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WikiFX Review: Traders need to understand the current situation of TriumphFX
Abstract： Recently, TriumphFX is a trending topic in the forex industry. It is not the first time that WikiFX reported this broker publicity. In the previous article, WikiFX has exposed this broker for taking clients’ money away fraudulently. In today’s article, WikiFX will have a comprehensive review of TriumphFX so that you will have a clear understanding of this broker.
About TriumphFX
Founded in 2009, TriumphFX is a Cyprus-based online forex broker, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model. TriumphFX offers investors a small range of trading instruments, including over 60 pairs of the most popular major currency pairs in the Forex market, minor currency pairs, and exotic currency pairs, as well as gold and silver.
Account Types& Minimum Deposit
TriumphFX offers three different types of accounts, namely Classic Accounts, Gold Accounts, and Premium Accounts. The base currencies of the accounts are EUR, USD, and GBP, and the minimum trade lot size is 0.01.
Leverage
TriumphFX, as a Cyprus-regulated broker, offers the maximum trading leverage of up to 1:30 for forex instruments, as well as gold & silver. Traders can adjust the leverage according to their knowledge and experience, and professional clients can trade with a maximum leverage of up to 1:500.
Spreads
The minimum spread on the TriumphFX platform is 0.4 pips for EURUSD, 0.1 pips for EURGBP, 1.2 pips for GBPUSD, 0.8 pips for USDJPY, and 1.7 pips for XAUUSD, and 1.7 pips for XAGUSD.
Trading Platform
TriumphFX offers traders the flexibility to choose from the market-leading and widely acclaimed MT4 trading platform, as well as MT4 Windows, MT4 iOS, and MT4 Android. MT4 is known as the ideal forex trading platform with powerful charting and data analysis tools, an intuitive and clear interface, and support for EA intelligence. MT4 can develop suitable trading strategies for traders of different levels, helping traders to trade with ease.
Deposit & Withdrawal
TriumphFX supports clients to deposit and withdraw funds to their investment accounts via VISA & MasterCard wire transfer, NETELLER, Skrill, and AstroBank. The minimum deposit amount is 100 EUR/USD/GBP. Users who deposit funds via VISA & MasterCard pay a fee of 2 EUR/$3/£2. Traders withdrawing funds via Skrill & NETELLER pay 1% commission and withdrawing funds via VISA & MasterCard pay 2 EUR/$3/£2.
Regulation: Is TriumpFX legit？
TriumphFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) for its operations in Europe, with regulatory license number 293/16. TriumphFX is also registered with the Vanuatu Financial Services Commission, but this license was already revoked. Please note that this broker has been blacklisted by WikiFX. You can see that WikiFX has marked this broker as “Illegal”. Thus, WikiFX has given this broker a very low score of 2.00/10.
Ponzi Scheme
As we know so far, this broker is getting involved in a Ponzi Scheme. the agent of TriumphFX kept asking clients to develop downlines. It is a financial investment scam where the money gathered from the new investors is paid to the existing investors. The scammers also can pay their new investors with deposits from early investors. Therefore, many investors didn't know the truth at the time, and they felt reassured and decided to invest more. This is pyramid scheme fraud, which is extremely concealment, and deceptive. Many investors will eventually lose money after depositing the money since they can no longer find these fraudsters.
A lot of “Clones” on WikiFX
On WikiFX, we found a couple of brokers who are the same name as TriumphFX. These brokers can hardly be Suspected of counterfeiting clones. Usually, large regulated brokers are more likely to have Scammers impersonate them.
Feedback from traders
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts. As of June 9, 2022, WikiFX did not receive any exposure to this broker.
As of August 24, 2022, WikiFX has received 17 complaints against this broker within recent 3 months. Below are some of them that we want to show you.
As we can see from the above, the biggest problem of this broker lies in withdrawal rejection.
Conclusion
TriumphFX is a forex broker that got involved in a Ponzi Scheme. We think TriumphFX may not have enough capitals to run its business. It is predictable for it to reject clients withdrawal requests. We advise traders to avoid this broker as you do not want to lose everything to the last penny.
WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!
If you want to know more about this broker, you can read our previous article by clicking this link.https://www.wikifx.com/en/newsdetail/202207186084398002.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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