Synergy FX Overview
Synergy FX is a forex broker company operating from Australia that provides traders with access to trading platforms for them to buy and sell foreign currencies.
Retail currency traders can use Synergy FX to gain access to the 24-hour currency market for speculation purposes. Its services are also provided for institutional clients and large companies such as investment banks and are regulated by the Australian Securities and Investments Commission (ASIC).
Synergy FX is based in Sydney and was founded in 2011. In September 2018 Synergy FX was acquired by the leading Australia forex dealer ACY Capital.
Due to this acquisition, Synergy FX can continue to provide traders with authoritative trading abilities and access to forex, commodities, precious metals, and indices with a tight spread in a properly regulated environment. This is due to access to years of success with technology and trading base, as well as the knowledge and development of ACY Capital.
With Synergy FX integrated into ACY’s forex and CFD business, traders can expect additional product releases and experience the improved pureECN account type that brings extra benefits.
Being part of a global firm, Synergy FX now collaborates with 20 liquidity providers and is linked through Equinix Servers in both Asia and New York. Synergy FX’s execution is done through a No Dealing Desk which provides traders with more benefits and the ability to speculate, hedge and manage risks through the direct filling of their orders.
Synergy FX’s trading environment is suitable for beginners and professional traders.
Synergy FX Account Types
Synergy FX offers a Demo account, Micro account, Standard account, ECN account and STP account. Unfortunately, it only offers an Islamic option for day traders.
The ECN accounts are located on dedicated Equinix trading servers in New York, next to Synergy FX’s liquidity providers’ pricing engine, making for the best pricing, and fast matching every time.
The STP ECN account offers the best quotes in leading liquidity providing banks and top asking and selling prices to clients.
The zero ECN Trading Account is the preferred account for traders who are looking for the lowest trading costs.
The pure ECN account offers low spreads with low commission and access to the servers in New York and Asia through a global fibre-optic network.
Corporate clients or account managers have access to a full range of MAM or PAMM services, with exclusive possibilities and excellent performance.
The minimum deposit amount required to open an account is 100 AUD.
Synergy FX Account Features
The MetaTrader 4 pure ECN account offers the following benefits to Forex traders:
- A 100 AUD minimum account opening balance, rapid executions of trades, 1-click execution, 0.01 microlot trading, commissions of 5.50 AUD per round lot, free access to education resources, and complimentary social trading.
The MetaTrader 4 STP account offers the following benefits to Forex traders:
- A 100 AUD minimum account balance, zero commissions, spreads from 1.0 pips, complimentary social trading, unlimited educational resources, rapid executions of trades, leverage of 500:1, and microlot (0.01) trading options.
- Scalping and Hedging are allowed.
- Offers the Straight Through Processing (STP) model that involves sending client orders directly to the market without passing them through a dealing desk.
Islamic Account
Synergy FX does not offer Muslim traders who follow the Sharia law the option of an Islamic Account. Such an option is only available for day-trading.
An Islamic or Swap Free account is an option where traders can convert their live trading account to an Islamic Account, for which no swaps are charged. It can be an option on an ordinary account or a standalone account with a separate application procedure.
Synergy FX Demo Account
Synergy FX offers traders the choice of opening a Demo Account to be utilised in several ways, such as the following:
- As a practice account for beginner traders who want to improve their trading skills and experience the platform risk-free by using virtual funds.
- By traders who are evaluating and comparing brokers and would like to explore Synergy FX’s trading conditions in a risk-free environment.
- By traders who want to test new trading strategies in an imitated live trading environment without risking their capital.
The Islamic Account
Overnight fees are charged when traders hold positions open for longer after the trading day has concluded and an Islamic or swap-free type of account allows exemption from such fees or interest.
The purpose of an Islamic Account is to caters specifically to Muslim traders who strictly follow the Sharia law. This law prevents its followers from paying any type of interest, such as overnight fees, because it is seen as wasteful or exploitive.
Traders should keep in mind that there may be certain features specified on the Islamic account which differ vastly from an individual account such as minimum deposit, spreads, and more.
Traders who are interested in registering for an Islamic account may contact Synergy FX’s customer support to enquire about the possible availability of such an account as conditions and obtainability may have changed from the time of writing.
