At a glance
- Minimum deposit
- $1
- Platforms
- MetaTrader 4
- Regulators
- MISA, Labuan FSA
- Leverage
- 1000
Our Verdict on FirewoodFX
3.1/5Overall score
Risk warning: CFDs and leveraged trading can magnify losses as well as gains. You may lose money rapidly, so understand the risks before trading.
FirewoodFX is worth considering for traders comparing MT4 access, high-leverage terms and three account pricing models, including a Cent account with a $1 minimum deposit. Its offshore structure is the key drawback: Firewood Global Ltd claims a MISA Mwali licence, while its Saint Vincent and the Grenadines company registration is not a brokerage licence. Client funds are not listed as segregated, and there is no universal statutory compensation fund. The available terms also conflict on maximum leverage. The account, entity and leverage distinctions matter more than the headline maximum; see the safety and account sections before deciding whether the pricing suits you.
| Best for | Traders comparing MT4 account pricing and high-leverage terms who are comfortable evaluating offshore protections. |
|---|---|
| Not ideal for | Clients who require segregated client money or statutory investor compensation. |
| Biggest strength | Three account types with distinct spread and commission structures, plus MT4 access. |
| Main drawback | Offshore entity and protection limitations, alongside conflicting leverage figures. |
How we reviewed it: We assessed the available account, fee, platform, instrument, regulatory and payment terms; this review does not claim first-hand trading or withdrawal testing. See our review methodology.
What stands out
- Cent account has a stated $1 minimum deposit.
- Cent and Standard accounts list no trading commission.
- MT4 is listed for desktop, web and mobile access.
- Multiple deposit routes are listed, including bank transfer, cards, e-wallets and crypto.
What to consider
- Firewood Global Ltd's claimed licence is offshore, and its SVG company registration is not a brokerage licence.
- Client funds are not listed as segregated; there is no universal statutory investor compensation fund.
- The available terms state conflicting maximum leverage figures.
- ECN has a $7-per-lot commission, and its current minimum deposit is not stated.
FirewoodFX at a Glance
| Feature | Broker disclosures and checked findings |
|---|---|
| Founded | 2014 |
| Regulator / licence | MISA Mwali offshore licence claimed for Firewood Global Ltd (T2023361); a separate Labuan affiliate reports money-broker permission MB/25/0134. |
| Minimum initial deposit | $1 for the Cent account |
| Account types | Cent, Standard and ECN |
| Trading platforms | MetaTrader 4 (MT4) |
| Markets | Forex, indices, commodities and cryptocurrency CFDs |
| Maximum leverage | Cent account listed up to 1:3000; other broker data states a 1:1000 cap across tiers. |
| Account / funding currencies | USC and USD |
| Demo account | Yes |
Is FirewoodFX Safe, Legit and Regulated?
2.4/5Area score
Overall review score: 3.1
Firewood Global Ltd is identified as the contracting entity for international clients and claims a MISA Mwali licence, T2023361. Its cited Saint Vincent and the Grenadines company registration is not a brokerage licence. A separate Labuan affiliate reports money-broker permission, but that permission does not automatically authorise the SVG entity. These offshore arrangements should not be treated as equivalent to stronger statutory investor-protection regimes.
Regulation and Client Protections
| Regulatory question | Documented finding and limitations |
|---|---|
| Contracting legal entities | Firewood Global Ltd (International / Mwali licence claimed; SVG company) |
| Regulators / jurisdictions | MISA (Mwali offshore licence claim) (International / Mwali licence claimed; SVG company) |
| Licence / registration | MISA (Mwali offshore licence claim): T2023361 (claimed brokerage licence) |
| Client-money arrangements | Client funds are not listed as segregated. |
| Negative balance protection | Listed as available; confirm the terms applicable to the contracting entity and account. |
| Investor compensation | Rights depend on the contracting company, its jurisdiction and private arrangements. There is no universal statutory fund; offshore accounts do not inherit UK, Cyprus or US investor cover. |
Negative balance protection may limit a client's liability under the applicable terms, but it is not compensation for losses or protection for client funds if a firm fails. The Labuan affiliate's permission should not be assumed to cover clients contracting with Firewood Global Ltd.
FirewoodFX Fees, Spreads and Commissions
3.7/5Area score
Overall review score: 3.1
Cent and Standard use spread-only pricing, while ECN adds a per-lot commission to its spread. The practical comparison is total cost: the ECN starting spread alone does not show whether its pricing suits a particular trade size or frequency. Overnight swaps and currency conversion can also affect the total, independently of the account's trading commission.
Spreads, Commissions and Total Trading Costs
The Cent account's floating FX spreads start from 1 pip; Standard lists a fixed 2.0-pip EUR/USD spread; ECN floating spreads start from 0.0 pips and carry a $7-per-lot commission. These are stated starting or fixed terms, not observed average spreads.
