While reviewing broker and checking its offering it is essential to analyze all the data, so that we assist in that task by SynergyFX Review among numerous others.
What is SynergyFX?
Whilst the company was originally founded in 2011 and achieved reasonable record together with millions of clients around the world, since September 2018 it was acquired by the leading Australia forex dealer ACY Capital. Therefore, its technology and trading base enhanced even further, combining years of success accompanied by the knowledge and proven development ACY Capital is known within the industry for.
SynergyFX execution performed through No Dealing Desk which gives you extra benefit and ability to speculate, hedge and manage risks through a direct filling of orders. Eventually, SynergyFX being a part of a global firm offers ultra-fast execution and cooperates with 20 liquidity providers including Banks, connected through Equinix Servers on both New York and Asia.
Also, its trading capability is suitable for both beginning and professional traders, as its clients supported by the full range of service along to the timely rewarded educational department. The daily market analysis videos and reviews, market news, customizable courses and a variety of advanced educational tools.
Nevertheless, to understand offering in a detail you should always check the most important information of the broker’s proposal. In this purpose this review covers the following highlights:
- Is SynergyFX safe or a scam?
- Trading Platform
- Trading Fees with conditions that consist of spread and overnight fee
- Leverage and its maximum levels
- Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
- Conclusion on SynergyFX
Is SynergyFX safe or a scam?
As we usually check within SynergyFX Review or any other, the crucial point is the broker’s license and regulatory obligation. In simple words, regulation means the company is constantly overseen and integrated to the best practices along with the safety measures. For SynergyFX itself, the company is licensed and registered according to the reputable laws of Australia and ASIC in particular. Also, giving a fact of a quite long operation and reputation of ACY Capital gives extra benefits towards strong establishment and transparency broker provide. You may learn more why trade with ASIC regulated brokers by the link.
Therefore and according to regulatory requirements, client funds kept in segregated accounts, comply with strict policies to operation, payments and all provided transactions ensuring trustable operation. ASIC requires also providers to maintain strict capital standards, implement the internal procedure and checking on accountability.
SynergyFX Trading Platforms
As a majority of technological brokers SynergyFX and ACY Capital chooses industry leader MetaTrader4. There are different versions of the platform that are suited for each one needs via desktop or web versions, along with mobile applications. MT4 is an industry most popular platform, due to its harmonized possibility between powerful capabilities, numerous add-ons and great charting packages. Also, MT4 offers one of the best automatic trading systems knows as EAs, allowing even better control over the strategy.
Moreover, you may also choose a newer version MT5 as a platform too, as it brings sophisticated possibilities with most recent development and better conditions to trade. All range of assets including Cryptocurrencies remaining at your disposal, so whenever instrument or strategy you deploy there is an open possibility for all.
SynergyFX Costs and Fees
Further on within our SynergyFX Review, there are three account types giving you a choice between an account based on spreads only known as stpECN account or on a commission basis – zeroECN and pureECN accounts. Account types are not defined only by the technology they use, but also feature more competitive pricing as you increase your trading size fiving extra benefit for high-volume traders.
SynergyFX spreads obviously defined by the account type you use, therefore the very minimum for professional accounts starting from 0 pip spread or raw spread. And also adding on commission charge per trade also defined by the category of the instrument, alike USD pairs commission is $6 per lot for zeroECN and pureECN Account charges a fee of $5 USD per lot.
However, the first grade account with all charges included spread has no commission and spread are starting from 1 pip. See more examples below, as well compare fees to another popular broker MEX Exchange for better consideration.
Also, corporate clients or managers have a full range of MAM or PAMM accounts, with unique possibilities and great performance. Moreover, there is an option to open swap-free account for those that requires so, which is an account available for day-trading only.
While trading with SynergyFX you are able to access powerful tool leverage, moreover, since Synergy is an Australian broker it still offers high leverage levels like 1:200, 1:400 or 1:500 available for both retail and professional proved traders.
Nevertheless, it is essential to learn how to use leverage smartly, as the majority of world authorities already significantly lower maximum permitted leverage. Each instrument defines its level of leverage which may be checked directly from the platform as well as adjusted according to your strategy.
SynergyFX Deposits and Withdrawals
And once you made a decision to sign-up for a live account, all money transfers and management available through an online account where you may choose between payment methods. These including Credit/debit cards and Bank Transfers, also you may check with customer service in case alternative options available according to your region or residency,
SynergyFX minimum deposit
The minimum deposit amount defined by the account type you will choose as a mainstay, while the very minimum for SynergyFX standard known as stpECN account is set to a 100$. Next grade accounts will require 2,000$ and 20,000$ initial balance respectively, while the conditions defined for professional traders mainly refer to the section above for details.
SynergyFX withdrawal fee
Generally, as SynergyFX mentions, the company does not charge funding fees, however payment provider may add on some fees again according to jurisdiction or international rules. For withdrawals, International Transfer will typically incur $25 USD service charge per withdrawal, also recommended for verification with provider and broker respectively.
Conclusion on SynergyFX
Overall, SynergyFX Review places a company in a raw of a trusted broker with competitive conditions. Broker’s cooperation with ACY Capital, one of the leading forex broker, gives an extra benefit to you as a trader in terms of capabilities and development they undergo. Also, both seasoned and beginning traders may maintain a suitable strategy through a quite low spread all provided with great support SynergyFX strived at its beginning and truly achieved by now.
Nevertheless, we would be glad to know your personal opinion about SynergyFX, so share your experience in the comment area below, or ask us for some additional information.
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