In this Synergy FX broker review, we’ll discuss the advantages and disadvantages of this forex broker. We’ll look at things like Negative balance protection, Leverage up to 1:500, and Multilingual support. If you’re a beginner, Synergy may not be right for you. However, if you’re an experienced trader, you’ll appreciate its positive features.
Negative balance protection
Negative balance protection is a feature offered by most forex and CFD brokers in Europe and Australia. It covers traders with negative balances when trading leveraged products. This feature is only available to retail clients and not professional traders. This protection became a hot topic when the Swiss National Bank decided to stop holding its currency against the EUR, causing traders who had been shorting the franc to find themselves with massive negative balances. As a result, many traders ended up with negative balances, losing more than they had deposited into their accounts.
In our review, Synergy FX offers a hybrid execution model. This combines aspects of an A-book and a B-book execution model. This combination protects traders from potential legal liability. This broker is fully ASIC-regulated.
The Cyprus Securities and Exchange Commission is responsible for regulating the financial industry, including securities transactions. ASIC waited longer than other regulators to enact negative balance protection, but the recent market volatility prompted the regulator to finally do so. In 2021, ASIC made negative balance protection a mandatory feature for all regulated Forex brokers. The rule states that the liability of a trader cannot exceed the total amount of money and property in their account.
Synergy FX is one of the few online trading brokers that offer negative balance protection. To get started, all you need is a $250 deposit. You can withdraw any amount up to the account balance, and if the balance goes below this amount, you can withdraw the money without risking losing more money than you deposited. You can use your credit card as the withdrawal method if you wish. If you don’t have a credit card, the company may ask you to provide alternate methods.
SynergyFX is a broker that offers many benefits for both new and experienced traders. The company has been in business for 9 years and supports over 10,000 customers. It has a cutting edge platform that is unparalleled in the industry and provides traders with a wide range of tools and resources to help them achieve success in forex trading.
Multilingual support
With over 10,000 registered customers and a top-of-the-line trading platform, Synergy FX is one of the leading online brokerages. The company is a pioneer in the Fintech revolution, and boasts a range of tools and resources that are second to none.
Synergy FX provides multilingual support, phone support, and live chat support. Their support staff is knowledgeable, responsive, and helpful. They are available 24 hours a day, seven days a week. The company is also regulated by the Australian Securities and Investments Commission, and is a member of the Financial Ombudsman Service. The broker also offers a range of trading services to help clients get the most out of their trading experiences.
Traders can contact the company’s customer service representatives in a number of languages, including English, French, Spanish, and Portuguese. They can also use the online chat feature or email the team directly. The company offers a demo account for traders to check out the platform before depositing real money. However, it does not accept clients from certain countries.
Synergy FX also offers a newsfeed that provides economic data and analyses of current events. This helps traders forecast market reactions to news events with the help of comprehensive research-backed analysis. Users can also set price alerts and notifications. These notifications will inform them when a certain stock is executed or a margin call is made. By following these notifications, they can quickly and easily execute their features.
Another great feature of Synergy FX is its multi-asset trading platforms. Users can choose to trade with MT4 or MT5 – both options allow them to trade in multiple asset classes. However, MT5 is a more advanced trading platform that gives users more flexibility and access to advanced trading features. It is compatible with both Windows and MacOS PCs and features more sophisticated order types.
Competitive spreads
In our review of Synergy FX, we found that their spreads are very competitive. For major FX pairs, the spreads are as low as 0.8 pips. They offer competitive spreads on oil and gas CFDs, as well as cryptocurrencies. As an added bonus, they offer competitive margin requirements on all accounts.
The account opening process at SynergyFX is easy and fast. The pricing is based on the account type and the commission per trade. The minimum commission on USD pairs is $6 per lot. For zeroECN and pureECN accounts, the spread starts at 1 pip. The first grade account with all fees included charges no commission.
Synergy FX is a good choice for a beginner or an advanced trader. The broker offers competitive spreads, and its team is friendly and helpful. Its support staff is multilingual, and it has offices in Asia, Australia, Taiwan, and China. It also offers a full suite of services. The educational department offers daily market analysis videos and customizable courses. In addition, advanced education courses are offered.
Investors can use an economic calendar to follow news and other events that could affect the financial markets. This feature is particularly useful for currency trading and allows traders to stay abreast of important economic information. With the Synergy FX economic calendar, traders can get a clear idea of how the market is expected to react.
For beginners, SynergyFX has excellent educational tools that can help them get started. Traders can even attend webinars, which are interactive online events in which a speaker delivers a presentation to a large audience. During the event, participants can ask questions and participate in a poll.
Leverage up to 1:500
Synergy FX has been in the retail forex industry since 2011, and is based in Sydney, Australia. It offers traders leverage up to 1:500 and a low minimum deposit. The broker also offers various types of accounts to meet different needs. The customer support team is available twenty-four hours a day to answer questions and provide assistance. Customers can reach the support team through phone, live chat, email, or via the company’s website.
Synergy FX offers competitive spreads on its forex market, with major FX pairs being priced at around 0.8 pips and major indices at around 1.4 pips. The broker also offers several account types, including zeroECN and pureECN accounts. Leverage is a significant factor in trading, as it increases the potential for profit, but also increases the risk of loss. The brokerage charges a commission for trading, which can vary depending on the product traded.
When choosing a broker with high leverage, it is important to consider the risks involved. High leverage is only recommended for experienced foreign exchange traders who are confident with their trading skills. It is possible to lose everything you deposit on a trade with 1:500 leverage, so it is important to use proper risk management techniques and adjust your strategy accordingly.
As with any other investment, leverage plays an important role in trading. Forex traders use leverage to increase their profit potential. Leverage is essentially a loan from a broker to the investor. Leverage up to 1:500 is a relatively high level of leverage, and a lot of countries prohibit it for retail clients.
Requirements to open an account
This broker offers a range of trading options for beginners and experienced investors alike. Its range of currency pairs includes the USD/JPY, EUR/USD, AUD/NZD, NZD/USD, and the Bitcoin. It also offers several CFD products, such as Bitcoin, Index, and Commodity CFDs. This brokerage also offers a number of educational resources, such as a free e-book on trading and a news blog.
Its trading platform includes up-to-the-second charts. This is a great feature for traders who want to keep an eye on the market. It is also possible to manage multiple accounts through one platform. The trading platform allows you to group several accounts and apply various strategies across them. This means you can monitor a wide range of indicators and trade according to them.
Another benefit of Synergy FX is that it supports mobile trading. This allows you to practice trading in real market conditions at no risk. You can also open a free demo account to practice before investing your money. There are also several support options, including live chat and email. You can also set up a free demo account and practice trading on the demo account before you actually make a deposit.
The registration process with Synergy FX is easy and straightforward. It only takes a few minutes and you can begin trading with no initial investment. It takes a few days to verify your account, depending on the KYC documents you provide. The demo account can be opened in a matter of minutes.
Synergy FX has a good reputation for customer service. They have a multilingual support team, which helps clients with their needs. They also have offices in Australia, Taiwan, and China, making them easily accessible for international traders.
