Synergy FX Rated 3/5

Synergy FX Guide - Read our In Depth 2024 Synergy FX Review

This detailed Synergy FX review has been researched and fact checked by industry experts with over 30 years of financial experience in Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing.

Learn more about Synergy FX.

Benefits of Trading with Synergy FX

Synergy FX Review 2024 Quick Summary
💰 Min Deposit 100
👱‍♂️ Used By 10,000 Synergy FX users and traders
📆 Founded 2008
🌍 HQ Australia
👮‍♂️ Regulation Australian Securities and Investments Commission (ASIC)
🚫 Excluded Countries Synergy FX is not available in the following countries :

Open Synergy FX's Website

Your capital is at risk

Learn more about IC Markets.
learn more Learn more about IC Markets.
Losses can exceed deposits

What is Synergy FX?

Synergy FX are a worldwide financial trading platform and broker. founded in 2008

Over 16 years later Synergy FX now serves over 10,000 retail investors Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading.

Synergy FX are a global broker. Synergy FX have a head office in Australia.

When trading in the financial markets, finding a broker that meets your needs can be very time-consuming.

We will dive deep in this Synergy FX review and assess how well the Synergy FX platform functions in its role as an international multi asset trading platform for traders in 2024.

Visiting many broker websites, all of which have different language uses. Technical language and terminology can be confusing with brokers like Synergy FX. Choosing or shortlisting a trading platform like Synergy FX can be time consuming. Choosing a trading platform requires a significant amount of research and analysis. It can be challenging to understand each platform's various features and benefits, especially with a complex trading platform like Synergy FX.

As a result, selecting the right trading platform like Synergy FX requires a deep understanding of the market, trading strategies, and platform functionality. The task becomes even more daunting when considering the vast number of online brokers like Synergy FX available, each with unique features, fees, and regulations.

In such a complex landscape, finding a reliable and trustworthy broker like Synergy FX requires thorough due diligence and careful consideration. Some Synergy FX trading features can be complex when trading on mobile or using the Synergy FX online trading platform. Beginners and inexperienced traders must take the time to learn how to use the Synergy FX trading tools properly. In our review of Synergy FX we explain the pros and cons. What Synergy FX offer, countries Synergy FX are available in. Who Synergy FX are regulated by and more.

Synergy FX Review Screenshot

When it comes to online trading with brokers like Synergy FX, carefully review Synergy FX as your broker can make or break your success. Choosing the right broker is essential to ensure your Synergy FX investments grow and flourish. However, beware of fake and unreliable brokers lurking in the shadows, waiting to take advantage of unsuspecting traders.

You must be diligent and thorough in your Synergy FX review selection process to safeguard your hard-earned money. It's crucial to do your due diligence and research the reputation, track record and trust worthyness of Synergy FX. You must also ensure the Synergy FX broker's profile, trading tools, fees and regulation aligns with your needs and goals.

Remember, Synergy FX needs to be your partner in your trading journey.

Our team has endeavored to break down the complex world of trading with Synergy FX into easily digestible information in this Synergy FX review. We want to ensure you have all the knowledge necessary to use the Synergy FX trading tools confidently, from depositing and withdrawing funds to executing trades.

We understand that informed decisions with Synergy FX are the key to successful trading, so we've provided this detailed Synergy FX review. So, take a seat, grab a cup of coffee, and dive in to learn about Synergy FX and how it can benefit you or if Synergy FX is not for you.

Online investing with Synergy FX can be just as risky as traditional offline investments. Therefore, conducting thorough research on the company you plan to invest with is crucial. If considering trading financial assets with Synergy FX, evaluating the Synergy FX platform is important. Evaluation includes researching the Synergy FX management team, track record, and services.

As a trader, you should feel confident that your financial investments are in good hands with Synergy FX. That's why it's essential to understand the Synergy FX company policies and practices before making any investment decisions. By doing your due diligence and understanding Synergy FX platform, you can make informed investment choices that align with your financial goals. So take the time to research Synergy FX thoroughly and make the most of your online investing experience.

We aim to provide you with all the information in this Synergy FX review you need to determine if Synergy FX is the right fit for you. But we don't stop there - we also offer valuable insights into other great alternatives to Synergy FX, so you can make a more informed decision and compare other brokers against Synergy FX.

If you want to look at some Synergy FX alternatives that might better fit your needs, we list and compare some of the best Synergy FX alternatives further down this Synergy FX review.

Trading online with Synergy FX requires an understanding of what you are doing. It can be challenging and requires significant research and understanding of the Synergy FX trading tools and features. You must know what you are doing when trading with Synergy FX. That's why we've compiled this detailed Synergy FX review with some important information that will hopefully make you more informed when online trading with Synergy FX.

Synergy FX Review Table of Contents

Synergy FX review
Synergy FX is a Multi-Assets Trading Platform with over 215+ Assets

Learn more about Synergy FX. Synergy FX is a multi asset platform with 215+ tradable Assets. Assets available on Synergy FX include Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing.

