What’s SynergyFX?
SynergyFX is an Australian broker offering powerful trading capabilities and access to Forex, Commodities, Precious Metals and Indices, all provided in a tight spread and controlled environment.
While the company was originally founded in 2011 and has achieved a reasonable record together with millions of customers around the world, it has been acquired by Australia’s leading forex dealer ACY Capital in 2018. As a result, its infrastructure and trading base has been further strengthened, and combining years of experience with expertise and proven growth, ACY Capital is now well-established within the industry.
What Kind of Broker is SynergyFX?
Execution of SynergyFX done via the No Dealing Desk, which gives you extra value and opportunity to speculate, hedge and handle risks by direct order filling and real-time quotes. Eventually, SynergyFX, as part of a global business, provides ultra-fast execution and cooperates with 20 liquidity providers, including banks, linked to both New York and Asia through Equinix Servers.
| Pros | Cons |
|---|---|
| Australian broker with ASIC license | |
| Part of international financial brokerage with many industry awards | |
| Tight spreads | |
| ECN trading |
10 Points Summary
| Headquorters | Australia |
| Regulation and License | ASIC |
| Platforms | MT4, MT5 |
| Instruments | 40+ currency pairs, Gold and Silver, Cryptocurrencies, Index CFDs |
| Costs | Low, based on spread only or ECN connection with 5$ per lot |
| Demo Account | Yes |
| Minimum deposit | 100$ |
| Base Currencies | USD |
| Education | Professional education provided |
| Customer Support | 24/7 |
Is SynergyFX secure or is it a scam?
As we normally test in the SynergyFX Review or any other, the main point is the licensing and regulatory responsibility of the broker. In simple terms, regulation ensures that the business is continuously regulated and incorporated into best practices along with safety measures.
| Pros | Cons |
|---|---|
| Licensed and regulated by ASIC | Not listed in stock exchange |
| Segregated funds | No negative balance protection |
| Long history of operation financial service license | |
| Trusted broker with good reputation |
Is SynergyFX legit?
For SynergyFX itself, the company is licensed and registered in compliance with the respectable laws of Australia and ASIC in particular. Also, giving the fact that ACY Capital works for quite a long time and has a reputation, it gives extra benefit to a strong establishment and this accountability broker.
Security of Funds
As a consequence, and in accordance with regulatory requirements, client funds are kept in separate accounts, comply with strict operating policies, transfers and all transactions provided to ensure reliable operation. ASIC also requires providers to maintain strict capital standards, to implement internal procedures and to track transparency.
Leverage
As a consequence, and in accordance with regulatory requirements, client funds are kept in separate accounts, comply with strict operating policies, payments and all documentation provided to ensure reliable operation. ASIC also requires providers to maintain strict capital standards, to implement internal procedures and to track transparency.
In addition, while trading with SynergyFX allows you to access powerful tool leverage – since Synergy is an Australian broker – it still offers high leverage rates.
- 1:200, 1:400 or 1:500 are available for both retail and professional experienced traders.
However, each instrument determines its own level of leverage and, of course, it is essential to learn how to use leverage in a smart manner. Indeed, the majority of the world’s authorities have already significantly lowered the maximum allowed leverage precisely because of its high risk of losing the money involved. Each instrument defines its leverage level, which can be checked directly from the platform as well as adjusted to your strategy.
Accounts
Further on with our SynergyFX Analysis, we see how to write an account and what is the proposal between the types of account offered and whether it is the best Forex proposal.
| Pros | Cons |
|---|---|
| Standard and ECN Accounts | None |
| Social Trading account | |
| Demo Account | |
| Professional Account |
Types of Accounts
There are three account forms that give you an option between a spreads-only account known as an stpECN account or on a commission basis – zeroECN and pureECN accounts. Account types are not only characterized by the technologies they use, but also offer more competitive pricing when you increase your trading size with extra benefits for high-volume traders.
How to Open an Account
Opening an account is not a complicated process, you need to follow the opening instructions, upload your identity confirmation and you may start trading almost instantly.
Fees
By means of the ECN/STP execution model established by SynergyFX, you will receive a truly competitive cost with an average spread of EUR/USD 0.8 pips, Gold 0.20 and Oil 0.025.
| Pros | Cons |
|---|---|
| Options between standard fees based on spread and ECN account with a commission | |
| Availability to trade through deep liquidity | |
| Low Cryptocurrency and Commodity fees |
What are the costs of trading?
SynergyFX spreads are clearly defined by the type of account you use, therefore the very minimum for qualified accounts is starting from 0 pip spread or raw spread. And also adding on commission charge per trade is specified by category of instrument, and USD pairs commission is $6 per lot for zeroECN and pureECN account charges a fee of $5 USD per lot.
But the first grade account with all charges including spread does not have a commission and spreads are starting from 1 pip. See more examples on snapshots below, and compare fees to another common MEX Exchange broker for better consideration.
