TriumphFX Review 2020
TriumphFX is predominantly a forex trading broker that supplies traders around the globe with competitive trading conditions through the MetaTrader 4 (MT4) platforms for desktop, web and mobile devices (iOS & Android). Whilst they do offer daily market analysis and a variety of trading account types, the non-FX instruments are lacking as is the customer support which is limited to a ticket based system.
TriumphFX Review 2020, Pros & Cons
- Regulated broker
- No dealing desk (NDD) interference
- Equinix Data Centers
- Daily market analysis
- Educational materials
- No USA traders
- Not the lowest spreads
- Limited trading instruments
- Limited funding options
- No telephone contact number
- No online live chat support
In this detailed TriumphFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
TriumphFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including TriumphFX.
TriumphFX Review: Summary
TriumphFX is an online broker that provides financial and investing services to a global clientele. They are committed to establishing long term relationships with their clients and continuously strive to offer competitive brokerage services to traders from all different backgrounds, thus helping to make the markets accessible to everybody.
The broker offers online forex trading to retail and institutional clients, with a multi-bank liquidity feed to help ensure they can deliver reliable trade execution speeds and tight spreads, along with the flexible leverage options that they have available.
The trading infrastructure is hosted in top-notch Equinix’s Data Centers which are designed to be resilient to comply with the requirements of the financial industry. Both of their live primary trade server and failover primary trade server are hosted in data centers which are equipped with state-of-the-art hardware at each level: application servers, storage solutions, network devices, dedicated fiber connections and redundant ISP connectivity. Each of the data center setups is fully owned and designed with the focus on real time applications, enabling TriumphFX to offer their clients a secure, redundant and low latency environment.
TriumphFX combines straight-through processing (STP), non-dealing desk (NDD) execution, electronic communication networks (ECN) and stable high-quality price feeds from some of the largest financial institutions. When you execute a trade position, it goes directly to one or more of the brokers liquidity providers (LPs) based on who provides the best price for the requested volume at that time. They claim to have no dealers sitting between broker and trader to interfere with trades but then they do also offer fixed spread accounts which is usually utilised by a brokerage that incorporates a market maker model.
The broker has won numerous awards from the brokerage industry including the Most Reliable Forex Broker of the Year 2017 at the 21st International Investment & Financial Expo 2017 and Unity Forex, Best Execution Broker Asia Pacific Award 2014.
TriumphFX Review: Regulation
TriumphFX is regulated by the Cyprus Securities and Exchange Commission (CySec) for its operations in Europe. CySEC has the following responsibilities: To supervise and control the operation of the Cyprus Stock Exchange and the transactions carried out in the Stock Exchange, its listed companies, brokers and brokerage firms. A regulated broker can help to give clients the peace of mind that they are trading with a broker who must abide by strict rules and regulations that are implemented in order to help protect investors.
TriumphFX is also registered with the Vanuatu Financial Services commission as one of the regulated financial services providers. The Commission is responsible for the regulation and supervision of investment business and trust and company service providers.
As a regulated broker, TriumphFX must keep all of their client funds in fully segregated accounts that are separate from the brokers assets and distributed across world renowned Tier 1 independent banks. They state that each bank they use must hold an investment grade rating and meet stringent criteria. These client’s funds should not be used for any other purposes such as business running costs, other investments or paying off creditors. TriumphFX periodically evaluates, identifies, monitors and controls each and every type of risk associated with its operation to help try and safeguard the funds of their clients.
TriumphFX Review: Countries
TriumphFX welcomes clients from all over the globe but cannot accept traders from the USA and governmental restrictions along with the brokers policies prohibit them from opening accounts originated from the following restricted and/or OFAC sanctioned countries: Afghanistan, Botswana, Cote d’Ivoire (Ivory Coast), Cuba, Egypt , Gambia, Ghana, Guinea Bissau, Guinea Conakry, Iraq, Iran, Kyrgyzstan, Lesotho, Liberia, Libya Mali, Niger, North Korea, Russia, Senegal, Sierra Leone, Somalia, Syria, Tajikistan, Togo, Turkmenistan, The Democratic Republic of Congo The former Liberian Regime of Charles Taylor, Uzbekistan, Yemen, and Zimbabwe.
Some TriumphFX broker features and products mentioned within this TriumphFX review may not be available to traders from specific countries due to legal restrictions.
TriumphFX Review: Trading Platforms
MetaTrader 4 (MT4)
TriumphFX provide clients with the popular MT4 trading platform that is used by millions of traders all around the globe. It is widely regarded as one of the most user-friendly platforms that is fully customisable and has an abundance of built-in tools for an efficient trading experience. It has a short learning curve which makes it a common choice amongst beginners whilst it is also capable of advanced functionalities to satisfy the more experienced investor.
The TriumphFX MT4 platform can run on desktop (Windows/MAC), directly in web browser without any installations or via mobile apps for Android and iOS devices. This makes it convenient for those who need to access their account and trade whilst on the move. Some of the key MT4 platform features are:
- Fully customisable user-friendly interface
- Displays live bid/ask price quotes in the market watch window
- Multiple chart timeframes/types
- Supports multiple order types
- Vast choice of built-in tools for analysing charts in detail
- Fully automated trading with expert advisors (EAs)
- Strategy tester that can back test EAs over historical data
- MQL community where users can share ideas & tools
- MetaEditor interface where you can create customised tools
- Price alert notifications can be set via SMS, email & platform pop-ups
- Available for desktop, web & mobile
TriumphFX Review: Trading Tools
Unfortunately, TriumphFX do not provide clients with any additional trading tools although the MT4 platforms are likely to have enough to meet the needs of most retail traders. It may be beneficial to some users if the broker were to add trading calculators, sentiment analysis, etc.
