Synergy Markets Forex broker specializes in providing foreign exchange trading services, the company's official website https://www.synergymarkets.com/open-live-account, the company's legitimate regulatory information AustraliaASICCommon Business Registration,AustraliaASICMarket Maker (MM),AustraliaASICStraight Through Processing (STP),AustraliaASICAppointed Representative(AR), to enhance the security of the company's address FL 65 SE 6503, 19 Martine PL, Sydney NSW 2000.
Synergy Markets Forex Broker
Basic information
Australia
5-10 years Regulated in Australia Common Business Registration Suspicious Scope of Business Suspicious Overrun Medium potential riskCompany profile
Based in Australia, Synergy Markets is a forex broker who offers over 50 tradable assets through advanced MT4 and MT5 trading platforms. It offers two kinds of live accounts and demo accounts with flexible leverage from 1:1 to 1:500 and floating spread from 0.1 pips. However, recently, it is not regulated as their licenses of ASIC are suspicious clones and exceeded.
Pros and Cons
| Pros | Cons |
| Various trading assets | ASIC (Suspicious clone and exceeded) |
| Demo accounts and FAQs sector provided | High minimum deposit requirement |
| Flexible leverage ratios | Limited payment options |
| No commissions | Withdrawal fee charged |
| MT4 and MT5 provided | US clients are not accepted |
| Multiple ways to contact |
Is Synergy Markets Legit?
Synergy Markets is not regulated by any institution. Their licenses of ASIC have been regarded as suspicious clones and exceeded.
| Regulatory Status | Exceeded |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | SYNERGY MARKETS PTY LTD |
| Licensed Type | Common Business Registration |
| Licensed Number | 663 617 212 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | ACY Securities Pty Ltd |
| Licensed Type | Market Making (MM) |
| Licensed Number | 403863 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | ACY Securities Pty Ltd |
| Licensed Type | Straight Through Processing (STP) |
| Licensed Number | 474738 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | JET TRADE PTY LTD |
| Licensed Type | Appointed Representative (AR) |
| Licensed Number | 001280648 |
What Can I Trade on Synergy Markets?
Synergy Markets offers traders access over 50 different FX related products including currencies, equity indices, commodities and cryptos.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Equity Indices | ✔ |
| Cryptocurrencies | ✔ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Synergy Markets provides two primary account types: the Standard Account and the ECN Account. The Standard Account requires a minimum deposit of $500. The ECN Account provides direct access to tier-1 liquidity providers, with a minimum deposit of $1,000. Additionally, an Expert Feed is available for professional traders handling large volumes. Trading accounts can be denominated in AUD, USD, EUR, GBP, and JPY. What's more, demo accounts are also offered.
| Account Type | Min Deposit |
| Standard | $500 |
| ECN | $1,000 |
Leverage
Synergy Markets offers leverage ranging from 1:1 to a maximum of 500:1 for both account types, significantly higher than what most brokers provide. The default leverage for both account types is 100:1.
Synergy Markets Fees
At Synergy Markets, they offer spreads ranging from 0.1 pips to 2-3 pips. They do not charge fees or commissions for trading.
For currencies, the minimum trade size is a micro lot, which is 0.01 lots or $1,000. For gold and silver, the minimum trade size is a mini lot, which is 0.1 lots or $10,000. The maximum trade size is 1,000 lots. The margin requirement depends on the trade size and the leverage set on your account.
| Trading Instrument | Min Trade Size | MaxTrade Size | Example Trade Size | Example Leverage | Margin Requirement |
| Currencies | Micro Lot (0.01 lots or $1,000) | 1,000 lots | Standard Lot (100,000) | 200:1 | $500 |
| Two Mini-Lots (2,000) | 100:1 | $200 | |||
| Gold | Standard Lot (100,000) | 200:1 | $500 | ||
| Two Mini-Lots (20,000) | 100:1 | $2,000 | |||
| Silver | Standard Lot (100,000) | 200:1 | $500 | ||
| Two Mini-Lots (20,000) | 100:1 | $2,000 |
Trading Platform
Synergy Markets provides support for both MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Desktop, phone | Beginners |
| MT5 | ✔ | Desktop, phone | Experienced traders |
Deposit and Withdrawal
Synergy Markets provides cost-free deposits via bank transfers, with Australian transfers generally processed within 1 business day and international transfers requiring 3-5 days. Additionally, deposits made via credit and debit cards carry a 3% processing fee, with an additional 1% conversion fee for currency exchanges.
Withdrawals under $1,000 are assessed a 3% fee, while those exceeding $1,000 are fee-free. Withdrawal requests submitted before 14:00 AEST are processed on the same day.