TriumphFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TriumphFX Review.
TriumphFX Review
TriumphFX offers its clients one basic account type – a standard MT4 one which is said to offer NDD execution, leverage up to 1:500 and variable spreads.
Besides, there is a swap-free account option for traders of Islamic belief, and a Fund Management Program for investors and managers (professional traders).
We find nothing special in the offering of this offshore brokerage – the variable spreads offered by this offshore broker are average, starting out at 1 pips for the EUR/USD, leverage is high and minimum initial amount required is standard.
The Company. Security of Funds
Company
Country
Regulation
Triumph Int. Limited
Vanuatu
VFSC
TriumphFX offers trading in forex and precious metals on the popular MetaTrader 4 platform. According to the broker’s website, it operates on a NDD execution model and keeps client funds in segregated accounts. Furthermore, the broker claims to implement protocol via system technology to ensure that client accounts will never go negative to protect traders from liabilities.
The broker was formed in 2009 in the British Virgin Island (BVI). Currently, the company behind the brand, Triumph Int. Limited is licensed and regulated by the Vanuatu Financial Services Commission (VFSC). Vanuatu is also an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and low cost. Minimum capital requirements are very low, amounting to $2000, which is even less than the capital adequacy requirements in other offshore destinations, such as Mauritius and Belize.
In our opinion, one should always be very cautious when dealing with an offshore brokerage, as , some of them are outright scam. That is why we advise traders to avoid such companies and to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.
Furthermore, we found out that the Hong Kong financial markets regulator, the Securities and Futures Commission (SFC), has issued a warning against TriumphFX in 2015.
Trading Platforms
TriumphFX does not stray from the mainstream and supports the most popular forex trading platform, MetaTrader 4. It is available as desktop and mobile versions.
The MT4 is easy to use and offers all a trader needs: a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. It comes in desktop, web and mobile versions with this broker.
One more thing – when we tried out TriumphFX’s MT4 on demo account, the spreads on the EUR/USD turned out to be tighter than 1 pips:
Methods of Payment
Clients of TriumphFX are offered limited payment methods – telegraphic and wire transfer.
All withdrawals are subjected to intermediary bank charges ranging from 25 USD to 75 USD per transaction.
TriumphFX is an offshore broker that uses the standard MT4 and claims to offer pure NDD environment. Our main concern with it is its loose regulation.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TriumphFX Review Conclusion
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