ACYSecurities.com Review

2.064 · 43 REVIEWS

Formerly SynergyFx.com

Updated: Oct 12, 2020 · Visit site  · Is this your company?

ACY Securities is an online forex broker. ACYSecurities offers the Metatrader 4 and MetaTrader 5 currency trading top platforms. ACYSecurities.com offers over 60 forex currency pairs, cfds (stock shares and others), commodities, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

ACYSecurities.com
Formerly at SynergyFx.com.  Other websites of this broker include acy.com, acyasia.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $50
Established: 2013
Address: ACY Tower, L 18, 799 Pacific Hwy, Chatswood NSW , 2067, Australia
Contact: support@acy.com, +61 2 9188 2999
Regional offices:
Regulators: ASIC #AFSL: 403863, VFSC #012868
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (20+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Doku, Local Bank Transfers, Skrill, UnionPay
Withdrawal Methods: Bank Wire, Doku, Local Bank Transfers

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2.064 · 43 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Sydney, Australia (inside the offices of ACY),
Aug 20, 2020,
Registered user

Reliable brokerage firm (I say this because they pay my salary)

Service use: Live

Length of use: 6-12 Months

Working with ACY currently, been almost 12 months. ACY acquired Synergy in 2019, lots of these reviews here are directed to Synergy. The whole operations and management have changed since its been acquired.
 
Forex Peace Army
Review moderation team note
5 Star Rating removed.

We think you must mean "Working for ACY" instead of "Working with ACY".  Your IP overlaps with 2 other accounts that left reviews for ACY as well as ACY and Synergy representatives to the FPA.  Your email address is at ACY.com.  We had hoped that the change of management would improve things, but are deeply disappointed to see fake reviews from ACY employees.

Per FPA policy, the rating on this review has been set to Zero stars.
Jeddah, Saudi Arabia (Really inside the offices of ACY in Australia),
Aug 6, 2020,
Registered user

Great Broker

Service use: Live

Length of use: over 1 Year

i am trading with ACY for the last 3 years,a lot of things has been changed even the updates on their websites which made it easier to withdraw.
the only thing that is helping them out is their account managers which i can reach them 24/5 on my whatsapp anytime anywhere. they are using the MT4 and the MT5 platform which is easy for beginners and professional traders.
 
Forex Peace Army
Review moderation team note
5 Star rating removed.

This review came from the same location in Australia used by representatives of ACY and Synergy.

Per FPA policy, the rating on this review has been set to Zero stars.
Sydney, Australia (inside the offices of ACY),
Mar 19, 2020,
Registered user

Great broker. Very professional services unlike many other brokers (BTW - I work for ACY)

Service use: Live

Length of use: 3-6 Months

I've been working and trading with ACY for 5 months now, the spreads are definitely competitive. The user experience is easy, there is a 24 hr support, available in like 6 languages. I definitely recommend
 
Forex Peace Army
Review moderation team note
5 Star rating removed.

This review came from the same location in Australia used by representatives of ACY and Synergy.

Per FPA policy, the rating on this review has been set to Zero stars.
Dhaka, Bangladesh,
Mar 5, 2020,
Registered user

Stop! acy securities & SynergyFX is scam forex broker

Service use: Live

Length of use: 3-6 Months

acy securities & SynergyFX is scam forex broker.
This broker acy securities/SynergyFX every good home reviews is fake and paid.
i deposit to acy securities & SynergyFX but can not withdrow my money.
When you claim your money/withdrow to acy securities & SynergyFX that they are delete your profile that you cant login your account…!

acy securities & SynergyFX you can deposit but this broker you can not withdrow your money.
  2 traders have found this review helpful
NSW, Australia,
Oct 9, 2019,
Registered user

Keep away

Service use: Live

Length of use: 6-12 Months

Legal Scammers, Heavy Slippage, Non-ethical, Unprofessional and Illiterate staff

Sep 26, 2019 - 1 Star September 25th, 2019

I have open the acct with ACY Securities, week and halfback.
(2nd week of September 2019).

You all will not imagine what kind of service I have received, it was
a nightmare, I had open positions on UK Brent from the last
Friday (20th of September,2019).

As I was setting up my trading station on Sunday, 22nd of September, 2019
and was doing the analysis and waiting for the Market to open at 17.00 Hrs EST.
Nothing happened, the trading station (MT4 of Acy Securities) was dead and
showing the data from last Friday (weekend data), and was trying to get hold
of the support team on the live chat, as the live chat on the website shows as 24/5
availability, there was no response, I was worried and concerned, and there
is no help at all from the live chat, and NO ONE WAS THERE TO CHAT AT ALL
I was just sitting and waiting to chat with these people to know what is going on,
as the MT 4 from other brokers were up running, except the one of ACY Securities
and I was up 5 hours eagerly waiting to know what is going on, I ran out of luck
at 10.30 PM Est ( which is 1.30 PM Australian Time ) tried calling directly using
my land line for 6 times, no response at all and was directed to voice mail, tried again
for the last time, got lucky after 4 minutes to hear a live person on the other side
by the name Shirley, she claimed to be one of the Senior Managers at ACY Securities
upon asking the status of the MT 4, she said that she have no clue what I am talking about
and she said that the staff is not in for the business (it was 1.30 pm Australian Time and they
are not even ready for the business )and she was not aware at all until I told her the
MT 4 is not working at all, and she took my number and said will get back
to me in half an hour, I was in the impression that she will get back to me and waited another
hour and half, no call no information, and still the MT 4 was dead, and the time at my
place in Canada was 30 past mid night, and I see the live chat up running and started communicating
with the live chat person, LOL, even he don't know that the MT 4 is not working at all
he said he will look into it and get back to me, after 20 minutes he confirmed that there is a
problem and they are figuring it out what is wrong,( WHAT A EXHIBIT OF A DISASTER AND UN PROFESSIOANLISM), In the mean time I sent a message to my accounts Manager Jason Goh,
who is very un professional, un educated and have no knowledge of the product and service
and even do not know the work ethics to respond back to the clients, He did not even
realize that he is making his living cause of clients, He showed up for work at 3.00 pm
Australian time where the day almost was done, and he wrote me an email for apology about the
mess, it has happened twice in a row in less than a week, that too when I sent an email about the
the ACY Securities the way they are carrying their lousy business and he think he did a big
favor for giving me a Good Will of $30 which is not even peanuts to me against my wastage of time
and losses incurred and frustration I have gone through physically and Mentally.

