TriumphFX is a company with a warning from Singapore, and Indonesia financial agencies. Investing in the scheme exposes you to severe risks. The venture has multiple red flags.
TriumphFX assures investors they will trade safely. The company is instilling confidence in clients. The venture states it creates a safe investment environment to empower clients. All you have to do is to open an account. However, the big question is whether the entity will deliver its promise. In most cases, such platforms end up exiting the market prematurely.
The company deals with forex, commodities, and indices trading. These products are volatile. Therefore, you will make profits and sometimes losses. There is no in-between. Legitimate platforms maximize the returns while minimizing the losses. You will also need adequate skills to thrive in the market.
Ponzi schemes make trading sounds like a child’s play activity. Some don’t disclose the risk involved. There are various learning materials online that are helpful. Therefore, ensure you gain all the relevant insight before investing.
TriumphFX is accepting clients from every corner of the world. It is a good thing not to discriminate against interested investors. However, the platform has made no effort to observe the set rules of the region. They are mainly targeting traders from Malaysia, Singapore, and United Kingdom.
The broker has an SSL certificate. Customers’ data is protected from hackers. Unfortunately, this should be the least of your concern when you willingly share your data with fraudsters. They can sell the information to criminals or use it to manipulate you into depositing more cash.
Nothing good shall come out of this anonymous platform. Instead, invest with some of the best forex trading brokers in the market. These are reputable and trustworthy companies with years of experience. They also work with professionals. Customers earn real-time returns.
Who Owns TriumphFX?
It is crucial to know the founder of the parent company behind the broker you intend to venture with. Unfortunately, TriumphFX is a platform thriving in discreteness. Without knowing the people running the entity fund recovery process is impossible.
Investors should also stay away from anonymous brokers. Legitimate companies publish the names of their team. Crediting them for the good work. Additionally, it is a mandatory requirement by financial bodies for a platform to operate in full transparency. It also instals confidence in customers knowing their funds are in safe hands.
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Nonetheless, sources list Hemes Leong as the owner of TriumphFX. He is a Singaporean fraudster who in the past was put behind bars. Leong was linked to the Singliworld pyramid venture. Ponzi schemes don’t exit the market without the intention of coming back. They only change their domain name and website design. It becomes easy for them to steal from more innocent people.
The Domain Insight
Tfxi.com has been in the market since January 2008. It is enough time for the venture to provide trading performance. Unfortunately, there is no proof the company is involved in investment services. There is speculation the founder may originate from Malaysia.
The entity has high traffic of 76%. It seems their financial narrative is appealing. TriumphFX has a registration document from Vanuatu. However, the form is irrelevant and does not prove the authenticity of the company. Scammers use fake materials to deceive customers they are legally in business.
TriumphFX Trading Conditions
The broker has three trading accounts; Standard, VIP, and Islamic. The minimum deposit is $100. The firm advertises a spread of 1.6 pips for the EURUSD pair. The leverage is 1:500 which is above what most regulatory watchdogs approve. A high cap can either lead to high returns or devastating losses.
TriumphFX has a metatrader4 interface. The software is the best in the market. It has several advanced features. Sadly, it bears another company’s name. The broker shares the profit generated by the fund manager with traders.
The company has an affiliate program. For every person that signs up using your referral code, you earn a 5% bonus. There is also a residual referral commission for members that invite customers and they deposit $3000. The platform is using the uni-level compensation. You will be at the top of the referral chain radar. There are three levels below you. That is the first level, second, and third level.
It means any person that is linked to the person you invited will benefit you. It creates some kind of infinite reward. At levels 1 and 2 you will earn a commission of 20%. Level 3 and 4 rewards are 10%, Level 5 and 6 commission is 5%, level 7 and 8 reward bonus is 3% while level 9 and 10 commission is 2%.
By simply participating in the affiliate program you will be rich overnight. The program is not viable. Moreover, there are no products and services being offered. You will have to convince people the entity is worthy. If they lose funds you shall be blamed.
Contact Details and Customer Support
Every form of business features its contact details. It helps customers to easily reach the scheme. Sadly, TriumphFX is operating as anonymously. There is no office address, phone number, or email address. If you face any challenge it is impossible to contact the firm.
You should not settle with a broker that doesn’t value excellent customer experience. Legitimate companies respond in time. They work with professionals and are only a phone call away.
Are Funds safe at TriumphFX
Unfortunately, TriumphFX is not a reliable platform. The entity fails to provide fund safety to investors. Nonetheless, the venture claims it has a license. The broker boldly states the Financial Service Authority (FSA) of Seychelles approves their services. They even feature a license number on the website.
Sadly, the information is misleading. The company is illegally in business. A legitimate venture must work with a reputable financial institution to segregate its accounts. If you deposit funds in this website it shall be impossible to withdraw.
Moreover, the regulatory body of Malaysia (SEC) has issued a warning against TriumphFX. The agency speculated the entity might be a fraud back in 2020. It is a surprise the broker is still in business to date. Any platform dealing with derivatives must first acquire a license in all regions it offers services.
Jurisdiction in countries like the USA, Canada, UK, Australia, and Malta have even strict measures than in offshore regions. In the USA a broker must deposit capital of $20 million while in the UK the amount is 730K EUR. The amount acts as an assurance the platform can survive the market volatility. It is also evidence the firm won’t misuse customers’ funds.
In the case of insolvency, traders stand a chance of receiving compensation from the business. The major problem with scammers is they will leave you high and dry. TriumphFX does not care about clients’ security. Walk away from the exposed scheme while you still can.
TriumphFX Clients Testimonials
Despite TriumphFX claims, it is a profitable broker there are no endorsements from existing clients. We are yet to see proof of payment or audited performance reports. Nonetheless, investors should be careful when reading reviews online.
Fraudsters are smart and tend to use false information to win over new customers. They even pay random people to leave positive reviews. Additionally, they also use false testimonials which are usually published on the website.
TriumphFX is a company with a warning from Singapore, and Indonesia financial agencies. Investing in the scheme exposes you to severe risks. The venture has multiple red flags. Turning a blind eye to them will only result in unfavourable results. The company is managed by a lethal group of scammers.
Ensure you are investing with a trustworthy forex trading company. The regulated brokers have clearly outlined terms and conditions. The withdrawal requirements are sound. You won’t face any challenges when you request a cash-out.