- What Are Firewood FX Rebates?
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As broker fees can vary and change, there may be additional fees that are not listed in this FirewoodFX review. It is imperative to ensure that you check and understand all of the latest information before you open a FirewoodFX broker account for online trading. At FirewoodFX, making deposits is simple and straight forward and most methods are instantly processed. Requesting withdrawals is also simple, they process withdrawals up to hours after the request is confirmed. The withdrawal time can vary depending on the payment provider and method.
Bank transfers may take a few business days to clear whilst some methods can be instant. The broker states that they are constantly striving to offer even more deposit and withdrawal options and to make the process even easier. FirewoodFX have a variety of convenient methods for depositing and withdrawing funds from your trading account.
What Are Firewood FX Rebates?
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FirewoodFX strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your FirewoodFX trading account. Accounts can be opened in USD.
It would be beneficial if there were different currency options as currency conversion fees do not apply when using an account in your own currency. It only takes a few minutes to apply for a trading account with FirewoodFX and it is a completely online process. Simply fill in the form provided on the brokers website by providing your personal information and answering a few questions. FirewoodFX is an unregulated offshore forex broker with a limited range of tradeable assets. They do offer the user friendly and powerful MetaTrader 4 platform that is flexible across multiple devices.
There are a variety of account types including fixed spread accounts that may attract traders with certain trading strategies. They also have multiple account funding options.
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The educational resources are distinctly lacking as are additional trading tools to assist traders. However, the lack of regulation alone if the primary reason we would look for another online broker. 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. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.
These cookies do not store any personal information. FirewoodFX Review FirewoodFX is an unregulated forex broker located offshore that offers traders around the globe a very limited product range for trading online via the MetaTrader 4 platforms for desktop, web and mobile devices.
The trade sizes start from 0. The spreads start from 2 pips and a client can open a maximum of positions. And it brings the Micro account features and specialty. Of course, this accounts for professional and advanced level traders, who have their own strategy. The spreads are lower than the other account, 1 pip only.
The Premium account provides the Micro and Standard account features. You can trade in this account without paying any fees and commission. It means percentage allocation management module.
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FirewoodFX offers this account to provides special benefits for investors and fund managers. It allows to trades from a single account. This account procced fees and profits automatically. The platform developed In MQL4 languages. In the financial trading service, most brokers offer the MT4 or the newer version MT5 platform.
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MT4 provides simple and easy trading features. MT4 offers a multilingual interface, more than 50 built-in indicators and charting tools, copy trading features Met quotes. The web platform is easy for all traders. It offers download or install free trading and never require any plugin or software on your devices. The web trader platform offers 9 Different timeframes, clear graphical objects, trading history, and full trading order types.
It is a good option for smartphone users. You can simply trade with one click execution. It offers push and audio notification, convenient chat, a customizable trading chart with a graphical interface. FirewoodFX offers all international common funding methods.
Also, they offer over 15 local exchangers.
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The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size volume of the position and the leverage applied to your account. The level of commissions depends on the asset being traded and the type of service offered by the broker. Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.
While contract for differences CFDs trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission. CFD trades on other markets has no commission but do wrap a spread around the market price of a certain instrument. FirewoodFX charges no deposit or withdrawal fees. The broker offer commission-free trading and fixed spreads on all account types.
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On the Micro account spreads start at 3 pips, on the Standard it starts at 2 pips and on 1 pip with the Premium account. The amount of leverage is expressed as a ratio, for instance , , or This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade. Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus. The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other.
The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader. Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile. The European Securities and Markets Authority ESMA has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, thus ruling out the offering of such bonuses.
Clients should be aware that to qualify for this promotion there are rules that you will need to read and comply with. This credit bonus will also be available to use as additional margin and equity, but terms and conditions apply to this bonus as well, and clients are advised to read them carefully before accepting this offer. The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide an own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade. FirewoodFX offers MetaTrader4 as the only trading platform. MT4 is globally still the most popular and best trading platform. It offers users the choice of over 50 different built-in indicators and a full charting package, multi-language interface, and ability to auto trade your strategy using MQL4.
It is compatible with Microsoft Windows and uses the MQL4 proprietary scripting language, which allow traders to use their own Expert Advisors EAs to automate the trading process. Multi terminal is where the trader can manage multiple MT4 accounts using a single terminal. Professional Trader and Money Manager can open, manage, and close orders in multiple accounts simultaneously, using various trade size allocation methods with the Multi terminal program. The trader can also view live market prices and monitor all accounts balance and equity in real-time. The program interface is very similar to the MetaTrader4 Client Terminal, so any trader can easily use this program in short time.
With mobile trading becoming very popular, FirewoodFX have mobile versions of the software available for those using devices running on iOS or Android systems.