Forex broker FireWoodFX continues to make adjustments after the "tragedy" of the forex market caused by the Swiss Central Bank (SNB) policies. The latest release from the broker on Thursday (22/01) today stated that due to the extreme surge in Swiss Franc (CHF) currency pairs last week, margin requirements for Euro pairs, mainly EUR/USD and EUR/JPY, are likely to be increased by up to five times.

Full Anticipation

The policy will start approximately 30 minutes before the minimum Bid rate and during the ECB press conference. FirewoodFX expects that clients will continue monitoring the news page on the FireWoodFX website for further information and announcement updates on when the margin requirements will be raised and returned to normal.

FirewoodFX also reminds its clients to expect extreme price movements during the Greek Elections on Sunday, where the EUR/USD leverage will be reduced by five times approximately five hours before the market closes (11 pm WIB). All clients are expected to flatten all positions on Euro pairs. And you don't need to worry too much; FirewoodFX will contact clients who are still opening positions that contain high-risk exposure to flatten their positions as soon as possible immediately. If not, then the broker is forced to flatten his position. 

Keep Making Adjustments

Previously, FireWoodFX had frozen several CHF pairs and temporarily stopped access to open positions for this trading instrument. Previously, FirewoodFX had attempted CHF trading by lifting the fixed spread rule and increasing the margin size requirement to be 10x more extensive than the initial provisions. However, this newcomer broker has finally announced a temporary suspension of opening positions for CHF pairs until things return to normal. Complete information about new forex brokers can be accessed in the Newcomer Review.