synergyfx Forex Broker

Synergyfx Broker - Complete Information Guide

1. Broker Overview

Synergy FX, founded in 2011, is an Australian-based forex broker that provides a comprehensive trading experience for its clients. The company is headquartered in Sydney, Australia, specifically at Level 27, 25 Bligh Street. It operates under the entity Synergy Financial Markets Pty Ltd, which is privately owned and regulated by the Australian Securities and Investments Commission (ASIC), holding the Australian Financial Services License (AFSL) number 403863.

Synergy FX primarily caters to retail traders and institutional clients, offering a range of financial products including forex, CFDs, commodities, and indices. Over the years, the broker has gained a reputation for its competitive trading conditions and customer service. A significant milestone in its development occurred in September 2018, when Synergy FX was acquired by ACY Capital, a leading player in the Australian forex market. This acquisition has allowed Synergy FX to enhance its technological capabilities and trading infrastructure, providing clients with improved services and access to a wider array of trading instruments.

The business model of Synergy FX focuses on retail forex trading, but it also offers institutional services, including liquidity provision and managed accounts. This dual approach allows the broker to serve a diverse clientele, from novice traders seeking to enter the forex market to experienced professionals looking for advanced trading solutions.

2. Regulatory and Compliance Information

Synergy FX operates under strict regulatory oversight to ensure the safety and security of its clients' funds. The primary regulatory body governing Synergy FX is the Australian Securities and Investments Commission (ASIC). The broker is licensed under the AFSL number 403863, which allows it to provide a range of financial services within Australia and internationally.

The regulatory framework ensures that Synergy FX adheres to high standards of conduct, including maintaining client funds in segregated accounts with tier-1 banks such as the Commonwealth Bank of Australia. This segregation of funds is crucial as it protects clients' capital in the event of the broker's insolvency.

Additionally, Synergy FX complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which require the broker to verify the identity of its clients and monitor transactions for suspicious activities. This commitment to compliance helps to foster a secure trading environment and builds trust among its users.

3. Trading Products and Services

Synergy FX offers a diverse range of trading products to its clients. The broker provides access to over 40 currency pairs, including major, minor, and exotic pairs. This extensive selection allows traders to capitalize on various market movements and trends.

In addition to forex, Synergy FX also offers CFDs on a variety of asset classes, including indices, commodities, and cryptocurrencies. Traders can engage in CFD trading on popular indices such as the S&P 500 and commodities like gold and oil. The broker has continuously updated its product offerings, ensuring that clients have access to the latest financial instruments and trading opportunities.

Moreover, Synergy FX supports various trading strategies, including scalping and hedging, making it suitable for both retail and institutional traders. The broker also provides managed account services for clients looking for professional asset management.

4. Trading Platforms and Technology

Synergy FX supports the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, both of which are known for their robust functionalities and user-friendly interfaces. MT4 is particularly popular among forex traders for its advanced charting capabilities, technical analysis tools, and automated trading features through Expert Advisors (EAs).

The broker also offers a web-based trading platform, allowing clients to trade without the need to download software. This flexibility is complemented by mobile trading applications available for both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.

Synergy FX utilizes a no dealing desk (NDD) execution model, which enhances transparency and reduces the potential for conflicts of interest. The broker connects to 20 liquidity providers, ensuring competitive pricing and fast order execution. The trading infrastructure is supported by Equinix servers located in New York and Asia, which further enhances the speed and reliability of trade execution.

5. Account Types and Trading Conditions

Synergy FX offers several account types to cater to different trading needs, including:

• Standard Account: Requires a minimum deposit of $100 with variable spreads starting from 1 pip and no commissions.
• Zero ECN Account: Designed for traders seeking lower trading costs, this account has a minimum deposit requirement of $2,000 and charges a commission of $6 per lot.
• Pure ECN Account: This account type offers the tightest spreads, starting from 0 pips, with a commission of $5 per lot and a minimum deposit of $20,000.

All accounts allow for a minimum trade size of 0.01 lots and leverage options up to 1:500, depending on the account type and regulatory requirements. Synergy FX also provides a demo account for traders to practice their strategies without financial risk.

6. Fund Management

Synergy FX supports a variety of deposit methods, including bank transfers, credit/debit cards, and electronic wallets such as Skrill. The minimum deposit requirement varies by account type, with the standard account starting at $100.

Deposits are generally processed quickly, with most transactions completed within 1-2 business days. Synergy FX does not charge deposit fees; however, international transfers may incur charges from the payment provider.

Withdrawals can be made using the same methods as deposits, but clients should note that international bank transfers may attract a $25 service charge. Local withdrawals to Australian bank accounts are free up to three times per month, after which a fee applies. Withdrawal processing times typically range from 1-3 business days.

7. Customer Support and Educational Resources

Synergy FX prides itself on providing excellent customer support. The broker offers multiple channels for assistance, including phone support, email, and live chat. Customer service is available 24 hours a day, five days a week, and the support team is multilingual, catering to clients from various regions.

In addition to customer support, Synergy FX provides a wealth of educational resources designed to help traders improve their skills. These resources include webinars, online tutorials, market analysis, and research reports. The broker also offers trading tools such as economic calendars and calculators to assist clients in their trading decisions.

8. Regional Coverage and Restrictions

Synergy FX primarily serves clients in Australia and several other countries, including Canada, the United Kingdom, and various nations across Asia and Europe. However, the broker does not accept clients from the United States, which may limit access for some potential traders.

The broker's operations are supported by regional offices in Sydney, Taiwan, China, and Malaysia, providing localized support and services. Synergy FX adheres to the regulatory requirements of each jurisdiction it operates in, ensuring compliance with local laws and regulations.

In conclusion, Synergy FX stands out as a reputable broker offering a wide range of trading products and services, backed by strong regulatory oversight and a commitment to customer support. Whether you are a novice trader or an experienced professional, Synergy FX provides the tools and resources necessary to succeed in the competitive world of forex trading.