TriumphFX Review – Warnings About Offshore Brokerage Actions
TriumphFX Review – Warnings About Offshore Brokerage Actions

Welcome to the TriumphFX Review. We assume you have many questions about this controversial offshore broker. Is this broker really legit or was it just a wolf in sheep’s clothing all along? Allow us to tell you more about the fraudulent scheme that is TriumphFX.

On top of that, we seriously recommend you not to invest in the fake brokers STB Markets, RXK Capital, and BN93. Do not trade with these unlicensed brokers if you want to save your money!

Broker status:Regulated Offshore Broker
Regulated by:Seychelles’ FSA, CySEC
Scammers Websites:triumphfx.com
tfxi.com
Blacklisted as a Scam by:OJK, MAS, SC
Owned by:TRIUMPH INT. (SC) LIMITED
Headquarters Country:Cyprus, Seychelles
Foundation year:2009
Supported Platforms:MT4 & WebTrader
Minimum Deposit:100 USD
Cryptocurrencies:No
Types of Assets:Forex, Indices, Commodities
Maximum Leverage:1:30 (retail) & 1:500 (professional)
Free Demo Account:Available
Accepts US clients:Yes

TriumphFX – Not A Safe Broker?

We’re afraid it’s true, TriumphFX isn’t safe. Even though the company is regulated, it still has offshore branches that carry uncertainties. The financial swindler, owned by Triumph Int. (SC) Limited, is regulated by CySEC and the Financial Services Authority (FSA) from Seychelles.

The CySEC license ensures that certain clients are secure, but the offshore offices are the problem. The regulatory rules there leave plenty of room for fraudulent activities.

The minimum capital required by the FSA to start operating in Seychelles is just 50,000 $. Moreover, the regulator isn’t as strict as some of its US or European counterparts, meaning clients may not necessarily get segregated funds, negative balance protection or even indemnification.

TriumphFX is a shady provider with a dark past and a dubious offer. The broker offers Forex & CFD trading and intends to defraud mainly Asian traders. Complaints and warnings have damaged the reputation of TriumphFX.

TriumphFX and The License Truth

Some allegations online suggest that TriumphFX is the work of a notorious Singaporean scammer – Hermes Leong. The fraudster is currently on trial in Singapore after being arrested for a 2018 scheme. It started on March 29, 2022.

The charge sheet stated that Leong tried to persuade people to invest in a “foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.”

See here that the Hong Kong regulator SFC put the shady entity on its alert list in 2015:

TriumphFX Alert List SFC

In addition, the New Zealand ruse company was also deregistered that year.�

Today’s TriumphFX uses the same website domain (tfxi.com) as the disputed company. Therefore, there’s strong evidence that Leong is behind this hoax and it’s only a matter of time before the broker gets shut down.

Warnings Issued by Financial Regulators

As the authorities pointed out, Leong’s scheme mainly targets non-English speakers from Asia. Fortunately, three Asian regulators put the fraudster on blast and issued warnings.�

Namely, we’re talking about the scammer’s homeland regulator – the Monetary Authority of Singapore (MAS). Others include the Indonesian OJK and the Malaysian SC. Plus, TriumphFX had a license in Vanuatu but the local regulator revoked it. However, the job is not done as long as TriumphFX is at large.

TriumphFX Warning

What Platforms Does TriumphFX Offer? – Trading Software

TriumphFX offers two platforms – Meta Trader 4 and WebTrader. The former is a staple in the trading industry. It offers numerous advanced features such as automated trading and live market reports.

The latter, however, is a simple browser-based platform that only has basic charts and indicators. It’s good only for beginners.

TriumphFX’s Mobile App

The broker does offer mobile trading as well. MT4 can be downloaded on both Android and iOS via the official app. WebTrader is online so it can be accessed via mobile too.

Mobile trading is good for quick adjustments but a bit we’d recommend desktop trading. Please be careful with TriumphFX considering all that’s been said about the broker in this review.

TriumphFX’s Trading Instruments

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.

TriumphFX Countries of Service

Southeast Asia is the region where TriumphFX engages in fraudulent activities. The con artist predominantly targets unsuspecting traders from the following countries:

  • Malaysia (77.08%);
  • Singapore (5.16%);
  • Taiwan (4.78%);
  • Australia (3.24%);
  • Indonesia (2.17%);
  • Others (7.57%).

This data was taken from similarweb.com and refers to December 2022 activity on the scammer’s website. That month, the website was visited up to 799,900 times, a huge spike compared to November’s 417,900 visits.