Comparison of rates for SynergyFX and related brokers
| Asset/Pair | SynergyFX Fees | FXTM Fees | AvaTrade Fees |
|---|---|---|---|
| EUR USD | 1 pip | 1.5 pips | 1.3 pips |
| Crude Oil WTI | 0.025$ | 9 pips | 3 pips |
| Gold | 0.2$ | 9 | 40 |
| BTC USD | 6 | 20 | 0.75% |
| Inactivity fee | Yes | Yes | Yes |
| Deposit fee | No | No | No |
| Fee ranking | Low | High | Average |
Islamic Accounts
In addition, corporate clients or managers have a full range of MAM or PAMM accounts, with unique capabilities and high performance. Moreover, there is a possibility to open a swap-free account, which is only available for day trading.
Instruments
Margin trading including Forex with 40+ currency pairs, Gold and Silver CFDs with commission-free super-tight spreads, Index CFDs and Oil or Gas CFDs. You can also perform Cryptocurrencies trading as part of its revised plan, which is open to traders.
Deposits and Withdrawals
Once you’ve made a decision to sign up for a live account, all money transfers and management is accessible through an online account where you can choose between payment methods.
| Pros | Cons |
|---|---|
| Low Minimum deposit | Withdrawals may add 25$ fee |
| Popular deposit options supported | |
| Free of charge deposit |
Deposit Methods
Deposit methods, including the approaches below. Additionally, you can check with customer service if there are alternative options available depending on your area or home, but typically, SynergyFX provides the mainstays.
- Credit/debit card
- Transfers via banks
Minimum Deposit
The minimum deposit amount determined by the type of account you select as the mainstay, while the minimum amount for the SynergyFX standard known as the stpECN account is set at $100. The next tier accounts would require an initial balance of $2,000 and $20,000, respectively, while the terms and conditions set for professional traders, in particular, refer to the section above for details.
Withdrawals
Generally, as SynergyFX points out, the company does not charge funding fees, although payment providers may add certain fees again according to jurisdiction or international rules. For withdrawals, International Transfer will normally incur a $25 USD service charge per withdrawal, which is also recommended for verification with the provider and the broker.
How long will it take to withdraw money from SynergyFX?
Due to its regulated environment, the broker ensures that withdrawals are processed on its side within 1-2 business days.
Platforms for Trading
As a majority of technology brokers, SynergyFX and ACY Capital have selected the industry leader MetaTrader4.
| Pros | Cons |
|---|---|
| Customer-friendly design | No proprietary platform |
| Popular MT4 and MT5 platforms offered | |
| Quick execution and numerous liquidity providers | |
| Real time quotes | |
| Clear look and powerful features | |
| Great range of tools | |
| Social trading option |
Web Trade
There are different versions of the platform that are tailored to individual needs of desktop or web versions, along with mobile applications. Web Trading is a rather simplified version, but great usability has made it a popular choice, so you can log in to your account from any computer or browser and start trading.
Mobile Trading Platform
The mobile application has also been included in the package so that you can keep trading or controlling your account on the go. Also, MT4- or 5-based platforms are also of great design and features so that you can access analysis tools and perform basic smartphone trading.
Desktop Platform
Those who need professional level and more robust tools and configuration should probably choose a mobile platform. MT4 is the industry’s most popular platform, due to its harmonized potential between powerful capabilities, numerous add-ons and large charting packages. In addition, MT4 offers one of the best automated trading systems known as EAs, providing even better control over the strategy.
In addition, you can also choose a newer version of MT5 as a board, as it brings sophisticated possibilities with the latest developments and enhanced trading conditions. All assets, including Cryptocurrencies, remain at your disposal, so whenever an instrument or strategy is deployed, there is an open possibility for all.
Last but not least, ACY Capital is known for its daily contests and competitions held on a regular basis, allowing you to learn better and win valuable prizes.
Customer Support Services
The support team of SynergyFX also received valuable awards for its successful management and operation. The broker also operates multilingual support available 24 hours a day through offices in Sydney, Taiwan, China and Malaysia to meet the needs of traders.
| Pros | Cons |
|---|---|
| Multilingual support | None |
| 24/7 service | |
| Live chat and emails | |
| Fast response |
Education
Its trading ability is also suitable for both beginners and professional traders, as its clients are assisted by a full range of services, along with a timely compensated education department. Regular market analysis videos and reviews, industry news, personalized courses and a wide range of professional education and research resources are all provided.
There are Economic Calendars, Calculators, Market Overview and Analysis, as well as social trading that combines the trading ideas and powerful research that MetaTrader is famous for.
| Pros | Cons |
|---|---|
| Learning professional materials | None |
| Daily market outlook | |
| Research | |
| Trading ideas and Social Trading | |
| Webinars, seminars and online courses |
Concluding
Overall, this SynergyFX Review puts the company in the position of a trusted broker on competitive terms. The cooperation with ACY Capital, one of the leading forex brokers, offers you an additional advantage as a trader in terms of the skills and growth they experience.
