ASIC Regulated Forex Broker SynergyFX Appears To Be A Scam

By | October 2, 2015

ASIC Regulated Forex Broker SynergyFX Appears To Be A Scam

This is an update of the Rev Trader Pro review that I wrote back in January. A few days ago, via a comment left on that article, I found out that the person hiding under the fictitious name Doug Price has launched at least two more EAs since the beginning of the year: Channel Trader Pro and Vortex Trader Pro.

The modus operandi for these two robots is very similar to Rev Trader Pro: create false trading histories showing thousands percent returns, link the accounts to Myfxbook using ASIC regulated SynergyFX (which should inspire trust) and sell this personal ATM to gullible people for $800.

It should be very easy to realize that the track-records are fabricated. In the case of Vortex Trader Pro, you can notice the consecutive ticket numbers, at least up to the point when the system was published on Myfxbook. For Channel Trader Pro, the ticket numbers are in a random order, and not ascending as they should be.

The common denominator in this story is the Australian forex broker SynergyFX. It raised red flags when I first noticed the undeniably fabricated statement for Rev Trader Pro. Now two more shenanigans of the same type ? What’s going on here ?

I decided to send them an email to ask for explanations. I received an automated reply that they’ll get back to me in 24 hours. 72 hours later, no word from them. I’m not surprised though, because soon after I sent the email, I noticed on their website under ‘Promotions’ tab that they offer every client a license for ‘the top performing EA Rev Trader Pro’. How about that ! :)

Email to SynergyFX

Promotions page

So naturally, my initial thought, that this ‘Doug Price’ character somehow managed to manipulate their live feed unbeknownst to them, went out the window. Synergy FX has been on the scam since the very start. I think this is a fact that can’t be argued with. But how can a regulated broker stoop to such a practice ? I’m afraid I don’t have an answer to that.

Browsing their website, I also noticed that they entered the money management business. Although the funds management site was launched only a few months ago, they claim to service hundreds of clients and have millions in AUM. Some (impressive) performance numbers are listed, but by now who’s naive enough to trust a word they say ?

I’m going to forward a copy of this article to ASIC, the regulator of SynergyFX. In the meantime, if you consider doing business with this broker, I would strongly advise against it. Better be safe now, than sorry later.

Update 11/01/2016

No response from Synergy FX to the email I sent them more than 3 months ago. ASIC got back to me on 06/10/2015 saying that they’ll make an initial assessment and so fort, but no news since then.