The bottom line is to educate to my fellow traders not to invest your hard earned money with this
brokerage, you may see some positive reviews on this company which is posted by the employees
of the company.

Happy Trading
  1 trader has found this review helpful
Reply by ACY Securities submitted May 27, 2020:
Hi Syed
Let me get to the facts so we can set this story straight.
We've sent the administrators of ForexPeaceArmy the emails, chat correspondence and direct screenshots to back up all of the following facts.
• You never had any open positions during this downtime we experienced, so you were not impacted.
• You threatened our team to pay 50% of your initial outlay or else you’ll go to local newspapers, ASIC and ForexPeaceArmy (which you did here).
• You state you were unable to get in touch, but we have records of your conversations and Whatsapp messages at 10:04am and 10:31am AEST.
• The issue was resolved at 11:25am AEST, and we immediately sent out a press release on our site and notified ASIC, as per our regulatory requirements.
• We gave you $30 as a gesture of good faith and offered to compensate you for any phone call payments as a result of your conversations with our team.

We also have your trading history, which shows you made money during the time you stated you lost money with us.

Then your trading history shows that after the outage and following several customer service chats, you went on to trade much larger than any previous lot size. 100% of the losses you had were after the outage.

You also decided to fund more to your trading account. You topped up your account on the 24th of September (several days after you reached out to our team).

You then reached out to us on the 1st of October asking for a $300 reimbursement to 'let this go', but we rejected it for all the reasons listed above.

You then spoke to our team again on the 9th of October asking for $300 (again) or else you will leave a negative review.

We have confirmation that ForexPeaceArmy attempted to reach you to clarify your story, but you did not reply.

We take every trading issue seriously and follow our regulatory reporting procedures as any ASIC regulated broker does. There are strict protocols in place, and we are obligated to follow them.

We have your trading history and exact times you opened and closed your positions, the exact times of your support messages/chats, all email correspondence plus screenshots.

We do wish you all the best with your trading.
Thank you,
ACY Securities.
Arno,
Almere, Netherlands,
Apr 28, 2019,
Guest

Great trading conditions

have been trading for many years and since September 2018 I’m a customer of Synergy FX / ACY Securities. As far as I’m concerned their Pure ECN account offers the best trading conditions in the market. My EA’s clearly perform much better using a Synergy FX / ACY Securities Pure ECN account, than an ECN account of one of their competitors. The spread is always very close to 0 pips and they charge only $ 5 / lot. Their portal is very user-friendly. I never experienced any problem using their service and therefore never contacted their customer support, so I can’t give comments on that subject.
  2 traders have found this review helpful
Paul,
Melbourne, Australia,
Mar 25, 2019,
Guest

Without doubt worst in the industry!

Avoid at all cost! They are very unprofessional outfit with dubious practices. Without a doubt the worst I have had the misfortune of using. They appear large but in reality are a very small company. Support is almost non-existent.

They claim lower spreads in the industry but the facts tell otherwise. Slippage is bad at times. Commission structure is also one of the highest around.

They even accidently pushed their MT4 trading servers forward + 2hrs for the start of daylight savings and did not even notice that day it was 1hr out (until I brought it to their attention). This action caused my trading robots to open orders in the wrong trading window, which then lead to substantial losses, yet they are not accepting any accountability for their professional negligence!

Do yourself a favor and give them a miss. There are so many better reputable brokers out there, so why waste your time and money with such an unprofessional company?
  3 traders have found this review helpful
Minsk, Belarus,
Dec 17, 2018,
Registered user

Additional notice to my previous review

I would like to add an additional note to my previous review about SynergyFX:

I've tried to communicate with their complaince department but they requested me the same documents. Not sure what a problem with them: even they don't have money for payouts or don't maintain their customers records in proper way... Today I've sent a complaint to Australian Financial Compliance Authority. Let's see what happens next.

Dec 11, 2018 - 1 Star I’m a client of SynergyFX since 2011. I’m also their IB and had a MAM account with them. After incident with Swiss Franc happened in 2016 I decided to make a pause in trading and left around 2200 USD on my account with them. Now I want to withdraw funds and here is what they requested from me to perform withdrawal:
– proof of orginal deposits (transaction records with the right amount)
– your signed IB agreement for earning the rebates
– your rebate proof records
I really have a doubt that their request is legal. Even if it is, what can I provide if it was almost 7 years ago?! It’s really ridiculous. As a financial institution they should maintain all records on their side. Strongly don’t recommend to work with this company!
  3 traders have found this review helpful
Sochin,
Budapest, Hungary,
Feb 7, 2018,
Guest

My favorit

Synergy is one of the best broker I met. It provides a very good user friendly portal to manage deposit, withdrawal, transfer between accounts etc. The trading conditions are very competitive and their server is working rock solid. I trade already for several years here and I really like it.
 