Despite warnings from three Asian regulators, TriumphFX managed to survive and keep conducting its scheme via an offshore subsidiary. It’s going to take more effort to put this scammer away. Please share any relevant info about this case with us.

What is more, we strongly advise you not to invest in Avalon WM, SwissRoi and Forex Treasures fraudulent brokers.

What Do We Know About TriumphFX Account Types?

TriumphFX Account Types

When it comes to account types, TriumphFX offers three different options as well as a free demo account:

  • Classic – min. deposit of 100 $;
  • Gold;
  • Premium;

Each account type offers leverage up to 1:30, spreads from 0.1 pips, over 64 instruments, negative balance protection and more. Professional clients can set leverage as high as 1:500.

That’s great but it applies only to the CySEC-regulated broker. TriumphFX can easily deceive you by making invest with the Seychelles offshore branch. That way, regulations are pretty lax and you’re not as secure as with the onshore counterpart.

Moreover, there’s a chance that TriumphFX’s offshore provider tries to make you hand over your account to a manager, which means you won’t be trading at all. Next thing you know, all your funds could go missing so be careful.

Free Demo Account

Since TriumphFX is regulated by CySEC, it has to offer a free demo account. You can access the demo account on the main website, not on the offshore one.

There, you can try things out. However, the issue is opening a live account. You have to make sure you’re not being assigned to the Seychelles branch if you want to be safe.�

TriumphFX’s Funds Security

The broker’s legal obligation is to keep clients’ funds segregated. TriumphFX says it stores the money in “segregated client accounts, separate from the firm’s own money in accordance with the CySEC’s client money rules.”

Bear in mind that this is only due to CySEC. As for the Seychelles branch, the story is different. Offshore entities don’t have to keep clients’ funds segregated, i. e. they can even store them in their own account. Here’s a thought – If the entity suddenly vanishes, what will happen to your funds?

Negative Balance Protection

The same applies here. The Cyprus-based broker will surely keep you protected in case your account hits zero.�

On the other hand, the Seychelles branch doesn’t really care about it. Therefore, you have to be wise and take everything into consideration.

TriumphFX Offers to Divide Investor Funds In Case of Bankruptcy?

What would happen if TriumphFX goes bankrupt? Given that the Republic of Cyprus is a member state of the European Union, the local regulator has to abide by certain rules set forth by the European Markets and Securities Authority (ESMA).

One of the rules includes a compensation scheme of up to 20,000 EUR for clients in case their broker files for bankruptcy. Thus, TriumphFX is liable to pay clients compensation but its offshore subsidiary is not since it doesn’t operate in the EU.

TriumphFX Deposits & Withdrawals

As for the acceptable payment methods, they differ depending on whether the broker is onshore or offshore. Here’s a quick list of them:

  • Credit/debit cards (both);
  • Wire transfers (onshore);
  • Skrill & Neteller (onshore);
  • US Tether (offshore);
  • AliPay (offshore);
  • UnionPay (offshore);
  • OnlineBanking (offshore).

You can see that the offshore options are less transparent and easier for executing fraud. The minimum deposit is 100 $ and there are no commissions, at least not charged by the broker. Also, TriumphFX does mention bank fees.

TriumphFX Broker Scammed You? – Please Tell Us Your Story

This is a pretty sophisticated cyber scam that you don’t see every day. Hence, we understand why traders fall for it. Nevertheless, it’s imperative to put an end to it and we honestly hope you can help us there.�

If you’ve been scammed, please tell us how it all happened so we can report TriumphFX. Also, we are at your disposal if you’re ready to request a refund. Depending on the deposit method, there are several ways to go about it.

What Is the Chargeback Procedure?

  • Credit/debit card transactions can be reversed via chargeback. You can request a chargeback at the issuing bank within 540 days.
  • Wire transfers require a recall. It can only work if the transaction is incomplete.
  • You’ll need expert support for crypto payments. These transactions must be traced to a wallet within a crypto exchange before requesting a refund.
  • If you’ve deposited funds via e-wallets, you’ll have to contact the issuing companies or inform the police about it.

What Is TriumphFX?

TriumphFX is a Cyprus-based broker that scams traders via its offshore branch in Seychelles.

Is TriumphFX a Scam Broker?

Yes. Several Asian regulators have issued warnings against the broker and the company that operates it.

Is TriumphFX Available in the United States or the UK?

The broker accepts clients from both the United Kingdom and the United States.

Does TriumphFX Offer a Demo Account?

The Cyprus website does offer a demo account but the Seychelles website does not.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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