FirewoodFX Review

Overall, FirewoodFX can be summarised as a credible and trustworthy broker and is considered low-risk with competitive fixed spreads from 3 pips. FirewoodFX has an overall trust score of 60 out of 99. FirewoodFX offers 200 lots (2000k units) maximum trade size and is available in a 4-digits pricing format.

FirewoodFX At a Glance

Overall Rating

• 2.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 10

Regulators

Not Regulated

Trading Platform

MT4

Crypto

Yes

Total Pairs

30+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our FirewoodFX below.

FirewoodFX review – 19 key point quick overview:

1. FirewoodFX At a Glance
2. FirewoodFX Overview
3. FirewoodFX Safety and Security
4. FirewoodFX Sign-Up Bonus
5. FirewoodFX Minimum Deposit
6. FirewoodFX Demo Account
7. FirewoodFX Leverage
8. FirewoodFX Accounts
9. FirewoodFX Market instruments
10. FirewoodFX Fees, Spreads & Commissions
11. FirewoodFX Deposit and withdrawal
12. FirewoodFX Trading platforms
13. FirewoodFX Current Popularity Trend
14. FirewoodFX vs Exness vs XM – a Comparison
15. FirewoodFX Customer Reviews
16. FirewoodFX Pros and cons
17. FirewoodFX Conclusion
18. FirewoodFX Disclaimer
19. Frequently Asked Questions

FirewoodFX Overview

According to research in South Africa, FirewoodFX is an English company founded in 2014 with headquarters in Kingstown, St Vincent, and the Grenadines.

FirewoodFX is a global online broker found by forex trader professionals and is owned by Firewood Global Ltd.

The company offers trading in over 30 forex currency pairs, gold and silver, equity indices and energies through the MetaTrader4 platform.

The broker aims to provide the best forex experience to traders by offering traditional 4-digits pricing with fixed spreads starting from 1 pip in combination with STP execution on the minimum trading size of 1 000 units.

FirewoodFX Safety and Security

FirewoodFX is not regulated by any government agency and operates as an online forex and CFD broker out of Saint Vincent and the Grenadines.

If anything unexpected should happen with the company’s finances there is no guarantee that client funds would be safe when trading with it. It is not clear if client funds are kept in separate accounts.

Clients from the United States are not accepted by FirewoodFX.

FirewoodFX Sign-Up Bonus

FirewoodFX does not offer new traders a sign-up bonus or also known as a welcome bonus when signing up, but they offer deposit bonus of 20% on $100 USD

FirewoodFX Minimum Deposit

The minimum deposit amount required to register a FirewoodFX trading account is $10. This minimum deposit is equivalent to R160 ZAR at the current exchange rate between the  South African Rand & United States Dollar.

FirewoodFX Demo Account

FirewoodFX does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. The FirewoodFX demo account does not have a specific expiry date.

FirewoodFX Leverage

Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.

Leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

At FirewoodFX the leverage ratio is 1:1000 on all accounts.

Overall Rating

• 2.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 10

Regulators

Not Regulated

Trading Platform

MT4

Crypto

Yes

Total Pairs

30+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

FirewoodFX Accounts

FirewoodFX offers traders the choice between three life accounts with the following features:

First-time traders have the option to open a free demo account with a balance of $ 100 000 virtual money. The demo account and can be used for a period of 30 days and gives beginner traders the opportunity to practice trading without any risk involved.

Traders of the Muslim faith can open a Swap-free account on any of its account types.

How to open a FirewoodFX account

1.  Step 1 – Register an account

Head over to the FirewoodFX website home page and select “Open Account”

2.  Step 2 –  Complete information

Complete all personal information requested and select “Register”

3.  Step 3 –  Verify and register your account

The email address that has been registered will be used to send verification emails. Once the account is registered, a verification email will be sent. Click on the email link and once verified client can log in and start trading.

FirewoodFX Market instruments

The most popular market instruments available from most brokers for trading include:

Forex:

Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

Commodities:

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices:

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals:

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy:

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

FirewoodFX offers trade in the following:

• Over 30 major and minor currency pairs
• Gold and silver
• Equity indices
• Energies

FirewoodFX Fees, Spreads & Commissions

Cost and fees depend on different factors, like spread and margins, and FirewoodFX clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

With FirewoodFX there is no deposit of withdrawal charges and the broker offer commission-free trading on fixed spreads on all accounts.

Spreads on the Micro account start at 3 pips, 2 pips on the Standard and 1 pip on the Premium account.

FirewoodFX Deposit and withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be made in the same ways, but sometimes differ.

