Overview of TriumphFX
TriumphFX is a forex and CFD broker that operates under Triumph Int. (Cyprus) Ltd and Triumph Int. (SC) Ltd, and is licensed by the Cyprus Securities and Exchange Commission (CySEC). However, a number of individuals, organisations, and media have raised red flags about some operational aspects of TriumphFX, namely: customer support, token practices, and fund withdrawal.
Website: https://www.tfxi.com/en
Address: NA
Regulatory Warnings: Financial Supervisory Authority of Malaysia
Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Uneasy Token Behavior Swapping
The worst problem of all is TriumphFX’s abrupt move from USDT (Tether) to its own coin, TFX. Clients complain that TriumphFX changed the price of TFX without their permission, setting it at 1 USDT even though it was trading for less than 1 cent on the TEX Exchange. This major and unapproved change raises serious concerns about potential fraud and abuse.
Delays in withdrawal and inadequate customer service
The lengthy processing time for withdrawals is a common grievance among customers. Approved transactions remain pending since November 2022. TriumphFX’s inaction and lack of response-support tickets remain unanswered, and social media engagement seems to be more important than tackling customer grievances. Anxiety and client mistrust persist.
Insecure Business Practices in the Face of Compliance
Despite TriumphFX’s CySEC regulation, moral behavior is not always ensured by regulation alone. According to a number of complaints, the company may not be acting honestly or in the best interests of its customers, and its methods-particularly with regard to the valuation of TFX coins-are deceitful.
FAQs
1. Is TriumphFX a broker subject to regulations?
Yes, CySEC has granted it a license. Regulation, however, does not protect it from objections for unethical behavior.
2. What is the TFX token’s problem?
TriumphFX is accused of inflating the value of client USDT balances and converting them to TFX against their will.
3. Can I still take my money out of TriumphFX?
Withdrawals are extremely uncertain due to user reports of protracted delays and unresolved tickets.
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