SynergyFX Review and Tutorial 2020
United States not accepted.
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|SynergyFX Facts & Figures|
SynergyFX is an Australian broker offering ECN accounts & the MetaTrader platforms.
• Best Forex Broker 2018 - International Business Summit Malaysia
• Australian Best Forex Broker 2015 - Global Financial Market Review
• Best Currency Management Fund 2015 - GFMR
|Bonus||Spin & Win Draw|
|Instruments||Forex, CFDs, indices, shares, commodities|
|Min. Trade||0.01 lots|
|Regulated By||ASIC, VFSC|
|Trade across several financial markets with up to 1:400 leverage.|
Trade forex with competitive spreads.
SynergyFX is an Australian forex broker, offering ECN accounts on the downloadable?MT4 and MT5 trading platforms. If you’re deciding whether to register and login to SynergyFX, take a look at this review for the pros and cons.
Founded in 2011, SynergyFX is an Australian provider of forex and derivative products. In 2018, the company merged with the ACY Capital Group to provide a high-quality trading experience with low commissions.
The broker is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
SynergyFX offers MT4 to active traders. With access to forex, indices, and commodities, the platform offers a customisable dashboard and fast execution speeds. Traders also get access to instant live quotes, 40 technical indicators, and several time frames. The platform is also a good option for those looking to build and use automated trading robots.
Windows users can download MT4 from the broker’s website after registering for an account.
MT5 offers more advanced order options, hedging abilities, 21 timeframes, and Level II market depth. As a result, the platform offers a faster and more powerful experience than its predecessor. MT5 works with Windows PCs and can be downloaded once an account has been created.
SynergyFX also offers the web-based versions of both the MT4 and MT5 platforms – ideal for MacOS users, or those who don’t want to download any applications. The WebTrader solution offers seamless trading with just as much power and speed as the desktop platforms, plus all the technical and analysis features.
SynergyFX offers a wide range of assets, including 40+ currencies, 10+ commodities and precious metals, 20 global indices, and over 600 of the world’s largest share CFDs. You can also now trade Chinese offshore Yuan (CNH) on the MT4 platform.
Spreads at SynergyFX are?competitive, with major FX pairs around 0.8 pips with the stpECN account and 0.2 pips with the zeroECN account. Major indices such as the FTSE 100 are around 1.4 pips, and crude oil is around 0.030 with stpECN pricing.
There are no commission charges with the stpECN account, but you can expect $6 and $5 per lot charges with the zeroECN and pureECN accounts respectively.
Leverage is available up to a maximum of 1:500 across all accounts. Details of margin requirements are provided in the broker’s terms and conditions, or from within the client portal.
Both MT4 and MT5 are available for mobiles or tablets, via the App Store or Google Play store. Traders can access ultra-tight spreads 24 hours a day from their smart devices, with access to advanced charting functions, live pricing data, and full trading history. Traders can also set mobile alerts to stay on top of their orders whilst on the go.
Account funding is available via bank wire transfer (local and international), credit/debit cards, Skrill, Doku Wallet, China Union Pay, and other e-wallets. SynergyFX does not charge for funding by bank transfer, though international payments may incur a bank fee. Received and cleared funds for bank transfers may take 2 – 3 business days.
The same options are available for withdrawals, however, you can only withdraw via bank wire if you originally deposited by credit card. There is a $25 service charge per withdrawal for international bank transfers and a 3% merchant fee for payments via Skrill. Australian local bank transfers are free three times per month, after which there is a $25 charge per additional withdrawal. In most cases, withdrawals are processed in 1 – 2 business days.
A demo account is available in 17 different languages and can be opened within minutes. Demo accounts are helpful for beginners who wish to try out the trading platforms before signing up for a live account. With a default virtual account balance of $50,000, SynergyFX users can place demo trades free from financial risk for 30 days.