Synergy FX trades in multiple financial asset types. A financial asset is any security or asset that has financial value attached, tangible or intangible. This means that Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing are considered financial assets.

Features of Synergy FX

Synergy FX review
What you should know

Synergy FX offer five ways to trade: Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing. The assets and products available to you on the Synergy FX trading platform depends on the region of the world, you are in and the Synergy FX entity you have an account.

With Synergy FX you will need a minimum deposit of $100. You can sign up for a demo account to acquaint yourself with Synergy FX platform.

Synergy FX are able to accommodate various levels of traders whether you are experienced or a beginner.

Are Synergy FX safe?

When considering Synergy FX for your trading activities, its financial regulatory status in your region is crucial. One of the primary considerations when evaluating a broker, such as Synergy FX, is to assess the broker's regulatory status and administrative body. Brokers operating without supervision from a regulatory authority are free to make their own rules, which may pose a risk to investors. Any capital you invest is at risk.

Established in 2008, and in operation for 16 years Synergy FX have a head office in Australia.

Synergy FX is regulated. This means Synergy FX are supervised by and is checked for conduct by the Australian Securities and Investments Commission (ASIC) regulatory bodies.

Synergy FX withdrawal requests will be honoured. Brokers that operate under the supervision of regulatory authorities like Synergy FX are subject to strict guidelines that prohibit them from manipulating market prices to their advantage. Regulatory oversight ensures brokers operate with integrity, fairness, and transparency, safeguarding investors' deposits. Synergy FX are held accountable for their actions and may face severe consequences if they violate any financial regulations. If you are a client of Synergy FX and wish to withdraw funds from your account, you can rest assured that your request will be processed promptly. Synergy FX has a reputation for efficient and reliable fund transfers, and adhere to the rules of the financial regulators they are regulated with. When you submit a withdrawal request, Synergy FX will verify your account details and process the payment within the stipulated timeframe, usually within a few business days. By partnering with a trustworthy broker like Synergy FX, you can enjoy peace of mind and focus on your trading activities. If Synergy FX violate any regulatory rules their regulated status could be stripped.

Your capital is at risk

Is my money safe with Synergy FX?

All payments made to Synergy FX by traders are securely held in a segregated bank account.

Synergy FX uses Tier 1 banks for increased security. These banks are deemed the most reliable for client capital due to their strong core capital reserves and ability to withstand losses.

What are Tier 1 banks and why should Synergy FX use them?

Synergy FX partnering with Tier 1 banks offers reliability, efficient payment processing, reduced counterparty risks, and better protection for client funds. These banks are the most financially stable and secure institutions globally, with robust financial strength and high-quality risk management practices. They hold substantial core capital reserves, making them capable of handling unexpected losses and market volatility without endangering their Synergy FX clients' funds.

Synergy FX clients can have greater confidence in their financial security when working with a Tier 1 bank because Synergy FX are subject to strict regulatory oversight and must adhere to stringent guidelines to maintain its Tier 1 status.

What does it mean to have your funds in Synergy FX deposited in a Tier 1 bank?

Depositing funds with Synergy FX ensures that your money is held in a secure bank account with sufficient capital to meet your withdrawal requirements, even if Synergy FX were to go out of business unexpectedly.

Based on the information presented, it is safe to conclude that Synergy FX is a secure and safe platform.

Please be aware that trading in financial assets with Synergy FX carries a risk of loss. Synergy FX trading risk can occur due to inadequate market research, lack of experience, or failure to use the platform tools. It is common to experience rapid losses when trading financial investments like Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing due to market volatility. Therefore, you should only risk trading when you understand that your capital is at risk at any time.

Synergy FX emphasizes this risk on its platform and provides clear risk warnings - Your capital is at risk. After answering some important questions about Synergy FX, let's closely examine its features.

To better understand the Synergy FX trading platform, you can create two separate accounts - one with real money and the other a Synergy FX demo account. A Synergy FX demo account provides a risk-free environment for experimenting with the Synergy FX platform's features and trading strategies before risking your actual funds. This approach can help you gain experience and confidence in Synergy FX trading decisions.

Open a demo account Visit Synergy FX

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

How Synergy FX as a Company Compare Against Other Brokers

Broker synergyfx IC Markets Roboforex eToro
Year Established 2008 2007 2009 2007
Head Office Australia Australia Belize Cyprus, UK
Regulation Australian Securities and Investments Commission (ASIC) Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076
Used By 10,000+ Synergy FX users 180,000+ IC Markets users 1,000,000+ Roboforex users 30,000,000+ eToro users
Negative balance protection Yes Yes Yes
Guaranteed Stop Loss No No No
Learn More Visit Synergy FX Visit IC Markets Visit Roboforex Visit eToro
Risk Warning Your capital is at risk Losses can exceed deposits Losses can exceed deposits 76% of retail investor accounts lose money when trading CFDs with this provider.

