Is SyncMarkets a Scam?

At FXCanary, our safety assessment is built on a structured framework that weighs regulatory oversight, client-fund protection, user-reported withdrawal reliability, and the broader pattern of complaints. We do not rely on a broker's own marketing claims; instead, we cross-check licences against public registers, analyse aggregated industry data, and read through real user reviews to identify concrete, recurring problems. This broker, SyncMarkets, has scored 75 out of 100 on our Scam Risk scale, which we classify as 'Severe' — a level that demands immediate caution from any trader.

The score is not arbitrary. It is driven by the complete absence of a verified regulatory licence, a concerning cluster of withdrawal complaints, and multiple user accounts describing a familiar scam pattern. When we find zero positive reviews across every category we track — platform, withdrawals, deposits, scam concerns, profit payouts, spreads, order execution, speed, and account KYC — the picture becomes stark. In our assessment, a broker with this profile is not a minor compliance risk; it is a serious threat to retail traders' capital.

Our review of SyncMarkets found no verified licence on file. The company, Sync Markets LTD., lists a registered address in Saint Lucia at Fortgate Offshore Investment and Legal Services Ltd., Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet. Saint Lucia is not a major financial regulator; it is an offshore jurisdiction with limited oversight of forex brokers. We found no evidence that SyncMarkets holds a licence from any reputable authority such as the FCA, ASIC, or CySEC.

The company description on its own website claims that SyncMarkets is 'regulated under ASIC', but we found no such licence in the public registers. This is a red flag: a broker that claims a regulator it does not hold is misleading clients. Without a valid licence, there is no independent oversight, no requirement for client-fund segregation, and no compensation scheme to protect traders if the broker collapses or refuses to pay. In our assessment, the absence of regulation is the single most important factor in the severe risk score.

Regulated brokers in jurisdictions like the UK or Australia must segregate client funds from their own operating capital, participate in compensation schemes, and offer negative-balance protection. None of these safeguards apply here. Since SyncMarkets holds no verified licence, there is no legal requirement to keep client money separate, no ombudsman to turn to, and no guarantee that funds are not used for the broker's own purposes.

This is not a theoretical concern. In our review of user complaints, several traders report that they could deposit money but were unable to withdraw. One user wrote: 'Sync Markets broker platform allows deposits but not withdrawals.' Another simply stated: 'Currently, withdrawal is not possible.' When a broker accepts deposits but blocks withdrawals, it is a classic sign of a scam or at best a severely mismanaged operation. In our assessment, the lack of regulatory protection makes every deposit a high-risk gamble.

The most damning evidence in our review comes from the withdrawal complaints. We counted ten withdrawal-related complaints, and every single one was negative. Users describe being unable to access their funds, with one reviewer noting that the platform accused them of 'violating regulations without providing any evidence' after they had manually executed trades. This is a common tactic used by fraudulent brokers to freeze accounts and justify refusing payouts.

Another user described a typical 'pig butchering' scam pattern: they were lured from a stock trading group into forex trading by a supposed 'expert', lost money, and then realised they had been deceived. The combination of blocked withdrawals and manipulative onboarding is a clear warning. In our assessment, a broker with a 100% negative withdrawal record is not a safe place to keep money, regardless of any other features it offers.

Multiple reviews describe a similar recruitment process. Victims were contacted privately through platforms like Douyin, added to WeChat stock groups, and then guided by a 'teacher' who livestreamed lessons on stock indicators. When the stock market slumped, the teacher pivoted to forex, claiming it was more profitable. This is a textbook social-engineering scam, where the broker or its affiliates build trust before steering victims into an unregulated platform.

One reviewer wrote: 'There is a group involved in pig butchering scams that collaborates with platforms to lure A-share investors into opening accounts.' Another said: 'After joining a stock trading group, they said that stocks are not profitable and asked us to trade foreign exchange. We have been losing money in foreign exchange trading and have been deceived.' This pattern is not a coincidence; it is a coordinated effort to exploit retail investors' lack of forex knowledge. In our assessment, the broker's association with such schemes is a severe red flag.

Our review found no green flags. There are zero positive reviews across all categories, no verified regulation, and no evidence of transparent operations. The broker's website claims a maximum leverage of 1:500 and minimum spreads from 0.1 pips, but these are marketing figures, not proof of reliability. In fact, high leverage combined with a lack of regulation is a dangerous combination for retail traders.

The red flags are numerous: unverified regulatory claims, offshore registration, a pattern of blocked withdrawals, and a documented history of being used in pig-butchering scams. One user noted that 'the fees for deposits and withdrawals are outrageously high,' which is another common tactic to drain accounts. When we cross-checked the company details, we found no evidence of any real operational presence, with zero employees listed. In our assessment, this broker shows every hallmark of a high-risk operation.

If you have already deposited funds with SyncMarkets, our first advice is to attempt a withdrawal immediately and document every interaction. Keep copies of all emails, transaction records, and screenshots of the platform. If the broker refuses to pay, report the incident to your local financial regulator and any relevant cybercrime unit. Do not send more money under any circumstances, especially if the broker asks for 'verification fees' or 'taxes' to release funds — that is a common scam tactic.

For traders considering this broker, we strongly recommend avoiding it entirely. No legitimate broker operates without a verifiable licence, and the overwhelming negative user record is a clear warning. If you want to trade forex, choose a broker regulated by a reputable authority such as the FCA, ASIC, or CySEC, and verify the licence on the regulator's official register. In our assessment, the risk of losing your entire deposit with SyncMarkets is unacceptably high.

Our investigation leads to a clear conclusion: SyncMarkets is not a safe broker. The severe scam risk score of 75/100 is justified by the lack of regulation, the 100% negative user reviews, and the concrete evidence of withdrawal failures and scam-like onboarding practices. We found no mitigating factors that would offset these risks.

We advise all traders to stay away from SyncMarkets. If you are already involved, take immediate steps to protect your funds and report the broker to the authorities. The forex market offers many legitimate opportunities, but this broker is not one of them. In our assessment, the only safe action is to close any account and walk away.