Reply by SynergyFX Support submitted Mar 21, 2018:
Hi Sochin,

Thank you so much for leaving your thoughts and review. We have always appreciated working with Hungarian clients! No nonsense and loyal traders.

Please let us know if we can help with anything in the future.

Kind regards,
Synergy Team
Sangjan,
BKK, Thailand,
Jan 18, 2018,
Guest

New team very good services
Fast deposit and withdrawal
Well trading servers
Executions very good
 
Reply by SynergyFX Support submitted Jan 30, 2018:
Hi Sangjan,

Thank you for leaving this lovely review. We are always happy to see our Thai clients actively trading and enjoying our services.

Please let us know if there is anything we can help with in the future.

Kind regards,
Synergy Team
Hungary,
Jan 12, 2018,
Registered user

Excellent trading conditions

I trade forex since 2010. I started trading at Synergy in early 2015. During this 3 years I had good experience with them. As I mainly use breakout and scalping strategies, for me the fast and reliable execution is top priority. I tried more than 20 brokers in order to get the best execution, but I must say the No. 1 was Synergy. They have good average spread, and what is more important, especially in case of scalping, they provide rather low slippage, which shows that they have good and stable liquidity providers. Their support is responsive and correct. As I am in Europe, the only problem is the time difference to Australia, therefore sometimes the communication seems to be a bit slow. But in case of withdrawal of money it is even advantageous. If I make withdrawal in the evening, the money is on my account already in the morning.
If somebody will trade seriously and longtime, my opinion is that Synergy is a perfect broker and a good choice.
 
Reply by SynergyFX Support submitted Jan 30, 2018:
Hello informer,

Thank you for your kind words and continual business. You have been an exemplary client, and we are always happy to see you making great money on our platform.

Please let us know if there is anything else you need help with.

Kind regards,
Synergy Team
Ronnie,
QLD, Australia,
Mar 16, 2017,
Guest

Inquiry...

I really wish this brokerage had better support. They have some very interesting managed account programs and are the only FX managed programs in Australia.
But their phone lines only connect to one mate and he is not very in the know about their funds product offerings...
 
Reply by SynergyFX Support submitted Jun 8, 2017:
Hi Ronnie,

We do not seem to have any information about your inquiry on record.

Please email us at support@synergyfx.com.au and we will send across all relevant information for your consideration.

Many thanks,
Synergy Support.
Liam Brown,
NSW, Australia,
Feb 28, 2017,
Guest

Disappointed.

Each time I call this brokerage, I speak to a man named Daniel. He is not pleasant to speak with or helpful at all. Synergy has some interesting Managed Trading products but their support is simply not up to par with the other companies in the industry I work with. Sad.
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Hi Liam,

We are sorry to hear you feel you had an unpleasant experience when calling our company. We strive to create a welcoming environment that is facilitated by our knowledgeable staff. Daniel is a valued member of the team and it is rare to have a comment like this about his client relations.
We have searched through our database and cannot find any client by your name, nor any notes in our CRM of a call taking place with a Liam Brown. We would love to resolve this matter by arranging a time to speak, or if more suitable we are happy to discuss via email on support@synergyfx.com.au

We appreciate that you find our fully licensed Managed Trading products interesting and it would be great to discuss these further with you.

Please let us know if there is anything we can do to improve your rating and prove to you why Synergy FX is an industry leading broker.
Joseph Akpan,
Nigeria, Nigeria,
Sep 16, 2016,
Guest

Delayed withdrawal

I deposited 3400$ with synergyfx, and i had someone who wanted to trade for me,but i later changed my mind because i needed to use that money for somwone,only to be told by synergyfx thaf i cannot withdraw my money,that i must open a trade. Please assist me resolve this issue because this is getting out of hand
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Hi Joseph,

It is extremely unfortunate you decided to take this matter to a forum for an issue that was already explained to you at great length and was no longer within our control.

As we are licensed and regulated by ASIC, when dealing with funding and withdrawal issues, we must abide by the guidelines and recommendations of the banks and regulator. We also have policies in place to protect ourselves against fraudulent activity and for certain suspicious behaviour.

In this instance you deposited funds from one bank in Nigeria, never traded on your account, then tried to withdraw to a different bank which was based in Malta. This is against our returns policy which states it must be returned to the funding account, due to a number of attempts of fraud against our company.
This payment was also flagged by our AA credit rated provider the Commonwealth Bank of Australia. Once they have flagged a payment, it then becomes a much more complex issue than just returning your funds. We explained all of this to you and you proceeded to share confidential emails with dozens of people, still not realising that everything we were doing was completely legal.

This process was eventually resolved when the bank released your funds to your account and we consider this issue resolved as of months ago.

We had hoped you would edit your review, but it seems not. We wish you all the best with your future trading wherever you so choose.

Kind regards,
Synergy Team
Synergy Financial Markets,
, Australia,
Feb 24, 2016,
Guest

OUR REFERENCE: Suspected fraudulent activity at www.sfx4you.com

It has recently been brought to our attention that the website www.sfx4you.com has been using the intellectual property of Synergy FX, in attempt to defraud clients.

We have become aware that the website in question is taking deposits from clients and then referring them to us to discuss their deposit.

This suspected fraudulent activity has been reported ASIC.

