Is TriumphFX Legal in Malaysia? Is it Safe?
Reliability is the key criterion for choosing any broker. If you have doubts about the reliability of a company, it is not recommended to work with it. Traders from Malaysia often ask “Is TriumphFX safe? Does the company operate legally in the territory of the country, can it be trusted?" Traders Union analysts have prepared a detailed analysis, where we will see whether TriumphFX is legal in Malaysia and whether you can work with this broker.
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.
What information should a broker disclose?
Only the broker that discloses all legal information can be considered reliable. You need to take notice of this factor when choosing the company.
The official website of the broker should contain the following information:
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The name of the legal entity.
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Country of registration.
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Number of the registration certificate.
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Legal address, factual addresses of the offices of the broker.
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License to conduct financial activity.
The information must be published either in a special section on the website of the broker or in the disclaimer. Make sure to check it.
The official website of the broker must also provide internal regulatory documents. Before you start working with a company, review Terms of Use, Privacy Policy, Disclaimer, Risks Notice, and other documents.
Broker regulation
VFSC
The Vanuatu Financial Services Commission (VFSC) is the financial regulator of Vanuatu. It is a government authority that licenses brokers and other financial organizations. It also regulates and supervises companies that obtain licenses for financial activity.
Many brokers obtain the VFSC license, as the requirements of the jurisdiction are minimal. For example, it is not required to have an office in the territory of the country, and the equity requirement is only $50,000. The VFSC has the signs of an offshore regulator, but that does not mean that you cannot with the brokers who hold its license. Before opening an account with such a broker, read the detailed review and user reviews about the broker.
CYSEC
The Cyprus Securities and Exchange Commission (CySec) is the financial regulator authority of Cyprus. The regulator has the power to audit companies and issue licenses to conduct financial activities in the territory of the country.
Cyprus is an EU member and therefore the CySec license also allows companies to operate in the entire territory of the EU. Furthermore, the document issued by the regulator is considered reliable beyond the borders of the EU countries.
Is TriumphFX legal in Malaysia? 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
Brokers that are similar to TriumphFX
In addition to license and reliability, you also need to take notice of the trading conditions of brokers. This is important both for beginners and experienced traders, as the demands of the clients with different experience differ. Traders Union analysts have prepared a comparison table of TriumphFX with similar brokers.
Comparison of TriumphFX with other Brokers
| TriumphFX | RoboForex | Pocket Option | Exness | Tickmill | FxGlory | |
|---|---|---|---|---|---|---|
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, MT5, Tickmill Mobile App |
MT4, MobileTrading, MT5 |
Min deposit |
$100 |
$10 |
$5 |
$10 |
$100 |
$1 |
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 |
Yes |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
8.00%% |
Spread |
From 0.1 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 2 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 |
Instant Execution, Market Execution |
No deposit bonus |
No |
No |
No |
No |
$30 |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
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.
Tickmill is a suitable broker for both professional traders and novices. The company is good for robotic trading as well as for short-term strategies.
FxGlory is a universal broker for active trading that is likely to be interesting for European traders.
Conclusions
Traders Union showed that TriumphFX is indeed very reliable and legal in Malaysia. The company holds all necessary licenses to conduct financial activity; it complies with all key requirements of the regulator. Legality of the broker’s operation in the country is one of the key criteria for choosing the company for trading. It is important to take this into consideration, as well as the trading conditions. In this case, we can say that the broker meets all the reliability requirements.
FAQ
Can I work with a broker who does not hold the license?
Trading with a broker without the license involves high risks. The license guarantees that the company performs its obligations. Working with a broker without the license creates a risk of manipulations with quotes, failure to pay, and other schemes.
Where can I complain if a broker with a license violated its obligations?
If a broker allows a violation of the conditions, you can appeal to the authority that issued the license and to the court.
How do I choose the best broker in Malaysia for beginners?
Novice traders need to consider the brokers with licenses issued in Malaysia or other European Union countries, availability of a demo account or cent account, the level of commissions and fees and minimum deposit, as well as educational materials.
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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.