SynergyFX Review

MIN. DEPOSIT $500
Up to 500:1
No BONUS
0 Users (0 votes)
Odds0
Services0
Support0

Overview

Company Information SynergyFX is one of the newest players in the global Forex industry. The company behind the brand is called Synergy Financial Markets Pty Ltd. and was founded in… more

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Details

BrokerSynergyFX
Website URLhttps://synergyfx.com.au/
HeadquartersSydney, NSW, Australia
Support Number+61 2 8274 2600
Support Emailsupport@synergyfx.com.au
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish
Minimum 1st Deposit$500
Minimum Trade Amount0.01 lots
Maximum Trade Amount1,000 lots
BonusNo
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationAustralian Securities and Investments Commission (ASIC)
Account TypesStandard, Pure ECN
Deposit MethodsBank Transfer, Visa, MasterCard
Withdrawal MethodsBank Transfer, Visa, MasterCard
Types of AssetsForex, Indices, Commodities
Account CurrencyAUD, USD, EUR, GBP, JPY
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

SynergyFX is one of the newest players in the global Forex industry. The company behind the brand is called Synergy Financial Markets Pty Ltd. and was founded in 2011. The online broker is based in Sydney, Australia, but it operates globally with just a few exceptions, such as the USA. It’s regulated by the Australian authority ASIC under AFSL 403863. SynergyFX provides quite flexible services as the clients can choose from both STP trading method and the ECN business model. Compared to many other young online brokers, this company has a lot of potentials. Its trading conditions and technological capabilities are excellent and can easily compare to some of the biggest names in the branch. SynergyFX manages to provide all this wonderful trading environment mainly because of its management team with vast experience in the financial markets. Despite being in the branch for just a few years now, the online broker won its first award “Best Forex Broker Australia” in 2015 by Global Financial Market Review. It is just another indication that this brokerage provider may be the new rising star on the horizon. SynergyFX also offers an education section on their website with extensive resources for free, as well as a paid VPS services for both private and institutional clients.

 

Trading Information

The Australian broker offers a broad range of Forex currencies, indices, and commodities. There are more than 30 major and exotic pairs, eight indices and seven commodities available for all account types. As we’ve mentioned above, there are two possible trading methods and two account types respectively – STP and ECN. The Straight Through Processing profile employs zero commissions with variable spreads starting from 0.5 pips (EUR/USD). With the ECN profile, traders can enjoy zero spreads (also variable and may change occasionally) and a fixed commission of $5.50 per 1 lot. All other trading conditions are similar for both account types, so let’s review them as well. The maximum leverage is 1:500, the minimum allowed size is 0.01 lots, margin call and stop out levels are set to 100% and 50%, and the digits after the dot are 5. Various trading techniques can be applied, such as hedging, scalping and algorithmic trading (EAs, robots), so, in fact, there are no restrictions regarding any strategy used by the trader.

 

Trading Platforms

SynergyFX uses the best trading platform out there as their primary solution. Of course, this is the MetaTrader 4, which is employed by millions of traders worldwide. FX beginners may not be familiar with it, so let us summarize. MT4 is a powerful tool with advanced charting capabilities and various build-in indicators, and gadgets. It’s also has a fully functional programming language with debugging tools and platform, which makes it unyielding for different customizations. The trading platform is well adapted for the leading mobile and desktop platforms, such as Windows, Android, Mac, and iOS. MT4 can also be extended and customized for MAM and PAMM users. Account managers can enjoy smooth and extra fast execution of their traders.

 

As an alternative, SynergyFX provides a fully operational browser-based trading solution with the SirixTrader. The software requires no downloads, and it allows the client to take advantage of various social trading features. Traders can quickly follow, monitor and even copy the positions of other leading traders.

 

Security and Customer Services

SynegryFX is very dependent on its technologies and naturally has a high-security level on all its applications and systems. The website employs SSL encryption provided and certified by GeoTrust Inc. The security measure is active not only on login pages but throughout the whole site. The Australia broker is also known for its excellent VPS (Virtual Private Servers), which are well protected and reliable. Clients can rest assured that their funds are handled according to the best practices in the branch. SynergyFX has segregated the accounts in the Commonwealth Bank of Australia, which is one of the biggest financial institutions in the country. Also, the company has its membership with FOS (Financial Ombudsman Service) and abides by the decisions of this independent organization regarding disputes.

 

The customer service, on the other hand, is handling the client communication entirely. The support team is very efficient and friendly, especially when it comes to challenging situations. Customers are free to get in touch with any of the SynergyFX’s representatives via phone, email, live chat, the contact form on the website or even by going to one of their central office in Sydney. The customer service is up 24/5 and assist the traders only in English.

 

Deposits and Withdraws

Account funding is not one of the easiest tasks with SynergyFX as the online broker offers just a few payment methods to their customers. Unfortunately, traders will be able to deposit their money only by bank transfer or debit/credit card. As a third option, existing accounts can also initiate a transfer, but only if they are held by the same person. Deposits made with cards has a fixed charge of 3%. Bank transfers may also have some extra costs, but usually only for international deposits. Customers are free to make their account in EUR, USD, GBP or AUD. The minimum funds required for an account to be opened $1000 AUD.

 

The withdrawal methods are the same as the deposit ones. Traders have an obligation to fill a withdrawal form and send it over to SynergyFX. Once the requests are approved, it takes about one working day to process the withdrawal. Clients should take note that currency conversions are obligated with 1% fee.

 

Deposit Bonus and Loyalty Programs

The Australian broker does not offer any deposit bonuses at this time. However, clients may take advantage of a Demo Trading Competition each month. The trader who makes the best performance within 30 days wins $1000 in cash. The competition is held in a virtual trading environment, which is entirely separate from any real trading. Partners of SynergyFX have the unique chance to win extra $1000 on top of their regular earnings just by showing top results. On a yearly basis, the best performing Introducing Broker wins the grand prize.

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