Abstract：Thinking about investing in FirewoodFX? Attracted by its no-deposit bonus offers? Stop for a while and evaluate many of the complaints concerning FirewoodFX bonus, verification, withdrawal denials, fund scams, etc. These alleged issues have grabbed significant traction on broker review platforms. In this FirewoodFX review article, we have investigated all of these allegations, shared bonus promotions claimed by the forex broker, and explained its regulatory status. Keep reading!
Thinking about investing in FirewoodFX? Attracted by its no-deposit bonus offers? Stop for a while and evaluate many of the complaints concerning FirewoodFX bonus, verification, withdrawal denials, fund scams, etc. These alleged issues have grabbed significant traction on broker review platforms. In this FirewoodFX review article, we have investigated all of these allegations, shared bonus promotions claimed by the forex broker, and explained its regulatory status. Keep reading!
Overview of FirewoodFX: Company History, Trading Platforms, Account Types
FirewoodFX claims to be offering the best forex service providers globally by having processed 200+ million withdrawals over 12 years. By offering forex trading opportunities to users across 230+ countries, the company has expanded its reach. As far as trading platforms are concerned, FirewoodFX offers the most popular MetaTrader 4 across mobile and desktop applications. However, the most advanced version, i.e., MetaTrader 5, is missing. This platform offers enhanced market analysis for a more effective forex trading experience. On the other hand, the forex broker offers two types of trading accounts - Cent and Pro, with a minimum deposit of USD 1 and USD 10, respectively.
A Look at the Company‘s Deposit Bonus
As most users have complained about the bonus schemes offered by the broker, examining what it actually claims on its official website makes sense. Let’s check out the features.
88% Deposit Bonus - Salient Features
- Traders need to deposit a minimum of $10 to claim this bonus.
- However, deposits made through internal transfers will not qualify for a bonus.
- Traders can choose between 20% and 50% deposit bonus for deposits below $100 and 20%, 50% and 88% deposit bonus for deposits above $100.
- The most striking point: Traders can get a bonus within 24 hours of making a deposit.
- The maximum bonus per trading account is USD 10,000.
Top Forex Trading Complaints Against FirewoodFX
No-Deposit Bonus Promotion & Foul Play Allegation Against FirewoodFX
A trader from Indonesia accused FirewoodFX of misleading NDB promotion, claiming that traders could withdraw profits without making any deposit. After completing all the required terms and conditions, the client was reportedly asked to deposit $100 to activate the account before withdrawal. The complainant argued that this contradicts the “No Deposit Bonus” offer and suggests the promotion should instead be labeled as a “Welcome Bonus.” The trader also expressed dissatisfaction with the withdrawal limit of $20 after trading 2 lots, calling the offer deceptive and potentially fraudulent.
The screenshot below perfectly captures the essence of the complaint. Take a look.
FirewoodFX No Deposit Bonus Terms & Conditions Termed Baseless by a Trader
An India-based trader termed FirewoodFXs terms and conditions for availing a bonus account baseless. Sharing the story, the trader expressed frustration over the maximum lot size of 0.01 per trade to be maintained, with the lot getting calculated based on 5 pips above or below the trade closure. Dissatisfied with the overall experience, the trader vented out with this negative FirewoodFX review.
Withdrawal Denial Despite Fulfilling the FirewoodFX Bonus Terms & Conditions
This complaint demonstrates the helplessness of a US-based trader, who after utilizing the $20 bonus, made profit of $350, visible on the FirewoodFX login, and completed the qualifying trades was denied withdrawal on the grounds of insufficient account balance by FirewoodFX. The trader questioned whether the bonus and profit were not part of the account balance. Subsequently, the customer service manager texted a message to the trader requiring him to deposit $200. Felt deceived, the trader chose to make his negative comments live. Have a look at what the trader said.
Fund Scam Allegation in Connection with a FirewoodFX Bonus Account
Another trader made a similar allegation against FirewoodFX after being restricted to trade just 0.01 lot and failing to withdraw from his $20 bonus account that grew to $100 over time. However, as the account balance reached this point, the broker ran away with the funds, as claimed by the trader. What‘s worse, the broker was accused of even deleting the trader’s account, resulting in this fiery FirewoodFX review.
Withdrawal Blocked Due to Repeated Verification Rejections
A FirewoodFX client warned others against using the brokers $20 bonus account, alleging that after making profits, he faced continuous issues with account verification. Despite submitting three different selfies holding their ID and a handwritten note as requested, the verification was repeatedly rejected without a clear explanation. As a result, the account remained unverified, preventing the trader from withdrawing profits. The trader reckoned that the company intentionally delayed or denied verification to avoid paying out earnings from the bonus account and expressed frustration over the lack of transparency and support. This was a more in-depth problem narration regarding KYC hassles. There are a few more traders who expressed frustration over the same.
Check out the multiple FirewoodFX reviews, demonstrating traders wrath following the verification hassles.
Is FirewoodFX Regulated? Find Out the Answer in This WikiFX Review
The growing complaints concerning FirewoodFXs bonus terms and conditions, withdrawal denials, and the never-ending KYC verification made it imperative for the WikiFX team to investigate its regulatory status. The Saint Vincent and the Grenadines-based forex broker did not have a valid forex license. Also, brokers across this region remain largely unregulated or offshore regulated. Neither of the two is good for your trading interest. While unregulated is a clear deal breaker, offshore regulated entities do not offer the level of investment protection available to traders tied up with brokers regulated by authorities such as the FCA (UK) and ASIC (Australia).
Amid safety concerns, the WikiFX team gave FirewoodFX a score of just 2.25 out of 10.
