Overview


Synergy FX Review

Regulated by the Australian Securities and Investments Corporation (ASIC), Synergy FX is an Australian-based broker that offers Forex trading services to clients worldwide. The brokerage was established in 2011 and has now become one of the best ones, all thanks to its exemplary features such as micro lot trading, competitive spreads, high leverage and much more. In addition, you only need AU$ 100, making them an enticing option for casual Forex traders. Clients can also enjoy good customer support, rapid trade execution and high-quality service.

This is not it; with Synergy FX, you can dabble into the world of Forex from anywhere and at any time. Synergy FX can easily be accessed on Windows PC, iOS and Android devices via WebTrader and MetaTrader 4. Clients can also use a wide range of educational resources and tools to enhance their trading abilities and skills. Traders can take advantage of true ECN pricing as the broker provides liquidity via 20 major banks worldwide.

Features of Synergy FX:

  • Types of Accounts Available:

Synergy FX offers access to major live trading accounts apart from the demo account. These two accounts are:-

  1. MetaTrader 4 Pure ECN account has benefits like one-click trading, free access to educational resources and low commissions.
  2.  MetaTrader 4 STP account offers benefits like spreads betting, zero commissions, social trading and rapid trade execution.
  • Types of Trading Platforms Available:

Synergy FX’s trading platforms include MetaTrader 4 and social trading options.

  1. Social Trading- It lets Forex traders view and mimic the trades of other fellow traders. Synergy FX allows traders to access social trading anytime they want through a tablet, PC or smartphone.
  1. MetaTrader 4- MT4 is one of the leading trading platforms in the market, which offers rapid trade execution and includes social trading features. Thus, if you choose MT4, no other additional software is required as MT4 itself is a comprehensive platform with everything you need to execute your trades efficiently.

Also, corporate clients can access a full range of MAM/PAMM accounts. There is also an option for day traders to open a swap-free Islamic account.

  • Deposits Options:

Synergy FX offers the following funding options to its clients:

  1. Bank transfers can take up to 3 to 5 days.
  2. Debit Card transfers which are instant (Visa and MasterCard accepted)
  3. Credit Card transfers which are instant (Visa and MasterCard accepted)
  • Markets Covered:

Synergy FX provides traders access to FX pairs, indices and commodities to trade. These comprise of following financial instruments:

  1. Forex pairs include Majors, Minors and Exotic currency pairs. Synergy FX provides access to more than 40 currency pairs, including USD/JPY, EUR/USD, AUD/NZD, AUD/USD, NZD/USD, EUR/GBP, and many others.
  2. Commodities include Gold, Silver and WTI Crude Oil.
  3. Indices include AUS200, DJ30, CHINA50, GER30, NAS100, HK50, STOXX50 and many more.
  4. Several other options, such as Bitcoin CFDs, Commodity CFDs and Index CFDs, are also available.
  • Bonuses:

Synergy FX currently runs no bonus or promotion scheme. However, if you want to know more about offers that might turn up in future, you can always reach the customer support team.

  • Customer Support:

Clients can contact Synergy FX via different communication channels, including:

  1. E-mail: Support@synergyfx.com.au
  2. Phone: +61-2-8274-2600 (24/5 assistance and call back option available)
  3. Live chat (limited availability)
  4. Official address in Sydney, NSW Australia
  5. Online presence on Linkedin, Facebook, Twitter, G+ and Youtube.
  6. FAQ section available on the website for general enquiries.
  • Safety:

Synergy FX ensures safety and security as it makes use of encrypted technology, 128-bit SSL, also called, Secure Socket Layer. Also, clients’ funds are kept separate from business funds to ensure full protection for clients in the event of liquidation or bankruptcy. The segregated funds are handled and managed by the Commonwealth Bank of Australia (CBA). Synergy FX is also a regulated broker, registered by ASIC. 

Trading Conditions For Synergy FX:

  • Leverage:

With Synergy FX, you can access one of the most powerful tools called leverage. Although Synergy FX is an ASIC-regulated broker, it still offers high leverage which can go as high as 1:500 for both retail and professional traders. However, one thing to keep in mind when using leverage is that it’s a double-edged sword, which can magnify both profits and losses. Thus, it is recommended to use the concept of leverage wisely while trading.

  • Fees:

SynergyFX account types offer a choice to traders to choose either a spread or commission-based model. The pricing differs according to the account type you use. The spreads are pretty competitive compared to other similar brokers. Although SynergyFX doesn’t charge traders for additional deposits or account inactivity; however, it does levy charges on other things, such as withdrawals. The minimum withdrawal fee charged is $25, which is high compared to other brokers. Furthermore, the broker also charges a commission on CFD instruments which doesn’t go well with several traders. 

Pros and Cons of Synergy FX:

Pros:

  • ASIC regulated broker
  • A good range of FX pairs is available
  • ECN trading available
  • Access to the demo account
  • Good trading conditions
  • Affordable minimum deposits
  • Global presence
  • Multilingual customer support 

Cons:

  • Customer support is not available 24*5.
  • Limited range of financial instruments
  • No negative balance protection

Conclusion:

Synergy FX is a reliable broker with pretty decent offerings. However, there are a limited number of markets you can trade in with the broker. However, if you are majorly interested in FX trading, Synergy FX is a good choice because it features 40+ forex pairs. The broker guarantees to offer a high-quality trading experience to its clients. Furthermore, traders can also enjoy high leverage with Synergy FX (up to 500:1). The educational and research materials are also pretty amazing, which include a wide range of tips and tricks to help traders improve their trading performance. Several graphs, guides and charts are also presented to traders to ensure trading success.

Synergy FX has been in the brokerage industry for more than a decade now. Thus, it has got a wealth of experience that can be fruitful for both novice and professional traders. However, to be on the safe side, it is always recommended that you open a demo account with the broker because, in the end, nothing matters more than how comfortable you feel when trading on the platform.

Author lerin