Synergy FX review
Synergy FX Pros and Cons

What we like about Synergy FX

  • Used by over 10,000 Synergy FX users and traders
  • Established in 2008
  • Regulated by Australian Securities and Investments Commission (ASIC)
  • Min. deposit from $100

What we don't like about Synergy FX

Synergy FX review
Synergy FX Regulation and Licensing in more detail

Synergy FX is regulated by trusted organizations, providing recourse for any issues. Regulatory bodies protect traders through reimbursement schemes in case of Synergy FX going into insolvency. Synergy FX compliance with rules and criteria set by regulatory authorities is mandatory for brokerage firms like Synergy FX to maintain licenses and operate in certain jurisdictions. Financial regulation and licensing are crucial for creating a secure trading environment for Synergy FX traders.

Synergy FX is regulated, governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the brokers' behaviour, and they will take necessary action if things go wrong. Before trading online with a broker like Synergy FX you should be sure they're legitimate online agent.

Is Synergy FX Global?

Yes, Synergy FX is global as Synergy FX is available in over 194 countries.

Synergy FX is a global trading platform in the sense that it operates in 194 countries including nations in Africa, Asia, Oceania, and Europe. Major countries Synergy FX covers include the UK, Germany, South Africa, Thailand, the United States China and Australia. Synergy FX has a total of more than 10,000 users.

Synergy FX review
Synergy FX Fees Explained

  • Synergy FX withdrawal fees varies on payment method
  • Synergy FX does charge a fee for inactive accounts.
  • Synergy FX does charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from Synergy FX are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

Synergy FX Costs To Check

Modern brokers like Synergy FX provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, Synergy FX may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall Synergy FX trading profitability.

How Synergy FX Fees Compare Against Other Brokers

Broker synergyfx IC Markets Roboforex eToro
Min Deposit 100 200 10 100
Withdrawal Fees $25 No Yes Yes
Inactivity Fees No No Yes
Deposit Fees Varies No No
CFD Commission Fees Yes No Yes

Synergy FX Minimum Deposit

Synergy FX requires a minimum deposit of 100 GBP/USD/EUR when opening an Synergy FX trading account.

A minimum deposit is the minimum amount of money required by Synergy FX to open a new online brokerage account with them.

Don't be scared off by brokers like Synergy FX charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like Synergy FX, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

Synergy FX Withdrawal Fees

The fees for withdrawing funds from your Synergy FX account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your Synergy FX withdrawal request is important.

Synergy FX Withdrawal rules may vary across different brokers when it comes to transferring funds from your Synergy FX or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with Synergy FX may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the Synergy FX withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from Synergy FX. Researching and comparing Synergy FX withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing Synergy FX funds frequently or dealing with large sums of money. Awareness of these Synergy FX fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your Synergy FX funds.

For example, Synergy FX allows you to withdraw your funds to Credit cards, Skrill, Neteller, Bank Transfer.

Synergy FX Inactivity Fees

Synergy FX does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by Synergy FX terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all Synergy FX fees and services. It's recommended that you check the Synergy FX website before signing up. If you decide to close your Synergy FX account, it's important to do so with the Synergy FX broker customer support and obtain confirmation that no remaining Synergy FX fees are due.

Brokers like Synergy FX must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

Synergy FX Deposit Fees

Synergy FX do charge deposit fees.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

Synergy FX Commission Fees

Synergy FX does charge commission on CFD instruments.

Brokerage firms like Synergy FX may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the Synergy FX trading account level held by the trader.

Synergy FX may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing Synergy FX terms and conditions to understand the commission fees and any other charges that may apply is essential.

Synergy FX review
What can you trade with Synergy FX?

It's essential to note that the trading instruments offered under the Synergy FX brand may vary depending on the customer account holder and country of residence due to regulatory restrictions. Besides, the trading platform the customer selects may also impact the available trading instruments. Therefore, before trading, verify the Synergy FX trading instruments available and the regulations governing them based on your account holder, location, and chosen platform.

You can trade a wide variety of instruments with Synergy FX over 215 instruments in fact.

If you want to trade currency pairs on global Forex markets, Synergy FX offer over currency pairs.

Synergy FX Compared To Other Brokers

Compare Synergy FX with IC Markets and Roboforex below.

Your capital is at risk

How Synergy FX Trading Options Compare Against Other Brokers

Broker synergyfx IC Markets Roboforex eToro
Instruments Available 215 2250 100 5000
Platforms Metatrader 4 - desktop, iOS and Android versions available. MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android MT4, MT5, Mac, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies        
Forex pairs offered 61 35 50
Major Forex pairs Yes Yes Yes Yes
Minor Forex pairs No Yes Yes Yes
Exotic Forex pairs No Yes Yes Yes
Cryptocurrencies (availability subject to regulation) Yes Yes No Yes
Commodity CFDs        
Commodities Offered 0 20 21 31
Metals Yes Yes Yes Yes
Energies Yes Yes No Yes
Agricultural Yes Yes No Yes
Indiced & Stock CFDs        
Stocks Offered 2100 0 2042
UK Shares Yes Yes Yes Yes
US Shares No Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes
Risk Warning Visit Synergy FX
Your capital is at risk
Visit IC Markets
Losses can exceed deposits
Visit Roboforex
Losses can exceed deposits
Visit eToro
76% of retail investor accounts lose money when trading CFDs with this provider.