At no point in time will we ever request for your information to pass through any gateway other than our own, with our specific domain names (listed below), and through confirmation via email, or direct telephone of account opening and funding instructions. Our compliance and support functions are world class, and ensure that you speak to a knowledgeable member of staff through the process.

Synergy FX is an award winning, and fully licensed, regulated broker in Australia under the AFSL number 403863. We are regulated under ASIC and meet the strictest requirements of any market.
This is why we do not provide 3rd parties with authority to use our intellectual property without thorough due diligence, and having any websites still point directly to ourselves, and not any foreign payment gateway.

As a potential or existing client of Synergy FX, we are informing you NOT to have any dealings with the website we have identified, as they have not been provided with any authority from us.

The website has been removed from the Internet as this matter was immediately reported to the host provider last week. Should you encounter any sites claiming to be Synergy FX or Synergy Funds Management, please contact our team directly on support@synergyfx.com.au If you believe you may have been affected from this suspected scam, please carry out these checks:

1 - Check the account number you were issued. All synergy fx account numbers are 6 or 10 digits long. You can confirm your account number and funding instructions through our welcome email, or by contactingaccounts@synergyfx.com.au

2 - check the email address you were contacted to by synergy fx. The email address should end with:

@synergyfx.com.au

@synergyfinancialmarkets.com.au

@synergyfxfundsmanagement.com.au

If you believe you are a victim of this suspected crime we strongly advise you to contact the police

Here at Synergy FX we are currently helping the authorities with their investigations and will continue to do so to ensure our brand and reputation is maintained. We have always acted with utmost integrity and take these kind of actions with the utmost seriousness.

We have been actively working to provide our clients with the most aggressive pricing in the market, launching a new Pure ECN account which is still STP and has spreads from 0.0, as well as offering our award winning funds management products, and superior EAs.

Should you wish to talk to us about anything in this post, or any other suspected fraudulent activity with regards to sites claiming to be Synergy FX, please email support@synergyfx.com.au.

Yours Faithfully

Synergy Financial Markets PTY Limited

Review Moderation Team Note: We hope SynergyFx now realizes the value of having a review page. If the FPA had bowed to SynergyFx's threats and pulled this page, then SynergyFx's rep would not have had such a prominent place to post this.

 
alvin050,
, Singapore,
Feb 7, 2016,
Guest

I have been trading at SynergyFX since Feb 2015. Customer service is prompt and efficient. Most importantly, withdrawals are fuss-free and quick. I am using STP account but am going to switch to Pure ECN account with even lower spreads. They have a new My Synergy Rewards Program where you earn cash or rebates on spread.
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Thank you for your kind words Alvin, we hope your trading is still going as well as ever!

Kind regards,
Synergy Team
Pradesh,
, India,
Jan 16, 2016,
Guest

Very untrustworthy broker. Contacted them to ask why are they behind the fraudster Doug Price and his EAs, no response. Then I found this article http://www.jltrader.com/2015/10/02/asic-regulated-forex-broker-synergyfx-appears-to-be-a-scam/

Now I see they've been acting very strangely towards FPA as well.
 
john,
ireland, Ireland,
Jan 4, 2016,
Guest

Last may I had managed account with this broker was happy with how it was going making some profit not a lot but it seem safe trading than things change July onwards as trading change as theses guy put a EA on account very small profit than big losses .
Now you are thinking I'm just sore cause I lost money with this broker no its because when I ring them up and ask why it look like they put EA on my account and not a good one by the way they said no they did not its not way they manage accounts and if I was not happy they could move my money to new manage account.
This is where IT GETS VERY INTRESTING later that day about 10 clock I get ring from same person I was talking to that day this was one of the guys who were managing my account he said that he could not talk on phone honestly to me early as phone
calls are recorded he said I was correct about EA and that accounts that were been managed my broker were just about making money for the broker it was not always the way with them but this is way they have gone he was telling me this off record .
He also told me they would be getting someone to ring me to keep my money with them and put in new account he told me I would lose more money as this was another badly run account and I would be told any amount of lies.
Lucky I got my money from them down couple grand and was very happy to get out.
SO be warn THESE ARE BAD PEOPLE BAD BROKER WILL TELL YOU LIES TO GET YOUR MONEY STAY AWAY.
 
Reply by Christian Dove submitted Jan 7, 2016:
I don?t normally respond to such blog posts as I find anonymous forums an uneven and unfair playing field. However, I do not appreciate being labelled as a bad broker and a liar. It is of course easy to stand behind anonymity and make such accusations. The Synergy funds management products are actually the result of years of hard work and development of my trading team, of which I am extremely proud. I am constantly frustrated with unregulated and unlicenced money managers that operate even using the execution services of honest brokers such as Synergy, and I wanted something better for our market. Our products do not trade using EAs. It is true that our risk management parameters are automatically controlled and it is also true that Synergy trades on a master account level and that software is used to allocate proportionatly down to the underlying investment accounts ? but this is very different from what has been suggested by the poster. The performance of our managed account for the last half of 2015 was lackluster which is a reflection of market conditions and comparable with other professional managed account operators. Any good trading strategy adapts to market conditions and we are no exception. On a year on year basis our performance has been exceptional. I am deeply disturbed with your comments about my staff. I am very proud of everybody in the Synergy team and am committed to a full scale internal investigation post your allegations. I would like to note that no formal complaint or dispute has been received by Synergy at all. Obviously any customer dissatisfaction is an extremely important issue for my business and I regret any bad experience that you may have had therefore I would like to offer you the opportunity to contact me directly to resolve this matter for you. Please call our office and ask to speak to me. Synergy is a full advisory, regulated, audited and licenced financial services firm. Existing and potential clients should know that myself and my staff are dedicated to providing a customer service of the upmost professional standards. Christian Dove ? Managing Director Synergy Financial Markets Pty Ltd
Tom Chang,
Singapore, Singapore,
Dec 30, 2015,
Guest

Is Synergy closing down? They do not reply to email. There is no one manning the phone and the live chat is forever offline.

