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Exceeded
Score
2.24 /10
Danger
Synergy Markets
5-10 yearsRegulated in Australia
Common Business Registration
Suspicious Scope of Business
Suspicious Overrun
Medium potential risk
Influence
D
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Exposure
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Website
Score
Regulatory Index1.25
Business Index6.88
Risk Management Index0.00
Software Index4.00
License Index1.25
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Website
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
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40G
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Warning: Low score, please stay away!
4
Previous Detection :
2024-12-29
- This broker exceeds the business scope regulated by Australia ASIC(license number: 663 617 212)Administration of Industry and Commerce-Register Non-Forex License. Please be aware of the risk!
- The AustraliaASIC regulation (license number: 000403863) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
| Synergy Markets Review Summary | |
| Founded | 2014 |
| Registered Country/Region | Australia |
| Regulation | ASIC (Suspicious clone and exceeded) |
| Market Instruments | Currencies, equity indices, commodities and cryptos |
| Demo Account | ✅ |
| Leverage | Up to 1:500 |
| Spread | From 0.1 pips |
| Trading Platform | MT4 and MT5 |
| Min Deposit | $500 |
| Customer Support | Contact form |
| Tel: +61 2 9188 2999 | |
| Email: contactus@synergymarkets.com | |
| Address: FL 65 SE 6503, 19 Martine PL, Sydney, NSW 2000 / Tower B, Level 18, 799 Pacific Hwy, ChatswoodNSW 2067 | |
| Regional Restrictions | U.S. residents |
Based in Australia, Synergy Markets is a forex broker who offers over 50 tradable assets through advanced MT4 and MT5 trading platforms. It offers two kinds of live accounts and demo accounts with flexible leverage from 1:1 to 1:500 and floating spread from 0.1 pips. However, recently, it is not regulated as their licenses of ASIC are suspicious clones and exceeded.
Pros and Cons
| Pros | Cons |
| Various trading assets | ASIC (Suspicious clone and exceeded) |
| Demo accounts and FAQs sector provided | High minimum deposit requirement |
| Flexible leverage ratios | Limited payment options |
| No commissions | Withdrawal fee charged |
| MT4 and MT5 provided | US clients are not accepted |
| Multiple ways to contact |
Is Synergy Markets Legit?
Synergy Markets is not regulated by any institution. Their licenses of ASIC have been regarded as suspicious clones and exceeded.
| Regulatory Status | Exceeded |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | SYNERGY MARKETS PTY LTD |
| Licensed Type | Common Business Registration |
| Licensed Number | 663 617 212 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | ACY Securities Pty Ltd |
| Licensed Type | Market Making (MM) |
| Licensed Number | 403863 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | ACY Securities Pty Ltd |
| Licensed Type | Straight Through Processing (STP) |
| Licensed Number | 474738 |
| Regulatory Status | Suspicious Clone |
| Regulated by | Australia Securities & Investment Commission (ASIC) |
| Licensed Institution | JET TRADE PTY LTD |
| Licensed Type | Appointed Representative (AR) |
| Licensed Number | 001280648 |
What Can I Trade on Synergy Markets?
Synergy Markets offers traders access over 50 different FX related products including currencies, equity indices, commodities and cryptos.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Equity Indices | ✔ |
| Cryptocurrencies | ✔ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Synergy Markets provides two primary account types: the Standard Account and the ECN Account. The Standard Account requires a minimum deposit of $500. The ECN Account provides direct access to tier-1 liquidity providers, with a minimum deposit of $1,000. Additionally, an Expert Feed is available for professional traders handling large volumes. Trading accounts can be denominated in AUD, USD, EUR, GBP, and JPY. What's more, demo accounts are also offered.
| Account Type | Min Deposit |
| Standard | $500 |
| ECN | $1,000 |
Leverage
Synergy Markets offers leverage ranging from 1:1 to a maximum of 500:1 for both account types, significantly higher than what most brokers provide. The default leverage for both account types is 100:1.
Synergy Markets Fees
At Synergy Markets, they offer spreads ranging from 0.1 pips to 2-3 pips. They do not charge fees or commissions for trading.
For currencies, the minimum trade size is a micro lot, which is 0.01 lots or $1,000. For gold and silver, the minimum trade size is a mini lot, which is 0.1 lots or $10,000. The maximum trade size is 1,000 lots. The margin requirement depends on the trade size and the leverage set on your account.
| Trading Instrument | Min Trade Size | MaxTrade Size | Example Trade Size | Example Leverage | Margin Requirement |
| Currencies | Micro Lot (0.01 lots or $1,000) | 1,000 lots | Standard Lot (100,000) | 200:1 | $500 |
| Two Mini-Lots (2,000) | 100:1 | $200 | |||
| Gold | Standard Lot (100,000) | 200:1 | $500 | ||
| Two Mini-Lots (20,000) | 100:1 | $2,000 | |||
| Silver | Standard Lot (100,000) | 200:1 | $500 | ||
| Two Mini-Lots (20,000) | 100:1 | $2,000 |
Trading Platform
Synergy Markets provides support for both MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Desktop, phone | Beginners |
| MT5 | ✔ | Desktop, phone | Experienced traders |
Deposit and Withdrawal
Synergy Markets provides cost-free deposits via bank transfers, with Australian transfers generally processed within 1 business day and international transfers requiring 3-5 days. Additionally, deposits made via credit and debit cards carry a 3% processing fee, with an additional 1% conversion fee for currency exchanges.
Withdrawals under $1,000 are assessed a 3% fee, while those exceeding $1,000 are fee-free. Withdrawal requests submitted before 14:00 AEST are processed on the same day.
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