In a comprehensive and up-to-date series of brokers’ analyses, today we are taking on TriumphFX, the world’s leading and most controversial broker in the industry. Having been operating for over 10 years, the broker gradually loses confidence among its active users. Whatever the reasons are, this detailed TriumphFX review 2024 will give a clear overview of the broker.
While researching for this detailed review, we found several complaints regarding the broker being a scam. Noting these points, we assess the broker’s fee, services & accounts overview.
Therefore, this in-depth TriumphFX Review 2024 will cover all aspects of the broker’s services, and, in the end, we will rate this broker based on our experience.
TriumphFX Review: Quick Facts
|
FOUNDED IN |
2020 |
|
OFFICIAL WEBSITE |
|
|
HEADQUARTERS |
Saint Vincent and the Grenadines |
|
REGULATORS |
Unclear |
|
MINIMUM DEPOSIT |
$1 |
|
PLATFORMS OFFERED |
MT4 and Mobile App |
|
TRADING INSTRUMENTS |
Forex, Indices, Commodities and CFDs |
|
ACCOUNT CURRENCY |
USD |
|
MAXIMUM LEVERAGE |
Unlimited |
|
CUSTOMER SUPPORT |
24/5 |
|
DEPOSIT OPTIONS |
Bank transfers, credit cards, electronic payments |
|
COMMISSION |
No |
|
SPREADS |
From 0.0 pips |
|
MOBILE TRADING |
Yes |
|
AFFILIATE PROGRAMME |
No |
|
CONTESTS AND BONUSES |
No |
What Is TriumphFX?
TriumphFX is an online Forex and CFD brokerage platform operating since 2009. The platform is owned by TRIUMPH INT. (Cyprus) LIMITED, an international financial service provider with a CySEC license.
Since its inception, the broker has constantly updated the trading instruments list. Today, it allows trades in Forex, Commodities and Indices.
The broker provides an NDD and STP order processing model based on price feed from the largest liquidity providers. However, despite holding a European license, the broker is restricted to provide services in over 30+ countries across Asia and the European region.
Is TriumphFX Scam?
TriumphFX is not a scam because of its heavy regulatory licenses to operate in the financial market. The brokerage company is authorised and regulated by the Cyprus Securities Exchange Commission under license number 293/16, which can be evidence of its legitimacy. However, some of its offshore branches have uncertain regulations that raise concerns about its legitimacy.
However, the broker is listed in the warning list of Singapore and Indonesia financial agencies, raising red flags for new users over its security & safety. Moreover, the broker’s core business model is a Ponzi triumphfx pyramid scheme, another red flag to watch out for. The broker may seem legitimate, but its inclusion in financial agencies’ grey lists means there is a risk of being scammed, as per our findings from the detailed TriumphFX Review.
So, if you plan to trade with the platform, we advise you to research before trading and invest wisely. If you want to choose a more secure and trusted broker, you can try Capitalix.
Trading Instruments Offered By TriumphFX
The product listing of Triumph FX is very distressing, limited to just Indices, Commodities, and Forex markets. Therefore, portfolio diversification is nearly impossible with this broker.
This may also add to why the brokerage company is losing user trust. The platform should incorporate Cryptocurrencies and Stocks too.
Anyway, here’s a list of available products & markets:
Forex
- EUR/USD
- AUD/USD
- GBP/USD
- NZD/USD
- USD/JPY
Commodities
- Gold, Silver
- Energies
- Gas
- XAU/USD
- XAG/USD
- WTI_OIL
- UKOIL
- XAUEUR.VAR
Indices
- AUS200.VAR
- DE30.VAR
- ES35.VAR
- EU50.VAR
- HK50.VAR
TriumphFX Fees & Commission Charges
The broker charges a specific fee for each transaction placed on the platform. There are Spread charges, Commissions and non-trading fees. However, with each upgraded account, you can discount spreads.
In addition to spread charges, the broker also charges commission and rollover charges, which are slightly higher than other CFD brokers.
Here are insights into the detailed broker’s fee structure through TriumphFX Review:
|
Features |
Standard Account |
Islamic Account |
Premium Account |
Platinum Account |
VIP Account |
|
Leverage |
Fixed |
Floating |
Floating |
Floating |
Floating |
|
Minimum spreads |
1.6 |
1.6 |
0.6 |
0.6 |
0.5 |
|
Commission |
No |
No |
6 USD |
3 USD |
No |
|
Rollover Charges (SWAP) |
2.5% |
2.5% |
N/A |
N/A |
2.5% |
TriumphFX User Interface & Available Trading Platforms
The TriumphFX website’s user interface looks old and outdated, with limited features. However, it offers to trade through WebTrader, MT4 and a dedicated TriumphFX mobile app.