What is going on?
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Hi Tom,

We know this was quite some time ago and we apologise for the inability to reach one of our staff. We have made sure that these issues will not be repeated and ask for you to use support@synergyfx.com.au for any correspondence in the future.

We would love to discuss with you once again your options for trading with our extremely competitive pricing and valuable funds management products which can assist with a diverse portfolio if you wish to give us another chance.

Kind regards,
Synergy Team
sherif,
cairo, Egypt,
Sep 29, 2015,
Guest

I would say this is definitely one of the worst brokwrs i have seen in my life !!!!!!
They didnt scam me ... yet i have been recieving emails about their fund managment service for over a year. .. i was quiet interested , so i tried sending them emails several times .. tried checking their website and looking for live support several .. yet nobody answers ...
I left the live support a message about 3 times ( after 30 min waiting for answer ) still nobody answered ... furthermore .. I filled in an inquiry form on their website with my details for 3-4 times with no response or call back
I wonder if they are that careless to make a sale .... what will they do when i ask to withdraw money back ...??????
Total rubbish ....
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Hi Sherif,

We are sorry you experienced these issues and want you to know that we have absolutely resolved any problems regarding emails not being directed to the right department. Our award winning funds management products are still performing in the markets and if you would still be interested, we would love to discuss your trading options for the future.

Please contact the support@synergyfx.com.au team for any information and if you are not currently a client, they can provide you everything you will need.

We hope to be able to change your review regarding our company and create a long lasting relationship between us.

Kind regards,
Synergy Team
Master,
, Australia,
Jun 14, 2015,
Guest

!!!!! Attention !!!!!!!

They now haunt websites (top sites in google search that show results about "Synergy FX reviews") and threat the webmasters to pursue legal actions if bad reviews about Synergy FX are not removed.

Needles to say the arguments they provide are ridiculous. All I know they will not clear, but rather kill their reputation this way. Good luck!

Traders beware, a broker who is aggressively trying to remove negative reviews about themselves and threaten other businesses around is a HUGE RED FLAG!

They will treat you as a client the same way if not worse...
 
Reply by SynergyFX Support submitted Mar 6, 2017:
Hi Master,

This process was initiated by an ex-member of staff due to an client posting slanderous and false information that was damaging to our company's reputation. The client's issue was resolved and after the dust had settled, they still refused to remove the blatantly incorrect information.

Some sites removed the entire review section about our company, others did not. Since this time, we have tried to repair any relationships that were damaged by the heavy handed methods of this ex staff member, as we value the freedom to post fair and valid reviews about our company.

We hope this helps to explain the issues we faced and hope that we can continue to provide sterling service to our current clients without encountering any more extreme cases like this.

If you would like to discuss this further, or trading with Synergy, please contact support@synergyfx.com.au

Kind regards,
Synergy Team
Krystof M,
Warsaw, Poland,
Mar 5, 2015,
Guest

Dear FPA members,

I’m not the kind of guy who likes to write negative reviews about brokers or companies at all, just Synergy is operating in such dodge way that I felt need to inform other traders like me.

Facts:
-I’m running 3 accounts. One with Synergy and two with other brokers. How can it be that ONLY the Synergy account is at a loss where the other two accounts from other brokers are in profit? The exact same trading strategy is used. SCAM!

-How can it be that their new marketing scam is the offer of “negative account protection” where their TOS clears them from the obligation to actually protect clients from negative balances? SCAM!

-How can it be justified that they sponsor a forex forum and that then the moderators ban people who write about their own NEGATIVE experiences with Synergy? SCAM!

-They are B-BOOK! Traders losses are their profits. Conflict of interest, big time! Synergy wants traders to loose. They keep the exposure in house and do NOT offset the risk to the real market. BUCKETSHOP! SCAM! No wonder that only my Synergy account is at a loss and the other two accounts with other brokers are in profit. SCAM SCAM SCAM!!

I’m sure that they will send their lawyers after me but frankly I do not care. People should be aware about what is going on here. BE WARNED!

I have informed the ASIC regulator about their operations. I'm sure they will take action and sooner or later stop this fraud.
 
Yvonne,
Assam, India,
Feb 6, 2015,
Guest

I would highly recommend Synergy FX for traders who are tired of having unresponsive account managers and a constant fear of loss in their investments. For the times I have worked with them, I have experienced high quality service and accountability. Would definitely deposit my money into their accounts again.
 
Paulo,
, New Zealand,
Apr 12, 2014,
Guest

!992 I began trading, Now been trading FX successfully since 2004.

Having used a number of different brokers I moved to Synergy about 14 months ago. There have been a few problems with the data , such as unable to close out trades. Synergy did reimburse my account in respect to profit lost. In the past I have found them to be very good.

