Synergy Markets

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

Is Synergy Markets Legit?

Synergy Markets is not regulated by any institution. Their licenses of ASIC have been regarded as suspicious clones and exceeded.

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.

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.

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 Platform

Synergy Markets provides support for both MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

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.