TriumphFX Review – Scam or Good Forex Broker?

TriumphFX: Not a Safe Broker?

TriumphFX is not safe, and we are afraid that it will be true. Although the company is licensed, there are still offshore branches that pose risks. Triumph Int. owns the financial fraudster. CySEC and Seychelles’ Financial Services Authority (FSA), regulate (SC) Limited.

CySEC licenses ensure that clients are protected, but offshore offices pose a problem. There is plenty of room for fraud in the regulatory rules.

FSA only requires 50,000 dollars to begin operations in Seychelles. The FSA is not as strict as its counterparts in the US and Europe, so clients might not get segregated funds or negative balance protection, or even indemnification.

TriumphFX is a scam provider with a bad past and dubious offer. This broker is offering Forex & CFD trading, and it intends to defraud mainly Asian traders. TriumphFX’s reputation has been damaged by complaints and warnings.

TriumphFX and The License Truth

There are some online allegations that TriumphFX may be the work of Hermes Leong, a well-known Singaporean fraudster. After being arrested in Singapore for a 2018 scheme, the fraudster is currently under investigation. It began on March 29, 2022.

According to the charge sheet, Leong attempted to convince people to invest in a foreign exchange trading scheme with Hong Kong’s Triumph Global (Asia) Limited or New Zealand’s Union Markets Limited. However, these companies were not involved in any real foreign exchange trading activities.

Additionally, the New Zealand ruse business was also deregistered in that year.

Today’s TriumphFX website uses the Tfxi.com domain as the disputed firm. There is strong evidence that Leong is behind the hoax, and it will only be a matter time before the broker is shut down.

Financial Regulators Issue Warnings

Authorities pointed out that Leong’s scheme targets non-English speakers of Asia. Three Asian regulators took Leong to task and issued warnings.

We’re referring to the scammer’s homeland regulator, the Monetary Authority of Singapore . Other examples include the Indonesian, and the Malaysian SC. TriumphFX also had a license in Vanuatu, but it was revoked by the local regulator. The job isn’t done until TriumphFX is free.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

TriumphFX’s Trading Assets

As for assets, TriumphFX offers Forex currency pairs and CFD trading for indices and commodities. There are no stocks, ETFs or cryptocurrencies. Here’s an overview of the broker’s trading instruments:

• Forex currency pairs: EUR/USD, AUD/USD, GBP/USD…
• Commodities: UKOIL, XAG/USD (silver), XAU/USD (gold)…
• Indices: EU50.VAR, AUS200.VAR, HK50.VAR…

A short but genuine offer. However, security and transparency come before instruments so be cautious.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – VirtuFinance, Menara Mas Futures, Hermes Market.

TriumphFX Account Types

TriumphFX offers three types of account, as well as a demo account.

• Classic;
• Gold;
• Premium.

Each account type has leverage of up to 1:30 and spreads starting at 0.1 pip. There are 64 instruments, negative balance protection, and many more. Professional clients have the option to set leverage up to 1:500.

This is great, but it only applies to CySEC-regulated brokers. TriumphFX is able to deceive you by recommending that you invest in the Seychelles offshore branch. This is because the regulations are not as strict as those in place and it’s less secure than with an onshore counterpart.

There is also a possibility that TriumphFX’s offshore provider might try to get you to hand over your account. This could mean you will not be trading. You might be surprised to find that all your funds have disappeared.

TriumphFX: Video

Below you will find a short video about TriumphFX. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about TriumphFX!