FirewoodFX Broker Review

To Nugroho,

Firewood FX is one of the forex brokers that is quite popular among traders, especially traders in Indonesia. Regarding the security of trading with this broker, we think it is relatively safe for traders with small to medium capital. However, we do not recommend large investors to trade with this broker.

This is because this broker is only regulated by the local regulatory body where the broker originates, namely the regulatory body of St. Vincent and the Grenadines. For more details regarding the profile review, regulatory status and also security, as well as the specifications of the trading accounts provided, you can see it on this page.

Hopefully this can help.

If a deposit of IDR 100 million is still safe at fwnets (firewoodFX)?

@PRATELA NUGRAHA: Not safe. Large capital should use a broker that has good regulation such as CFTC, NFA, FCA, FSA, FINMA, MiFID, ASIC and FMA.

Examples of brokers that have the above regulations such as Saxobank, Dukascopy, FXCM, Oanda, Swissquote, Forex.com, City Index, IG, ICmarkets, Vantage FX.

I have been using the firewoodfx broker since early 2020, so far both deposits and withdrawals have been safe and the process is also fast, in just minutes. The only drawback is that the deposit and withdrawal process is quite complicated, requiring a changer, because it does not support local banks, perhaps to minimize transfer costs. CS is also responsive 24 hours a day, for funds of 100-3000 USD it is recommended.