TriumphFX Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of TriumphFX in Singapore
TriumphFX is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of TriumphFX for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of TriumphFX for traders from Singapore. 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 Singapore
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 Singapore. 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%
|
TriumphFX Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by TriumphFX for traders from Singapore. 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.
Expert Review of TriumphFX
TriumphFX has been providing services for over 12 years, and during that time its main efforts have been aimed at providing clients with high-quality service in the Forex market. The broker specializes in providing direct access to the world’s leading liquidity providers using STP technology. This provides clients with reliable and fast order execution.
The brokerage company TriumphFX offers five types of accounts that are suitable for clients with various financial means: Standard Fixed, Standard Variable, Premium, Platinum, and VIP. The conditions on standard accounts are not that favorable, because the spread starts from 1.6 pips with a minimum deposit of $100. TriumphFX offers the most interesting conditions for wealthy clients on the VIP trading plan, where the spread starts from 0.5 pips in the absence of other commissions. However, the minimum deposit amount rises to $5,000.
On the broker’s website, only the minimum value of the spreads is indicated, which somewhat complicates the calculations. The average value of the spread can differ significantly, and it is often possible to establish it experimentally. The technical support service can also help in clarifying trading conditions, but you can communicate with them only using tickets, which complicates the process. You can wait up to 3 business days for their response.
FAQs
Is TriumphFX legal in Singapore?
Yes. TriumphFX operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with TriumphFX? Does the broker offer courses for traders from Singapore?
Yes, TriumphFX offers good trading courses and a lot of educational information for clients from Singapore.
Can TriumphFX be trusted? Has the broker been operating in Singapore long?
TriumphFX has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with TriumphFX.
Is TriumphFX suitable for novice traders from Singapore?
Yes. TriumphFX offers optimal trading conditions and good education for beginners from Singapore.
How efficient is TriumphFX customer support in Singapore?
TriumphFX offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has TriumphFX had any incidents involving theft of funds of clients from Singapore?
No. TriumphFX provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if TriumphFX violates my rights?
Yes. If TriumphFX violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can TriumphFX clients from Singapore use the broker’s mobile app?
Yes. The mobile app of TriumphFX is available for the clients from Singapore.
Does TriumphFX provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by TriumphFX.
How can I withdraw funds from my account at TriumphFX in Singapore?
TriumphFX supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!