TriumphFX Review 2024
Website: www.triumphfx.com
Min. Deposit: US$ 100
Leverage: 1:30
Trading Platforms: MT4
Regulation: CySEC, FSC, FSA
Headquarters: Cyprus
Founded: 2010
Regulatory Licenses:
- Triumph Int. (Cyprus) Limited. - authorized by CySEC (Cyprus) number 293/16
- Triumph Int. Limited - authorized by FSC (Vanuatu) license number: 17901
- TRIUMPH INT. (SC) LIMITED - authorized by FSA (Seychelles) license number: SD080
Updated on January 31, 2024
Quick Links
In our comprehensive review process, we meticulously assess forex brokers to ensure our readers are provided with an informed and detailed understanding of the broker's offerings, safety, and overall trading environment. This evaluation involves a thorough comparison across over 1000 brokers, focusing on aspects such as regulatory compliance, trading platforms, customer support, educational resources, account types, fees, and the overall trading experience. Our goal is to furnish traders with all the necessary information to make a well-informed decision about which broker best suits their trading needs.
TriumphFX is a reputable forex brokerage firm based in Cyprus, established in 2010, that has built a strong presence in the forex trading industry. By offering an NDD and STP order processing model, TriumphFX ensures direct access to one of the largest liquidity providers, enabling competitive trading conditions for its clients. The firm's dedication to democratizing forex trading has led to the creation of various account types tailored to both novice and experienced traders, alongside providing robust educational materials and quality support to enhance the trading experience of its clients.
Is TriumphFX Safe or a Scam? ▲
TriumphFX is a legitimate and safe broker, primarily regulated by CySEC in Cyprus, ensuring a high level of security and regulation compliance for traders' investments. While it operates safely under its CySEC-regulated entity, traders should exercise caution with its offshore entity due to less stringent regulatory requirements. The broker's commitment to security is evidenced by its participation in a compensation scheme and adherence to the European MiFID directive, further establishing its credibility. However, concerns have been raised regarding its international operations, especially with entities in offshore jurisdictions like Vanuatu and BVI, where regulatory standards are lower. Therefore, for enhanced safety, traders are advised to engage with TriumphFX's European entity.
Pros
Regulated by CySEC, ensuring a high level of security
Offers a compensation scheme in case of the company's insolvency
Cons
Concerns over its offshore entities' lower regulatory standards
TriumphFX provides leverage options aligned with the ESMA restrictions for European traders, capping leverage at 1:30 for major currency pairs and lower for other instruments, to ensure responsible trading. For professional traders, higher leverage ratios up to 1:500 are available, subject to eligibility and through its international entity. While high leverage can offer significant profit potential, it is crucial for traders to understand the associated risks and employ leverage judiciously to avoid undue losses.
There are three distinct types of accounts offered by TriumphFX - Standard, Gold, and Premium. Each account type is designed with competitive trading conditions and a range of services, with more advanced accounts offering additional benefits. For example, Gold account holders have access to exclusive webinars, while Premium account holders receive one-on-one market analysis. This diverse offering of account types presents traders with a good selection, allowing them to choose conditions that best suit their trading needs.
TriumphFX offers a limited but focused range of market instruments, primarily concentrating on Forex and Metals, including Gold and Silver. Transactions are carried out across a centralized market, facilitated by a network of liquidity providers that TriumphFX collaborates with. Although the broker's focus is squarely on Forex trading, this may be a limitation for traders looking to diversify into Stocks, Futures, or additional Commodities. For those seeking a broader range of trading options, exploring other regulated brokers might be advisable.
TriumphFX Instrument Selection Score is rated at 3.0 out of 5, reflecting the quality selection of Currency and Metals trading options available. However, the lack of diversity in offering Indices, ETFs, or Shares marks a limitation in their market instruments.
TriumphFX structures its pricing around low spreads and fractional trading, aiming to offer competitive pricing and consistent trading processes. Fees or spreads vary depending on the account type, with higher-tier accounts potentially benefiting from discounts. Starting spreads can be as low as 0.1 pip. Additionally, it's essential to consider rollover or overnight fees, which could be about a 2.5% fee or refund, depending on the position's direction.
TriumphFX's fees are assessed as competitive and on the lower end, receiving a rating of 4.0 out of 5. This rating is the result of our comprehensive evaluation, comparing TriumphFX's fees against those of over 1000 other brokers. It's important to note that fees may vary depending on the specific entity.
Transferring funds to and from your trading account is a crucial aspect of the trading experience with TriumphFX. The broker facilitates account management through an easily navigable online portal, offering a variety of funding methods including Credit/Debit Cards, Bank Wire, Skrill, and Neteller.
TriumphFX's funding methods have been evaluated positively, with an overall score of 4.5 out of 5. The minimum deposit requirement is competitive, set at $100 for the entry-level STP account, which is notably lower than the industry average. Deposit fees are minimal or non-existent, although it is recommended to confirm the specific conditions for your country.
Minimum Deposit
The minimum deposit required to open a standard STP account with TriumphFX is $100, making it an accessible option for many traders.
TriumphFX Withdrawal
Withdrawal processes and associated fees should be reviewed carefully with both the payment provider and the broker, as regulations may vary across jurisdictions. TriumphFX does not charge a commission for deposits via bank wire and e-wallets, although a $3 fee is applied to card payments. Withdrawal fees, on the other hand, are determined by the payment provider.
TriumphFX offers the globally recognized MetaTrader4 platform, catering to both retail and professional traders. Despite its somewhat outdated appearance, MetaTrader4 remains a popular choice due to its wide range of add-ons, tools, and features that enhance trading capabilities. TriumphFX provides its clients with STP execution, allowing for a variety of trading strategies.
The broker's platform is rated 3.0 out of 5, mainly due to the lack of alternative platform options and the outdated design of MT4. However, the broker compensates with upgraded versions of MT4 that are available for all devices, enabling trading on the go and the application of automated trading strategies.
Customer support is an essential aspect of any brokerage service. TriumphFX offers support through various channels, albeit only during the working hours of its Cyprus office. Despite the lack of 24/7 availability, the support team provides quick and relevant responses via live chat and phone lines, earning a rating of 4.0 out of 5.
The educational resources provided by TriumphFX are somewhat limited, especially when compared to the offerings of other brokers. The available materials include Forex Essentials, a Forex Glossary, an Economic Calendar, and in-house Analysis and News feeds. These resources receive a rating of 3.0 out of 5, indicating that beginners may need to seek additional education elsewhere.
In conclusion, TriumphFX offers a balanced trading environment suitable for both novice and experienced traders. The broker leverages technology and pricing strategies effectively, providing low spreads and a reliable trading platform.
However, the broker's limited range of instruments, basic educational resources, and the temporary loss of its Cyprus license are notable drawbacks. Prospective clients are advised to conduct thorough research and consider opening accounts under the CySEC regulated entity for enhanced safety. Alternatives such as FXTM, HotForex, or Pepperstone could also be considered for their excellent trading conditions and strong reputations.
Despite these concerns, TriumphFX remains a viable option for currency trading, users of the MT4 platform, and traders at all levels seeking good trading tools.
