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Feedback on Synthesisbank!

  • #1
  • First Post: Jun 12, 2007 1:02pm Jun 12, 2007 1:02pm
Hello All

I would appreciate if you can give me a feedback(good/bad) on Synthesisbank (swiss broker). How is this broker when compared to Saxo Bank. Is it safe?

Thanks
  • #2
  • Jun 12, 2007 1:48pm Jun 12, 2007 1:48pm
I dont trade with them and just saw them today but I looked at their website and it looks just like a Saxobank whitelabel. Both offer 100:1 leverage, 160 pairs to trade off of and:

the points below are identical on both websites so I'd assume they work together:

  1. Spot forex, forwards and OTC options
  2. Trading in over 160 currency pairs and precious metals (gold and silver)
  3. 24-hour trading floor
  4. Competitive and professional spreads free of additional commissions
  5. Instant execution of up to ? 20 million nominal
  6. Continuous real-time exchange rates displayed on your platform

so they either both use the same banks or Synthesis is a whitelabel from what I see, but someone chime in if I'm way off.

My question to you is this, if you've heard nothing about them why would you even consider trading with them?

  • #3
  • Jun 13, 2007 8:27pm Jun 13, 2007 8:27pm
I've been with them since the beginning of May. No complaints so far. I like the 24 hour chat feature too. I feel safe with my funds there. Trading Floor is similar to SaxoTrader. From what I remember reading (I'll have to find it later), unlike most white label partners, Synthesis handles its own spot trading. I chose Synthesis as the "next best thing" because Saxo requires a $10,000 minimum (at least for the type of account I wanted), Synthesis does not.

Any new experiences I have with Synthesis Bank, I'll post as I go along.
  • #4
  • Jun 13, 2007 11:35pm Jun 13, 2007 11:35pm
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting ragingbull94mtx
I've been with them since the beginning of May. No complaints so far. I like the 24 hour chat feature too. I feel safe with my funds there. Trading Floor is similar to SaxoTrader. From what I remember reading (I'll have to find it later), unlike most white label partners, Synthesis handles its own spot trading. I chose Synthesis as the "next best thing" because Saxo requires a $10,000 minimum (at least for the type of account I wanted), Synthesis does not.

Any new experiences I have with Synthesis Bank, I'll post as I go along.
What is the minimum deposit with Synthesis?
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #5
  • Jun 13, 2007 11:44pm Jun 13, 2007 11:44pm
USD3,000.00, I believe.
凹凸 only
  • #6
  • Jun 14, 2007 5:14pm Jun 14, 2007 5:14pm
I was told $3k, but I got in with $2k. Maybe I got lucky.
  • #7
  • Jun 17, 2007 3:57am Jun 17, 2007 3:57am
I traded with SaxoBank and to be honest to you in the starting i would say 1 week they looked good, but when i am came to know what these guys are doing, seriously they are just a big cheaters, they increase spread, play against clients, they aint a worthwhile company to trade currencies with.
One other thing which is interesting i recall, that i deposited funds and they were just delaying various things, funds cant be accepted due to some bank code missing bla bla.. it took me many days to get all sorted out.
Just stay away from these guys.
  • #8
  • Jun 17, 2007 11:40am Jun 17, 2007 11:40am
Thanks, I was looking to open an account with them. I know saxo increase spread during news session. These guys always look for their profit donot think for their clients. i found many complain against them. But i ignore them because i think they are bank.

I want to ask Is synthesis increase their spread during news session ? If yes then how much ?
  • #9
  • Jun 17, 2007 12:12pm Jun 17, 2007 12:12pm
Thats true.
I have not used Synthesis. So dont know about them.
One more thing, they are not Bank. they dont have license of BANKING. they have license of Brokerage services, so dont just believe if they have a BANK name included. Its all tricks.

Main thing see in broker
Quick Customer Support
Quick Withdrawal/Deposit facilities
Good Execution
Not cheating clients, by increasing spread like sometimes EUR/USD 5-10 Pips and stuff 2-3 pip is reasonable and acceptable.
Good Platforms.
Good Extra Services.

This is you have to look for.
  • #10
  • Edited 1:10pm Jun 17, 2007 12:49pm | Edited 1:10pm
That is incorrect. Synthesis Bank is registered/authorized as a bank *and* securities dealer according to the Swiss Federal Banking Commission.

http://www.ebk.admin.ch/e/institute/index.html

Either download "List of authorised banks and securities dealers" or type in Synthesis in the search box.

Quoting SFBC
Foreign Exchange dealers, provided that they exclusively deal in foreign exchange, are not subject to supervision by the SFBC.
This, according to the SFBC, refers to dealers like Dukascopy, MigFX etc...

http://www.synthesisbank.com/en/synthesisbank/origin
  • #11
  • Jun 17, 2007 1:31pm Jun 17, 2007 1:31pm
I have already visited this site. But iam talking about saxobank. They are also have one branch in swiss but not registered with SFBC.
  • #12
  • Last Post: Jun 17, 2007 3:00pm Jun 17, 2007 3:00pm
Client since a couple of months, very satisfied (especially by the service on the phone + free TA ...)

One thing: Synthesis is THE only swiss bank offering FX broker service (duka, acm and other are only swiss brokers).

The difference is of course the regulation of Swiss bank commission which are really a strength for our funds and guarantees ...

http://www.synthesisbank.com/en/synthesisbank/origin

'hope this helps ...
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