Is TriumphFX Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with TriumphFX try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether TriumphFX is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker TriumphFX
TriumphFX is an STP broker that has been providing services since 2009. The company offers trading in 60 currency pairs on the Forex market, as well as 4 precious metals. The company’s international division is licensed by the VFSC (Vanuatu Financial Services Commission, registration number 17901). The European division of the company is regulated by the Cyprus Securities and Exchange Commission (CySEC, No.293/16). The broker’s reliability has been recognized by five prestigious international awards, including Most Reliable Forex Broker of the Year 2017.
| 💰 Account currency: | USD, EUR, GBP |
|---|---|
| 🚀 Minimum deposit: | from 100 USD |
| ⚖️ Leverage: | Up to 1:30 (for the clients of European subdivision), up to 1:500 (or the clients of international subdivision) |
| 💱 Spread: | from 1.6 pips (Standard), from 0.5 pips (VIP) |
| 🔧 Instruments: | Currency pairs (60), metals (4) |
| 💹 Margin Call / Stop Out: | No |
Pros and cons of TriumphFX
👍 Advantages of trading with TriumphFX:
•When executing transactions, the technology of direct routing of transactions to liquidity providers (STP) kicks in.
•The minimum deposit is $100.
•Negative balance protection.
•High quality of execution of transactions due to the presence of a modern data center.
•Compensation of client’s expenses for banking services with a deposit of more than $500.
👎 Disadvantages of TriumphFX:
•Small inventory of trading instruments.
•High spreads on the most affordable account types.
•Small selection of withdrawal methods.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is TriumphFX Regulated? Broker’s license
Security (Protection for Investors)
TriumphFX is a multi-country licensed broker. Each of the divisions complies in its activities with the requirements of local regulators. Read more about TriumphFX security here.
Triumph Int. Limited is an international division of the company, which operates under license from the Vanuatu Financial Services Commission (VFSC). The registration number is 17901. This division does not provide services to customers in the United States, as well as residents of certain other countries; a complete list of which can be found on the website.
Triumph Int. (Cyprus) Limited is the European division of the company, which is authorized to provide services to clients from the European Economic Area. The division is regulated by the Cyprus Securities and Exchange Commission (CySEC).
👍 Advantages
- The broker is licensed and works officially
- There is negative balance protection
- Segregated accounts
👎 Disadvantages
- When registering, you have to provide detailed information about your financial situation
- Customers of most countries can only work with an offshore subdivision where customer protection is low
- Withdrawal of funds is possible only via bank transfer
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by TriumphFX, which you can see below.
The experts at Traders Union analyzed the trading and non-trading fees of TriumphFX. On account types Standard Fixed and Standard Variable, a spread with a minimum value of 1.6 pips is held as a brokerage commission. On the Premium account, there’s a floating spread from 0.6 pips plus and a commission of $6 per lot; on the Platinum account, there’s a floating spread from 0.6 pips plus a commission of $3 per lot; and on the VIP account, the floating spread is from 0.5 pips.
Non-trading commissions. When withdrawing funds, the commission of the intermediary bank will be from $25 to $75. The broker compensates the bank’s commissions for deposits, but only in case of a deposit starting from $500.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | from $16 | Yes |
| Premium | from $6 | Yes |
| VIP | from $5 | Yes |
Brokers that are similar to TriumphFX
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of TriumphFX conditions with its closest competitors.
Comparison of TriumphFX with other Brokers
| TriumphFX | RoboForex | Pocket Option | Exness | FxPro | XM Group | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, Mobile platforms |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MobileTrading, MT5, cTrader, FxPro Edge |
MT4, MT5, MobileTrading, XM App |
Min deposit |
$100 |
$10 |
$5 |
$10 |
$100 |
$5 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 0.1 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0.6 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
STP |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
Yes |
TriumphFX is a broker with an emphasis on the high-quality execution of transactions in the Forex market. At the same time, the general list of represented markets is rather small.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FxPro is a reliable broker company that offers market access to all traders, regardless of their level of knowledge and experience. Broker's clients are protected from negative balance; their activities are carried out in comfortable conditions and with competent professional support.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
Conclusions
TriumphFX cannot be considered absolutely reliable. The broker operates on a license of an offshore regulator. This creates certain risks regarding security of your funds. The broker has a good reputation. However, you can work with companies with an offshore regulation only at your own risk.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.