Synergy FX review
Trading on Synergy FX web platforms and other applications

Synergy FX offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

A Synergy FX iOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device.

Synergy FX also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See Synergy FX's platforms

Is the Synergy FX Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the Synergy FX trading platform to protect you on PC and mobile Synergy FX platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using Synergy FX web trading platforms.

Synergy FX Trading Platform Options

After logging into your Synergy FX account, you'll find a range of trading platform options available below.

  • MetaTrader 4 (MT4)

Please be aware that Synergy FX does not currently support the MetaTrader 5 (MT5) trading platform. However, if you're looking for a broker that does offer MT5, you can check out our list of recommended brokers available through the provided link.

Synergy FX does not support the cTrader trading platform. However, if you're looking for a broker that does offer cTrader, you can explore other options available through the provided link.

Let's explore each of these trading platforms in detail and what options Synergy FX gives you.

Synergy FX review
Synergy FX MetaTrader 4 (MT4)

Synergy FX MetaTrader 4

Synergy FX MetaTrader 4 (MT4) In Detail

MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005. MT4 on Synergy FX offers traders comprehensive features and tools to enhance their trading performance. The Synergy FX MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the Synergy FX platform to their needs. One of the standout features of MT4 is its charting functionality, which allows Synergy FX traders to analyze price movements and make informed trading decisions. Additionally, advanced order management tools give Synergy FX traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies on the MT4 Synergy FX trading platform.

MetaTrader 4 (MT4) was created mainly for Forex trading, but it can also facilitate the trading of other financial instruments via CFDs and Spread Betting. You cannot trade real assets like stocks, shares, commodities, indices and ETF's on the Synergy FX MetaTrader 4 (MT4) trading platform. MT4 is a platform available with Synergy FX, that facilitates trading financial instruments in the form of CFD contracts or Spread bets. The Synergy FX MT4 platform does not provide access to physical assets such as stocks, commodities, or ETFs for trading. Synergy FX allows trading CFDs and Spread bets, which do not involve owning underlying assets but speculating on price movements, using high risk leverage. To gain more information about the MT4 Platform, click here.

You can start using the MetaTrader 4 platform with Synergy FX in multiple formats including through an online web platform, Through a downloadable application for Windows PCs and Apple Macintosh computers. Synergy FX MetaTrader 4 is compatible with the latest macOS. Synergy FX allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on Synergy FX

MetaTrader 4 (MT4) is a widely used trading platform in the world, offering a range of advanced tools and features. Recently, MT4 has been made available as a web-based application through a web browser, enabling traders to access the platform from anywhere.

The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version. With MT4 web, traders can access advanced charting tools, online trading indicators, and a Dealing Desk-free trading environment.

Additionally, traders can enjoy Raw Pricing without any intervention from brokers. Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.

Trade Synergy FX MetaTrader 4 on iOS Devices

You can download the Synergy FX app or trade with Synergy FX through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program free of charge from Apple's App Store. Synergy FX customers have instant access to the financial market and can completely manage a Portfolio on the go.

Trade Synergy FX MetaTrader 4 on Android Devices

Millions of people worldwide use Android mobile devices and tablets, and Synergy FX offers its clients access to the MetaTrader 4 platform on these devices. With the Synergy FX MetaTrader 4 Android application, traders can monitor the financial markets and execute trades directly from their Android-based smartphones and tablets. This app provides access to a range of advanced trading features, allowing Synergy FX traders to stay on top of their trades and react quickly to changes in the market. With the Synergy FX MetaTrader 4 Android app, traders can securely manage their trades on the go, making it a convenient and efficient way to stay connected to the market.

Trade Synergy FX MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators available on Synergy FX are a powerful bundle of three major indicators designed to help traders make informed decisions. Synergy FX MT4 Trading Central indicators include:

  • Analyst Perspectives - A valuable resource for traders seeking leadership insights and key levels.
  • Adaptive Candlesticks - This indicator is capable of identifying chart patterns that highlight significant changes in demand and supply.
  • Adaptive Divergence Convergence (ADC) - Similar to MACD, but with greater utility at shorter lengths, this indicator provides more timely signals.

Trading Centrals Alpha Generation Indicators can help Synergy FX traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing Synergy FX traders to potentially stay one step ahead.

