Synergy FX – Demo Account

How to set up a Demo Account – Step by Step

To register for and set up a demo account with Synergy FX, will take traders only a few simple steps.

New accounts can be processed via an online application, adhering to established industry standards.

To open a new demo account (also called a practice account), visit the website of Synergy FX and choose to open a demo account. It may be required to provide an e-mail and password to complete the initial step. Traders are also able to select their account currency between AUD, USD, EUR, GBP, CAD, SGD, NZD, and JPY.

An account verification process is sometimes mandatory as stipulated by regulatory requirements. You should be able to use a copy of your ID and one proof of residency document for this last step.

Often, this ‘Know Your Client (KYC) process, may only be applicable once you decide to move forward to open a live account and need to deposit real money.

Follow these simple steps for account opening:

• Keep your email address and personal information ready
• Select the country of residence and the currency you prefer
• Choose that you want to open a demo account
• Provide basic information about yourself – email address, name, and password
• Go through the KYC process if requested and get approval

A demo account is often referred to as a practice account due to it providing traders with the ability and freedom to explore the broker’s offering without running the risk of incurring losses through the provision of virtual money with which to practice trading.

Beginner traders can use demo accounts to familiarize themselves with a live trading environment, where they can build up their trading skills by actively participating in trades and develop their own trading strategies.

Demo accounts are not merely intended only for beginners, but it provides more advanced traders with the opportunity to explore what Synergy FX has to offer.

Synergy FX Demo Account Features

Synergy FX’s demo account mimics a live trading account. Traders have access to the same functions, features, and options that they normally would on a live trading account.

The only exception is that the demo account is risk-free as traders make use of virtual funds to conduct their trading. Due to this, traders cannot withdraw any profits which are made on the demo account.

Pros and Cons

FAQ

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.