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Synergy Markets Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-03 11:28

Abstract：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.

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
Currencies			Two Mini-Lots (2,000)	100:1	$200
Gold			Standard Lot (100,000)	200:1	$500
Gold			Two Mini-Lots (20,000)	100:1	$2,000
Silver			Standard Lot (100,000)	200:1	$500
Silver			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.