However, recently things don't seem that great at synergy, something is not right and I am hearing whispers to get my money out of their accounts. While trading last week my data flow indicator and spread indicator picked up a huge difference in these. For am example my spread is normally never more than 1 pip and as low as .3. However last week the spreads increased to 1.3 to 1.8 pips. So i contacted Synergy and inquired. I was then informed they have changed their data supplier and thats the reason the spreads increased. They also pointed out that I was the only trader to notice this which I find very difficult to believe. They did correct my data, however due to the fact they tried to increased spreads without any notification to clients is beyond me and alerts me to more problems than they are admitting to. Another thing alot of the back office staff is leaving at present. I will withdraw all founds this coming week. Another MT4 broker bites the dust.
 
James Wu,
Hong Kong, Hong Kong,
Jan 24, 2014,
Guest

This broker is exactly what I have been looking for quite a long time. They offer true STP (straight-thought processing) on my orders and never play games like other brokers. I also find they have very friendly staff and my account manager is very knowledgeable about the FOREX Market.

I will keep trading with this broker, and will be depositing another $25K USD soon because of assurances I have seen here. Great broker.

 
Andrew,
, Australia,
Jan 24, 2014,
Guest

This is the next generation for forex in Australia, I like the new website guys, thank you for your great support over the last year.
 
Jane Anderson,
, Australia,
Jan 23, 2014,
Guest

Been with synergy fx for 2 months, stable spreads and minimal slippage. I'm scoring them with 3 stars because I have not heard a lot about synergy in the market. Seem like a good stable broker.
 
Hettie Nel,
Sydney, Australia,
Jan 23, 2014,
Guest

I am a forex mentor and have dealt with many brokers over the last 8 years. When I was introduced to Synergy FX last year a whole new world opened for me, Synergy FX really set the self apart from the market with their excellent customer care. I would like to thank Daniel personally for his prompt service and response to all my students.
 
Sam Beningfield,
Sydney, Australia,
Jan 21, 2014,
Guest

I have been trading with Synergy for 3 months via the ECN account, the brokerage simply does what it's supposed to do, execute trades without intervention and with tight pricing. No dramas with them, although it appears the company is yet to expand as not many know of it.
 
Glen,
, Australia,
Oct 24, 2013,
Guest

I wouldnt recommend synergyFX. I had MANY problems with them. They seem to be winging it along as they go. There are much better brokers in Australia. They have many excuses and i didnt realise i had to baby sit them along the way. Really guys dont bother as after 12months i have had enough of the issues.
 
Yipeng Zeng,
Liverpool, United Kingdom,
Aug 21, 2013,
Guest

So here is the most recent update: after numerous calls and warning letters about legal actions to the bank, I finally received a call from the bank on 19th August telling me they'd release my funds while the 'case' being looked into by them. I guess the bank has finally done something and realized I shouldn't be the one to suffer no matter which chain triggered the problem. So at least I've got my funds for now, but still unsure which party caused the whole mess which I can't tolerate.

Meanwhile, I keep receiving calls from Synergy FX suggesting me to remove all the commends as they 'don't want any drama' and they're 'losing business because of this'. As much as I understand their position and it's not my intention to cause any unfair harm to Synergy Fx's business, I strongly believe it's my right and responsibility to keep the public aware of the facts which should do justice to both Synergy and me - after all, even I am willing to believe Synergy Fx is a decent broker which has no intention to act dishonestly, still the incident has happened to me and the real reason is yet to be revealed; most importanly, according to Synergy Fx's '60 days of funds holding period policy', it's still one month away to see if my remaining funds (over 30000 EUR currently) can be withdrawn hassel-free, which is the ultimate test for this broker.

So I'd suggest you to go ahead and trade with Synergy Fx if you find their conditions attractive with your own research, and I will keep you guys updated when I withdraw my remaining funds in about a month.

2013-08-12 3Star So this is what happened after my last post about Synergy Fx: obviously they have noticed the poast and are unhappy about it, so I received an urgent call from my personal account manager Shen around 3:30 am UK time on 09/08/2013, informing me they'd close my account and take potential legal actions against me as 'I've posted false reviews against Synergy Fx online', and I 'must immediately remove it'. Later on the day I received an email from their compliance team warning me the same. As my situation is still not resolved and my bank still insist they're 'waiting for the other side's response', I refused to remove my post unless any new information or convincing explanation comes up.

BTW, since my problem with the bank happened, I've communicated with my bank, Synergy Fx and even Commonwealth Bank of Australia quite often, and each party insist they've doing things correctly. Synergy Fx stated again they never reported the withdraw transaction to the bank as fraudulent and they'd instructed Commonwealth Bank of Australia to release the payment on 01/0802013. However according to my bank, no such instruction has reached them yet.

Since Synergy Fx is the direct party ordering the payment, logically I'd blame them for the situation, as I assumed there's no point for banks to cause such drama. However today after a long constructive phone conversation with Christian the Director of Synergy Fx, I began to accept there might be other reasons. According to his explantion, as I am from UK and I deposited my funds by debit card which was used to make several large amount of payment to them in a short period of time, it's flagged by their merchant bank Commonwealth bank of Australia as 'suspicious activity' and reported to Synergy Fx (I was advised to do so when I was funding and not warned). Also before I trade quite often and requested profit withdraw soon after my deposit, it makes me more 'suspicious' to their regulator. Thus they would have to keep my profit for 60 days untill it can be withdrawn as 'every regulated broker in the world'. I cannot confirm if this explanation is legit or not, though it sounds plausible; however Christian does sound professional and geniune this time, willing to help me solve the problems as he can, on the condition I remove my 'unfair accusation against Synergy Fx'. I pointed out to him that I am responsible for the words I said as it did look like 'scam' at my side as I was told by their staff several times that I can withdraw my profit by bank wire after my initial deposit is returned to my card, even in the 60 days period. And when I tried to do so, suddenly my funds and account were frozen by bank, giving the reason they have 'received report from the sending bank which was instructed by the sender', how would that make me feel if not 'scamed'?