Other Trading and Non-Trading Fees
| Fee | Amount / trigger | Conditions |
|---|---|---|
| Overnight financing, swap or margin interest | An open position may earn or cost a swap when it rolls into the next trading day. Pricing varies by instrument, position size, direction, interest rates and how many nights it stays open. | A swap is relevant only once an eligible trade passes the broker’s rollover cutoff. Amounts depend on market, trade direction, size, interest rates and nights open. |
| Currency conversion | Currency conversion is not always free. Deposits, withdrawals, trades or settlements in another currency may attract a markup, with rates differing by entity, product and method. | Deposits, withdrawals, instruments and realised profit or loss can all require conversion if their currency is different from the account’s. The rate depends on the product, entity and route. |
| Inactivity | No | Not applicable (no inactivity fee is listed) |
| Deposits / withdrawals | Deposit: No; Withdrawal: No | Deposit: No general broker deposit fee is listed (method-specific or third-party charges may apply); Withdrawal: The available public document does not establish a universal FirewoodFX withdrawal charge; card, bank, wallet or crypto provider fees can vary by method. |
Short-term trades that close before rollover may avoid swap charges, but currency conversion can still arise through deposits, withdrawals or settlement when currencies differ.
Which FirewoodFX Account Should You Choose?
3.5/5Area score
Overall review score: 3.1
FirewoodFX lists Cent, Standard and ECN accounts. Cent is the only account with a stated $1 opening minimum; it has floating FX spreads from 1 pip and no trading commission. Standard also has no trading commission and lists a fixed EUR/USD spread of 2.0 pips, but its current minimum deposit is not stated. ECN combines floating spreads from 0.0 pips with a $7-per-lot commission; neither its current minimum deposit nor its maximum leverage is listed in the account terms. The choice is therefore between spread-only pricing and ECN's spread-plus-commission structure, not simply the lowest starting spread. Leverage information also conflicts: Cent is listed up to 1:3000, while other broker data states a 1:1000 cap across tiers.
FirewoodFX Trading Platforms
3.7/5Area score
Overall review score: 3.1
For traders using custom automated strategies, desktop MT4 is the necessary version: moving to web or mobile access means custom bots cannot run there. Those versions remain listed as access options for trading without custom-bot execution.
Desktop, Web and Trading Platforms
| Platform | Availability | Evidence-backed strength or limitation |
|---|---|---|
| MetaTrader 4 | Web, Desktop, Mobile | MT4 handles manual trading across devices and automated trading through MQL4 Expert Advisors. Its web and mobile versions don't run custom bots; desktop MT4 does. |
Markets and Instruments Available
2.8/5Area score
Overall review score: 3.1
| Asset class | Products offered | Restriction |
|---|---|---|
| Forex | Leveraged FX (CFD / rolling spot); 32 | Keeping a forex trade open overnight can result in swap or financing charges. Eligible clients may use leverage up to 1:3000. |
| Indices | Index CFDs; 3 | Trading an index CFD does not mean owning the shares that make up the index. Trading hours, contract terms and financing costs can differ between cash and futures versions. |
| Commodities | Commodity CFDs; 3 | Trading commodity CFDs does not involve taking delivery of the physical commodity. Trading hours vary by contract, and some contracts expire or need to be rolled over. Eligible clients may use leverage up to 1:1000. |
| Crypto | Crypto CFDs; 2 | Crypto derivatives track prices without giving traders coins to hold in a wallet. Availability depends on the region and account type. UK retail clients cannot trade these derivatives. |
The listed market access is derivative exposure, not direct ownership: an index or commodity position does not provide the underlying shares or physical asset, and a crypto CFD does not provide coins to hold in a wallet. Crypto CFD access is limited by region and account type, and is unavailable to UK retail clients.
Execution, Trading Tools and Research
3.0/5Area score
Overall review score: 3.1
For market preparation, FirewoodFX lists market and technical analysis, price charts, trading signals and market news; its educational material consists of a forex glossary and introductory trading articles. MT4 also supports MetaQuotes copy-trading signals, while the broker lists copy trading, social trading, API trading and VPS hosting. Custom MQL4 Expert Advisors run on desktop MT4, not its web or mobile versions. Slippage remains a normal risk when orders execute against live prices; the listed tools do not guarantee execution at a requested price or a trading outcome.
FirewoodFX Deposits, Withdrawals and Account Opening
3.5/5Area score
Overall review score: 3.1
KYC verification is listed as required. The payment methods differ in their stated costs: card deposits carry a fixed-plus-percentage broker fee, while crypto deposits may incur network fees. Withdrawal broker fees are not specified in the table, so the route's terms matter when choosing how to fund and withdraw.
