If you have SynthMaster (full version) you will notice that it is possible to load it as an FX. Default however yields no sound. Go to the upper middle screen where the name of the presets get displayed. Click the preset name and change to “Init Preset”. Now you hear your instrument through SynthMaster. You can now fiddle around with the different sections of SynthMaster, like Layer 1, Layer 2, FX and so on.
NOTE: If you load a factory preset, all your fiddling is set to zero.
Within the different modules there are some presets you can use, however if you would like to utilise a synth as FX, and utilise factory made FX presets, I would rather recommend Absynth, or even better; Serum, where you have a bunch of very interesting presets right out of the box and accessible just by loading Absynth/Serum as an FX insert. No fiddling. (Serum FX is NOT a part of the Serum synth installation, however included in the price. Separate download).