Synergy FX Pros and Cons
| PROS | CONS |
| Client funds kept in segregated accounts | Inactivity fees charged |
| complimentary social trading | Islamic account option only for day trading |
| Fairly low minimum deposit | Withdrawal fees are charged depending on the withdrawal payment method. |
| Free access to education resources | |
| Rapid executions of trades | |
| Well-regulated by ASIC |
SYNERGY FX AT A GLANCE |
|
| Broker’s Name | Synergy FX |
| Headquartered | Chatswood, Australia |
| Year Founded | 2011 |
| Regulating Authorities | ASIC, VFSC |
| Countries not accepted for trade | United States |
| Demo Account | Yes |
| Islamic Account (Swap Free) | No |
| Institutional Accounts | Yes |
| Managed Accounts | Yes |
| Maximum Leverage | 500:1 |
| Minimum Deposit | 100 AUD |
| Deposit Options | Wire Transfer (Local and International),
Credit Card and Debit Card, Skrill, Neteller, Doku Wallet, China Union Pay. |
| Withdrawal Options | Bank Wire, Doku, Local Bank Transfers |
| Platform Types | MT4, MT5 |
| OS Compatibility | Desktop, Web, iOS, and Android |
| Tradable Assets | Forex pairs, precious metals, stock indices |
| Languages supported on Website | English, simplified Chinese |
| Customer Support Languages | English, simplified Chinese |
| Customer Service Hours | 24/5 |
FAQ
TRADING ENVIRONMENT
How many instruments can I trade with Synergy FX?
You can trade 60 different instruments with Synergy FX, which include:
- 41 different FX pairs,
- 4 types of precious metals and
- 15 global stock indices
Which platforms are supported by Synergy FX?
Synergy FX provides the following popular trading platforms:
- MT4
- MT5
Does Synergy FX offer leverage?
Yes, Synergy FX offers maximum leverage of 1: 500.
What spreads can I expect with Synergy FX?
Synergy FX offers variable spreads on its various accounts, ranging from 0 pips to 2-3 pips, depending on the account type, the currency pair and market conditions. More information can be obtained from the customer support service.
Does Synergy FX charge commission?
Yes, more information on commissions can be obtained from the customer support service.
Are there additional charges on the Islamic account?
Synergy FX does not offer the option to open an Islamic Account. Such charges are often not indicated on the account features pages, hence Muslim traders should always contact the support team to find out about possible wider spreads, additional commissions, or administration fees.
Is Synergy FX regulated?
Yes, Synergy FX is regulated by ASIC and VFSC.
Is Synergy FX a recommended forex trading broker for experts and beginners?
Synergy FX offers a fair-trading environment for all types of traders.
What is the overall rating out of 10 for Synergy FX?
7/10.
ACCOUNTS
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money to enable prospective customers to experiment with the company’s trading platforms and its features, before setting up a real account that must be funded with the customers own money.
Does Synergy FX offer a demo account?
Yes.
Can I convert my demo account to a live trading account with Synergy FX?
This is not clear from the information on the company homepage.
Which live trading accounts does Synergy FX offer?
- Micro account
- Standard account
- STP-ECN
- zeroECN
- pureECN
Does Synergy FX offer an Islamic Account?
No, the option is only available for day trading.
What are the available deposit currencies for a live trading account?
AUD, USD, EUR, GBP, CAD, SGD, NZD, and JPY.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for Synergy FX?
100 AUD.
How do you make a deposit and withdrawal with Synergy FX?
Synergy FX offers the following deposit and withdrawal methods:
- Wire Transfer (Local and International)
- Credit Card and Debit Card
- Skrill
- Doku Wallet
- China Union Pay
The same method as used to fund an account must usually be used to withdraw money and monies are only refunded to accounts in the same name as the trading account. Credit Card funded accounts can only do Bank Wire withdrawals.
Does Synergy FX charge withdrawal fees?
Yes, the fees vary according to the withdrawal method and can be found on the company homepage.
How long does it take to make a withdrawal?
Synergy FS withdrawal requests are processed on the same day if a request is received before 14:00 AEST. Requests received after 14:00 AEST might only be processed the next business day. Depending on bank services it may take several days before the money reflects in a client’s bank account.
Top 4 Brokers
