Australia’s financial markets and services providers regulator, the Australian Securities & Investment Commission (ASIC) said it has fined Synergy Financial Markets Pty Ltd the owner of the forex broker SynergyFX AUD 10 800 for misleading advertising.
According to ASIC, the broker has stated several times on its website that investors who invest in its managed discretionary accounts will only pay Synergy ‘when your account profits’. But the regulator finds those statements misleading.
In fact, the broker charges investors in one of its managed discretionary accounts: an annual management fee of 2 per cent of an investor’s balance; and in both of its managed discretionary accounts: brokerage fees and commissions.
Meanwhile, the broker has removed the misleading statement from its site.
SynergyFX is an Australian STP/ECN forex broker regulated by the ASIC. It offers trading in forex on the MetaTrader 4 and 5 platforms, with an initial deposit of $500 and a leverage of up to 1:500.
For a detailed review of SynergyFX, please follow this link.