TriumphFX Review 2023
TriumphFX is an international broker that provides top-quality financial and investment services to traders all over the world. With a combination of straight-through processing (STP), electronic communication networks (ECN), high-quality price feed from the largest financial institutions, and non-dealing desk (NDD) execution, the broker provides traders with some of the most competitive trading conditions in the industry.
In this post, we reviewed TriumphFX’s brokerage services, assessing its regulations, platforms, global access, registration, account options, leverage, trading fees, customer support, education, and reputation.
Regulation and Security
TriumphFX is regulated in multiple jurisdictions as follows:
- In the Republic of Cyprus, TriumphFX is licensed by the Cyprus Securities and Exchange Commission(CySEC) with the license number: 293/16.
- In Italy, TriumphFX is registered with Commissione Nazionale per le Societā e la Borsa, with the registration number: 4493.
- In France, TriumphFX is registered with the Financial Agents Register (Regafi), with the registration number: 76279.
- In the Netherlands, TriumphFX is registered with The Dutch Authority for the Financial Markets (AFM).
- In Estonia, TriumphFX is registered with the Finantsinspektsioon. The Financial Supervision Authority (EST: Finantsinspektsioon) is a financial regulator in Estonia.
- In Germany, TriumphFX is regulated by the Federal Financial Supervisory Authority (BaFin).
- In the Czech Republic, TriumphFX is supervised by the Czech National Bank (Česká národní banka, ČNB).
The broker’s funds are kept separately from clients’ funds. TriumphFX does not use clients’ funds to run its operations. So, in the event of insolvency or any other analogous events, clients’ funds will be safe. As a CySEC-regulated broker, TriumphFX complies with Investor Compensation Fund (ICF) modality for EU traders. That is, EU traders are protected to the tune of €20,000 in the event of the broker’s bankruptcy.
Negative Balance Protection
Negative balance protection is a safety mechanism that ensures no client is responsible for paying back a negative balance when margin calls and stop-outs do not function correctly. It is a requirement by the regulators, and the broker complies with it.
TriumphFX protects clients’ personal information using the best encryption and SSL technology. This ensures the security and safety of clients’ sensitive data on the broker’s platforms.
Is TriumphFX available worldwide?
Operating from Limassol, Cyprus, the broker offers its services to EU residents and traders from other parts of the globe. However, it does not serve US residents and traders from any country where the use of such services would be contrary to local laws and regulations. Click here to see the full list.
The forex trading platform is one of the most essential elements forex traders consider before signing up with a broker. In view of that, TriumphFX provides its clients with the market-leading MetaTrader4 trading platform and mobile trading apps.
MT4 is a highly customizable platform that is used by millions of traders across the world. Launched in 2005 by MetaQuotes, the platform comes with many interesting features, including automated trading and access to trade multiple financial instruments. The platform is fully equipped with all the best forex trading tools, including 3 chart types in 9 timeframes, many built-in indicators, drawing tools, a strategy tester, and support for custom indicators and trading scripts.
MT4 offers the following benefits:
- Simple and user-friendly interface.
- Customizable view, you can put any group of colors for every forex chart.
- Three Major types of forex charts: Bars, Candlesticks, and Line charts.
- Nine timeframes.
- More than 50 built-in indicators for trade analysis.
- Ability to use as many indicators on one chart.
- Multiple chart setups.
- Automated trading and real-time data export via DDE protocol.
Also, if a trader wants a printout, the platform can print “on paper.” Above all that, what makes everything in the MT4 platform great is “how plain and simple” the trading software is. The platform is available as a desktop application for Mac and Windows computers and a web-based trading terminal. There is also the mobile version.
TriumphFX allows traders also to access the intuitive MT4 trading platform on their mobile devices. The broker offers a mobile app for the MT4 trading platform. This mobile app can be used on iPhones, iPad, Android, or Windows system devices. It is best suited for traders who wish to access their trading accounts and place trades while on the go. The app can be downloaded from the relevant app stores.
Other trading tools
The broker also provides traders with some other useful trading tools, including the following: copy trading signals, economic calendar, and more.
The economic calendar is an essential trading tool that is available to TriumphFX clients. The economic calendar chronologically shows upcoming economic and political events, statistics, and analytics. It provides traders and analysts with the information to predict long-term trends and currency quotes.
TriumphFX offers three account types: the Classic account, Gold account, and Premium account.
The Classic account is the most basic account a client can open. It requires a minimum deposit of $100 and allows clients to trade multiple financial instruments on the MT4 trading platform. The spreads start from 0.1 pip for EUR/USD, and leverage of up to 1:30 is available. Other benefits of the Classic account include support for hedging strategies, negative balance protection, a senior manager account, and more.