In the case of FirewoodFX, the following minimum deposits are required:

• Micro Account – $ 10
• Standard Account – $ 10
• Premium Account – $ 100

The following methods can be used to fund accounts and to execute withdrawals:

• Bank Wire Transfer
• Tether
• Credit cards
• China Unionpay
• Neteller
• Skrill
• ACB
• Bangkok Bank
• Band BRI
• Perfect Money
• FasaPay
• OKPAY (only for withdrawals)

Currencies available to deposit funds with are USD, CNY, VND, THB, and IDR. Withdrawals are usually processed within 24-hours for most of the payment methods, but bank wire transfers and credit cards can take up to 48 hours to be processed.

10 Best Forex Brokers in South Africa for 2025

Rank

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Min Deposit

Official Site

#1

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$25

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#1

4.8/5

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#2

4.7/5

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#3

4.7/5

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#4

4.4/5

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#5

4.7/5

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#6

4.0/5

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#7

4.7/5

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#8

4.8/5

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#9

4.5/5

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#10

4.9/5

User Score

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FirewoodFX Trading platforms

The forex trading platform provided by FirewoodFX to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

FirewoodFX offers only the popular MetaTrader4 as only trading platform in English, Chinese and Indonesian. It is available for PC, mobiles, web, and multi terminal. Multi terminal is where the trader can manage multiple MT4 accounts using a single terminal.

MT4 has the following features with FirewoodFX:

• Over 50 different built-in indicators
• Full charting package
• Multi-language interface
• Auto trade your strategy using MQL4
• Use of Expert Advisors
• View live market prices and monitor all accounts balance and equity in real-time
• Support copy-trading signal service from Metaquotes
• Keeps a history of trading operations, full set of trading orders, 9 timeframes, and graphical objects

In addition, the broker offers various managed account options that include PAMM, ForexCopy, and ZuluTrade.

FirewoodFX Current Popularity Trend

According to Google Trends, here is an overview of how frequently the search term – “FirewoodFX” is entered into Google’s search engine over a given period of time.

FirewoodFX vs Exness vs XM – a Comparison

FirewoodFX Customer Reviews

Trading with MT4

With a broker, you can trade with any version of MT4. This is important for me, because I work not only in the desktop terminal, but also often use the web trader. I do not really like the mobile application, as it often freezes. In FirewoodFX, I started with a cent account, then switched to a standard account. The commissions on them turned out to be almost identical, and the speed of execution is also practically the same. About spreads. The minimum value for Eurobucks is 2 points. Does anyone else hope to get zero spreads on a $100-200 deposit? FirewoodFX does not promise them but honestly states that even on a premium account they start from 1 pip. By the way, you cannot deposit less than $50 from the card, and there is also a 5% commission.

System crashed

The system crashed and the 52 USD trade was not credited. Correspondence with Firewood FX employees has not yet led to anything, I feel like I am communicating with myself. Only one solution looms – to leave this situation alone and put the balance on the deposit for withdrawal because I’m almost sure that no one will count the subsequent deals here, but they will look for a reason to throw

Inconvenient software

Didn’t like working with FirewoodFX. inconvenient software, constant transfers between portfolios take a lot of time. everything seems to work, but not fast and takes a lot of time to learn the software itself

FirewoodFX Pros and cons

FirewoodFX Conclusion

The biggest drawback of FirewoodFX is the fact that it is not a regulated broker, despite the numerous awards it has received and positive reviews given by sources on the internet.

There is no assurance that client funds is kept in separate accounts or that the broker has systems in place to protect client funds in case of bankruptcy.

On the plus side it does offer competitive spreads and a low minimum deposit for beginner traders. It provides the renowned MT4 platform on various trading instruments.

There is no indication of assistance in the form of educational tools and the research tools are not sufficient for the professional trader.

Overall Rating

• 2.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 10

Regulators

Not Regulated

Trading Platform

MT4

Crypto

Yes

Total Pairs

30+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

FirewoodFX Disclaimer

While the broker promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose, it is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor, according to research in South Africa.

Frequently Asked Questions

Is FirewoodFX a fake or scam broker?

FirewoodFX is a an offshore-regulated broker registered in Saint Vincent and the Grenadines and as a general rule, trading with off-shore brokers should be avoided because of lax rules and requirements. Clients are at risk because it is not kept in segregated accounts.

What is the overall rating for FirewoodFX?

The overall rating for FirewoodFX is 5/10

How many instruments can I trade with FirewoodFX?

FirewoodFX offers trade in over 30 currency pairs, gold and silver, equity indices and energies

Which trading platforms does FirewoodFX support?

FirewoodFX supports the Mt4 trading platform.

How do you make a deposit and withdrawal with FirewoodFX?

FirewoodFX offers the following deposit and withdrawal methods:

• Bank Wire Transfer
• Tether
• Credit cards
• China Unionpay
• Neteller
• Skrill
• ACB
• Bangkok Bank
• Band BRI
• Perfect Money
• FasaPay