Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

tradelab

Synergy FX Vs. IC Markets : Which is better 'Forex Broker'?

Which broker would you chose?  

5 members have voted

  1. 1. Which broker would you chose?

    • Synergy FX
      2
    • IC Markets
      3
    • Other (Reply in Post with the name)
      0


Recommended Posts

There are several Forex broker names in Australian Market I always keep hearing about from my friends and people who are into Forex Trading. Out of extensive research and meetings with representatives of these companies I shortlisted - 'Synergy FX' and 'IC Markets'. While both have advantages of their own, which I will list as per my research. I have past experience of forex trading as my tool (But it's always good to help other pro in forex trading to assist you).

 

A quick comparison can be found here - http://www.forexbrokerz.com/ic-markets-vs-synergy-fx-forex-broker-comparison

 

I had a chat/phone call with representatives of both the companies, and apart from the services which all forex brokers offer, I will list only the main features -

 

1. Synergy FX - Negative Balance Protection and the Hybrid Account.

 

2. IC Markets - Narrow Spreads.

 

Though 'IC markets' is established, it still has more unhappy customers - http://www.myfxbook.com/reviews/brokers/ic-markets/175981,1

 

Whereas the Synergy FX is getting popular in my local area with more and more people opting for this, the only reason seems to be the 'Hybrid Account' (http://synergyfx.com.au/synergy-hybrid/)

 

That is just a quick overview, now I will wait for the forum members to reply with past experience from these two companies.

Share this post


Link to post
Share on other sites

My experience with Synergy,i lost 5 times my initial balance ,when the swiss dropped - they are now actively seeking payment of this amount and threatening legal action. They are also portraying themselves as the good guys by saying they have a new Hybrid product , as the famous saying from "F" Troop says " Beware of Man with forked tongue". These guys want it both ways, screw the clients, eg: no forgiving of negative balances, don't send out margin call notices, take over 55 minutes to close out trades when stop loss orders are being instigated every millisecond ( when another Aussie broker , got me out in less than 5 minutes???) and then tell the market they have a new product that is the solution to every retail traders dream. Listening to Christians explanation of "Why: this is , is poetry in motion. he should be selling used cars. I cant comment on IC brokers , but i can say that i also had other accounts with Pepperstone and Axi and they got me out with no negative balance, i lost substantially but didn't end up with a negative balance like i did at Synergy. Please now watch for the long long explanation from Synergy about why this is , why they are the good guys , and why every other broker isn't functioning on the real market, like they are - if this happens again having an account with Synergy will not save you , Hybrid or no Hybrid.

Share this post


Link to post
Share on other sites
My experience with Synergy,i lost 5 times my initial balance ,when the swiss dropped - they are now actively seeking payment of this amount and threatening legal action. They are also portraying themselves as the good guys by saying they have a new Hybrid product , as the famous saying from "F" Troop says " Beware of Man with forked tongue". These guys want it both ways, screw the clients, eg: no forgiving of negative balances, don't send out margin call notices, take over 55 minutes to close out trades when stop loss orders are being instigated every millisecond ( when another Aussie broker , got me out in less than 5 minutes???) and then tell the market they have a new product that is the solution to every retail traders dream. Listening to Christians explanation of "Why: this is , is poetry in motion. he should be selling used cars. I cant comment on IC brokers , but i can say that i also had other accounts with Pepperstone and Axi and they got me out with no negative balance, i lost substantially but didn't end up with a negative balance like i did at Synergy. Please now watch for the long long explanation from Synergy about why this is , why they are the good guys , and why every other broker isn't functioning on the real market, like they are - if this happens again having an account with Synergy will not save you , Hybrid or no Hybrid.

 

Regardless of this I went ahead with Synergy FX. Surprisingly, everything mentioned by you above seems to be false. The support from the Synergy FX team has been tremendous. I am already seeing minor returns on my investment, but I chose a long term plan, so hopefully, it stays the same.

 

Will post when I have more good news, but I am satisfied with their service. :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.