General Information
TriumphFX, a trading name of Triumph Int. (SC) Limited, is allegedly a forex broker incorporated in the Republic of Seychelles and offshore regulated by the FSA. However, it has been listed as a scam broker on WikiFX and has faced multiple complaints.
TriumphFX offers market instruments such as forex, commodities, and indices for trading. It provides several account types, including Standard Fixed, Standard Variable, Islamic Variable, Premium, Platinum, and VIP accounts.The platform offers leverage of up to 1:500, higher than the industry average. Traders can access TriumphFX through various trading platforms, including a web trader, MetaTrader 4, and mobile apps for Android and iOS devices.
Here is the home page of this brokers official site:
Pros and Cons
Is TriumphFX Legit?
Based on the information provided, TriumphFX is regulated by the Seychelles Financial Services Authority (FSA) under a Retail Forex License. The license number is SD080, and the licensed institution is Triumph Int. (SC) Limited. The regulatory agency responsible for overseeing TriumphFX is the Seychelles FSA.
Market Instruments
TriumphFX offers three main market instruments for trading:
1. Forex: TriumphFX provides access to the foreign exchange market, allowing traders to trade currency pairs. Forex trading involves buying one currency while simultaneously selling another, aiming to profit from the fluctuations in exchange rates.
2. Commodities: TriumphFX offers trading opportunities in commodities. Commodities are raw materials or primary agricultural products that can be bought and sold in the market. Examples of commodities include gold, silver, crude oil, natural gas, wheat, corn, and coffee.
3. Indices: TriumphFX allows traders to trade indices. An index represents a basket of stocks or securities that represent a specific market or sector. Trading indices involves speculating on the price movements of the index itself rather than individual stocks. Popular indices include the S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and FTSE 100.
Account Types
TriumphFX offers several account types with different features:
Standard Fixed Account:
The Standard Fixed account offered by TriumphFX requires a minimum deposit of 100 USD. It features a fixed spread type with a typical spread of 1.6 pips for EURUSD. Swap charges are applicable, while there are no commission charges. Traders can leverage up to 1:500 with this account.
Standard Variable Account:
With a minimum deposit of 100 USD, the Standard Variable account provides traders with a floating spread type. The typical spread for EURUSD is 1.6 pips. Similar to the Standard Fixed account, swap charges apply, and there are no commission charges. Traders can leverage their positions up to 1:500.
Islamic Variable Account:
For traders seeking an Islamic trading account, TriumphFX offers the Islamic Variable account. The minimum deposit requirement is 100 USD, and it features a floating spread type with a typical spread of 1.6 pips for EURUSD. Unlike the previous accounts, this account does not charge swap fees or commission charges. Traders can still access leverage of up to 1:500.
Premium Account:
The Premium account is designed for traders who can meet a higher minimum deposit of 500 USD. It offers a floating spread type with a typical spread of 0.6 pips for EURUSD. Swap charges are applicable, and a commission fee of 6 USD is charged per trade. Traders can leverage their positions up to 1:500 with this account.
Platinum Account:
With a minimum deposit requirement of 200 USD, the Platinum account offers traders a floating spread type. The typical spread for EURUSD is 0.6 pips. Swap charges apply, and a commission fee of 3 USD is charged per trade. Traders can leverage their positions up to 1:500.
Islamic Platinum Account:
The Islamic Platinum account caters to traders who prefer an Islamic trading account with no swap charges. It requires a higher minimum deposit of 2,000 USD. This account features a floating spread type with a typical spread of 0.6 pips for EURUSD. There are no commission charges, and traders can leverage up to 1:500.
VIP Account:
The VIP account is designed for high-net-worth traders, requiring a minimum deposit of 5,000 USD. It offers a floating spread type with a typical spread of 0.5 pips for EURUSD. Swap charges are applicable, while there are no commission charges. Traders can leverage their positions up to 1:500 with this account.
How to Open an Account?
To open an account with TriumphFX, please follow these steps:
1. Visit the TriumphFX website.
2. On the home page, locate the “Register” or “Open Account” button and click on it.
3. You will be directed to the registration form.
4. Fill in the required information, including your name, nationality, email address, and phone number.
5. Choose your country code and enter your phone number.
6. Review the terms and conditions, privacy policy, and any other relevant agreements.
7. If you agree to the terms, check the appropriate box to indicate your consent.
8. Click on the “Submit” or “Register” button to complete the registration process.
By completing the registration form and agreeing to be contacted, you acknowledge that you may receive newsletters from TriumphFX.
After successfully registering, you will likely receive further instructions via email regarding the next steps to verify your account and fund it in order to start trading. It's important to carefully review all the information provided during the registration process.
Leverage
A leverage ratio of up to 1:500 is offered by TriumphFX, which is much higher than that provided by most brokers.
Spreads & Commissions
TriumphFX claims that different account types can enjoy quite different spreads. In particular, the Standard Fixed account has a fixed spread of 1.6 pips; while the Standard Variable and Islamic Variable accounts have variable spreads of 1.6 pips; the clients on the Premium, Islamic Premium and Platinum accounts can experience variable spreads from 0.6 pips and only the VIP account can enjoy the lowest variable spreads from 0.5 pips.
