Hi, I wanted to know if anyone knows much about synergy fx since I couldn’t find a thread about them. They are located in Australia and if anyone has had any experience with could you please share.
Pure scame!!!
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 The initial deposit was withdrawn back to my card, a bit hassle caused but went through. Then I requested 6000 EUR withdrawn by bank wire, which several departments and individuals confirmed with me under several difference circumstances that it’s allowed.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 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.
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’.
My thinking is that when complaining about a broker, a person should be providing documentation in addition to the story…
The ‘he said, she said’ means little , paper trail and documents tell the real story.
LOL…really…SynergyFX…Dont waiste your time with them…There are much better…
So stop thinking…Forums are here for everybody to post there experience with them…Posting the paper trail, documents now is useless…Just say your issue with them and move on. Iam sure if you personally want more info contact the poster and you will get it…but here isnt the place…
Well it has been 4 months trading with Synergy Fx, no issues, they seem like a solid broker with good customer care. I will probably trade with them in the long term (as long as my strategy holds up ;))
I believe that Synergy acted professionally to deal with the complaint. However, I must admit that Mr Zeng has reacted to a situation that can make any trader panic. Unfortunately, it is one of those situations where the customer found it reasonable to share his experience with the community - albeit in a controversial manner. Despite him calling Synergy a scam, I can understand the frustration. Just put yourself in his shoes. As from the broker perspective, I hope every broker is vigilant in responding to queries on major forums. Synergy did an excellent job of responding quickly. At least, we are aware of what’s happening. Hopefully, Mr. Zeng will get his cash.
Most brokers are pretty good, I have not seen any other complaints about Synergy and most complaints come from new traders who have little understanding.
Just look at FPA’s comment on Synergy FX: Note: June 2015. A representative of SynergyFx has made legal threats against the FPA based on the contents of some reviews and forums posts. SynergyFx.com.au | Forex Brokers Reviews | Forex Peace Army
Also, this broker is behind a host of EAs with false track-records: ASIC Regulated Forex Broker SynergyFX Appears To Be A Scam | JLTrader
I wouldn’t touch them with a barge pole.
I guess this is probably considered a zombie thread now as it’s a couple of years old but thought I’d add my tuppence worth anyway as I’ve been with Synergy FX for a few years now and haven’t had any problems with the guys whatsoever.
The problems I have had have been down to my own inexperience and computer illiteracy which Synergy patiently helped with me and walked through me (I’m running their Ichi Scalper EA and needed help setting up the VPS). With the help of their education site, I think I’m on my way to becoming a novice now!
Anyway, it’s a shame some people haven’t had such positive experiences as they’re a decent bunch and for old guy like me it’s not often you get the support Synergy provide.