Review of Synergy FX Funds Management – Forex managed account
Ooh la la! I like the website. The first thing I noticed on my research into Synergy FX Funds Management was the fabulous home page that hit me in the face. Something about it jumped right out at me. Great start, although I have to be honest, the website itself lost some of that splendour once I hit the webpages and links. Once I got beyond that little bit of excitement, it was back down to the business of creating my shortlist for finding the best forex managed account for me. One of the things I liked about Synergy FX Funds Management is the transparency on their website. The contact us page is one of the best I have seen. There is a lot of information regarding where the Synergy FX office is situated, and exactly how to get in touch with them. That is one of my things! It is important to me to see that they are real. There is every form of contact, a real telephone number consistent with the Sydney area where they are based, an email address, a live chat option, an online enquiry and even a map to show me how to get there. Of course, I am not really likely to nip over to Sydney, but if I were…
What I Like
It is clear who Synergy FX Fund Management is and the information that I look for is almost all there to see and find easily. Their risk warning and regulatory status is clearly stated and it seems they are a broker and a money manager. The Synergy FX funds management team are qualified and regulated by the Australian Securities and Investment Commission (ASIC). There is a whole page on financial regulation and a separate page for Synergy FX Fund Management.
With a minimum investment of AUD500, spreads starting at 0.5 pips and zero commissions, or 0.0 pips and low commissions, is there a catch? Not sure how to access the trading results or performance though and this never sits well with me. I want to get comfortable with a company and be happy with the information I have found, and I want to find what I am looking for, what is important to me, before I give them my details. I seriously do not want a hard-nosed sales person calling me up talking me into something I am not yet convinced about.
The information is all very clear and concise on the Synergy FX website, and it looks very professional. Synergy FX was founded in 2011 and their website tells me they are better, better, better at everything, spreads, technology, execution, customer service.
I will tell you what I didn’t like and it comes back to the bit about the pips, wondering where they are making their profit then. I have to be honest, when I went looking around the internet there was mention of accounts losing money for some customers, difficulty withdrawing funds, and little if no replies to the online forms, emails or live chat. But I had to research B book traders to see what it meant and I didn’t like it, by keeping the profits in house and not offsetting the risk in the real market, it means the trader’s losses are their profits. Almost like betting against the clients.
Of course, this was on a forum and has to be taken with a pinch of salt to a certain extent but it still has to be taken into consideration. Although I do like the amount of information available on the Synergy FX website and the references to ASIC licenses, and the CEO of the company making comments on the site, I am afraid to say, along with more investigation into the performance of their managed accounts being required, the reviews of other clients has somewhat dampened my enthusiasm for them.
They seem to advocate as a market leader in a large regulated environment in Australia, with their office in Sydney and what appears to be easy access. They have everything on paper as it were! I think I will give Synergy FX Fund Management a big 3 out of 5 score.
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