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Triple Diamond FX Review - is it scam or safe?

Triple Diamond FX Review - Is triplediamondfx.com scam or good forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz Triple Diamond FX
Triple Diamond FX is an offshore broker. Your money is not safe.

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Triple Diamond FX is a forex and CFD broker, based in Hong Kong and offering three account types on a MetaTrading4 platform. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mini Plan $1 1:1000 0,6 pips, felxible
Standard Plan $500 1:2000 0,3 pips, flexible
Vip Plan $2000 1:500 0,3 pips, flexible

 

Triple Diamond FX Advantages:

 

Various account types

 

Triple Diamond FX offers three account types – a Mini Plan, a Standard Plan and a Vip Plan with a minimum trading volume of 0,01 standard lot or 1000 base currency units for all the accounts.

 

Generous leverage

 

The maximum leverage offered by Triple Diamond FX on its Standard Plan is as high as 1:2000, which is way above what most brokers offer. With the Mini Plan the maximum leverage is 1:1000, while with the Vip Plan it is 1:500. And while keeping in mind that higher leverage means higher risk, you can check our list of brokers offering leverage of 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Competitive spreads

 

As advertised on the website of the broker the spreads with a Mini Plan start as low as 0,6 pips without a commission for the trade, while with a Standard or a Vip Plan you get the impressive 0,3 pips without commission again.

 

As tested with a Demo account the EURUSD spread was 1,1 – 1,2 pips without a commission, which looks good for a standard account, but we are not sure, which of the Triple Diamond FX accounts the demo trading conditions match. Still you may want to check our list of brokers offering even tighter spreads:

 

>> Lowest spread forex brokers<<

 

Various trading instruments

 

Triple Diamond FX offers 36 forex pairs, including  Polish Zloti, Turkish Lira, Swedish Krone, Norwegian Krone, Mexican Peso, and Singapore Dollar, CFDs on spot metals, oil and indices, as well as 19 crypto currencies - Bitcoin, LiteCoin, Ethereum, NameCoin, PeerCoin, DashCoin, DASH, Emercoin, BCASH, NEO, Monero, ZCash,  IOTA,  EOS, Santiment, OmiseGo, ETP, Eidoo and Ripple. 

 

Just 1 USD to open a Mini account

 

You have to deposit just 1 USD to open an account with Triple Diamond FX – the Mini Plan. For a Standard Plan you will have to invest a minimum of 500 USD, while for a Vip Plan the minimum deposit is 2000 USD.

 

MetaTrader4 offered

 

With Triple Diamond FX you can download for free a PC, Mac or an Android version of MetaTrader4 – the most popular trading platform for the past decade. Besides its excellent charting and analytical tools, MT4 has a built-in editor and compiler allowing traders to create their own custom indicators and Expert Advisor bots that are used for automated, algorithmic trading. This probably is the most popular feature of the platform and if you are intrigued you may check our list of brokers also offering  MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Triple Diamond FX Disadvantages:

 

Lack of regulation

 

While based in Honk Kong, Triple Diamond FX says it is regulated by Financial Services Authority of St.Vincent and the Grenadines (FSA).

 

In a statement, published on its website, however, FSA says it does not issue any licenses for forex trading or brokerage or binary options trading nor “does it regulate, monitor, supervise or license international companies, which engage in such activities“. 

 

Furthermore FSA warns that “there are financial institutions that falsely claim they are registered or licensed by the institution and that their purpose for doing this is more than likely for illicit reasons“.

 

All that said we will consider Triple Diamond FX an unregulated broker as that highly increases the risk of any investment with them.

 

Brokers, regulated by respected financial authorities follow strict financial and ethical rules and keep transparent account of all transactions involving their clients funds.

 

In recent years CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) proved to be among the most trusted international regulators because of their strict and yet balanced enough approach, guaranteeing both credibility and operational flexibility to the companies. 

 

Brokers, licensed by CySEC, FCA and ASIC for instance have to secure their clients money in a segregated account and to maintain at all times minimum operational capital.

 

Additionally CySEC and FCA brokers have to participate in traders money protection schemes. Under the CySEC backed scheme, in case the broker goes insolvent, investors can receive back up to 20 000 EUR of their trading capital., while with the FCA brokers the compensation is up to 20 000 EUR. Here you can check our list of  FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

No information on the payment methods

 

There is no information on deposit and withdraw methods on the website of the broker. Most brokers offer a wide variety of payment methods, including credit or debit cards and e-wallets, such as Neteller, Skrill and PayPal. Here you can check our list of brokers offering Neteller as a payment method:

 

>>Neteller Forex Brokers<<

 

Conclusion:

 

Despite its impressive trading conditions – spreads starting as low as 0,3 pips - and the attractive offer to open an account with just one dollar, we should have in mind that Triple Diamond FX is an unregulated forex and CFD broker that lacks credibility and any investment with them hides substantial and imminent risk.

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Traders` reviews for Triple Diamond FX

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payment pending

hi i met daniel lozano on an app called SHAPR. he is one of the employee in diamond fx trade.
i made portfolio videos to promote his bussiness and he promised to pay me.
however,its been a month i havent received my payment.
request to kindly inform him to get in touch with me before i take a necessary action against him and the company.

shailesh mishra 09/26/2019
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