TriumphFX Review Summary in 10 Points Founded 2009 Headquarters Cyprus Regulation BaFin, CYSEC Market Instruments Forex, precious metals Demo Account Available Leverage 1:30 for retail/1:500 for professional EUR/USD Spread 0.4 pips Trading Platforms MT4 Minimum deposit $/€/£100 Customer Support phone, email What is TriumphFX？ TriumphFX was founded in 2009 and is based in Cyprus, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model. TriumphFX is regulated by Federal Financial Supervisory Authority (BaFin) and Cyprus Securities and Exchange Commission (CySEC). TriumphFX is also registered with Financial Conduct Authority (FCA) and Vanuatu Financial Services Commission (VFSC), but these two licenses have already been revoked. TriumphFX has been brought into a series of scandals about the inability to withdraw funds, illegal brokers, as well as failing to log in to its official website, etc. Please be aware of the risk. Pros & Cons TriumphFX offers competitive trading conditions with low spreads, multiple account types, and MT4 trading instrument. Additionally, the broker is regulated by reputable authorities and offers negative balance protection. However, too many complaints from users saying that they have difficulty withdrawing. And their educational resources, research and analysis tools are limited compared to other brokers. Pros Cons • Regulated by BaFin and CYSEC • Too many complaints from users • Offers multiple account types • Limited range of tradable instruments • Competitive trading conditions • Limited educational resources • Wide range of payment methods available • No 24/7 customer support • User-friendly MT4 trading platform • Limited research and analysis tools Note: The above table is based on general information and may not be comprehensive. Pros and cons may vary depending on individual experiences and circumstances. Each trader has unique needs and preferences, so it is important to carefully consider your own trading style and goals when selecting a broker. TriumphFX Alternative Brokers There are many alternative brokers to TriumphFX depending on the specific needs and preferences of the trader. Some popular options include: XM: This is a popular forex broker that is known for its low spreads, multiple trading platforms, and excellent customer service. They are regulated by multiple top-tier authorities, including the ASIC, CySEC, and FCA, which makes them a safe and reliable choice. Pepperstone: This broker offers a wide range of trading instruments, low spreads, and fast trade execution speeds. They are also regulated by top-tier authorities such as the FCA and ASIC, which ensures that they are a trustworthy option. IG: This broker offers a variety of trading instruments, competitive pricing, and a user-friendly trading platform. They are also regulated by top-tier authorities such as the FCA, which ensures that they adhere to strict financial regulations and are a safe and reputable broker. Is TriumphFX Safe or Scam？ Based on the information provided on TriumphFX's website, as well as their regulatory status, it seems that TriumphFX takes measures to protect its clients' interests and promote a safe trading environment. They are licensed and regulated by reputable authorities, and have implemented several security measures to ensure the safety of its clients' funds, such as segregated accounts and negative balance protection. However, there have been some negative reviews from clients regarding withdrawal issues, which is a red flag. How are you protected？ Protection Measure Detail Regulation BaFin and CYSEC Investor Protection Segregated client funds are separated from the firm's operational accounts. The clients' funds are kept in leading investment global banks. Negative Balance Protection Your live trading account balance is always protected from dipping into a negative status and TriumphFX will absorb the loss if it does. It's important to note that while TriumphFX takes steps to protect its clients, no broker can guarantee complete protection against all risks. Clients should always do their own research and carefully consider the risks involved in trading before making any investment decisions. Market Instruments TriumphFX offers investors a small range of trading instruments, including over 60 pairs of the most popular major currency pairs in the Forex market, minor currency pairs, exotic currency pairs, as well as precious metals such as gold and silver. Accounts To meet the investment needs and trading experience of different investors, TriumphFX offers three different types of accounts, namely Classic Accounts, Gold Accounts, and Premium Accounts. The minimum deposit requirement is 100. The base currencies of the accounts are EUR, USD, and GBP, and the minimum trade lot size is 0.01. Demo accounts are also available. Leverage TriumphFX, as a Cyprus-regulated broker, offers the maximum trading leverage of up to 1:30 for retail clients. Traders can adjust the leverage according to their knowledge and experience, and professional clients can trade with a maximum leverage of up to 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads & Commissions All spreads with IMS FX are a floating type and scaled with the asset class. The minimum spread on the TriumphFX platform is 0.4 pips for EURUSD, 0.1 pips for EURGBP, 1.2 pips for GBPUSD, 0.8 pips for USDJPY, 1.7 pips for XAUUSD, and 