FirewoodFX is a forex broker formed by several professional traders, focusing on providing the best trading experience for other retail traders. Since it was founded in 2014, FirewoodFX has always targeted Asia, including Indonesia, as its main market share. This can be seen from the support of Indonesian Language and the Fix / USD / IDR Rate, which are offered shortly after the broker is operating.
As time goes on, FirewoodFX consistently adds a variety of extra trading services such as the PAMM and Copy Trading platforms, as well as updating important trading specifications such as the choice of 5 digit price quotes. Behind it all, this broker still maintains its initial identity as a beginner-friendly broker, who can provide the ease and simplicity of the most ideal trading for newcomers.
Specifications of FirewoodFX Trading Brokers
Type of Broker: STP
Company: FirewoodFX Global Ltd
Office Address: Suite 305, Griffith Corporate Center, Kingstown, Saint Vincent and the Grenadinane
Regulation: Saint Vincent and the Grenadines (license number 22160 IBC 2014) Spread Minimum: Starting from 1 pips (Fixed) Maximum leverage: Up to 1: 1000
Minimum deposit: $ 10 Lot Minimum: 0.01 lot
Trading Instruments: Forex and Metal Commodity CFDs
Trading Platform: MT4
Withdrawal Deposit Method: Wire Transfer, Credit Card, UnionPay, Neteller, Skrill, FasaPay, Perfect Money
Account Currency: USD, CNY, IDR
Swap Free (Islamic Account): Available
Trading Strategy: Unlimited, including Hedging, Scalping and EA usage.
Support for Indonesian Traders: Indonesian-language sites, Indonesian-language client services, local bank deposit withdrawals (via preferred exchanger), Fixed Rate IDR 10,000 per $ 1
Type of FirewoodFX Trading Account
Micro account
For small capital beginner traders who want to trade almost without real risk.
Minimum deposit: $ 10
Maximum leverage: Up to 1: 1000
Spread: Starts 3 pips (Fixed)
Minimum Lot: 0.01 lot (100 units of base currency)
Instrument: 17 Forex Pair, 2 Metal CFDs
Standard account
For small capital traders who want to enjoy trading breaks with lower spreads, more varied trading instruments and 5 digit price quotes.
Minimum deposit: $ 10
Maximum leverage: Up to 1: 1000
Spread: Starting 2 pips (Fixed)
Minimum Lot: 0.01 lot (1000 units of base currency)
Instruments: 33 Forex Pair, 2 Metal CFDs
Premium account
For middle-capital traders who want to try freedom of trading with Maximum Trade Size up to 50 lower lot spreads and 5 digit price quotes.
Minimum deposit: $ 100
Maximum leverage: Up to 1: 1000
Spread: Start 1 pips (Fixed)
Minimum Lot: 0.1 lot (10000 unit base currency)
Instruments: 33 Forex Pair, 2 Metal CFDs
Advantages of FirewoodFX
At the beginning of its launch, FirewoodFX has managed to steal the attention with several advantages that are highly adapted for the convenience of beginners.
In addition to the low minimum deposit and minimum trading size equivalent to the lot cent on a Micro account, this broker is also able to provide Fixed Spreads on all accounts.
Fixed spreads are basically a little higher than floating spreads, but the relatively constant amount can make it easier for beginner traders to calculate risk per trade.
In terms of site appearance and information provision FirewoodFX seems to prioritize simplicity and clarity.
This broker does not seem to want to bother with a variety of extra menus to make the service more vibrant so that it can meet the needs of clients whose purpose is purely for forex trading alone.
For its commitment FirewoodFX has been rewarded by various awards from various media and broker review platforms.
Among them are Best STP Brokers in South East Asia 2017 (Global Banking And Finance), Asian 2016 Broker of the Year (Le Fonti Awards), Fastest Growing New STP Asian Brokers 2016 (Global Banking And Finance), Best Broker in Southern Asia 2015 (Forex Report), also Best New STP Broker South East Asia 2014 (Global Banking And Finance)
For Indonesian traders, this broker has unique advantages that are still rarely found in other brokers, namely the Fixed Rate feature for deposit withdrawals.
This aspect is very helpful for Indonesian traders who need to convert the Rupiah Dollar exchange rate during deposit or withdrawal transactions.
With the Fixed Rate, the amount of the exchange rate used will always remain, not affected by the ups and downs of the USD / IDR exchange rate which often hurt traders.
Lack of FirewoodFX
Because it is too focused on its concept as a beginner-friendly broker, FirewoodFX is less able to provide services for experienced traders.
Fixed Spread bids in all practical accounts destroy client expectations to be able to trade according to Raw Spread and get Market Execution.
In addition, FirewoodFX is rarely classified as a seasonal promo to attract new clients.
So for those of you who like to take part in bonus programs or trading contests from brokers, it might be a little limited if you register at FirewoodFX.
Recommendations for Traders
Overall FirewoodFX can be one of the right choices if you just dive into the world of trading and want to try to enter the real market with low capital.
Fixed Spread Facilities, Fixed Rate, Swap Free that are provided without conditions on all accounts and the freedom to trade with any strategy, making this broker worthy of being considered in the ranks of the best brokers for beginners.
However, this trading broker service does not provide the needs of traders who want to trade with Market Execution or explore trading in assets other than Forex, Gold and Silver.
Therefore, FirewoodFX may be very appropriate to use as a platform for beginner trading or just a stepping stone before you go to another forex broker that is more flexible and adaptive for experienced traders.
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