The Gold account also has a minimum deposit requirement of $100. It allows clients to trade 64 financial instruments on the MT4 trading platform. The account has tight spreads starting from 0.1 pip for EUR/USD, and leverage of up to 1:30 is available. Users of the Gold account can enjoy the following benefits: daily market analysis, demo account, support for hedging techniques, negative balance protection, senior manager account, and more.
The Premium account is the most advanced trading account at TriumphFX. The account has all the essential features of the Gold account. It also has a minimum deposit requirement of $100. It allows clients to trade 64 financial instruments on the MT4 trading platform. The account has tight spreads starting from 0.1 pip for EUR/USD, and leverage of up to 1:30 is available. Some benefits of the Premium account include daily market analysis, demo account, hedging, negative balance protection, senior manager account, daily market insight, and more.
The swap-free account is an interest-free account that is provided for Muslim traders who don’t want to pay or receive swap fees and can open a swap-free account.
The demo account is a practice account that comes preloaded with virtual funds for practice purposes. The demo account allows traders to explore the broker’s trading platform and try various trading strategies without risking their funds. The demo account is available on all the live trading accounts.
If you’ve made up your mind, click here to start the application process.
To open a trading account with TriumphFX, click the “Register” button at the top right corner of the broker’s website. You will be directed to the online application page, where you will be required to choose whether you want to create a live account or a demo account. Whichever one you select, you will have to fill out the account creation form, providing your name, email, phone number, country of residence, and date of birth, as you can see in the form below:
After completing the form, you may be required to answer some questions about your trading experience and source of income. The broker will also ask you to submit your means of identification (a government-issued ID) and proof of address (a utility bill or bank statement not more than three months old) to verify your account.
Deposit and Withdrawals
TriumphFX supports multiple secure payment methods for account funding and withdrawals. The available payment methods include the following:
- Wire Transfer
- Credit Card and Debit Card
- China Union Pay, and more.
Due to anti-money laundering regulations, deposits and withdrawals must be made from and paid to the same person as the trading account holder. No third-party payments are allowed.
The transaction fees vary with the payment methods, and some of the methods may not be available in your particular country. Click here to contact the support team for more details and avoid problems later on.
TriumphFX provides traders with over 64 financial instruments across different asset classes, including forex, indices, shares, commodities, precious metals, and more.
With many available trading instruments, you can diversify your portfolio to limit risks.
Commissions and Fees
TriumphFX’s trading fees include spreads and swap charges. The broker does not charge commission fees, and its spreads are low, starting from 0.1 pips on all the available live trading account options. TriumphFX charges both deposit fees and withdrawal fees. It also charges an inactivity fee. Swap fees vary, and details can be found on the trading platform when you have an overnight position.
Leverage enables you to increase your position size by borrowing from the broker. However, while it helps you increase your potential profits, it can also magnify losses, so use it with caution.
In line with the EU’s MifID II rules, TriumphFX offers a leverage of up to 1:30 only to retail traders on all the live trading accounts.
Analysis and Education
TriumphFX understands the importance of educating traders. It provides traders with a good selection of educational resources, such as market analysis, learning articles, ebooks, FAQs, a glossary, and market news that keeps traders up-to-date with the latest happenings in the financial markets.
TriumphFX provides clients with a responsive client support team. The support team is available 24/5 and can be reached via various contact channels, including callback form, email (firstname.lastname@example.org), and telephone (+35725030337). You can also request a callback from their contact page or reach them via social media channels — Twitter, Facebook, or Instagram.
Reputation amongst Traders
The broker has received many positive reviews on multiple trading forums and websites. On Trustpilot, for example, it got 3.9 out of 5 based on 246 reviews. Many traders praised the broker for its professional fund managers.
Over the years, TriumphFX has won several industry awards for its excellent brokerage services. TriumphFX had been awarded “The Most Influential Broker in Asia (Gold)” in Wiki Finance Expo Kuala Lumpur 2019.
Can beginners trade with TriumphFX?
Beginners can easily trade with TriumphFX since the broker provides training resources and offers a demo account to help new traders familiarize themselves with its trading platforms. A $100 minimum deposit is also attractive to beginners.
TriumphFX is an EU-regulated online trading broker that offers EU-based trading conditions to its global clients. It offers 1:30 leverage and provides a range of educational resources and the powerful MT4 trading platform. Its most interesting features include tight spreads that start from 0.1pips, no commission charges, and a minimum deposit of $100.