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Thor Szenevko
@purple_hills
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10 hours ago
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FirewoodFX’s no-deposit offer is a small $20 welcome bonus. You claim it by installing the FirewoodFX mobile app, opening a “Bonus” account and completing ID verification. The conditions are tight:
You can only withdraw profit, and no more than $20 of it.
You must trade 2 lots and invite two “eligible” friends before withdrawing, and the terms don’t say what eligible means.
Only trades held for more than 5 pips count toward the lot requirement.
FirewoodFX can change or end the promotion at any time.
In practice, the best case is that you turn free money into a capped $20 payout after recruiting two people. That’s a lot of conditions for very little money.
Disadvantages for someone in Europe
The main problem is regulation. FirewoodFX appears to be registered only in St. Vincent and the Grenadines. That’s the weakest tier of oversight, and the SVG regulator has said publicly that it doesn’t license or supervise forex brokers. A European trader using it gives up the protections an EU-authorised broker must provide:
No investor compensation. EU brokers are covered by national schemes, typically up to €20,000. FirewoodFX lists no compensation fund.
No guaranteed limits on losses or leverage. EU rules require negative balance protection and cap retail leverage at 30:1. Offshore brokers often offer far higher leverage.
No EU complaint route. If there’s a dispute over a withdrawal or bonus terms, you can’t take it to an EU regulator or ombudsman.
The bonus itself is also a clue. EU rules ban regulated brokers from offering trading bonuses to retail clients. Any broker advertising one to Europeans is, by definition, operating outside that system.
Some European regulators also publish warnings against unlicensed brokers. It’s worth checking your national regulator’s warning list for FirewoodFX before signing up.
Overall, it may be fine for experimenting with a free $20, but I wouldn’t deposit real money with it from Europe. An EU-regulated broker’s demo account is a safer way to practise. I’m not a financial advisor, so treat this as background for your own decision.
It's tiring brother, everybody claims to be successful but the stats say otherwise. I think the trading industry needs serious regulation
I can relate to what you're saying, this used to be me some time ago. When I look at my account statement I will see so many trades with small losses but no big wins
I agree with @Karbin, MetaTrader as a whole is outdated and TradingView is the future. Left to me, I think TradingView is first and cTrader is secind best and MetaTrader is last
just tell the trailing stop how many pips of profit you want to be securing as price moves in your favor. Open a trade, right click on it and select "trailing stop". If you select 10 pips then as price moves in your desired direction, every time your profit is up to 10 pips, the system will shift your stop loss accordingly to secure it.
@melody, Japan doesnt have oil reserves and they are a big-time manufacturer of vehicles, electronics etc. so they always need fuel to power machinery. The ongoing conflict in the middle-east has caused crude oil prices to increase so and since oil is majorly priced in USD, japan will have a huge bill to pay. Japan will need to convert their Yen into USD to pay for oil thus weakining the Yen.
MT5 is better because it is an updated version of MT4 and it corrects all the short comings of MT4
It's really hard finding a broker that ticks all my boxes, they always have one shortcoming or the other. I am still searching
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