TriumphFX Review: Education
Forex Trading Guides
On the TriumphFX website you will find a section dedicated to explaining some of the essential’s of forex trading. This could be useful for beginner traders who are looking to improve their trading skills and knowledge. A range of topics are covered from an introduction to forex traing, trading strategies, trading psychology, chart types and more.
There is a forex glossary page on the brokers website that displays some of the most important terms related to forex trading along with laymen definitions of each.
The forex calendar chronologically shows upcoming economic and political events, statistics and analytics. It provides traders and analysts with the information needed to help them anticipate the potential long-term trends and currency quotes. You can see key data for the fundamental economic indicators: central bank rates, the dynamics of GDP, inflation, employment and many other important news items. Each forex rate depends on the state and prospects of each national economy, its current political situation, ongoing large-scale speculative operations, and many other fundamental factors. Currency rates and financial markets in general are very sensitive to these events. Using this data can help to make informed trading decisions and avoid unnecessary financial losses related to economic or political changes.
The broker provides an impressive daily market analysis for selected instruments. Each analysis goes into details about the current price movements and includes annotated screenshots.
TriumphFX Review: Trading Instruments
TriumphFX currently only offers Forex and Precious Metals trading. They do not offer any Indices or Stocks which gives them a very limited product range when compared to many other brokers, some of whom offer thousands of trading instruments across multiple asset classes. You may view our best online brokers for some alternative brokerages that have a broader range of trading products available.
- Forex: Over 60 currency pairs including FX majors, minors and exotics
- Precious Metals: Trade Gold and Silver against the USD
TriumphFX Review: Trading Accounts & Fees
TriumphFX have accounts with a minimum deposit requirement of $100 and leverage from 1:1 up to 1:500. From Standard to VIP accounts, they provide a trading account for different trader’s needs. There are commission free accounts with marked-up spreads or accounts with lower spreads but a competitive commission charge. You may want to consider the account that is more suited to your trading strategy. E.g. A trader who scalps the market for a few pips may require the account with the lowest spreads available.
- $100 minimum deposit
- Fixed spreads from 1.6
- No commission
- 1:500 leverage
- $100 minimum deposit
- Variable spreads from 1.6
- No commission
- 1:500 leverage
- $500 minimum deposit
- Variable spreads from 0.6
- Commission from $6 per lot
- 1:500 leverage
- $2,000 minimum deposit
- Variable spreads from 0.6
- Commission from $3 per lot
- 1:500 leverage
- $5,000 minimum deposit
- Variable spreads from 0.5
- No commission
- 1:500 leverage
Demo practice trading accounts are available where you can test your trading strategies risk free with unlimited virtual money. The demo account uses real quotes streaming directly from the liquidity providers (LPs). However, demo trading does not always take into account the trader’s psychology and emotions such as fear, greed and anger. These can all have an impact on live trading.
Muslims can start trading without commission and overnight swap charges with TriumphFX as they provide swap free Islamic accounts. The Islamic account allows Muslim traders to trade without paying/earning swap or rollover interest, as this is against the Islamic beliefs. Moreover, traders get to trade under the same trading conditions with the Islamic Variable or Islamic Platinum account.
TriumphFX Review: Customer Service
Very disappointingly, the broker only has a ticket-based system as a method of contacting them. It would be much better if they could provide a direct telephone number or online chat. This is especially important as it may be impossible to speak to someone right away should there be an emergency. This is more than ample enough reason for the trading brokers review team to look for another trading broker.
TriumphFX Review: Deposit & Withdrawal
TriumphFX have a variety of convenient methods for depositing and withdrawing funds from your trading account including Wire Transfer, Credit/Debit Cards, Neteller, Skrill, UnionPay. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Your deposits and withdrawals will be processed within 2-5 business days from the day your funds were sent from your bank account. After confirmation of your deposits, your funds will be immediately credited into your trading account. For any deposit of $500 or above, TriumphFX will reimburse the intermediary bank charges up to a maximum of $70.
All international bank wire transfers may be subjected to intermediary bank charges. The charges are determined by your bank. All costs incurred will be at the expense of the client. Transfers from third parties are not accepted. Funds that are not accepted are returned to the sender. All fees charged by intermediary banks or receiving banks in the transaction will be automatically deducted from your withdrawal amount by the relevant bank.
As broker fees can vary and change, there may be additional fees that are not listed in this TriumphFX review. It is imperative to ensure that you check and understand all of the latest information before you open a TriumphFX broker account for online trading.
TriumphFX Review: Account Opening
If you would like to open a live trading account with this broker then you will need to complete the short registration form on their website. You will need to provide some personal information and proof of identity/address in order to get an account approved. Once your account has been verified by a member of the accounts team, you will be able to fund it, download the trading platforms and commence trading online. It should be noted that you must read all of the brokers terms and conditions before proceeding and only do so if you clearly understand and agree with them all.
TriumphFX Review: Conclusion
Despite being a regulated broker with reasonable trading conditions, the overall product range and services from TriumphFX are very limited when compared with the best online brokers. They do have a generous selection of forex currency pairs to trade on the user-friendly MT4 platform but instruments from other asset classes are lacking. There are some educational materials which beginners may find useful and also daily market analysis to help inspire trade ideas. However, there is no social trading platform integration or PAMM accounts for money managers and investors. Overall, we believe there is certainly room for improvement with this particular brokerage firm.
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds. Before deciding to trade the products offered by TriumphFX you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin.