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

[tradelab 10]

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.

[greg1 10]

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.

[tradelab 10]

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.

[divyanshisharma 2]

IC Market is the best platform