of them with a bad reputation as outright scam. 
 
As a general rule, offshore regulated brokers should be avoided, no matter their claims and even if they say they are regulated, as like we already said, rules and requirements are very lax. Worse still, those brokers are not explicitly required to keep the client money in segregated accounts and participate in client compensation schemes, which means that if they go bankrupt, their clients will lose their money. Some of the offshore brokers claim they keep the funds in segregated accounts, but FirewoodFX is not one of them. 
 
It is worth noting that at least there are no complaints from clients of FirewoodFX so far.
 

Trading platforms 

 
FirewoodFX offers trading on the popular MetaTrader 4 (MT4) platform, in all its versions. It is mostly used for margin trading. It lets users program their own strategies and signals and this feature is one of the main reasons for its popularity. The user terminal itself provides trade operations, charts and technical analysis in real time. It includes 50 basic indicators, which can be further customized.
 
The broker also provides the option for automatic trading via two platforms: TradeCopy and just recently with ZuluTrade.
 

Promotions

 
FirewoodFX gives out several types of bonuses. The first one is a trading reward bonus for standard and micro accounts. It is available for each FirewoodFX standard lot closed within 30 days of the first deposit. There is also the deposit bonus of 20% for deposits of $100 or more. 
 

Methods of payment

 
FirewoodFX accepts deposits via bank transfers, credit/debit cards, the global electronic payment systems Neteller, Skrill, FasaPay, OKPay, Perfect Money. Clients can also make deposits through  the electronic payment services of the Thailand Exchange and the Indonesia Exchange. 
 

Conclusion

 
FirewoodFX is an offshore forex broker. It requires low minimum deposits and offers average fixed spreads. Its trading instrument list is somewhat limited with just forex and silver and gold. It is worth noting that the offered leverage is dangerously high and brings big risk of loss, especially considering that FirewoodFX is an offshore broker and is not properly regulated.
 
Pros: Cons:
Low minimum deposit Offshore broker
Several trading platforms: MT4, ZuluTrade and TradeCopy Dangerously high maximum leverage
Average fixed spreads  Limited trading instruments list
Demo account  

 
 

 

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Traders` reviews for FirewoodFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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