Synergy FX MetaTrader 4 Advanced Trading Tools

The Synergy FX MetaTrader 4 trading platform has advanced tools that enhance the overall trading experience and give Synergy FX traders detailed market tools. With feature-rich trade execution and management programs, sophisticated notification alarms, messaging facilities, innovative market data, and more, Synergy FX provides traders with everything they need to succeed. The Synergy FX MT4 platform also includes a range of technical analysis tools, with 30 indicators built in, 2000 plus free indicators, and the availability of paid indicators, allowing Synergy FX traders to analyze the market at any level of complexity.

Trade Synergy FX MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal offers traders an intuitive and user-friendly dashboard to manage and monitor multiple trading accounts. This powerful tool allows traders to oversee over 128 accounts simultaneously, enabling them to place market and pending orders, view real-time market prices, and track all accounts and equity in real-time.

It's important to note that MultiTerminal only supports trading accounts on the same MetaTrader server and doesn't allow automated trading scripts such as Expert Advisors.

This tool is ideal for traders who manage several accounts simultaneously and require a more efficient and effective way to track and execute trades. You can have up to 10 demo accounts on MetaTrader 4 MultiTerminal.

Synergy FX MetaTrader 4 AutoChartist

Autochartist on the Synergy FX platform is a powerful tool designed to help traders find trading opportunities quickly and easily.

Available for Synergy FX MetaTrader 4 Autochartist can scan the market using an expert advisor script.

With Autochartist, Synergy FX traders can scan multiple markets and timeframes from a single graph, making it easy to keep track of all their preferred symbols without launching multiple graphs. Using Autochartist can save Synergy FX users time and makes the trading process more efficient.

The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. Synergy FX traders can navigate the platform and find the information they need to make informed trading decisions.

Synergy FX Autochartist is a valuable tool for traders who want to stay ahead of the curve and identify trading opportunities quickly and easily. With its powerful features and easy-to-use interface, Autochartist is an essential tool for Synergy FX traders of all experience levels.

Synergy FX Trading benefits

  • Synergy FX Allows scalping
  • Synergy FX Allows hedging
  • Synergy FX Offers STP
  • Synergy FX Low min deposit

Synergy FX Trading Accounts Offered

Below we give an overview of the account types that Synergy FX offer. Whatever you are looking to trade, the varying Synergy FX account types will be able to provide you with what you need.

  • Synergy FX Demo account
  • Micro account
  • Synergy FX Standard account
  • Synergy FX ECN account
  • Synergy FX STP account

Can I try Synergy FX?

Synergy FX provides a demo account that enables individuals to explore trading before investing their funds. By creating a Synergy FX practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the Synergy FX demo account can help individuals to make informed decisions before investing their money.

Open a demo Synergy FX account to practice and trade.

Your capital is at risk

Synergy FX withdrawal and funding methods

It's essential to remember that the payment methods provided by Synergy FX vary based on the Synergy FX entity and the Synergy FX client's country of residence. To view the Synergy FX payment options available, you can log into your Synergy FX member's area.

Synergy FX offers various funding payment methods listed in your Synergy FX dashboard if available in your region. To learn more about the Synergy FX funding and withdrawal options available in your area, you can explore the Synergy FX website.

Synergy FX provides several payment methods for funding your Synergy FX account. You may utilize any of these deposit options if they are available in your region. Synergy FX ensures that users have multiple payment methods to choose from, making it more convenient for verified Synergy FX account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the Synergy FX user's location. learn more about Synergy FX funding and withdrawal methods.

Synergy FX Payment Methods

Some Synergy FX payment methods are local and are available only to specific regions. Synergy FX account holders should check which payment methods are provided in your region.
  • Synergy FX accepts Credit cards
  • Synergy FX accepts Skrill
  • Synergy FX accepts Neteller
  • Synergy FX accepts Bank Transfer
Broker synergyfx IC Markets Roboforex eToro
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes No Yes
Skrill Yes Yes Yes Yes
Payoneer No No Yes No
Neteller Yes Yes Yes Yes

*please note available Synergy FX and other broker payment methods depend on the clients country of residence.

How can I start trading with Synergy FX?

To open a trading account with Synergy FX, individuals can sign up on the Synergy FX website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for Synergy FX account validation and making a deposit. Once completed, Synergy FX users can download the trading platform of their choice.

It's important to note that Synergy FX requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Synergy FX maintain a trustworthy financial environment for its 10,000 users. Detailed information on the Synergy FX trading platforms is available on their website.

Your capital is at risk

Performing trades with Synergy FX

When using Synergy FX, the minimum trade size is typically $0.00000114/0.01 LOTS units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. Synergy FX have a max trade of varies. With the ECN and STP execution methods offered by the platform, traders using Synergy FX can enjoy tighter spreads and greater transparency when it comes to the pricing of their trades.

Like other brokers, Synergy FX margin requirements can differ depending on the traded instrument.

CFD Trading on Synergy FX

We will show you an example of the basics of using Synergy FX leverage.

