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TriumphFX Review - Is it scam or safe?

TriumphFX Review - is www.tfxi.com scam or good forex broker?

RATING: 2.7 / 0 REVIEWS TriumphFX
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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Standard $100 .01 :500 1 pips

 

TriumphFX offers its clients one basic account type – a standard MT4 one which is said to offer NDD execution, leverage up to 1:500 and variable spreads.

 

Besides, there is a swap-free account option for traders of Islamic belief, and a Fund Management Program for investors and managers (professional traders).

 

We find nothing special in the offering  of this offshore brokerage - the variable spreads offered by this offshore broker are average, starting out at 1 pips for the EUR/USD, leverage is high and minimum initial amount required is standard.

 

The Company. Security of Funds

 

Company Country Regulation
Triumph Int. (Cyprus) Limited Cyprus CySEC
Triumph Int. Limited Vanuatu FSC

 

TriumphFX offers trading in forex and precious metals on the popular MetaTrader 4 platform. According to the broker’s website, it operates on a NDD execution model and keeps client funds in segregated accounts. Furthermore, the broker claims to implement protocol via system technology to ensure that client accounts will never go negative to protect traders from liabilities.

 

The broker was formed in 2009 in the British Virgin Island (BVI). Currently, there are two companies behind the brand, one registered offshore in Vanuatu, and another regulated in Cyprus (and across the EU and EEA).  

 

Cyprus is a jurisdiction prefered by many forex brokers, as it allows them to operate accross Europe. The local regulator has certain requirements to regulated entities, such as for minimum capital adequacy, client account segregation, filing regular reports, etc. Besides, brokers regulated by CySEC have to comply with all the rules set on a EU level. This provides clients of CySEC-licensed brokers with sufficient assurance for the security of their funds.

 

Trading Platforms

 

TriumphFX does not stray from the mainstream and supports the most popular forex trading platform, MetaTrader 4. It is available as desktop and mobile versions.

 

The MT4 is easy to use and offers all a trader needs: a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. It comes in desktop, web and mobile versions with this broker.

 

One more thing – when we tried out TriumphFX’s MT4 on demo account, the spreads on the EUR/USD turned out to be tighter than 1 pips:

 

 

Methods of Payment

 

Clients of TriumphFX are offered limited payment methods - telegraphic and wire transfer.

 

All withdrawals are subjected to intermediary bank charges ranging from 25 USD to 75 USD per transaction.

 

Conclusion

 

TriumphFX is an broker that uses the standard MT4 and claims to offer pure NDD environment. It is operated by two entities, one of which is regulated in Cyprus, which is the broker's strongest advantage. Here are, in a nutshell, the pros and cons of TriumphFX:

 

Pros Cons
CySEC license Has an offshore entity
MT4 available, NDD environment No choice of trading platforms
Commission-free trading Limited payment methods

 

Latest news about TriumphFX
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Traders` reviews for TriumphFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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