TriumphFX, established in 2009 and headquartered in Cyprus, claims to offer professional online trading services to investors, traders, and institutional clients.
TriumphFX also claims to operate under regulatory oversight from the Federal Financial Supervisory Authority (BaFin) and the Cyprus Securities and Exchange Commission (CySEC). It’s important to note that TriumphFX was previously registered with the Financial Conduct Authority (FCA) and the Vanuatu Financial Services Commission (VFSC), but these licenses have since been revoked.
Recent concerns have arisen regarding TriumphFX, including issues related to fund withdrawals, unauthorized brokers, and difficulties accessing its official website. It is crucial to exercise caution and be aware of potential risks when considering any involvement with this platform.
Website – https://www.tfxi.com/en, https://www.triumphfx.com/
Address – Republic of Seychelles & Lophitis International Center, 2nd Floor. Corner of Soteri Michaelidi and 28th October Street, CY-3035 Limassol
Warning – Monetary Authority of Singapore (Singapore)
Regulation – CYSEC, FSA Seychelles Blacklisted, Offshore
Domain Age –
| Domain Name | triumphfx.com |
|---|---|
| Date Registered | March 18, 2016 |
| Domain Age | 7 years, 6 months, 17 days, 17 hours, 54 minutes, 5 seconds |
Trading Account
TriumphFX adheres to the industry standard and offers support for the widely used forex trading platform, MetaTrader 4. This platform is available in desktop, web, and mobile versions for traders’ convenience. Additionally, during our trial of TriumphFX’s MT4 on a demo account, we noticed that the spreads for the EUR/USD pair were even tighter than 1 pip.
Trading Conditions
TriumphFX provides its clients with a single basic account option, which is the standard MT4 account. This account is designed to offer NDD execution, leverage of up to 1:500, and variable spreads.
In addition to the standard account, TriumphFX also offers a swap-free account tailored for traders of the Islamic faith. Furthermore, they have a Fund Management Program designed to cater to both investors and professional traders who manage funds.
When assessing the offerings of this offshore brokerage, we observe that there is nothing particularly unique. The variable spreads, typical of such offshore brokers, start at 1 pip for the EUR/USD pair. The leverage is notably high, and the minimum initial deposit required is in line with industry standards.
Deposit and Withdrawal methods
TriumphFX facilitates the deposit and withdrawal of funds to clients’ investment accounts through various methods, including Visa, MasterCard, Bank Wire, Neteller, and Skrill/Moneybookers. The minimum deposit requirement stands at $/€/£100, and no additional commissions are applied to deposits.
When it comes to withdrawing funds, clients choosing NETELLER and Skrill/Moneybookers will encounter a 1% withdrawal commission. For withdrawals via VISA and MasterCard, a fixed fee of $3/€2/£2 is applicable. In the case of Bank Wire withdrawals, if the requested withdrawal amount is less than €1,000, fees amount to $30/€20/£25, and for amounts exceeding this, a fee of 0.15% is charged.
Please note that all withdrawals are subject to intermediary bank charges, which can range from $25 to $75 per transaction. The withdrawal processing time typically falls within the window of 2-5 business days.
Conclusion
TriumphFX, despite its enticing offers, raises concerns about its trustworthiness. While TriumphFX asserts its ownership by Triumph Int. (Cyprus) Limited and highlights authorization and regulation by the Cyprus Securities Exchange Commission (CySEC), our available information suggests that TriumphFX might be involved in a Ponzi scheme.
Consequently, we strongly advise investors to exercise caution and opt for trading with reputable brokers that operate under full regulatory compliance. Your financial safety and security should always be a top priority. If you have been targeted by a TriumphFX scam or any other fraudulent scheme, you can take action by filing a complaint against the perpetrators. Just fill out a complaint form on our website, and you will be eligible for a free consultation with our experts to discuss the steps involved in the fund recovery process. Your financial security matters to us, and we are here to assist you.
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