Bonuses & Promos
SynergyFX offers a $2.28 billion Spin and Win draw, with premium prizes up for grabs each month including sports cars, holidays, gadgets, and cash prizes. Note that you need to deposit $2,000 to your account in order to qualify.
There’s also a 2020 Trading Cup competition with thousands of dollars to win per prize. Again, you will need to deposit $2,000 to be eligible for the contest.
ACY Securities Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) under license number 403863. ACY Capital Australia Limited is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 012868. SynergyFX is the brand name of ACY Securities.
Client funds are held in segregated accounts at AAA-rated banks: Commonwealth Bank Australia and HSBC. Note that the broker doesn’t provide negative balance protection, but the company’s reputation and regulatory licenses do provide a good level of safety nonetheless.
New and experienced traders can benefit from the resources and educational content on offer, which includes market analysis courses and webinars, a free trading e-book, forex articles, a news blog, and an economic calendar.
Though there is nothing particularly unique, the educational offering is sufficient for beginners. To compete with other brokers, SynergyFX could include forex calculators and other trading tools.
Depending on your trading style, there are three main accounts on offer at SynergyFX, in 7 different currencies: stpECN, zeroECN, and pureECN. All accounts require a minimum trading volume of 0.01 lots.
The stpECN account offers competitive market pricing, with no commissions and a minimum deposit of $50. Swap-free trading is also available with this account.
The ZeroECN account offers direct access to tier-1 liquidity providers for tighter spreads, commissions from $6 per round turn lot, and a minimum deposit of $2,000. The minimum deposit thereafter is $100.
The pureECN account also offers direct access to tier-1 liquidity, with tight spreads, commissions from $5 per round turn lot, and an initial minimum deposit of $20,000. The minimum deposit thereafter is $100.
Traders can also get exclusive access to hundreds of share CFDs via the commission-based MT5 Xchange account.
There’s an impressive offering at SynergyFX, with competitive features including:
- Tight ECN spreads across all accounts
- Commission-free trading
- Prizes and competitions
- MT4 & MT5 platforms
Improvements could be made in the following areas:
- Cryptocurrencies not offered
- US clients not accepted
Trading hours for currency pairs are 00:00 – 24:00 GMT+2 / GMT+3 (DST) Monday to Friday. Server times for indices and commodities vary depending on the market and are provided in the product specifications page on the website.
SynergyFX have multilingual support offices based in Sydney, Taiwan, China, and Malaysia, which provide assistance 24/5 via:
- Email – firstname.lastname@example.org
- Online contact form – Contact us page
- Live chat – responses received within 2 minutes when tested
- Telephone – +61 2 9188 2999 (international) / +02 5594 4927 (Taiwan)
SynergyFX keeps to industry-standard security measures to safeguard data between servers. Platforms are secured with 128-bit encryption systems and transactions are safely carried out within the client portal, CloudHub.
SynergyFX’s core offering includes tight ECN spreads on forex, indices, and commodities. The Australian broker also provides some additional education and the MT4 and MT5 platforms, suitable for those with limited experience as well as those using advanced trading strategies.
SynergyFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use SynergyFX from United States.
Where is SynergyFX based??
The broker’s global head office is at Level 18, ACY Tower, 799 Pacific Hwy, Chatswood, NSW 2067, Australia.
Who owns SynergyFX?
SynergyFX is owned by ACY Securities, a private limited company that is not listed on a stock exchange. The owners and management team have over 10 years of experience working in the financial markets.
Does SynergyFX accept UK clients??
Yes, this broker accepts clients from the United Kingdom.
Does MetaTrader 4 have trailing stop orders??
Yes, you can set trailing stop orders in MT4, along with a number of other stops and limits.
How do I open a SynergyFX account??
You will need to fill in a short form to apply for an account. SynergyFX will then email you a link to download the trading platform, along with your login details.
|SynergyFX is an Australian broker offering ECN accounts & the MetaTrader platforms.|