Heard of fwfxasia.com broker? Do you consider using FirewoodFX broker for trading? If yes, here is what you must know about this broker. See reviews to find all about it.
FirewoodFX
FirewoodFX is an offshore brokerage company with a lot of promises for traders. This broker operates under the business name called Belana Group LLC with an address in Suite 305, Griffith Corporate Centre, Kingstown – St. Vincent and the Grenadines.
What is more, FX broker trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
Withdrawal and Deposit
FirewoodFX Minimum Deposit / Withdrawal process
Under withdrawal policy, FirewoodFX specifies zero withdrawal fee on some payment options while processing days on withdrawal takes 24 hours.
More so, FirewoodFX minimum deposit is depended on the method like $10 or $100 on the bank, $1 for crypto and PerfectMoney and fasapay , $50 for cards, and $10 for ChinaUnionPay.
As for the payment methods, the broker states different methods such as bank transfer, crypto wallets, credit cards, debit cards etc. One familiar indicator of offshore brokers is the use of crypto currencies. And, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
FirewoodFX Platform
FirewoodFX platform offers web based trader and MT4 (Industry standard trading platforms). The presence of MT4 doesn’t make the broker legit because any scam broker can do the same to lure forex traders. However, the broker is already a red flag for traders.
As for the leverage, it can get up to 1:1000. From all indications, we say don’t consider doing that with an unregulated forex broker like this one, because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Why You Should Avoid fwfxasia.com Broker
First of, fwfxasia.com has no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Regrettably, the broker is a clear scam whose presentation of SVG governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
FirewoodFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line:
FirewoodFX located at fwfxasia.com claims to be a genuine trading broker, but this is not the truth. From all indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers . Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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