This Forex brokerage has been issued a license by ASIC to offer Forex trading services to clients. The AFSL (Australian Financial Services License) license #403863 indicates that this company has met with the regulatory standards vis-à-vis capital requirements and codes of conduct for Forex trading purposes. Among others, Synergy FX provides maximum client protection by way of segregated bank accounts with AA banks, Equinix Servers in New York, US, rapid executions of trades, no dealing desk, and liquidity from 20 global banking partners.
The company has optic fibre networks across 4 major cities including New York, Hong Kong, Taiwan, and Sydney. Its global liquidity providers include 20 major banks such as Citibank, Goldman Sachs, J.P. Morgan, Nomura, and Bank of America. At the time of writing, the company’s chief executive officer (CEO) was Christian Dove, and the head of Forex was Daniel Bent. Among the many accolades racked up by the Synergy FX over the years include the 2015 Best Forex Broker Australia from Global Financial Market Review.
Forex traders get to enjoy a demo account option and live trading account options. The live trading accounts include MetaTrader 4 Pure ECN account and the MetaTrader 4 STP account.
The MetaTrader 4 pure ECN account offers the following benefits to FX traders:
- Rapid executions of trades, 1-click execution, 0.01 microlot trading, commissions of $5.50 per round lot, AU$100 minimum account opening balance, free access to education resources, and complimentary social trading
The MetaTrader 4 STP account offers the following benefits to FX traders:
- AU$100 minimum account balance, zero commissions, spreads beginning at 1.0 pips, complimentary social trading, unlimited educational resources, rapid executions of trades, leverage of 500:1, and 0.01 microlot trading options.
In terms of different account options, traders can choose from corporate and trust accounts, individual accounts, joint accounts, and self-managed SuperFund accounts.
Trading Platform/ software
The trading platforms include social trading options, MetaTrader 4, MT4 for Windows, MT4 for Mac, MT4 for iPhone, and MT4 for Android.
Social trading – this allows Forex traders to automatically trade with fellow traders, view their trades, and mimic their actions. You can access social trading any time markets are open, and you can trade from your tablet, smartphone or PC. The social trading features also allow 1-click execution of trades and feature-rich resources such as graphs, charts and other interactive elements.
MetaTrader 4 – MT4 is the leading trading platform for Forex traders. MetaTrader4 is fully integrated with social trading and offers rapid executions of trades. MT4 is the most powerful trading platform in the world and no software download is required. MT4 offers True ECN spreads from as low as 0.0 PIPS, and a global fibre optic network spread across 4 major financial centres.
MetaTrader 4 for Mac (27 currency pairs, commodities like silver and gold), iPhone (27 currency pairs, 40 custom indicators, and 128-bit encryption technology), and Android (27 currency pairs, gold, silver, 40 custom indicators and 128-bit SSL technology) are also available.
Funding options include the following methods:
- Bank Transfers take 3-5 days
- Debit Card Transfers are immediate (Visa and MasterCard)
- Credit Card Transfers are immediate (Visa and MasterCard)
- Synergy FX accounts process deposits on the same day before 2PM AEST
Forex pairs, commodities and indices are available to traders. These are made up of the following financial instruments:
Forex pairs – Majors, Minors and Exotic pairs. There are 40+ currency pairs at Synergy FX. Currency pairs include USD/JPY, AUD/NZD, EUR/USD, AUD/USD, EUR/GBP, NZD/USD, CAD/JPY, CAD/CHF, GBP/CAD, EUR/JPY, EUR/NOK, NZD/CAD, and others.
Commodities – Gold, Silver, WTI Crude Oil.
Indices – AUS200, CHINA50, DJ30, GER30, HK50, NAS100, STOXX50, UK100, US500, JP225.
Various other options are available including Bitcoin CFDs, Index CFDs and Commodity CFDs.
At the time of our review, there were no active bonuses or promotional offers available. Clients are advised to contact customer support to find out about any offers that are currently being offered.
Synergy FX can be reached via a variety of channels, including the following:
- Support@synergyfx.com.au email support
- +61-2-8274-2600 telephone support 24/5 and call back options
- Live Chat functionality provided by Comm100 (limited availability)
- Physical Mailing address in Sydney NSW Australia
Forex traders can also contact Synergy FX through social media channels like LinkedIn, Facebook, G+, Twitter and YouTube. Plus, you can access the FAQ (Frequently Asked Questions) section for quick and easy solutions to your questions.
Safety and security is assured by way of 128-bit SSL (Secure Socket Layer) encryption technology. There are segregated bank accounts to ensure that client funds are protected in the event of filings against the company, liquidation or bankruptcy. The segregated funds are maintained under lock and key with the CBA (Commonwealth Bank of Australia). Synergy FX is registered by ASIC (Australian Securities and Investments Commission) and trades with the following Australian Financial Number 403863.
Ease of Use
Synergy FX is relatively easy to use. There are several different of trading platforms including iOS, Android and Windows. The demo trading account option makes it easy for you to trade crypto CFDs, forex, indices or commodities under real market conditions at zero risk. All features of this FX broker can be accessed through the menu bar on the top of the screen. The dropdown menu directs you to Forex Trading, Trade Platforms, Education, Partners, Invest, Client Portal, etc. Live accounts and demo accounts are easily accessible at the click of a button.
Synergy FX features 40 currency pairs and a handful of commodities and indices. There are a limited number of markets but the quality of the trading experience is excellent. Leverage amounts are dependent on where you located, but the AU trading platform offers leverage of 500:1. The educational tools and resources are also worthy of mention. They include a wide selection of tips, strategies and tactics to help you boost your trading success. Charts, graphs and guides are presented to traders.