Account Opening and Identity Verification
Verification (KYC) is listed as required. Submit a colour photograph or scan of a passport, national ID or driving licence, a bank statement or utility bill showing your address, and a selfie holding the ID alongside a handwritten FirewoodFX/date note. FirewoodFX states a review window of 1–72 hours.
Deposit and Withdrawal Methods
| Method | Deposit / withdrawal availability | Broker fee | Processing time |
|---|---|---|---|
| Bank transfer | Deposits are available. Minimum requirement: USD 100. Withdrawals are available; the minimum amount is not specified. | Deposit broker fee: Bank fees may apply. Withdrawal broker fees are not specified. | Deposit processing time: 24 hours. Withdrawal processing time: up to 3 business days. |
| Debit / credit card | Deposits are available. Minimum requirement: USD 50. Withdrawals are available; the minimum amount is not specified. | Deposit broker fee: USD 0.50 + 5%. Withdrawal broker fees are not specified. | Deposits are processed instantly. Withdrawal processing time: up to 3 business days. |
| E-wallets | Deposits are available. Minimum requirement: Perfect Money/Fasapay: USD 1; IDR virtual wallet: USD 10 equivalent. Withdrawals are available; the minimum amount is not specified. | Deposit broker fee: Free (listed wallets). Withdrawal broker fees are not specified. | Deposits are processed instantly. Withdrawal processing time: up to 3 business days. |
| Crypto | Deposits are available. Minimum requirement: USD 1 equivalent (supported USDT/USDC/IDRX networks). Withdrawals are available; the minimum amount is not specified. | No broker fee applies to deposits. Network fees may apply. Withdrawal broker fees are not specified. | Deposit processing time: Usually a few minutes. Withdrawal processing time: up to 3 business days. |
Customer Support
Support is listed as available 24/5 by live chat, email and phone, in English, Chinese and Indonesian. The listed email is [email protected].
Who Should Choose FirewoodFX?
For an MT4 trader, the account decision is whether the simpler spread-only pricing of Cent or Standard is preferable to ECN's spread-plus-commission model; ECN's current minimum deposit is not stated. That pricing choice is separate from the leverage question, where the stated maximum differs across the available terms.
| Profile | Fit | Decisive reason |
|---|---|---|
| Trader seeking high leverage | Conditional | High leverage is listed, but the stated maximum differs across broker terms and must be confirmed for the account. |
| Trader prioritising statutory investor protection | Poor | The international entity's stated licensing is offshore; client funds are not listed as segregated, and there is no universal statutory compensation fund. |
| MT4 trader comparing account pricing | Conditional | Cent, Standard and ECN pricing structures are listed, but the ECN account adds commission and its minimum deposit is not stated. |
FirewoodFX vs Alternatives
BDSwiss1:2000Maximum leverageDetailed Review
Capital.com- No commission
AZAforexStocks, Forex Pairs, Indices, Commodities, CryptocurrenciesDetailed Review
AdmiralsFCA, CySEC, ASIC, FSADetailed Review
If statutory investor protection is essential, the stated offshore licensing and lack of listed fund segregation make FirewoodFX a poor fit; for other traders, the unresolved leverage limit is a more important deciding factor than the highest advertised figure.
FAQs
Is FirewoodFX regulated?
Firewood Global Ltd is associated with a claimed MISA Mwali offshore licence, T2023361. Its cited Saint Vincent and the Grenadines company registration is not a brokerage licence. A separate Labuan affiliate reports money-broker permission MB/25/0134, which does not automatically authorise the SVG entity.
What is the minimum deposit for a FirewoodFX account?
The Cent account is listed with a $1 minimum deposit. The current minimum deposit for Standard and ECN accounts is not stated in the account terms.
What are FirewoodFX's account spreads and commissions?
The Cent account has floating FX spreads from 1 pip and no trading commission. The Standard account lists a fixed EUR/USD spread of 2.0 pips with no trading commission. ECN spreads start from 0.0 pips and carry a $7-per-lot commission. Starting spreads are not observed averages.
Which trading platform does FirewoodFX offer?
MT4 is the named platform, with desktop, web and mobile access listed. Desktop MT4 supports MQL4 Expert Advisors; custom bots do not run on the web or mobile versions.
What markets can I trade with FirewoodFX?
The listed markets are forex, indices, commodities and cryptocurrency CFDs. These are leveraged products; CFDs do not give ownership of the underlying asset. Crypto CFD availability depends on region and account type, and UK retail clients cannot trade these derivatives.
How long do FirewoodFX deposits and withdrawals take?
Listed deposit estimates are instant for cards and e-wallets, 24 hours for bank transfer, and usually a few minutes for crypto. Withdrawals are listed as taking up to three business days for these methods. Actual route conditions and any external fees may vary.
Does FirewoodFX charge overnight fees?
Yes. An eligible position held through the rollover cutoff may earn or incur a swap. The amount depends on the instrument, position size and direction, interest rates and the number of nights held.