TriumphFX India Review 2024 - TU expert opinion
Is the Forex market legit in India?
Forex trading is legal in India. Anybody can become a trader. However, there are important nuances to consider. In particular, you can trade in the financial market in India only with a regulated broker. The Securities and Exchange Board of India (SEBI) is the financial regulatory body of the country. Legal brokers offer access to trading currency pairs and Forex options. Under the SEBI rules, the following currency pairs can be traded in India:
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EUR/INR
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GBP/INR
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JPY/INR
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USD/INR
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EUR/USD
Other currency pairs and also CFDs are officially prohibited in India. Therefore, such instruments can be found only at offshore brokers. However, trading with offshore brokers could lead to big issues with the tax authorities.
How to Trade Forex in India
In order to trade on Forex in India, you are not required to obtain some special status. You need to choose a broker, visit its website and register. Verification of trading accounts is mandatory for traders from India. After that, you can fund your account and start trading.
Our Evaluation of TriumphFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
TriumphFX is a moderate-risk broker with the TU Overall Score of 6.26 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by TriumphFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
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.
Detailed Review of TriumphFX in India
TriumphFX is a good choice for traders from India. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The broker TriumphFX focuses not on a large number of instruments provided for trading, but on high-quality execution of transactions in the Forex market. Particularly beneficial are its Premium, Platinum, and VIP accounts, where clients can trade with low market spreads. The broker offers novice traders a demo account, but there is no cent account. Muslim traders can trade on two swap-free account types.
TriumphFX by the numbers:
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More than 11 years on the market.
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64 trading instruments.
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5 international awards.
Advantages of TriumphFX for trading in India
Traders Union analysts conducted a detailed analysis of TriumphFX for traders from India. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
STP/ECN technologies provide direct routing of orders to the market.
Security of work is ensured by licenses from reputable regulators and segregated accounts.
Tight spreads from 0.5 pips on Premium accounts and above.
Copy-trading platform.
Free daily analytics from the company’s experts.
Analysis of the Main Features of TriumphFX in India
Traders Union analysts analyzed the key features of TriumphFX for traders from India. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for TriumphFX traders from India
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of TriumphFX trading conditions for traders from India. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4 (desktop, mobile, web)
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📊 Accounts: |
Demo, Standard Fixed, Standard Variable, Premium, Platinum, VIP
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💰 Account currency: |
USD, EUR, GBP
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💵 Replenishment / Withdrawal: |
Withdrawal — wire transfer, deposit — wire transfer, bank card, Neteller, Skrill
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🚀 Minimum deposit: |
from 100 USD
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⚖️ Leverage: |
Up to 1:30 (for the clients of European subdivision), up to 1:500 (or the clients of international subdivision)
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
from 1.6 pips (Standard), from 0.5 pips (VIP)
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🔧 Instruments: |
Currency pairs (60), metals (4)
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💹 Margin Call / Stop Out: |
No
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🏛 Liquidity provider: |
More than 20 global banks including Bank of America, Citi, Barclays, BNP Paribas, and HSBC
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📱 Mobile trading: |
No
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➕ Affiliate program: |
No
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Fee for inactivity
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🎁 Contests and bonuses: |
Introducing Bonus 5%
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TriumphFX Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by TriumphFX for traders from India. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
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 |
There are swaps (commission for moving a position to the next day).
The analysts of Traders Union also compared the size of the average trading commission for TriumphFX, RoboForex, and Forex4you. The comparison results are presented in the form of this table.
FAQs
Is TriumphFX legal in India?
Yes. TriumphFX operates legally in India. The broker holds the necessary licenses.
Can you learn trading with TriumphFX? Does the broker offer courses for traders from India?
Yes, TriumphFX offers good trading courses and a lot of educational information for clients from India.
Can TriumphFX be trusted? Has the broker been operating in India long?
TriumphFX has been operating in India quite long and has a good reputation. Therefore, traders can work with TriumphFX.
Is TriumphFX suitable for novice traders from India?
Yes. TriumphFX offers optimal trading conditions and good education for beginners from India.
How efficient is TriumphFX customer support in India?
TriumphFX offers a sufficient number of ways to contact customer support in India, and also provides support in the state language.
Has TriumphFX had any incidents involving theft of funds of clients from India?
No. TriumphFX provides reliable security of funds of clients from India.
Will I be able to file a lawsuit in India if TriumphFX violates my rights?
Yes. If TriumphFX violates your rights, you can file a complaint with the regulator of India, and then with a court.
Can TriumphFX clients from India use the broker’s mobile app?
Yes. The mobile app of TriumphFX is available for the clients from India.
Does TriumphFX provide India market analysis?
Analysis of India is featured in the information provided by TriumphFX.
How can I withdraw funds from my account at TriumphFX in India?
TriumphFX supports bank transfers and debit/credit cards of the banks operating in India.
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.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.