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About the company:
FirewoodFX is a widely known online forex broker that was established by a group of professional traders. The company offers its clients a wide range of trading instruments, including commodities, indices, currency pairs, and stocks. Traders can also benefit from advanced financial services and a variety of quick and safe payment methods. However, there is no information about the company’s regulator. According to the official website, the broker is registered in Saint Vincent and the Grenadines. It is an offshore company. Besides, the company’s services are not available for US citizens.
Trading conditions
Traders can choose from three account types such as Micro, Standard, and Premium and two pricing variants. Market participants can open up to 200 deals on any account type. They also have an opportunity to apply scalping, hedging, and algorithmic trading paying with zero commission. Newbies may polish their skills on a demo account. Automated strategies such as ZuluTrade and ForexCopy are also available.
FirewoodFX regularly holds contests and campaigns raffling costly prizes. Besides, the company offers generous bonuses, including a credit bonus, the 20% bonus on deposit, and promo codes for withdrawal.
Trading platforms
FirewoodFX offers its clients the popular MetaTrader4 trading platform compatible with both PC and mobile devices. Traders may also use such trading platforms as ZuluTrade and ForexCopy for automated trading.
Support Service
In the Support section on the official website, traders can find a telephone number, several email addresses for regional support, and fill in a contact form.
Deposit and withdrawal
To top up accounts and withdraw funds, the company’s clients may use the following options: wire transfer, credit cards, online payment systems such as Skrill, Neteller, UnionPay, FasaPay, and PerfectMoney. Traders also have an opportunity to make a deposit via electronic payment services on the Thai exchange and on the exchange in Indonesia. Note that a fee may be charged to cover the commission of the payment processor. For example, if clients deposit funds and then, withdraw them without performing deals, they will have to pay fees for these operations.
Comments left by traders
We have found various comments about the company. However, we cannot estimate its reliability as there is both positive and negative feedback. Traders complain about delays in withdrawal. There are a lot of cases of an account freeze when traders could not withdraw their funds. Summing up, we can say that market participants doubt the reliability of this broker. However, FirewoodFX takes good places in most ratings.
Advantages and disadvantages of the company:
Pros:
- small minimum deposit;
- innovative trading platform MetaTrader4;
- automated trading;
- demo account;
- bonuses.
Cons:
- no information about the regulator;
- big leverage;
- uninformative official website;
- negative feedback.
Conclusion
FirewoodFX provides its clients with lucrative trading conditions on the forex market, convenient trading platforms, and a decent bonus program. At the same time, we have not found information about the broker’s regulator. The company is registered in Saint Vincent and the Grenadines. However, it is not enough to protect the client’s personal data and funds. Choosing a broker, traders are recommended to learn carefully all comments about the company’s services in order to make the right decision.