I still cannot confirm what exactly happened and which side (bank or Synergy Fx) has caused such situation, however I am willing to believe Christian at this stage that it's just 'possible miscomminucation by his employee' which he's gonna look in, also I am about to call up the banks again to get more information, hoping it could clarify the situation and solve the problem both for me and Synergy Fx.

So I hold back my former accusation of 'scam' 'against Synergy Fx for now and would update as soon as I get more information.
  1 trader has found this review helpful
Reply by Synergy FX Team submitted Aug 22, 2013:
Synergy is a fully licensed and compliant brokerage. We take funding procedure extremely seriously and existing and potential clients should be confident that their funds are treated in a fully professional manner in accordance with rules and regulations. Synergy disclose all of its Terms and Conditions before any customer may make a payment by credit card. In an attempt to avoid Identity Theft and to protect law abiding card holders, Synergy employ Market Best Practices. In this case Mr Zeng?s original funding had been flagged by the merchant service provider (i.e. the credit card processor) as potentially ?suspicious? ? NOT by Synergy. Synergy followed regulation, accepted the money and monitored the situation. Initial profits made by Mr Zeng were payed to him in accordance with procedures as refunds back to the original card that was used to fund the account. Mr Zeng has then requested further withdrawals to his bank account without adherence to the holding period designed to protect card holders that he has agreed with at point of funding, *please see below for the Terms and Conditions which Mr Zeng agreed to during his funding process. Mr Zeng has fully agreed to the Terms and Conditions and has still attempted to withdraw funds contrary to this agreement and made his accusations against Synergy through his posts when Synergy has done nothing wrong. Synergy has NEVER refused payment to Mr Zeng and Synergy has never accused Mr Zeng of being fraudulent in any way. Synergy has done everything in its power to help Mr Zeng with the problem he has with his bankers, including offering to speak directly with his bankers. Mr Zeng remains an active client of Synergy and is currently making healthy profits from his trading activities. Synergy will not breach its internal compliance procedures, and will not refuse any withdrawal post the 8 week holding period expiry for accounts funded by credit cards. Identity Theft and Online Fraud are very serious activities against which Synergy has regulatory obligations as well as a duty of care and will maintain the status of a vigilant Corporate Citizen. Synergy has very strict Privacy Policy rules and as a generalisation does not post on forums. In this case we have sought legal counsel and the advice given to us is to make a response to Mr Zeng?s comments, after we have completely explained the situation to Mr Zeng and requested that he remove the accusation of Synergy being a ?scam?, and remove his post. *Synergy Credit Card Funding Terms and Conditions Credit Card Verification: Accounts funded via credit card will be restricted by not being able to make withdrawals for a period of time to ensure the validity of the credit card used. Initial deposits made with a credit or debit card will require a colour copy of the front and back of the card to confirm ownership. The cardholder's first and last name, as well as the last four digits of the card, must be legible in order for the card to be acceptable. ? Withdrawal requests will only be processed to a bank account in your name upon submission of a bank account statement as proof ? The credit card deposit cannot be withdrawn for a period of 8 weeks (to reduce chargeback risk). Risks associated with funding by Credit Card: You accept that if you are funding an account to trade a leveraged product you may be exposed to a greater risk of entering into financial difficulty, should you experience trading losses, than if you fund your account with a cash wire transfer. By funding with a credit card you may expose yourself to ?double leverage?.
John Hamilton,
Carrickfergus, United Kingdom,
Jul 1, 2013,
Guest

I used to trade with FX Synergy for about 3 months early this year. I found them to be a pretty solid broker. Not award winning but solid. Execution was fast and the spreads pretty tight. Never had any great emergency to test out their support with so can't comment on it.

All in all a pretty it was a good experience. I have since moved on due to the banking fees though. I am based in the UK and I have found cheaper alternatives closer to home.

I do find these poor reviews fascinating. I would love to know what the full 'actual' stories were. I've traded plenty of brokers and am yet to have a horror story. Maybe that is because I have realistic expectations of what a broker can or can't do in an live active market.. or maybe I've been lucky to date!
 
James,
Sydney , Australia,
Jun 28, 2013,
Guest

I've been trading with them for the past 6 months and haven't had any issues. I decided to post because I see that there are quite a few synergy haters out there and for my mind they're 100% legit.

Easy deposits and withdrawals. Spreads and execution are also great.

Service is a little sub-par, but I can live with it.
 
Osmond,
NW, Netherlands,
Nov 7, 2012,
Guest

I have to agree with "Not so sure, NSW, Australia". When I have 3 good positions and prices are just standing, not moving as other brokers. The depcrepancy is almost 15 pips. As soon as I close my positions, their prices move to the normal level. This is cheating. People have warned me about this broker but I did not listen now I have nothing to do with this broker but to leave.
 
George,
Sydney, Australia,
Sep 27, 2012,
Guest

I contacted SynergyFX in Sydney and asked to visit their premises and meet the staff. I was told that was against company policy, however they could handle my enquiries by phone or email.

I can't in all honesty rate them, but I'm puzzled by Derek's rating.... Between us it should bring the rating to 3.

Derek says in his review "I operate a MAM account with Synergy FX. I selected this company after considerable due diligence which included actually visiting their premises and talking to many of their staff."
 