CFD trading on Synergy FX allows traders to speculate on the price movements of various financial instruments against the broker Synergy FX, without actually owning real assets. With CFDs, Synergy FX traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

Synergy FX provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, Synergy FX leverage profits and losses are magnified when trading. For instance, using CFDs, you use the Synergy FX trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, Synergy FX leverage magnifies both profits and losses in trading.

Trading CFD trades on the Synergy FX platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced Synergy FX traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Your capital is at risk

Education Resources at Synergy FX

To trade effectively with Synergy FX, it's important to have a good understanding of the Synergy FX trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with Synergy FX and externally.

Synergy FX . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with Synergy FX. Familiarizing yourself with the Synergy FX trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using Synergy FX. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with Synergy FX involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like Synergy FX, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with Synergy FX. Explore the Synergy FX platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with Synergy FX, before live trading.

Customer Support at Synergy FX

As part of our Synergy FX review, we review customer service options, response times and problem resolution effectiveness on the Synergy FX trading platform. The Synergy FX trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

Synergy FX Available Support Types

Based on our experience, we have given Synergy FX a D grade for customer support. We encountered some slow response times or Synergy FX queries that were left unanswered.

Compared to other brokers, Synergy FX offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Synergy FX

Our team tested the live chat support of Synergy FX and found it to be satisfactory. While we received a response within 25 minutes on most occasions, there were instances where we did not receive a response at all.

In addition, we tested Synergy FX support services in various countries and languages and found that Synergy FX were able to effectively resolve our customer issues.

Email Support at Synergy FX

We tested the email support of Synergy FX by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any Synergy FX response.

The Synergy FX team did resolve and answer our queries, but the email support from Synergy FX was overall average compared to other brokers we have tested.

Phone Support at Synergy FX

We contacted Synergy FX via phone and received quick assistance within 10 minutes of our call.

The Synergy FX phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by Synergy FX and found that they could assist us in various languages.

While we found the Synergy FX phone support satisfactory, there is room for improvement in response time.

See how Synergy FX Support Compares Against Other Brokers

Broker synergyfx IC Markets Roboforex eToro
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian English, German, Spanish, French, Italian
Learn More Visit Synergy FX Visit IC Markets Visit Roboforex Visit eToro
Risk Warning Your capital is at risk Losses can exceed deposits Losses can exceed deposits 76% of retail investor accounts lose money when trading CFDs with this provider.

What you will need to open an account with Synergy FX

As Synergy FX is regulated by Australian Securities and Investments Commission (ASIC).

As a new client of Synergy FX, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with Synergy FX in your region. During the Synergy FX account opening process, you will be asked to provide Synergy FX with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with Synergy FX have the following documents available.

  • Synergy FX require a scanned colour copy of your passport, driver's license or national ID card.
  • A recent utility bill or bank statement that confirms your residential address for Synergy FX compliance. This must be dated within the last six months.
  • If you plan to fund your Synergy FX account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the Synergy FX platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under Synergy FX Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring Synergy FX's platform.

However, remember that you won't be able to make trades on Synergy FX until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the Synergy FX KYC compliance process as soon as possible to avoid any delays in accessing the Synergy FX platform's features.

It is important to note that Synergy FX may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the Synergy FX platform and features immediately. However, you must pass the verification process to start live trading with Synergy FX, which can take up to a few business days.

To start the process of opening an account with Synergy FX you can visit the Synergy FX trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://synergyfx.com/ on March 25, 2024.

Is Synergy FX A Good Broker?

We have spent over 5 years examining Synergy FX in depth. Although we found some very useful aspects of the Synergy FX platform that would be useful to some traders. We feel that a alternative to Synergy FX may better suit you.

  • Synergy FX have a good track record of offering Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing.
  • Synergy FX has a history of over 16 years.
  • Synergy FX has a reasonable sized customer support of at least 10.
  • Synergy FX are regulated by the Australian Securities and Investments Commission (ASIC). Synergy FX is subject to strict regulatory oversight from its respective jurisdiction, which holds Synergy FX (the broker) accountable for misconduct. This regulatory framework helps ensure that Synergy FX operates fairly and transparently and provides Synergy FX customers with a safe and secure trading environment. In any disputes, the regulatory body may also act as an arbitrator to help resolve issue between you and Synergy FX.
  • Synergy FX have regulation from reputable regulators.
  • One of the advantages of using Synergy FX is the quick processing time for deposits and withdrawals, which typically takes only 2 to 3 days. Fast withdrawals from Synergy FX are particularly important as Synergy FX traders want to receive their money quickly. With the efficient Synergy FX payment processing system, traders can enjoy faster access to their Synergy FX funds.
  • Synergy FX have an international presence in multiple countries. Including local Synergy FX seminars and training.
  • Synergy FX can hire people from various locations in the world who can better communicate in your local language.

