Synthesis Bank Review
Synthesis Bank now operates under the name Saxo Bank. Read our Saxo Bank review for more details.
Following the announcement made in September 2008, the Swiss and Danish banking authorities have given the necessary authorisations for the acquisition of Synthesis Bank by Saxo Bank.
Synthesis Bank specializes in different types of trading, one of which is FOREX. This would be helpful for those interested in various types of trading or investing as they could keep their accounts in one place. However, the company and web site appear to spend much less time and effort on FOREX than on other investing areas, such as stocks and futures.
You can open an account online, through the mail, or via telephone. However, with all three methods, you must still send certain documents, including copies of your passport and proof of residency, to Synthesis in Switzerland via regular mail – different than many other sites. The bank takes deposits via wire transfer or foreign currency, free of charge.
While there is a free demo account, it’s good for only 20 days, not 30 like many other sites. It’s easy to sign up – just fill in your contact information and the site immediately sends an email to your account. The demo account is extremely helpful in showing you how the Synthesis Bank system works and to help you become familiar with the trading environment. The company does call you to help you convert to a permanent account if you so choose.
If you have trouble, help is available via 24-hour live chat and through email. This reviewer tested the email system twice, and both times, had a response within a couple of hours. The website is active in five languages, but the platform is download only.
To help educate investors, Synthesis Bank holds a series of free “Trading Bar” workshops in Switzerland. The company also offers free daily emails with trading information and analysis.
PIPS range from 2 points for major currencies to 4 for some others.
While this site does include much important information, there appears to be some important information missing, such as withdrawal information and fees.
The company caters to four different types of investors:
• Private clients
• Institutional investors
• Asset Managers
• Business partners with client networks
- Headquarter : Switzerland
- Regulation : None
- U.S. Clients Allowed :
- Maximum Leverage : N/A
Pros and Cons
- Synthesis Bank trades in 160 pairs
- Various Products
- Daily Analysis Newsletter
- Practice Account available for 20 days only
- Missing information on site for some basic questions.
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