T.J.L.,
California, USA,
Aug 6, 2012,
Guest

SynergyFX is my favorite Aussie broker where my partner and I refer all non-US clients. We work very closely with their back office and they provide clients with exceptional support and very fast reporting for everyone. I strongly recommend this broker.
 
Karthik,
Chennai, India,
Jun 5, 2012,
Guest

Stay as far away from these scammers as possible. All that they can think of is money, money and more money. They only have 3-4 people working in their company and they work in shifts to give an appearance that they have a lot of employees. We dont have an account with them but we did a software project for them but they have refused to pay us for the project. The reason that they give is that they are 'very busy'. Dragged the project, a 45 day project, for 8 months in the guise of being 'very busy' and finally refused to pay up.

No ethics whatsoever. All they think of is how they can cheat you off your money. We have proof of everything and will be raising it to the FPA court very soon. Stay away. We did their backoffice project and so we have seen how they work, what data they steal and how they cheat their traders so that they can make money. We have seen their data and how they manipulate their feeds to cheat traders off their money. Stay away. There are loads of better brokers out there.
 
Derek,
, Australia,
May 27, 2012,
Guest

I operate a MAM account with Synergy FX. I selected this company after considerable due diligence which included actually visiting their premises and talking to many of their staff.
While mt4 is a somewhat restrictive environment for the trader and the broker, there is no doubt in my mind that Synergy FX makes the most of it and is up there with the best mt4 brokers.
They make their money from transaction commissions and so have their clients' best interests at heart simply because that coincides with their own best interests, unlike bucket shop mt4 market makers.
I find their staff from the top down extremely helpful. Any problems have been resolved quickly and efficiently.
I have almost 20 years trading experience, and have used many brokers, and I can honestly say Synergy FX has been one of the most professional.
My experience has been that the majority of mt4 clients have little understanding of market mechanics and broker procedures, and for several reasons are inevitable losers. It's dirty at the bottom of the pig pen, and easy to throw mud.
 
Rio, Brazil,
Jan 26, 2012,
Registered user

Do not believe anything they say are Synergyfx ECN access to the pool of liquidity, all lies.
When you make profits, they say it operated in on traded off-market pricing. Cancel your earnings and wax your account.
Scam scam scam. all documents.
Stay away from SYNERGYFX SCAM

More. Community discussion of this issue >>

 
wiosna,
, France,
Jan 2, 2012,
Guest

He has chosen to be an average MT4 broker. Spread 2, 3 pips on London open (on ecn account) plus $7 commission plus sleepage monster. Any utility.
 
Synergy FX,
, Australia,
Dec 13, 2011,
Guest

Dear Traders,

Synergy FX does not utilise any technology referred to in the previous comment.

Synergy FX provides a no dealing desk solution, which means that all trades you make are processed and executed automatically without any manual intervention. No technology is used to disrupt trading conditions.

Nicolas – we have worked hard with you to resolve your funding issue. By your own admission, you made the mistake and used the wrong bank details. Consequently your bank charged you for this error, Synergy FX did not. We have offered to pay these fees if you fund your account.

Regards
Synergy FX
 
Nicolas,
MELUN, France,
Dec 12, 2011,
Guest

I am very dispointed by this company. I do not judge the conditions of trade, but I have send to them 2 wire transfers at the "Societe Generale" bank where they ask me to do and this bank return my wire transfer with scandalous huge fees!
I can show you all operations on the statement of my bank.
The clients service refuse to reimburse these fees.
According to them I have forgotten to mention the Australian bank as recipient. Ok I made a mistake but they had badly explain to me how to do. But for a wire transfer of 1500 euros they take from me a fees of 64.13 euros ( ie 4.26% )!
on the second wire transfer of 5500 euros they take 49.03 euros as fees ( this time 0.9% )
I ask the assistance of FPA team to obtain the reimburse of my fees.
 
Not so sure,
NSW, Australia,
Nov 15, 2011,
Guest

While I was initially impressed with the service offered, I'm starting to have some concerns in regards to whether this broker is using some technology that works against the trader.
I regularly observe the following events:

"Server busy" while trying to execute an order

Price reaching my stop loss with 1 pip accuracy before continuing in my favour

Price not moving with expected strength until I exit, after which it almost immediately proceeds to the expected level

I can't prove any of this, but it's all a bit too much coincidence.
Further more I've not been able to be profitable since I started to use this broker about a month ago.

I felt that I needed to report this to balance the overly positive reviews.
 
Adam,
, Australia,
Nov 10, 2011,
Guest

Excellent results with MDP since moving it over to Synergy. Execution, open and mods times have been great on the ecn account.
 
Peter,
Australia,
Oct 11, 2011,
Guest

Pretty much done the round with brokers in Australia and overseas and after several accounts with different experiences, I'm happy to recommend Synergy.
 
pipster32,
England,
Aug 11, 2011,
Guest

Very helpful support team when I couldn’t get the demo up and running properly which was a bonus. Decent spreads and good execution on my ea. Was on the fence dealing with a broker outside of the UK as I’d used Alpari before but good broker in my opinion and good service so far. Would like to see paypal as an option

 
Jayan Patel,
INDIA,
Jul 31, 2011,
Guest

thought I would add my comments after using Synergy Fx over the last 2 weeks, and I'm really glad to be using them. I had to make some slight adjustments to my robot for it to work on their gmt setting but after I had modified it has been working well. Excellent spreads on euro dollar as well so I am happy