Is TriumphFX regulated? The short answer is yes, the TriumphFX owner Triumph Int. (Cyprus) Limited is registered with CySEC, the legitimate regulator of Cyprus. However, the broker also has an offshore branch, Triumph Int. Limited, based in Vanuatu.
This means that some clients might not be under the protection of CySEC, but only weak international protections. This has led to many Triumph FX complaints.
The short answer is yes. Based on the information we were able to get from traders who trade with TriumphFX broker. It isn’t uncommon for large brokers to have registrations in multiple countries. The TriumphFX regulation section of their website claims to have a registration with the UK’s FCA, but they don’t.
The given registration number doesn’t bring up any company at all, and their name is not in the register. Claiming to be authorized to offer services somewhere they aren’t is an indicator that you could be scammed by TriumphFX.
There have been several TriumphFX complaints from the Asian region, which led to official warnings against the firm.
Everything starts from ads on Google and different social media, such as Facebook, Instagram, and Twitter. After leaving your personal details, such as email and phone number, you can expect many unsolicited phone calls and different financial proposals.
Sometimes, it’s enough to sign up with one investment firm, and your number will spread among them. Our research shows that brokers like TriumphFX tend to buy and sell data, increasing the potential victim pool.
In some cases, you can be approached via Facebook and Instagram messages, and someone could try to convince you to invest and guarantee you results within a couple of hours. Don’t fall for the story. Nobody can make any promises.
TriumphFX forex broker has a dedicated support team whose job is to ensure that you join the brokerage. For instance, they will tell you everything about the CySEC regulation and the company’s legitimacy but won’t mention the offshore entity and the possibility of being assigned with it.
So once you pay the initial deposit, you will be assigned an account manager. Thanks to the offshore entity, this firm has a team of unsupervised financial advisers that can sell, promise, and guarantee without any consequences.
Be aware of that and pay attention to what you’ve been offered!
Our TriumphFX review deep dive into their past shows what they’re up to. There are many former clients with complaints about the broker alleging withdrawal issues. They believe they’re registering with a CySEC regulated broker but end up under the Vanuatu entity instead and lose all protections.
This brokerage company lets users access the popular MetaTrader 4 platform in all of its versions, desktop and mobile.
Of course, the TriumphFX trading platform delivers the standard features that any broker has with MetaTrader4. There are many intuitive chartings tools and indicators, and there’s also a free demo to try it out ahead of time.
The entity based in Seychelles offers its clients a proprietary WebTrader along with MT4. This kind of trading platform has fewer trading tools and is less secure. Once we tried to access it, we were given a blank page and no possibility to log in or register.
Therefore, all we can advise is to be quite cautious regarding the broker TriumphFX.
Yes, you can trade with TriumphFX through MetaTrader 4’s popular iOS and Android apps. They have most of the functionality of the desktop app, and they’re easy to navigate and use. Traders will have no trouble getting the apps installed and trading on the go.
Unfortunately, the only addition TriumphFX makes is copy trading. They call their version of this common practice “Community Trading.” Essentially, you set your account to autopilot, and it copies the trades of successful traders on the platform.
This TriumphFX scam puts you at risk of losing a lot of money because even the best traders don’t get it right all the time. Copy-trading offers low-risk profits, but it’s one of the riskiest moves you can make.
There are two entities within TriumphFX, and so the answer is different for both. The CySEC regulated branch, at least in theory, only accepts traders within the European Union, as their financial regulations allow for free exchange between member nations.
The other entity, based in Vanuatu, is an offshore broker that accepts clients from almost anywhere, regardless of authorization. They do have a disclaimer on their website that lists countries they at least nominally reject business from, although it isn’t clear how effective this is in practice.
These include the USA and a number of OFAC sanctioned countries. This entity also refuses clients from Cyprus, as it would interfere with the more legitimate Cyprus branch activities.
Without trying to undermine the broker, we have to say that the trading assets offered are rather poor. According to the website, clients assigned with the CySEC entity can trade:
Broker also has CFDs but only on precious metals, lacking the typical stocks, indices, and other options found with other brokers.
As you can see, shares and cryptocurrencies are not a part of this broker’s offer. Whether it’s because they want to keep it simple and provide specialized services, or there’s something else behind this offer, we see no reason for you to invest with this firm.
Besides the two assets mentioned above, clients assigned to an offshore firm can trade indices as well. Again, the offer is relatively poor. We would advise you to find a Tier1 regulated firm with a broad range of trading instruments.
The CySEC-regulated entity has the following account types:
Besides the TriumphFX minimum deposit, we are not given details on how much you need to deposit to upgrade your account. The main difference between these is trading education and webinars.
TriumphFX Demo account is enabled for all who wish to test their system. However, your problems will start once you invest your money and get assigned to an offshore entity.
TriumphFX account types with the offshore entity are:
The main difference between Islamic and the other two accounts is swap, while all offer unregulated leverage of 1:500.
Since the offshore entity has no Demo account, you will have to test the system at your own risk.
The CySEC entity of TriumphFX broker accepts the following payment methods:
The minimum deposit is $100, and there are no commissions for it.
On the other hand, we have an entity in Seychelles that accepts:
As you can tell, the regulation and the quality of the payment methods have been drastically changed.
We always advise using credit cards since you’re entitled to a chargeback within 540 days.
Now the big reason that former clients claim to be victims of the TriumphFX trading scam issues with withdrawals. They’ll often find themselves unable to make a withdrawal despite not having violated any terms and conditions.
It seems like broker just wants to keep the trader’s money.
Basically, it is a broker with two legally distinct operations. It’s not worth risking investing with either one.
It seems to depend on which entity your money ends up with, but I wouldn’t take those chances.
Yes, potential clients can try out MetaTrader 4 and take a look at broker’s sparse offerings.
Yes, you can trade with the broker on any device through either iOS or Android apps.
No, neither of the two legal entities of the broker has any authorization to offer services to US citizens.
Basically, it is a broker with two legally distinct operations. It’s not worth risking investing with either one.
It seems to depend on which entity your money ends up with, but I wouldn’t take those chances.
Yes, potential clients can try out MetaTrader 4 and take a look at broker’s sparse offerings.
Yes, you can trade with the broker on any device through either iOS or Android apps.
No, neither of the two legal entities of the broker has any authorization to offer services to US citizens.
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