As for commissions, the Premium account will be charged a commission of $6; while the commission for the Islamic Premium account is $3, and the other account types with no commission.
Trading Platform
TriumphFX offers multiple trading platforms, including:
- Web Trader: The web-based trading platform allows you to trade directly from your web browser without the need for any downloads or installations. It offers a user-friendly interface suitable for traders of all levels. The platform provides an unlimited number of charts and over 50 analytical tools. It is designed to not slow down the performance of your devices.
2. MetaTrader 4: MetaTrader 4 is a popular trading platform widely used in the Forex industry. It offers flexibility as you can trade on the web, desktop, or mobile devices. You can simply log in with your TriumphFX account to access the platform. MetaTrader 4 provides a user-friendly interface and supports an unlimited number of charts and over 50 analytical tools.
3. Mobile Apps: TriumphFX offers a mobile app for smartphones and tablets, available for both Android and iOS devices. With the mobile app, you can manage your trading account on the go. It provides convenience and allows you to perform actions easily from your mobile device. The mobile app offers features such as checking your account balance, transferring funds between accounts, and accessing support tickets.
Deposit & Withdrawal
TriumphFX offers a range of options for depositing and withdrawing funds, including Visa, MasterCard, Alipay, Online Banking, UnionPay, and Tether.
The minimum initial deposit requirement is $100. If the amount transferred through Telegraphic Transfer or Wire Transfer is above a certain threshold, TriumphFX waives the Intermediary Bank Charge. For deposits equivalent to or above $500, TriumphFX reimburses up to $70 for Intermediary Bank Charges. However, the broker does not reimburse the Local Bank Charges imposed by the sending bank. Deposits are typically processed within 2-3 business days from the day the funds are sent from the bank account. Once the deposits are confirmed, the trading account is credited with the funds.
Withdrawals take 2-5 business days to process. Depending on the withdrawal amount, there may be intermediary bank fees ranging from $25 to $75.
Trading Tools
TriumphFX offers three trading tools to assist traders in their decision-making process:
1. Economic Calendar: The economic calendar provided by TriumphFX displays upcoming economic and political events, as well as statistics and data releases. These events and data releases are significant as they provide insights into the performance of global economies based on macroeconomic data such as GDP, employment, consumption, and inflation. This information can impact the performance of currencies. Notable data releases, such as the Non-farm Payroll, are particularly influential. The economic calendar helps traders stay informed about scheduled data releases and their potential impact on the market.
2. Daylight Saving Time: Daylight Saving Time (DST), also known as Summer Time, is a time adjustment observed in certain regions. During DST, clocks are set forward by one hour in the spring and set back by one hour in the autumn to return to Standard Time, also known as Winter Time. DST aims to make better use of daylight during the summer season, which has longer daylight hours. Traders should be aware of DST as it can affect trading hours. Understanding the timing adjustments during DST is important for managing trading activities effectively.
3. Nonfarm Payrolls: Nonfarm payrolls (NFP) is a significant economic indicator released by the United States. It measures the number of job creations excluding the agricultural industry. The actual data release reflects changes in employment levels. For example, a positive actual release indicates job additions, while a negative release suggests job losses. NFP is released monthly, usually on the first Friday of every month. It is one of the most eagerly anticipated news releases and has a substantial impact on the Forex market. Traders often observe increased market volatility surrounding the NFP release.
These trading tools provided by TriumphFX aim to assist traders in staying informed about important economic events, managing their trading activities during DST, and staying updated on influential economic indicators like Nonfarm Payrolls.
Educational Resources
TriumphFX offers three educational resources to assist traders in their Forex trading journey:
1. Forex Basic: This resource provides an introduction to Forex trading and covers essential topics to help beginners get started. It covers a range of subjects, including the history of retail Forex trading, technical aspects of trading, risk management, and trading psychology. By going through the Forex Basic material, traders can gain a foundational understanding of the key concepts and principles involved in the world's largest financial market.
2. Forex Glossary: The Forex Glossary provided by TriumphFX offers a comprehensive list of commonly used terms and definitions in the Forex industry. This resource serves as a reference guide to help traders familiarize themselves with the specific terminology used in Forex trading. It can be particularly useful for new traders who may encounter unfamiliar terms and want to enhance their understanding of the Forex market.
3. Market Analysis Forex Basic: This educational resource focuses on market analysis in Forex trading. It covers different types of analysis, including fundamental analysis and technical analysis. Traders can learn about the importance of analyzing economic indicators, news events, and charts to make informed trading decisions. This resource aims to equip traders with the knowledge and skills necessary to conduct market analysis effectively.
Customer Support
Traders can reach out to TriumphFX by sending an email to their support address: support@tfxi.com.
Conclusion
In conclusion, there are several concerning factors to consider. The platform has been flagged as a Ponzi scheme and listed as a scam broker on WikiFX due to multiple complaints. While TriumphFX offers low spreads and a high leverage ratio, the lack of transparency in contact information and limited customer support options are significant disadvantages.
Frequently Asked Questions (FAQs)
2023-02-27 18:40
2023-02-14 10:07