Synergy FX Risk Disclosure

Your capital is at risk

Trading Risk Disclaimer

Trading financial instruments such as cryptocurrency and foreign currency markets involves high risk and is unsuitable for everyone. When trading on leverage, the potential for loss is significantly higher than when dealing with just your funds. Risky trading leverage allows you to control larger positions with less capital, increasing both the potential for profit and loss.

You will be exposed to a high risk of loss regarding leverage and margin-based trading.

Furthermore, some off-exchange financial instruments and derivatives may offer varying leverage levels and may not be subject to the same regulatory protections as exchange-traded instruments. As a result, they may be subject to higher levels of market volatility and carry a higher degree of risk.

It is important to note that no investment product, technique, or strategy can guarantee profits, and past performance does not necessarily indicate future results. Any investment involves the possibility of financial loss, and it is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

Trading financial instruments is a high-risk activity that requires careful consideration and risk management. It is important to be aware of the potential for loss and to only invest what you can afford to lose.

Synergy FX not quite right?

If after reading this Synergy FX review, Synergy FX does not fulfill your needs check out these Synergy FX Alternatives.

Click here to view the best Synergy FX Alternatives

We have spent years researching the best alternatives to Synergy FX. Click the links below to learn more.

After extensive research over several years, we have compiled a list of the most effective Synergy FX alternatives available today. If you are unsatisfied with Synergy FX or want to explore other options, we recommend checking out our carefully curated list of highly-rated Synergy FX alternatives. Follow the links below to learn more about these Synergy FX broker alternatives and choose the one that best suits your trading needs.

Related Synergy FX Vs Comparisons

Throughout our comprehensive Synergy FX review, we have covered a lot of ground and provided an in-depth analysis of the platform's features and functionality.

If you're interested in comparing Synergy FX against other popular brokers in the industry, check out our Synergy FX Vs pages. Our team has compiled a series of detailed Synergy FX comparison articles, pitting the Synergy FX platform against some of the best-rated Synergy FX competitors in the market. Dive into our informative Synergy FX Vs pages below to find out how Synergy FX stacks up against other leading brokers.

Synergy FX review
SYNERGY FX Frequently Asked Questions

Read our detailed Synergy FX FAQ Section updated for 2024.

Can I try Synergy FX?

Synergy FX offer a demo account so you can try the Synergy FX platform with virtual trading before you put down a payment. Virtual trading with Synergy FX is zero risk. Learn more here

What funding methods do Synergy FX accept?

Please note that the list of payment methods below depends on the Synergy FX Entity and the client's Country of Residence.

Synergy FX offer the following funding payment methods Credit cards, Skrill, Neteller, Bank Transfer, among other payment methods.
Learn more here

Your capital is at risk

Is Synergy FX safe?

Synergy FX have over 10,000 users. Synergy FX are considered reliable as they are regulated by and checked for conduct by the Australian Securities and Investments Commission (ASIC). Any payments funded to Synergy FX accounts by traders are held in a segregated bank account. For added security,Synergy FX use tier-1 banks for this. Tier 1 is the official measure of a bank's financial health and strength.Trading with Synergy FX is risky, and because the market is so volatile, losses could happen at any time. Do not invest with Synergy FX unless you are prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Your capital is at risk

Is Synergy FX trading good?

Synergy FX is considered good and reputable to trade with Synergy FX. Synergy FX is used by over 10,000 traders and Synergy FX users. Synergy FX offers Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading. Minimum deposit with Synergy FX is 100.

Is Synergy FX trading Legit?

Synergy FX was founded in Australia in 2008. Synergy FX has been facilitating trade on the financial markets for over 16 years. Synergy FX offers clients Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading. All funds deposited to Synergy FX are held in segregated bank accounts for security. Synergy FX is regulated by Australian Securities and Investments Commission (ASIC) so can be considered legit.

Is Synergy FX a good broker?

Synergy FX allows Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading. Synergy FX is overseen by the top tier financial regulators Australian Securities and Investments Commission (ASIC) so can be considered a good broker.

Is Synergy FX trustworthy broker?

Synergy FX is a reliable platform that can be considered trustworthy due to its strict regulatory practices. When you fund money to Synergy FX, money is in a segregated bank account that is separate from Synergy FX company's funds. As a regulated broker, Synergy FX cannot directly access your funds, which minimizes the risk of misappropriation or fraudulent activity by Synergy FX. Instead, your Synergy FX funds are held securely in a separate account designated for your investments, providing protection and peace of mind when trading with Synergy FX. Also Synergy FX is regulated in its local jurisdictions including major financial regulators like Australian Securities and Investments Commission (ASIC).

What is the minimum deposit for Synergy FX?

The minimum deposit to trade with Synergy FX is 100.

How long do Synergy FX withdrawals take?

Withdrawing money from Synergy FX processing time varies depending on the method but averages 1-5 days.

Is Synergy FX regulated?

Synergy FX is regulated by the Australian Securities and Investments Commission (ASIC). Regulatory bodies conduct regular reviews and audits as part of Synergy FX maintaining their regulatory status. You can learn more about these reviews on the regulator websites.

