7 reviews of Synergy Markets (ex-Synergy FX) are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
I have been trading FX for 5 years and Synergy Fx has been in my top 3 choices. After reading various reviews and word of mouth I decided to test Synergy 3 years ago.
My Account manager always responds to me in a manner time on all my request- even though I’m in South Africa. : )
I have been trading with Synergyfx for the past 14 months. Great overall experience with the platform/spreads and execution. Ticks the boxes for me.
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funds holding period policy', it's still one month away to see if my remaining funds (over 30000 EUR currently) can be withdrawn hassel-free, which is the ultimate test for this broker.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.
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.
Stop before you go ahead - I am not saying this because I am a loser - I made over 10000 pounds profit in one week, starting with about 6500 pounds initial deposit.
As this company is in Australia and I started to feel a bit suspicious about several things of this company, I began to withdraw my funds last week. The initial deposit was withdrawn back to my card, a bit hassle caused but went through. Then I requested 6000 EUR withdrawn by bank wire, which several departments and individuals confirmed with me under several difference circumstances that it's allowed. The request was approved and they sent the money out to my UK bank, where the money has arrived. HOWEVER, unbelievably ridiculous thing happened - this company told their bank the 6000 EUR payment was fraudulent and my bank received the report from their bank and all my money was taken away in my bank (my own money as well besides the 6000 EUR trading profit) and all my bank accounts were frozen, and I am put in the fraudulent list by my bank!!!
When I called the bank they said it's because the company made the payment reported it as fraudulent transaction and asked for money back; when I called Synergyfx they denied it and said they simply need hold my funds for 60 days for security purpose and 'investigation' - seriously?? who's that stupid?? You can't simply reverse an internation bank wire payment you made, unless you report it as fraudulent! There are quite a lot bucket shop brokers in this market try everyway to make funds, especially profit, withdraw difficult, some scammers just simply refuse to do so. However, this company would provide false information to your bank and risk your credit and personal safety - I could be arrested as a suspect criminal now if the police want!!!
When I talked to Katherine in compliance department (or accounting, can't remember exactly), she 'promised' her company wouldn't do that to get the money back - however when I told her how serious my situation and the case is, she started to act a bit guilty and suprised (maybe they simply assumed their fake report or financial crime wouldn' cause much real damage to their client?), and then I am more certain about the legal actions I need take against this notorious company who's totally shameless.
So far they have been excellent and I don't usually leave reviews but credit where credit is due.
After being totally hacked off with my last broker for continually go, and I’m glad I did. Still early days for me using them but for a newbie like me I really like the order fills, no glitches..... Tested my trading on the practice account before opening my real account and they behave the same, so f slipping me, I came across Synergy and decided to give them aor me I’m happy they’re a good broker.
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