Best More Detailed Review Of Synergy FX Forex Broker 2023
Australia-based SynergyFX is a broker that offers strong trading skills and access to trade in currencies, commodities, precious metals, and indices in a tightly controlled, regulated environment.
Although the business was established in 2011 and had amassed a respectable track record with millions of customers worldwide, it was acquired by the top FX dealer in Australia, ACY Capital, in September 2018. As a result, its technology and trading foundation were further improved, combining years of success with the experience and tested development for which ACY Capital is renowned in the sector.
You frequently have to visit and read numerous broker websites, all of which use various linguistic constructions. The language might be highly ambiguous. It can be challenging to pick an online broker like Synergy FX. When trading on a mobile device or using the Synergy FX online trading platform, several Synergy FX trading capabilities can be complicated. Beginners and unskilled traders should take the time to learn how to utilise the Synergy FX trading tools properly because they may encounter difficult-to-understand investing lingo and perplexing charge structures. The benefits and cons of Synergy FX are broken down in our review. What Synergy FX can provide and which nations Synergy FX is available in who controls Synergy FX, among other things.
No Dealing Desk is used for SynergyFX execution, giving you an added advantage and the freedom to speculate, hedge, and manage risks through the immediate fulfilment of orders and real-time quotes. Finally, SynergyFX delivers ultra-fast execution and collaborates with 20 liquidity providers, including banks, connected by Equinix Servers in both New York and Asia. SynergyFX is a part of a multinational organisation.
Read the SynergyFX Updates below for some findings based on our professional analysis and judgement in the world of financial trading.
Synergy FX Forex Broker Pros and Cons
SynergyFX is a reputable organisation that offers a variety of platforms, ECN trading, and exceptional trading conditions. Spreads are favourable, and account opening is entirely electronic.
Negative aspects include a slightly constrained selection of instruments, proposals that change depending on the business, and a lack of round-the-clock service.
Pros
- Swap-free account available.
- Wide range of cryptocurrency CFDs.
- Regular contests and competitions.
- Licensed and registered.
Cons
- For MT4 accounts only.
Since SynergyFX is an Australian broker, it continues to permit high leverage levels of 1:200, 1:400, or 1:500 for both retail and professional licenced traders.
The ability to obtain a greater exposure to the market than the amount you placed to begin the trade is known as leverage. Forex trading is an example of a leveraged product that can raise your potential profit but also your potential loss.
Each instrument, however, has its own leverage levels, therefore it is important to learn how to apply leverage wisely. Actually, because there is such a huge potential for financial loss, the majority of international agencies have already drastically lowered the maximum allowable leverage. Each instrument has a level of leverage that can be examined on the platform and changed to suit your strategy.
Account types
You can choose from three different account types offered by SynergyFX, including the stpECN account, which is based solely on spreads, the zeroECN account, and the pureECN account, which are based on commissions. Account categories differ not just in terms of the technology they employ, but also in terms of more competitive pricing as your trading volume increases, which benefits high-volume traders more.
With the exception of the fact that it is primarily issued for currency trading, a forex account at SynergyFX is a trading account that you will hold and that functions similarly to your bank account.
Depending on the nation in which a broker company works and the regulatory bodies under whose jurisdiction it falls, a trader's ability to open certain numbers and types of accounts with that broker company frequently varies.
With SynergyFX, a variety of trading account kinds, including stpECN, zeroECN, and pureECN, are available, providing flexibility based on trading requirements.
Fees
SynergyFX pricing is primarily determined by spreads, which are determined by the account type you use. As a result, the very minimum for professional accounts is a 0 pip spread or raw spread, with a commission charge per trade determined by the type of instrument. For example, the commission for USD pair trades is $6 per lot for zeroECN accounts and $5 USD per lot for pureECN accounts.
The first-grade account, on the other hand, has spreads starting at 1 pip and includes all fees. For further consideration, compare costs to those charged by another well-known broker, FP Markets, and view additional instances in the snapshots and below.
Due to its extensive global presence, SynergyFX may provide a range of account types that may vary depending on the regulatory body with which it complies. As a result, clients may encounter varied price structures depending on their country or domicile.
Cost is affected by a variety of variables, including spread and margins.
The difference between the bid and ask rates is the spread for a given currency pair. The smallest change in an exchange rate is measured in pip. For currency pairs with the JPY as the term currency, a pip is 0.01; for all other pairs, it is 0.0001.
Islamic Accounts
Additionally, corporate clients or managers have access to a wide variety of MAM or PAMM accounts, each with distinct opportunities and excellent performance. For individuals who need it, there is also the option to open a swap-free account, which is a day-trading-only account.
Deposits and Withdrawals
Once you've chosen to register for a live account, all transfers and management of your money are accessible through an online account where you can select from a variety of payment options.
Options for deposits include the following techniques. Additionally, you can speak with customer care to see if any other possibilities are accessible based on your location or residency, but Synergy FX often offers standard trades as a constant.
debit or credit cards
Account Transfers
SynergyFX Minimum payment
The SynergyFX stpECN account requires a minimum deposit of $100. The initial balance requirements for accounts in the next grade are $2000 and $20,000, respectively. For further information on the requirements, see the section above.
How to open your account
The Swissquote review is easy and straightforward. Similar to opening a bank account, you must complete a simple "know your customer" procedure if you wish to open a Swissquote account or register a SynergyFX forex trading account for the first time.
By doing so, SynergyFX will be able to confirm the accuracy of the personal information you have provided and guarantee the security of your money and account information.
Your login information, which will correlate to a login on a trading platform suitable for your type of account, will typically be emailed to you following the first registration.
Source:
- https://55brokers.com/
- https://sashares.co.za/