1.7 pips for XAGUSD. It seems that there is no commission charged. Below is a comparison table about spreads and commissions charged by different brokers: Broker EUR/USD Spread Commission TriumphFX 0.4 pips No XM 0.1 pips No Pepperstone 0.1 pips No IG 0.6 pips No Note: Spreads can vary depending on market conditions and volatility. Trading Platforms TriumphFX offers traders the flexibility to choose from the market-leading and widely acclaimed MT4 trading platform, as well as MT4 Windows, MT4 iOS, and MT4 Android. MT4 is known as the ideal forex trading platform with powerful charting and data analysis tools, an intuitive and clear interface, and support for EA intelligence. MT4 can develop suitable trading strategies for traders of different levels, helping traders to trade with ease. See the trading platform comparison table below: Broker Trading Platform TriumphFX MetaTrader4 XM MetaTrader4, 5 Pepperstone MetaTrader4, 5 IG MetaTrader4, ProRealTime, L2 Dealer, IG Trading Platform All four brokers offer MetaTrader4 and have mobile, web, and desktop versions available. XM and Pepperstone also offer MetaTrader5, while IG has a wider range of trading platforms including ProRealTime, L2 Dealer, and its own IG Trading Platform. Trading Tools TriumphFX offers several trading tools designed to help traders stay informed and up-to-date with the latest market trends and developments. The economic calendar provides real-time updates on upcoming economic events and their potential impact on the markets, while the FX analysis and news section offers daily market commentary and analysis from TriumphFX's team of experts. These tools can be especially useful for traders who rely on fundamental analysis to make informed trading decisions. Additionally, TriumphFX offers access to a variety of technical analysis tools, including charting and indicators, that can be used to identify trading opportunities and potential market trends. Overall, TriumphFX's trading tools can be a valuable resource for traders looking to stay ahead of the markets and make more informed trading decisions. Deposits & Withdrawals TriumphFX supports clients by depositing and withdrawing funds to their investment accounts via Visa, MasterCard, Bank Wire, Neteller, and Skrill/Moneybookers. The minimum deposit amount is $/€/£100. No commissions are charged on deposits. For any deposit equivalent or above $500, TriumphFX will reimburse the Intermediary Bank Charges. Regardless however, all Local Bank Charges incurred by the sending bank will not be reimbursed. Your deposits will be processed within 2-3 business days from the day your funds are sent from your bank account. After confirmation of your deposits, your funds will be immediately credited into your trading account. Traders withdrawing funds via NETELLER and Skrill/Moneybookers pay 1% commission and while via VISA & MasterCard, the withdrawal fee is $3/€2/£2. For Bank Wire withdrawals, if your withdrawal amount is less than €1,000, the fees will be $30/€20/£25, and any above will be charge + 0.15%. All withdrawals are subjected to intermediary bank charges ranging from $25 to $75 per transaction. It will take 2-5 business days to process your request. TriumphFX minimum deposit vs other brokers TriumphFX Most other Minimum Deposit $/€/£100 $/€/£100 TriumphFX Money Withdrawal In order to create a Withdrawal Request please: Step 1: Login to your trading account ( https://secured.triumphfx.com/login ) . Step 2: Go to the Withdrawals Section. Step 3: Click Create Withdrawal and choose the method you want to withdraw your Funds. Step 4: Fill in all the required fields. Step 5: Submit the web form. Customer Service TriumphFX offers customer support via phone, email, and online messaging. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. Overall, the customer service of TriumphFX appears to be satisfactory. Education TriumphFX offers a range of educational resources to help traders improve their trading knowledge and skills. These resources include Forex essentials and Forex glossary. Additionally, TriumphFX offers a demo account for traders to practice their trading strategies and get familiar with the platform before trading with real money. Overall, TriumphFX's educational resources can be a valuable asset for both new and experienced traders looking to improve their trading skills. Conclusion All in all, TriumphFX seems to be well-regulated, but there are numerous negative reviews from users. Many users have reported difficulties in withdrawing funds, and some have even accused TriumphFX of being an illegal Ponzi scheme. Despite offering attractive trading conditions, the high number of negative reviews and accusations of illegal activity should be a red flag for potential investors. It is important to thoroughly research any broker before investing and to exercise caution when dealing with TriumphFX. Frequently Asked Questions (FAQs) Q 1: Is TriumphFX regulated？ A 1: Yes. It is regulated by BaFin and CYSEC. Q 2: Does TriumphFX offer industry-standard MT4 & MT5？ A 2: Yes. TriumphFX supports MT4. Q 3: What is the minimum deposit for TriumphFX？ A 3: The minimum initial deposit with TriumphFX is $/€/£100. Q 4: Is TriumphFX a good broker for beginners？ A 4: No. It is not a good choice for beginners. There are too many negative reviews from their users saying that they have difficulty withdrawing.