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TriumphFX Review

triumphfx.com in brief

 

The website triumphfx.com is operated by Triumph Int. (Cyprus) Limited, which is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC). In addition, TriumphFX is also a trade name of Triumph Int. Limited, which operates the website tfxi.com and is authorized by the Vanuatu Financial Services Commission (VFSC). TriumphFX describes itself as an international brokerage house providing top quality financial and investment services. It claims to deliver efficient services with a combination of Straight-Through Processing (STP), Non-Dealing Desk (NDD) execution, Electronic Communication Networks (ECN) and stable high quality price feeds from the largest financial institutions. Customers can trade 60 currency pairs, Gold and Silver through the widespread terminal MetaTrader 4 (MT4). You can start trading by investing a minimum USD100.

Regulation

 

For a start, it is good to check the regulation of the brokerage company. TriumphFX is a brand owned and operated by Triumph Int. (Cyprus) Limited, which is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license number 293/16. Client funds are held in segregated client accounts, separate from the firm’s own money in accordance with the CySEC’s client money rules. The company must comply with EU and local regulations such as the European Markets in Financial Instruments Directive II (MiFID II).

In addition, Triumph Int. Limited is regulated by Vanuatu Financial Service Commission (VFSC) under license number 17901.

 

Account Types

The CySEC-regulated company offers three types of live trading accounts. As there are no other clauses for the required initial deposit, they differ only in the customer access to webinars and 1 vs 1 market analysis. The minimum required deposit is USD100 for all account types. Spreads are equal for all traders and all account types, without charging extra fees and commissions, the company claims.

Classic Account – You have no access to webinars and 1 vs 1 market analysis.

Gold Account – You have access to market analysis only.

Premium Account – You can use both, 1 vs 1 market analysis and webinars.

However, if you trade with the VFSC-regulated company, you can open 5 types of live trading accounts. They differ in the initial deposit required and offered spread and commissions.

What Type of Brokerage the Company is?

 

The Order Execution Policy document confirms that the company executes client’s orders in CFDs as an agent to the client and not as s principal, arranging them for the execution with the execution venue. The company’s current execution venue is GBE Brokers Ltd, an investment firm, which is authorized by the CySEC. Upon receipt of the client’s order, the company opens an exactly identical order on the name of the client with the market maker, per order received or accumulatively. In this respect, the company executes the client order by acting as a broker. This means that it uses the Straight Through Processing (STP) model to execute client’s orders; Therefore, there is no conflict of interest, and the company earns money only from the spread and commissions.

The same file warns of slippage – the difference between the expected price of an order, and the price the order is executed at. In other words, the client orders may not be executed at declared prices. It is noted that all types of orders are subject to slippage. This means that the company does not guarantee the execution of pending orders at the price specified. They will be executed at the next available market price – stop loss orders are not guaranteed.

The content of the Terms and Conditions document confirms that the company guarantees that the losses will not exceed the total funds available in the trading account(s) of retail clients – (Negative Balance Protection).

 

Fees

 

Brokerage companies usually derive their profit from the fees they collect. There are some common fees, such as spreads, swaps, and rollovers. Some brokerage firms impose additional fees such as the inactivity fee. If your account remains inactive (no login or trades were detected) for a period of at least twelve (12) months, it will be considered as dormant. Then the company will have the right to charge a service fee of EUR/USD/GBP5 per month on the funds held in your account. The inactivity fee will be charged on the 1st day of the month.

 

Deposits and Withdrawals

 

Deposits can be accomplished by bank transfer, credit/debit cards or by e-wallets such as Neteller and Skrill. The minimum deposit amount is USD100. The company does not charge fees on deposits made by bank transfers and e-wallets. However, there is a USD3 commission when you deposit by credit or debit card. In addition, intermediary banks may charge a fee according to their own fee configuration and you will cover them. Deposits made by bank transfer have a processing time of up to 5 business days, and there made by credit, debit cards or e-wallet, are processed on the same business day.

All withdrawn funds will be sent back to the same account via the same method from where the initial deposit was received. Any profit (above the deposit amounts) can be withdrawn using other available methods. Once a withdrawal request has been submitted, it usually will be processed on the same business day. After its approval, funds will be in the customer’s account within 3-7 working days. All withdrawals are subject to intermediary bank fees within USD25-USD70 per transaction, the company warns. All these fees will be automatically deducted from your withdrawal amount by the relevant bank. The other withdrawal fees are USD3 for payments made by credit or debit cards and 1% for the payments made by Neteller and Skrill. In case a client performs a withdrawal request without any trading activity from the last deposit made, TriumphFx reserves the right to charge the client the equivalent amount of any deposit fees incurred, or 3% of the total withdrawal amount.

 

Trading Platforms

 

The company provides its online services through the MetaTrader 4 (MT4) trading platform. It offers three separate chart types, many technical indicators, and an easy customization. You can monitor the market closely and take a better decision when to enter and exit it. A significant advantage is the ability of automated trading – you can use available indicators or Expert Advisors (EAs) or create new ones using the MQL4 language. MetaTrader platform is available as a desktop version and as a mobile application for iOS and Android smartphones.

 

Assets

Forex – You can trade 60 major, minor, and exotic currency pairs. The minimum spread for the EUR/USD pair is 0.4 pips and its average value is 0.6 pips.

Commodities – 2 precious metals – Gold and Silver are available for trading. The average spread for the Gold is USD0.22 and for the Silver is USD0.18.

 

Education

 

There is a section with educational materials on the webpage. The Tools section contains a description of forex, chart types, risk, strategies and more. Here you can also find market analysis, economic calendar and Forex dictionary.

 

Summary

 

TriumphFx is regulated by the CySEC and this license allows it to provide financial services throughout the European Union. It is also regulated by the VFSC. The brokerage uses the STP model to execute orders transmitting them to its liquidity providers. The company provides not so wide range of trading instruments (shares and indices are not among them) via the popular MT4 terminal. There are three types of live accounts that require USD100 as a minimum deposit.

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