Forex trading scams typically emulate the selling approach of presumed organizations or brokers. The development of scams in the forex market makes traders question genuine brokers. Some scam brokers guarantee to be enrolled or regulated by the administration but are also involved in scams. One such broker is Triumph FX which has been accounted for tricking individuals. Read this TriumphFX review to know more about the scams.
Now the question is – Is TriumphFX regulated? The answer is yes. The Triumph FX is enrolled with CySEC, the genuine controller of Cyprus. But, the broker likewise has an offshore branch in Vanuatu, which implies that a few traders probably won’t be under the security of CySEC, yet just frail worldwide insurances. This has prompted many Triumph FX objections.
Introduction to Triumph FX Review:
Forex scams have become a very popular form of financial scams over the past few years. A much needed detailed research is required before investing your hard-earned money with any broker. Also, trading with any unregulated brokerage firm should be avoided in order to prevent yourself from potential scams. A brokerage firm, in order to be responsible, should get it licensed from a two-tier regulator or from the well-recognized top regulators. Here, let’s go through one of the forex brokers Triumph FX, which is regulated by CySEC, but a lot of investors have shown concern about the problems faced while withdrawing the funds from the platform. Hence, the traders need to be careful while investing with this forex broker.
Triumph FX is a Cyprus-based forex firm. It was founded in 2009 and claims to offer professional online trading services in over 60 pairs of the most popular currency to their investors and institutional clients, It is through the NDD and STP order processing model that is based on price feeds from the largest providers. It claims to be a top-quality financial and investment service provider. Believing in offering equal opportunity to the investors, their services are not only limited to the professional investors but to everybody new in this place. As stated by the researchers, Triumph FX is credited with the STP license from the UK Financial Conduct Authority (FCA). It has also been credited with a retail forex license from Federal Financial Supervisory Authority. Although regulation gives credibility to the brokers, it does always means that every regulated broker is honest.
The trading platform offered by Triumph FX is MT4 that is easy to use and offers all a trader needs. It also offers a desktop and mobile user interface.
Triumph FX Minimum Deposit:
The minimum deposit offered by Triumph FX is 100 EUR/USD/GBP. Traders or Investors can deposit their amount through VISA or MasterCard wire transfer. The payment methods are limited here, making it a potential scam broker.
Triumph FX Leverages and Spreads:
Triumph FX offers the 3 types of accounts facility i.e Classic, Gold, and Premium Account with leverage of 1:30, maximum leverage of 1:100 for currency pairs, and up to 1:100 for gold and silver. If offers the professional traders the facility to trade with a maximum leverage of 1:500 whereas, the other traders can adjust according to their knowledge. Again, making it a doubtful scenario of trading with them. The minimum spread for EURUSD is 0.4 pips and for EURGBP it is 0.1 pips.
Is Triumph FX a Legit or Scam Broker?
As stated above, a lot of forex brokers are regulated under a top authority, but it does not hold true for every broker to offer honest services. Triumph FX being regulated by CySEC still serves the problem in withdrawing the funds. In a nutshell, Triumph FX is an offshore entity, with no choice of trading platforms and a limited option for payment. All these points make it a potential scam forex broker. Hence, it is advisable for all investors to take a deep look into the broker before investing a huge amount of your money earned.
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