Still, the unavailability of a more advanced MT5 platform is probably counted among its drawbacks. Anyway, let’s check out the features and benefits of other available trading platforms:
WebTrader
- Ability to operate on any Web browser
- User-friendly interface
- 50+ analytical tools
- Advanced charting tools
- Powerful Performance
MetaTrader4 (MT4)
- User-friendly interface
- 50+ analytical tools
- Advanced charting tools
- Powerful Performance
TriumphFX App
- Traders Room and MT4 Account Balance Check
- User-friendly interface
- 50+ analytical tools
- Advanced charting tools
- Powerful Performance
TriumpFX Review 2024: Pros & Cons
| Pros | Cons |
| In-house free analysis tools | Offshore broker |
| Professional and retail accounts | Unavailability of Stock and Crypto trading |
| Low Forex fees and good conditions | Unavailability of customer support |
| Availability of Advanced MT4 Platform |
TriumphFX Account Types
The broker’s account offering deserves our appreciation, as plenty of account types are available for every sort of trader. The broker also offers a free demo account and a Swap-free Islamic account for Muslim traders.
The available account types include
- Standard Fixed Account
- Standard Variable Account
- Islamic Variable Account
- Islamic Platinum Account
- Premium Account
- Platinum Account
- VIP Account
Each account type has distinct features and benefits. To get help choosing the best-suited account, please refer to the account comparison table below.
|
Features |
Standard Account |
Islamic Account |
Premium Account |
Platinum Account |
VIP Account |
|
Leverage |
Fixed |
Floating |
Floating |
Floating |
Floating |
|
Minimum spreads |
1.6 |
1.6 |
0.6 |
0.6 |
0.5 |
|
Commission |
No |
No |
6 USD |
3 USD |
No |
|
Rollover Charges (SWAP) |
2.5% |
2.5% |
N/A |
N/A |
2.5% |
|
Minimum Deposit |
100 USD |
100 USD |
500 USD |
2000 USD |
5000 USD |
|
Maximum Leverage |
Upto 1:500 |
Upto 1:500 |
Upto 1:500 |
Upto 1:500 |
Upto 1:500 |
TriumphFX & its TFX Coin
TriumphFX’s recent launch of its exclusive coin within its exchange has surprised its participants and left them powerless. This bold action has resulted in their funds being completely controlled by TriumphFX.
This move by the broker has resulted in doubt among the traders. If you want to trade using the broker’s currency, you should keep track of the Triumphfx coin price predictions through platforms like Coinmarketcap.
How To Open A Live Trading Account On TriumphFX?
Opening an account on Triumph FX is no less than a hassle. The servers take too long to respond, and the account gets activated in 1-2 days. In between, you can’t access your account. But if you have still made up your mind about the broker, here’s a step-by-step account opening procedure:
- On the Triumph FX website, click on the “register’ icon.
- A new page will poop up. Enter your personal details and click on Continue.
- Now, fill in your employment status and past trading experience.
- Now, upload government-issued documents to verify your account.
- Your request will be submitted, which can be tracked through the broker’s official website.
TriumphFX Login Process
The login process for the broker is pretty simple; follow the steps mentioned below:
- Go to the broker website Triumphfx.com
- Locate and click on the login button from the top right corner of the website home page
- Open the window and enter your Triumphfx login credential
- Go to your dashboard, add funds and begin trading!
TriumphFX Deposits & Withdrawals Conditions
Another key aspect to cover in our TriumphFX review 2024 is highlighting how convenient it is to deposit and withdraw funds from the platform. In this case, the list of supported payment methods is impressive, with all popular payment modes available for users’ convenience.
Additionally, the minimum deposit requirements are in a competitive range, also waiving off deposit Fees is an appreciable step. Let’s take a look at available payment methods for deposits & withdrawals.
- Visa
- Maestro
- ALIPAY
- Online Banking
- Union Pay
- Tether (USDT)
How To Make Deposits In TriumphFX?
To withdraw money from TriumphFX, follow these steps:
Log in to your trading account and go to the Withdrawals Section.
- Click ‘Create Withdrawal’ and choose the preferred payment method.
- Fill in all the required fields and submit the online form.
- The withdrawal will be processed in 2-3 business days.
However, many broker review websites have mentioned having triumphfx withdrawal issues, so beware of that.
How To Withdraw Money From TriumphFx?
The withdrawal request is usually processed in 2-3 business days. The whole process for withdrawing funds is listed below
- Login to your trading account and go to the Withdrawals Section.
- Click ‘Create Withdrawal’ and choose the preferred payment method.
- Fill in all the required fields and submit the online form.
TriumphFX Review: Unique Features & Offerings
Community Trading
The community trading feature is an advanced version of copy trading that allows you to follow the trades of professional traders and profit from their wins. For every successful trade, you get 70% of the total profits.
Fund Management
The Fund management facility is specially created for investors. It is a group of funds that are handled as a whole by professional traders known as fund managers. Investors make investments and pool their funds.
Affiliate Program
The uniquely designed affiliate program of TriumphFX makes it stand out. However, the unavailability of payout plans is a matter of concern.
TriumphFX Review: Educational & Research Support
The broker doesn’t have much to offer regarding research and educational tools. The limited list of resources may distress beginner traders. Regarding educational tools, the broker offers a short glossary and a series of excellent training videos on Forex basics and market analysis.
