Online Forex Brokers
Trading in the Forex market has become convenient with the advancement in technology. Now, traders and investors are not supposed to line up outside the building of their brokers to get service. There is fierce competition in the Forex market as well as the broker’s market. As more and more people are trying their hands at forex, the demand for online Forex brokers has increased. Interestingly, the supply still overpowers the demand. This has created a conundrum for the traders because finding a reliable online broker is like finding a needle in a haystack in such a situation.
SynergyFX is among the few online brokers who have created a dependable image for themselves in the Forex trading market. It is an Australian-regulated body that was founded in 2011. SynergyFX is among the top online brokers in the world. You can use this article as your guide to decide whether or not SynergyFX is the right choice for you.
About Synergy FX
SynergyFX or Synergy Financial Markets is an Australian regulated online broker that offers trade of various instruments and securities like CFDs, Forex, and other commodities in the global capital market. Its head office is in Sydney, Australia. It is regulated by the Australian Securities and Investment Commission (ASIC). It is also licensed in the global funds management business.
SynergyFX was acquired by ACY Capital Group in September 2018. The company operates globally and is a no-intermediary dealer. It won the prestigious award for the best Australian Forex dealer in 2015 by GMFR.
Is SynergyFX the Right Choice for You?
SynergyFX is a well-established company that offers online brokerage services across the world. However, as we know that one shoe doesn’t fit all, SynergyFX will not be the right online broker for everyone. We will give you Synergy FX review and enable you to make an educated decision. We have listed all the positives and negatives of this Sydney-based company.
Positives:
- A global presence: SynergyFX has been in the business since 2011. It has created a dominating presence as far as online brokers are considered, especially in Forex trading. According to its official website, the company currently serves more than a million traders and investors.
- It is regulated: SynergyFX is regulated and licensed under ASIC. This makes it a legal entity. When a broker is regulated, it cannot fluctuate market prices to influence its clients. It also has to keep its clients’ funds separately. This makes your investment safe as the broker will not be able to use it during financial crises. Therefore, you can say that your investment will remain safe with SynergyFX.
- Affordable minimum deposit: If you are a retail trader or just a beginner, investing a large sum might not be ideal. While every trader is mandated to keep a minimum deposit with their online trader, the amount varies. With SynergyFX, you are only required to give a minimum deposit of $100. This requirement can open doors for many traders who are not interested in bigger minimum deposits.
- You can trade a number of securities: One of the major issues that veteran and institutional traders have with online brokers is that their platform offers limited instruments for trading. SynergyFX has an upper hand here as you can trade around 215 instruments and all the major currency pairs on this platform. Even if you are a new trader, you can always start small and slowly venture out as you gain expertise.
- Latest platforms: The aim of technology is to make trading easier. If your broker is not using the latest technology, you can miss out on some great opportunities. SynergyFX uses MT4 where you get unrestricted access to all of its platforms, and MT5 which is great for trading futures, Forex, and stock. It also offers Android and iOS apps of its platform to enable anywhere trading.
- Demo and other accounts: Irrespective of whether you have been trading for years or not, every trading platform differs in a number of ways. You will feel a change when you are using a different platform. At SynergyFX, you can ask for a demo account to understand how things work on their platforms before investing real money. Along with a demo account, they offer a few other types of accounts, including micro accounts, STP accounts, EPN accounts, and standard accounts.
- Easy payment options: Since trades happen across geographical boundaries, it can become difficult to make payments. Yes, you can make the payment via a wire transfer but it is not always the best option as the money can get stuck and it takes a while before the banks clear these payments. Thus, having other payment options is better. SynergyFX allows you to make payments via credit cards, Neteller, Skrill, and bank transfers are always an option.
- Ease of trading: There are a number of things that make trading easy and SynergyFX tries its best to make it happen for its clients. You can make a profit with a spread as low as 0.0 pips. Along with that, there are other factors like easy payment options, low deposit requirements, and no charges on inactivity and deposits. It also allows hedging, scalping, STP that can positively influence your trading strategies and final profits.
- Customer support: Good customer care is essential to ensure that trading can be done smoothly. You don’t want to be on the other end of the phone, waiting for someone to respond while you can see a major trend pass you by. Synergy FX offers good customer support. with a number of features like email support, phone support, and live chat support. they also offer these services in a number of languages to make things easier for everyone.
Negatives
- SynergyFX is not regulated by the FCA: SynergyFX has its head office in Sydney, Australia and it is regulated by the Australian Securities and Investment Commission (ASIC). This means that they will comply with various laws. It does provide a certain level of protection to the traders and investors, but not being regulated by the Financial Conduct Authority (FCA) can raise red flags for many traders. FCA is the UK’s regulatory body and getting its license is considered to be a benchmark. This is because the FCA is very careful about giving its license to any company. You need to have a set minimum capital and fulfill other criteria as well. If a broker has an FCA license, it can be considered as a proof that they are in good financial health.
- Does not provide negative balance protection: If you do not have a negative protection feature, you can lose more money than you have deposited. While most global online brokers provide this feature on their platform, SynergyFX seems to be lagging behind here. Therefore, traders and investors have to be extra careful.
- Additional charges: just like its other counterparts, SynergyFX does not charge you for additional deposits or inactivity but is does levy some charges for other things like withdrawals. The minimum charge for withdrawal is $25. It also charges an additional commission on CFD instruments which does not sit well with many traders and investors.Â
Opening an Account with SynergyFX
You can begin your trading journey with Sydney-based online broker, SynergyFX, by opening a demo account. This will give you a fair idea of how the platform offered by the broker works. You can even make dummy trades before you invest your real money. Once you have done the beta test, you can open a real account by visiting its website.Â
Since trading accounts are confidential, you will be required to provide various documents for verification. It will include identification and financial documents. You are required to submit the minimum deposit along with a colored copy of your passport, driving license or a valid national ID, and bank statement for the past three months with your address on it or a utility bill.Â
Your documents must have a validity of atleast six more months past the submission date otherwise they can be rejected. Once you receive your login details, you can download the app of your choice provided by SynergyFX.
Should You Choose SynergyFX?
Whether an online broker is perfect for you or not is up to your discretion. We can answer a few commonly asked questions about SynergyFX to help you in making an informed decision.
FAQs
Q1. Is SynergyFX legal?
SynergyFX is regulated by the Australian Securities and Investment Commission (ASIC). The broker segregates its clients’ funds and does not manipulate market prices. Any regulated online broker is deemed legal.
Q2. Is SynergyFX safe?
SynergyFX is a Sydney-based online broker that has been operating since 2011. It has gained global recognition. Since it is a regulated broker as well, it will be considered as a safe choice.
Q3. Is SynergyFX a good online broker?
SynergyFX is serving millions of traders and investors across the globe. It is among the top online brokers in the world.
Q4. What is the minimum deposit?
Every broker will ask you for a minimum deposit. This will depend on your resident country and the instrument that you want to trade. With SynergyFX, you have to deposit a minimum of $100.
Q5. Is there an additional fee?
SynergyFX does not charge fees on inactivity, and deposit but you are required to pay a fee for withdrawal and CFD instruments.Â
Q6. How is the customer support at SynergyFX?
SynergyFX offers good customer support in various languages. You can reach them via email or live chat. They also offer phone support services.
Conclusion
SynergyFX is considered to be a good online broker. It offers various services and has been known to be efficient. You can try their demo account and ask them further questions for more clarification. Our advice to you would be to never choose an online broker with even one unanswered question in mind.
