Is TriumphFX Legit or Scam?
TriumphFX is not a legitimate broker and should be avoided at all costs. While they claim to be regulated, their offshore operations raise significant red flags, suggesting a high risk of fraud. This review will delve into the details and expose the reasons why TriumphFX is a dangerous scam.
Company Overview
Broker Status | Regulated Offshore Broker |
Regulated By | Seychelles’ FSA, CySEC |
Scammer Websites | triumphfx.com, tfxi.com |
Blacklisted by | OJK, MAS, SC |
Owned By | TRIUMPH INT. (SC) LIMITED |
Headquarters Country | Cyprus, Seychelles |
Foundation Year | 2009 |
Supported Platforms | MT4 & WebTrader |
Minimum Deposit | 100 USD |
Cryptocurrencies | No |
Types of Assets | Forex, Indices, Commodities |
Maximum Leverage | 1:30 (retail) & 1:500 (professional) |
Free Demo Account | Available |
Accepts US Clients | Yes |
Services or Products
TriumphFX offers Forex and CFD trading on a limited selection of instruments, including:
- Forex currency pairs: EUR/USD, AUD/USD, GBP/USD, etc.
- Commodities: UKOIL, XAG/USD (silver), XAU/USD (gold), etc.
- Indices: EU50.VAR, AUS200.VAR, HK50.VAR, etc.
They also offer three account types: Classic, Gold, and Premium, with a minimum deposit of $100. However, be cautious, as these features are irrelevant considering the underlying scam.
If you have lost money to companies like GSPartners Global, or UOBE FX; please report it to us on our report a scam form.
Trading Platform & Leverages
TriumphFX provides two trading platforms:
- MetaTrader 4 (MT4): A popular and advanced platform offering functionalities like automated trading and live market reports.
- WebTrader: A basic browser-based platform with limited features, suitable only for beginners.
The broker offers leverage up to 1:30 for retail clients and 1:500 for professionals. However, these numbers are meaningless considering the fraudulent nature of the company.
Spreads and Cost of Trading
TriumphFX claims competitive spreads, starting from 0.1 pips. However, any claims of low costs are irrelevant due to the high risk of losing your entire investment.
License and Regulations
TriumphFX claims to be regulated by CySEC and the Seychelles FSA. While CySEC offers some protection, the offshore branch in Seychelles operates with significantly less oversight, posing a major risk.
Legal Warning Against TriumphFX
Several financial authorities have issued warnings against TriumphFX, including:
- Monetary Authority of Singapore (MAS)
- Indonesian OJK (Financial Services Authority)
- Malaysian SC (Securities Commission)
- Vanuatu Financial Services Commission (VFSC) (license revoked)
These warnings highlight the potential for fraudulent activities by TriumphFX.
Deposit and Withdrawal Methods
Deposit methods vary based on the broker’s location (onshore or offshore). Transparent methods like credit cards and wire transfers are available for the onshore branch, while the offshore branch offers less transparent options like AliPay, UnionPay, and OnlineBanking.
TriumphFX Pros and Cons (Table)
Pros | Cons |
None | Numerous red flags, including offshore operations, warnings from regulators, and suspected involvement in a Ponzi scheme |
Why Dealing With An Unlicensed Broker Is Risky?
Unlicensed brokers like TriumphFX operate outside the regulations and protections offered by legitimate financial institutions. This means they:
- Can manipulate your account: They can manipulate prices, execute unauthorized trades, and prevent you from withdrawing funds.
- Are not liable for losses: You have no legal recourse if you lose money due to their fraudulent activities.
- May disappear with your money: These companies can vanish overnight, leaving you with no way to recover your investment.
Client Feedback
Many users have reported negative experiences with TriumphFX, including difficulty withdrawing funds and unresponsive customer service. These reports further solidify the broker’s fraudulent nature.
How Can “ReviewsAdvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to scams can be challenging. However, you can still try:
- Contact your bank or payment processor: If you used a credit card or debit card, attempt a chargeback within 540 days.
- Report the scam to the authorities: File a complaint with your local financial regulator and law enforcement agencies.
ReviewsAdvice will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
TriumphFX is a dangerous scam masquerading as a legitimate broker. Their offshore operations, warnings from regulators, and lack of transparency paint a clear picture of their fraudulent intentions. Avoid TriumphFX at all costs and choose a reputable, licensed broker to protect your hard-earned money.