Is Synergy FX a market maker?

Synergy FX is not a market maker. A market maker speeds up trading as a market maker will purchase or sell your stocks and commodities even if a buyer or seller is not lined up.

How can I start trading with Synergy FX?

When opening a trading account with Synergy FX, you will need to sign up here. After completing the necessary steps of receiving login details via email, submitting identification documents for account validation, and making a deposit, the next step is downloading the preferred trading platform. For detailed guidance on Synergy FX trading platforms, you can follow the link provided below: Learn more about signing up with the Synergy FX trading platform here. This will provide useful information and insights into the various trading platforms offered by Synergy FX, enabling you to make an informed decision about which platform to choose for your trading needs.

Is my money safe with Synergy FX?

Yes your money is safe with Synergy FX.

Overall, strict financial regulation is essential for ensuring that trading platforms like Synergy FX operate fairly, transparently, and responsibly, which ultimately benefits all Synergy FX stakeholders involved.

Trading platforms like Synergy FX must have strict financial regulation for several reasons:

  • Protecting Synergy FX Investors: Strict financial regulation ensures that investors who use the Synergy FX trading platform are protected against fraudulent or unethical behavior by the Synergy FX platform or its employees. Financial regulation can help to prevent investors from losing their money due to dishonest practices by the Synergy FX platform.
  • Maintaining Synergy FX Financial Stability: Strict regulation helps maintain the financial system's stability by preventing excessive risk-taking when using the Synergy FX trading platform. Regulatory procedures reduce the likelihood of the Synergy FX platform experiencing financial difficulties or failing, which could have ripple effects throughout the financial system.
  • Enhancing Synergy FX Transparency: Regulations require trading platforms like Synergy FX to maintain detailed records and disclose Synergy FX client information. Financial regulatory requirements enhances transparency and helps to build trust between the Synergy FX platform and its investors.

Synergy FX is regulated by the Australian Securities and Investments Commission (ASIC). When selecting a broker such as Synergy FX, one of the most critical factors to consider is the broker's regulatory body and regulatory status. Unregulated brokers pose a direct risk to the security of their client's funds, as they operate without any oversight or regulation. In contrast, regulated brokers are subject to strict rules and regulations that prevent them from manipulating market prices or engaging in fraudulent activities. As a reputable broker, Synergy FX ensures that withdrawal requests are processed promptly, demonstrating its commitment to transparency and accountability. However, brokers that violate regulatory rules can face the consequences such as losing their regulatory status in specific regions, highlighting the importance of working with a trusted, regulated broker for your trading needs like Synergy FX.

Is Synergy FX a con?

Synergy FX is regulated and well established, having been in business for over 16 years. Synergy FX is not a con.

Can you make money with Synergy FX?

Although traders have had great success with Synergy FX, trading on the financial markets with Synergy FX is not a get-rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading, your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does Synergy FX have fees?

Synergy FX withdrawal fees vary on payment method.Synergy FX does charge a fee for inactive accounts. Synergy FX do charge deposit fees.

When was Synergy FX founded?

Synergy FX was founded in 2008.

How many people use Synergy FX?

Synergy FX is used by over 10,000 registered Synergy FX users.

What is Synergy FX Headquarters country?

Synergy FX has its head quarters office in Australia .

Does Synergy FX offer negative balance protection?

Synergy FX does not offer negative balance protection. With Negative balance protection, traders cannot lose more money than they have deposited.

Does Synergy FX offer guaranteed stop loss?

Synergy FX does not offer guaranteed stop loss. With guaranteed stop loss protection, risk is managed. Traders are guaranteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does Synergy FX allow scalping?

Synergy FX offers scalping.

Does Synergy FX allow hedging?

Synergy FX offers hedging.

Does Synergy FX offer CFD trading?

Synergy FX offers CFD trading.

Does Synergy FX offer STP?

Synergy FX offers STP trading.

How many people use Synergy FX?

Synergy FX is used by over 10000 Synergy FX users and traders.

Is Synergy FX an ECN broker?

Synergy FX offers ECN trading.

Does Synergy FX offer a demo account?

Synergy FX offers a demo account.

Does Synergy FX offer an Islamic account?

Synergy FX does not offer Islamic accounts.

What are the funding methods for Synergy FX?

Please note that funding methods and options available with Synergy FX can be found in the Synergy FX Members area and depend on the Synergy FX client’s country of residence. Please check your specific available payment methods on the Synergy FX website. Synergy FX accept the following funding methods : Credit cards, Skrill, Neteller, Bank Transfer.

Synergy FX review written by Andrew Blumer and Mark Hansen

We hope you found our review of the Synergy FX brokerage firm useful.

This article was written by our financial editors, Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years of experience in financial analysis, forecasting, and financial modelling, identifying new market opportunities in Stocks, CFDs, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

Synergy FX review written by Mark Hansen of Comparebrokers.co