In addition, there are Economic Calendar, Nonfarm Payroll, Daylight Saving Time, and custom-designed Analytics and News feeds available.
TriumphFX Introducing Broker
The broker has recently launched an Introducing broker partnership and affiliate program. So, traders can bring their friends and acquaintances to the platform and gain additional money or commission from the broker platform.
Review of TriumphFX Customer Support Services
Lastly, we tested the TriumphFX customer support services. You won’t believe it, but the most distressing part of trading with this broker is that it lacks customer support. You won’t find a Contact Us section on the website.
Moreover, the Malaysian online community Lowyat, which reviews forex trading brokers, has rated Triumphfx badly, naming it a scam broker with Ponzi schemes. Triumphfx Lowyat reviews are another testament to the broker’s bad reputation and user experience.
The previous contact numbers of the company were found outdated and not working. There is no live chat support, phone support, or even a single e-mail support. All these points strongly indicate Triumph FX is a scam broker.
Final Verdict On TriumphFx Review 2024
This detailed TriumphFX review 2024 found that the broker is a scam and unworthy of your trust. There are many other reasons to avoid this broker – firstly, the broker’s regulations raise red flags, and there is no customer support & limited product offerings are probably its biggest drawbacks.
Additionally, TriumphFX is on the list of companies that received red warnings from Singapore and Indonesia financial agencies. The broker has multiple red flags.
Overall, we don’t recommend our readers to trade with this broker. Instead, you should go for a reliable broker – TradeEU. The broker is well-regulated and offers comprehensive trading services and professional customer support. However, it is always advisable to conduct due diligence before choosing any trading platform.
FAQs
Can I Trust TriumphFX?
No, TriumphfX can’t be trusted as it holds offshore regulations and is listed in the warning list of Singapore and Indonesia financial agencies, raising red flags for new users.
Is TriumphFX Regulated In Malaysia?
No, the brokerage company or any entity is regulated in Malaysia. It is only regulated by the Cyprus Securities Exchange Commission under license number 293/16.
Who Owns TriumphFX?
The platform is owned by TRIUMPH INT. (Cyprus) LIMITED.
How Long Is TriumphFX On The Market?
The brokerage company was launched in 2009, meaning it has been on the market for over 13 years.
Is Trading Forex In Malaysia Legal?
Yes, Forex trading is legal in Malaysia. However, traders are only allowed to trade with licensed commercial banks, investment banks, Islamic banks, and international Islamic banks.
Is TriumphFX Halal?
Yes, it is a halal broker as it offers SWAP-free Islamic accounts for traders with Muslim Faith.
Is TriumphFX a Regulated Broker?
The broker is regulated by the Cyprus Securities Exchange Commission under license number 293/16.
Why Invest With TriumphFX?
The broker’s features, like Fund Management and community trading, are the reasons to invest with TriumphFX.
How Do I Delete My TriumphFX Account?
To delete your account, you must send your written concern and reason to the broker’s customer support team.
Is TriumphFX Regulated In Singapore?
No, the broker or any of its entities is regulated in Singapore. It is only regulated by the Cyprus Securities Exchange Commission under license number 293/16.
Who Is The Founder of TriumphFX?
The founder of TriumphFX is Hermes Leong.
What does PAMM TriumphFX refer to?
PAMM stands for Percentage Allocation Management Module or percentage allocation money management. It represents a method of pooled money forex trading, where an investor can distribute their funds in a preferred proportion to qualified traders or money managers.
What is Triumphfx?
Owned by TRIUMPH INT. (Cyprus) LIMITED, TriumphFX is an online Forex and CFD broker that has been in operation since 2009. It has been included on warning lists and claims of being a part of a possible Ponzi scheme despite regulatory licences. Therefore, we advise you to proceed with care and look into other brokers.
Is Triumphfx legit?
No, Triumphfx is not a legitimate broker due to reasons including bad customer support, association with Ponzi pyramid schemes, and more. Triumphfx is included on Bank Negara’s financial consumer alert list, which proves that the broker is legitimately unsafe.
How to attach funds in Triumphfx?
- Login to your trading account and go to the Deposit Section.
- Click ‘Fund Account’ and choose the preferred payment method.
- Fill in all the required fields and click on Submit.
- Ensure the minimum deposit of $100 is met.
How does Triumphfx work?
TriumphFX is an online brokerage platform for CFDs and forex that offers a range of trading assets, such as indices, commodities, and forex. It uses an order processing mechanism for NDD and STP based on price feeds from significant liquidity sources.
When was Triumphfx established?
TriumphFX was launched in 2009, making it operational for over 13 years.
How to deposit from Triumphfx?
- Login to your trading account and go to the Deposit Section.
- Click ‘Fund Account’ and select your preferred payment method.
- Fill in the required fields and submit the form.
Triumphfx vs TFXI?
Triumphfx and tfxi are the same and referred to by either name. Triumphfx is more colloquial and well-known amongst people.
