TriumphFX-Overview of Minimum Deposit, Leverage, Spreads

General Information

Founded in 2009, TriumphFX, a trading name of Triumph Int. Limited, is allegedly a broker registered in Vanuatu and regulated by the Financial Services Authority (FSA) of the Republic of Seychelle that provides its clients with the industry-standard MetaTrader4 trading platform, leverage up to 1:500 and variable spreads on some tradable assets on the sole basic account type, as well as 24/5 customer support service.

Market Instruments

TriumphFX advertises that it mainly offers three different asset classes in financial markets, including forex, commodities and indices.

Account Types

There are seven live trading accounts offered by TriumphFX, apart from demo accounts, namely Standard Fixed, Standard Variable, Islamic Variable, Premium, Platinum, Islamic Platinum and VIP. Opening a Standard Fixed, Standard Variable or Islamic Variable account requires the minimum initial deposit amount of $100, while the other four account types with the much higher minimum initial capital requirements of $500, $2,000, $2,000 and $5,000 respectively.

Leverage

The maximum leverage ratio provided by TriumphFX is much higher than most brokers, up to 1:500. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads and commissions are influenced by what type of accounts traders are holding. TriumphFX reveals that the spread for EUR/USD pair on the Standard Fixed account is fixed at 1.6 pips, the clients on the Standard Variable or Islamic Variable account can experience floating spreads around 1.6 pips, the Premium, Platinum or Islamic Platinum account with floating spreads around 0.6 pips, while the VIP account can enjoy the lowest floating spreads of only 0.5 pips. As for commissions, the Premium account will be charged a commission of $6, the Platinum account with a commission of $3, while the left account types with no commission charges.

Trading Platform Available

When it comes to trading platforms available,TriumphFX gives traders the worlds most trusted and popular MetaTrader4 platform, available for desktop, the web and mobile versions. MT4 is known as one of the most successful, efficient, and competent forex trading software, equipped with a user-friendly interface that is suitable for traders of all levels, an unlimited number of charts, 50+ analytical tools and more. While with the MT4 mobile versions, trading can be done from anywhere and at any time through the right mobile terminals.

Deposit & Withdrawal

From the logos shown at the interface of “Deposit & Withdrawal” on TriumphFX‘s official website, we found that this broker seems to accept deposits and withdrawals with credit/debit cards like Visa and MasterCard, Alipay, Online Banking, China UnionPay and cryptocurrency of Tether, yet we can’t be sure if these payment methods are all available. The minimum deposit requirement is $100. For any deposit equivalent to or above $500, TriumphFX will reimburse the Intermediary Bank Charges up to a maximum of $70. However, any Local Bank Charges incurred by the sending bank will not be reimbursed. Also, the broker says that all withdrawals are subjected to intermediary bank charges ranging from $25 to $75 per transaction. As for the processing time of withdrawal requests, it usually takes 2-5 working days to process.

Customer Support

TriumphFXs customer support can be reach

ed only by email: support@tfxi.com. Besides, you can also follow this broker on some social media platforms like Facebook, Instagram and LinkedIn. However, this broker doesnt disclose other more direct contact information like telephone numbers or the company address while most brokers offer.