Synergy FX Review 2024
Website: www.synergyfx.com
Min. Deposit: US$ 100
Leverage: 1:500
Trading Platforms: MT4, MT5
Regulation: ASIC
Headquarters: Australia
Founded: 2011
Regulatory Licenses:
- ACY Securities Pty Ltd - authorized by ASIC (Australia) registration no. ABN: 80 150 565 781 AFSL: 403863 - operates as acy.com
Updated on April 5, 2024
Quick Links
SynergyFX, an Australian broker, has been offering robust trading options since 2011, allowing clients worldwide to trade Forex, Commodities, Precious Metals, and Indices within a tightly regulated environment. The significant leap in its service and technology came in September 2018, following its acquisition by ACY Securities, a leading name in the Australian forex market. This partnership has brought together years of success and expertise, marking an era of enhanced trading experiences backed by ACY Capital's renowned technological and developmental prowess.
SynergyFX is recognized for its impressive company reputation, offering ECN trading, comprehensive educational resources, and a choice of trading platforms. Clients enjoy competitive spreads, and the account opening process is streamlined and entirely digital. However, the range of instruments available is somewhat limited, and service offerings can vary by entity. Moreover, the absence of 24/7 support might be a drawback for some traders.
Pros
Established reputation with quality trading conditions
Access to ECN trading
Comprehensive educational resources
Digital and efficient account opening process
Competitive spreads
Cons
Limited range of trading instruments
Service offerings vary by entity
No 24/7 customer support
Is SynergyFX Safe or a Scam? ▲
SynergyFX is far from being a scam; it operates under the stringent oversight of ASIC, adhering to the highest standards of safety and regulatory compliance. Being licensed and registered by the reputable Australian laws and particularly by ASIC, SynergyFX benefits from the longstanding operation and reputation of ACY Capital, contributing to its solid establishment and transparency. The regulatory environment ensures that client funds are kept in segregated accounts, with strict operational, payment, and transactional policies, reinforcing its trustworthiness.
SynergyFX offers its clients the powerful trading tool of leverage. Despite the global trend towards lower leverage levels, SynergyFX, as an Australian broker, continues to provide high leverage options. Traders, both retail and professional, can access leverage levels of up to 1:200, 1:400, or 1:500, subject to compliance with regulatory requirements and policies to ensure responsible trading.
SynergyFX provides a selection of three distinct account types tailored to accommodate the needs and preferences of a diverse range of traders. The selection includes an stpECN account, which operates exclusively on spreads, and two commission-based accounts: zeroECN and pureECN. These accounts are distinguished not only by their underlying technology but also by progressively more competitive pricing structures that benefit high-volume traders. Each account type is designed to cater to different trading styles and volume, ensuring that traders can select the option that best aligns with their strategic goals.
How to open your account
The process of opening an account with SynergyFX is straightforward and user-friendly. Prospective traders are guided through a series of steps that involve the submission of identity verification documents. Once these steps are completed, traders can commence trading almost instantaneously, making the transition into the financial markets quick and efficient.
SynergyFX's fee structure is primarily based on spreads that vary according to the chosen account type. For traders opting for professional accounts, spreads can start as low as 0 pip (raw spread) with an added commission charge per trade. This charge is determined by the instrument category, with commission rates being $6 per lot for USD pairs under the zeroECN account and $5 USD per lot under the pureECN account. The first-grade account, which encompasses all charges, starts with spreads from 1 pip and does not impose any commission. This pricing model is competitive and transparent, offering traders clear insights into potential trading costs.
Through its ECN/STP execution model, SynergyFX offers highly competitive spreads that contribute to cost-effective trading. The average spread for EUR/USD is notably low at 0.8 pips, while commodities such as Gold and Oil boast spreads of $0.20 and $0.025 respectively. These tight spreads are indicative of the broker's commitment to providing value and efficiency to its clients.
SynergyFX offers a comprehensive range of trading instruments that cater to the diverse interests of its clientele. Traders have access to over 40 currency pairs for forex trading, along with commission-free trading on Gold and Silver CFDs which feature super-tight spreads. The broker also provides opportunities to trade Index and Oil or Gas CFDs. In response to the growing interest in digital currencies, SynergyFX has expanded its offering to include cryptocurrency trading, thereby embracing the dynamic nature of the global financial markets.
When deciding to open a live account, you'll find all necessary money transfers and account management features online, where a variety of payment methods are available.
Deposit Option
The deposit options include credit/debit cards and bank transfers. You may need to consult customer service for alternative options that could be available based on your location. Generally, the broker offers these mainstream options for convenience.
SynergyFX Minimum deposit
The minimum deposit at SynergyFX is $100 for the stpECN account. Higher tier accounts require initial balances of $2,000 and $20,000, aimed primarily at professional traders. For a detailed breakdown, refer to the relevant account sections.
SynergyFX minimum deposit vs other brokers
Compared to the industry average of $500, SynergyFX's minimum deposit stands out as more accessible at just $100.
Withdrawals
SynergyFX allows withdrawals via bank wire and cards, without imposing funding fees. However, payment providers may apply their fees. International transfers typically incur a $25 service charge per withdrawal. It's advisable to verify fees with both the provider and broker.
How long does it take to withdraw money from SynergyFX?
Withdrawals are processed within 1-2 business days, thanks to the broker's regulated environment ensuring prompt transactions.
SynergyFX, along with ACY Capital, opts for the industry-leading MetaTrader4 for its trading platform.
Web Trading
The platform is available in desktop, web versions, and mobile applications. Web Trading offers simplified access, allowing users to trade from any device or browser.
Mobile trading Platform
The mobile application is part of the package, enabling trading and account management on the go. Both MT4 and MT5 platforms are available, featuring excellent design and analysis tools.
Desktop Platform
For those seeking professional-level tools and customization, the desktop platform, particularly MT4, is the choice. It offers powerful capabilities, numerous add-ons, great charting packages, and one of the best automatic trading systems known as EAs. MT5 is also an option, providing sophisticated trading possibilities with the latest developments. ACY Capital enhances the experience with regular contests and competitions.
The support team at SynergyFX has earned recognition for its effective management. Offering multilingual support 24 hours a day through offices in Sydney, Taiwan, China, and Malaysia, they ensure comprehensive coverage for traders’ needs.
SynergyFX caters to both beginner and professional traders with a wide range of services and an educational department that provides daily market analysis videos, market news, customizable courses, and advanced research tools. Features like Economic Calendars, Calculators, Market Overview and Analysis, along with social trading, bolster trading strategies with powerful research capabilities.
SynergyFX is recognized as a trustworthy broker with competitive conditions, further enhanced by its collaboration with ACY Capital. This partnership offers traders additional benefits in terms of capabilities and development.
Who choose SynergyFX?
The broker is well-suited for both seasoned and beginning traders, thanks to its low spreads and robust support system. SynergyFX has maintained its commitment to excellence from its inception to the present day.
Synergy FX Updates
Recent findings indicate that SynergyFX, previously operated by Ace Securities, has integrated its offerings into acy.com, ACY Capital's main platform. This shift signifies a consolidation of services and resources, aiming to benefit traders with enhanced features and support.
